Fission Completes Front End Engineering Design; Commences Detailed Engineering at PLS
ir@fissionuranium.com
www.fissionuranium.com
TSX SYMBOL: FCU
OTCQX SYMBOL:
FCUUF
Design work underway to integrate R1515W zone into the PLS mine plan
News Highlights
- Completion of FEED development phase at PLS. During this process, mine design has been optimized and updated to include the latest innovations in uranium processing and mine development techniques
- Completion of all geotechnical drilling, including 87 sonic drill holes, required to commence Detailed Design
- Commencement of design to include R1515W zone in the PLS mine plan
- Full transition into Detailed Design
- Submission of all required responses and fully updated draft EIS to SK-ENV
Ross McElroy, President and CEO for Fission, commented, "Fission's expert engineering team continues to make excellent progress at PLS. The completion of the FEED further derisks the project and is a critical step on the pathway to production. Completion of FEED brings the engineering to the level required to support the CNSC application to prepare site and construct a mine or mill. We are now fully transitioning into Detailed Design. In addition, pending assays, the success of this year's resource upgrade drilling at the R1515W zone should allow us to integrate this important high-grade zone into our overall mine plan, which aims to increase mine reserves. I am also delighted to confirm that Fission has submitted a revised draft EIS to the Province, and a Ministerial Decision is expected in Q4 of this year."
Technical Details
Completion of FEED. Fission has updated the processing plant design and underground mine design, including ventilation shafts and tunnel design through the overburden. From the Feasibility Study, the mine design has now been optimized and updated to take into account the latest innovations in uranium processing and mine development techniques. Completion of FEED and updates engineering to the level required to support the CNSC application to prepare site and construct a mine or mill, expected to occur in Q4, 2024.
Geotechnical and 1515W Resource drilling (87 sonic holes and 21 diamond drill holes for a total of 9,605m). Sonic drilling was conducted to gather geotechnical and hydrogeological data to complete Detailed Design at the TMF and the ventilation shafts and decline areas, specifically in the overburden. At the 1515W, the highly successful resource infill program will enable Fission to update the current Inferred Resource to Indicated Resource. Fission is currently investigating Vertical Cutter Mining and its potential application for mining the R1515W zone. With completion of FEED, Fission is transitioning fully to the next phase of engineering, Detailed Design. Of note, the Company is in the process of selecting a lead engineering consultant to head up this important engineering design stage. The Detailed Design phase will build upon FEED design and constructability decisions including tunnel development through overburden using Tunnel Boring technology, ventilation shaft development through overburden using Diaphragm wall technology, and mineral processing using state of the art automation and design concepts.
Environmental Assessment. Fission submitted a revised draft EIS and responses to SK-ENV on
PLS Mineralized Trend & Triple R Deposit Summary
Uranium mineralization of the
The R1515W, R840W and R00E zones make up the western region of the
Mineralization along the Patterson Lake Corridor trend remains prospective along strike in both the western and eastern directions. Basement rocks within the mineralized trend are identified primarily as mafic intrusive rocks with varying degrees of alteration. Mineralization is both located within and associated with mafic intrusives with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are associated with the PL-3B basement Electro-Magnetic (EM) conductor.
Patterson Lake South Property
The 31,039-hectare PLS project is 100% owned and operated by
Qualified Persons
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by
About
ON BEHALF OF THE BOARD
"Ross McElroy"
Cautionary Statement:
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of the Company which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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