Patterson Lake South (PLS) is located in Canada’s Athabasca Basin, home to the world’s richest uranium mines. The project is host to the Triple R deposit - the most significant high-grade, near-surface project in the region. Fission has also discovered two other major, high-grade zones and has outlined the largest mineralized trend in the region.
Growth at the Triple R deposit, and exploration elsewhere on the PLS property, is driven by a highly skilled, award-winning technical team and successful entrepreneurial management. Fission Uranium has 100% ownership of the PLS Property, which comprises 17 mineral claims totaling 31,039 ha located on the southwest margin of the Athabasca Basin. The property is accessible by all-weather Highway 955 which continues north through the area of the UEX-AREVA Shea Creek deposits to the past producing Cluff Lake uranium mine.
102,360,000 lbs. U3O8
Indicated Mineral Resource
Based on 2,216,000 tonnes at an average grade of 2.10% U3O8
32,810,000 lbs. U3O8
Inferred Mineral Resource
Based on 1,221,000 tonnes at an average grade of 1.22% U3O8
Mineral Resources are reported within an open pit design at a cut-off grade of 0.15% U3O8 and 0.25% for resources outside the pit that are potentially mined by underground methods.
A large ~80% of the property has yet to be explored
As showcased by the Triple R deposit, mineralization at the project is characterized by being high-grade and shallow. In fact, the Triple R deposit is the only high-grade deposit in the entre Athabasca Basin region with substantial high-grade mineralization starting just 50m from surface. The deposit, which is part of a 3.18km mineralized trend at PLS, remains open in several directions.
Zones within the deposit will be targeted for additional growth drilling and any successful results have the potential to be added to an updated resource estimate.
In 2019, the Company released results of two prefeasibility studies – one outlining a hybrid approach (combining open pit and underground techniques) and one outlining an underground-only mine plan. Both studies presented strong results, including low OPEX, fast payback and strong IRR, which highlight the potential for highly economic production at PLS. While both options remain viable, the upcoming feasibility study will focus on the best option, most likely the underground only scenario.
|Units||2019 Hybrid PFS||2019 U/G PFS|
|MINING and PROCESSING|
|Ore Tonnes mined||kt||2,888||2,299|
|Contained Pounds||'000 lbs U3O8||90,498||81,355|
|Overburden and 505 Cut||kt||28,598||1,853|
|Recovered U3O8||'000 lbs U3O8||87,548||78,747|
|CAPITAL AND OPERATING COSTS|
|LOM Operating Costs||C$ millions||790||753|
|Unit Operating Cost||C$ / t proc||274||328|
|Unit Operating Cost||C$ / lb U3O8||9.03||9.57|
|Initial Capital Cost||C$ millions||1,499||1,177|
|Total Capital Cost||C$ millions||1,713||1,459|
|Pre-Tax Payback Period||yrs||2||2.2|
|Pre-Tax NPV @ 8%||C$ millions||1,319||1,334|
|Post-Tax Payback Period||yrs||2.3||2.5|
|Post-Tax NPV @ 8%||C$ millions||693||702|
Fission Uranium has 100% ownership of the PLS Property, which comprises 17 mineral claims totaling 31,039 ha located on the southwest margin of the Athabasca Basin. The property is accessible by all-weather Highway 955 which continues north through the area of the UEX-AREVA Shea Creek deposits to the past producing Cluff Lake uranium mine.
The province of Saskatchewan in Canada has a 60 year history of uranium mining and strong support exists at a local, regional and provincial level. Permitting is straight-forward and well-understood.