Prior to compositing to two metre lengths, high U 3O 8 assays were cut to 55% in the High Grade domain, to 10% U 3O 8 in all other domains, and to 7% U 3O 8 outside the wireframes, designated as Low Grade Halo.īlock model grades were interpolated by inverse distance cubed. The High Grade Zone consists of several lenses within the Main Zone, the largest continuous zone within the R780E area. Wireframes of the High Grade domain were created at a minimum grade of approximately 5% U 3O 8. No mineral reserves have been estimated at the project.Ī set of cross-sections and level plans were interpreted to construct three-dimensional wireframe models for a number of mineralized zones at a minimum grade of 0.05% U 3O 8. A relatively minor amount of mineralization was not captured by the Whittle shell.
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All mineral resources reported in Table 1 are within a preliminary optimized open pit shell generated in Whittle software. Estimated block model grades are based on chemical assays only. ("RPA") has estimated the Triple R Deposit mineral resources using drill hole data available as of January 5, 2015, which includes all drilling on the property up to hole PLS14-298. The cut-off grade of 0.1% U 3O 8 is based on a price of US$50 per lb U 3O 8. Mineral Resources are reported within a preliminary optimized open pit shell. Table 2: Triple R Deposit Mineral Resources Sensitivity to Cut-Off Grade as of January 05, 2015 The cut-off grade is based on price of US$50 per lb U 3O 8. Mineral Resources are reported within a preliminary optimized open pit shell at a cut-off grade of 0.1% U 3O 8. Table 1: Triple R Deposit Mineral Resources as of January 05, 2015ĬIM definitions were followed for Mineral Resources. Table 2 shows the sensitivity of the mineral resources to various cut-off grades. Table 1 summarizes the mineral resource estimate by zone and classification. All in all, these phenomenal results represent an incredible milestone for the team, the company and our shareholders." What's more, the potential for continued growth is excellent and we plan to resume drilling later this month. The entire deposit is located in basement rock, which is a preferred host rock for development of economic uranium deposits in the Athabasca Basin region. The additional gold mineralization associated with the uranium resource presents an exceptional opportunity.
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"With an independent mineral resource estimate comprised of 79,610,000 pounds U 3 O 8 indicated plus 25,884,000 pounds U 3 O 8 inferred, this is a world-class high-grade deposit of impressive size and shallow depth in the world's premier high-grade uranium district. Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
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Strong Growth Potential: Mineralization open in multiple directions and future drilling, including upcoming winter 2015 program, will in part focus on deposit growth. Shallow: Majority of deposit defined from approximately 60m to 250m depth, exceptionally shallow measured against comparable large deposits in Athabasca Basin region.ĭeposit contained entirely in Basement Lithology High-Grade Zone: The R780E zone contains a high-grade domain consisting of an indicated mineral resource of 44,297,000 pounds U 3O 8 based on 110,000 tonnes at a grade of 18.21% U 3O 8 and an inferred mineral resource of 13,860,000 pounds U 3O 8 based on 24,000 tonnes at a grade of 26.35% U 3O 8. Strong Confidence in Resource: Approximately 75% of the mineral resource has been classified as an Indicated resource, demonstrating the high level of confidence in the data analyzed and the continuity of the mineralization. Includes Important Gold Resource: Gold mineralization is associated with the uranium mineralization in the Triple R deposit and is reported as part of the mineral resource:ģ8,000 ounces Au Indicated Mineral Resource based on 2,291,000 tonnes of mineralization at an average grade of 0.51 g/t Auġ6,000 ounces Au Inferred Mineral Resource based on 901,000 tonnes of mineralization at an average grade of 0.56 g/t Au The Triple R deposit now ranks 3 rd in size behind the McArthur River and Cigar Lake deposits respectively, which are both currently producing mines and as such represents the largest undeveloped resource in the Athabasca Basin region. Largest Undeveloped Resource in Athabasca Region: This resource estimate places Fission's Triple R deposit in an elite group of world class high-grade uranium deposits of the Athabasca Basin region that includes the McArthur River and Cigar Lake mines. Ongoing 'Triple R' Resource Growth and Exploration in 2015: Fission is planning to complete large winter and summer drilling programs in 2015, including a $10M, 63 hole (20,230m) winter program expected to begin on January 15 th.