Fission Uranium advancing PLS toward 2029 production

Fission Uranium (TSX:FCU; OTCQX: FCUUF) is looking ahead to 2024 and plans to advance the 100%-owned PLS (Patterson Lake South) uranium project by hitting several major development milestones. President and COO Ross McElroy is confident that his company will make significant strides advancing the Triple R deposit towards production on time and on budget. Production could begin as early as 2029.

The Triple R deposit is high-grade, near surface, and enjoys excellent infrastructure on the southwest rim of Saskatchewan’s Athabasca Basin. It contains 93.7 million lb. of uranium oxide (U₃O₈) in probable reserves that total 3 million tonnes at 1.41% U₃O₈. There is also an indicated resource of 2.7 million tonnes at 1.92% U₃O₈, containing 114.9 million lb. U₃O₈ and an inferred resource of 635,000 tonnes grading 1.10% U₃O₈, containing 15.4 million lb. U₃O₈.

The feasibility study prepared early this year outlined an underground project with a nominal ore extraction rate of 1,000 t/d. The pre-production capital estimate is $1.54 billion, including contingency.

Fission expects to submit the draft environmental impact statement (EIS) to the province in the first quarter next year. It will reflect many of the required mitigations and the updated mine plan.

By June 2024, the front-end engineering and design (FEED) is to be complete, then permitting activity will move forward. This activity includes the licensing application that must be submitted to the Canadian Nuclear Safety Commission.

Detailed engineering work begins in July 2024 to advance mine, mill, and related infrastructure design to the point of construction, which will begin as soon as Fission receives the approval of both the province and the federal government.

Community engagement work is ongoing and will continue throughout the project. Local community meetings will begin early next year to discuss outcomes and mitigations plans from the draft EIS. The feedback will be included in the final EIS to be submitted in the second quarter 2024.

Fission plans to bring the R1515W high-grade zone, the western-most zone of the Triple R deposit, is the target of continued infill drilling to convert most of the inferred resource into indicated. The work would result in bringing the R1515W zone into the current mine plan. The zone currently encompasses 67,000 indicated tonnes at 1.15% U₃O₈ containing 1.7 million lb. U₃O₈ and 234,000 inferred tonnes at 0.96% U₃O₈ containing 5 million lb. U₃O₈.

The PLS feasibility study is posted on www.FissionUranium.com.