Fission becomes debt free after repaying the credit facility; Continue to advance the feasibility study on schedule
TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
FRANKFURT SYMBOL: 2FU
The company reaches several milestones of the feasibility study
KELOWNA, BC, April 7, 2022 /CNW/ – FISSION URANIUM CORP. (“Fission” Where “the company“) is pleased to announce that she has refunded the balance ~$7 million balance of its secured credit facility and is now fully debt and lien free. From April 7, 2022the Company owns approximately $40 million cash and cash equivalents and has no debt. Fission also continues to advance PLS – its near-surface high-grade uranium project in Saskatchewan, Canada – on schedule, and expects to complete its feasibility study before the end of 2022.
Winter 2022 Geotechnical drilling completed
The geotechnical drilling program at the PLS site, using a combination of sonic and core drilling of 6 large diameter HQ drill holes, has been successfully completed. Four zones of the Triple R deposit (R1515W, R840W, R00E and R780E) have been drilled and the results will be used as part of the overall feasibility study (see press release, January 25, 2022). The highlighted details of the drilling are as follows:
6 geotechnical boreholes totaling 1044.2 meters:
A pulsed pump well test was completed on the R840 zone from a deep pump well drilled in the summer of 2021 (see FCU press release September 27, 2021).
Ross McElroyPresident and CEO of Fission Uranium, said: “Fission continues to deliver on its business strategy, advancing the near-surface high-grade PLS uranium project in Saskatchewan, Canadawhile strengthening our finances and our balance sheet. Our feasibility study continues to progress on schedule, most recently with the completion of geotechnical drilling on our four largest mineralized zones. »
PLS Mineralized Trend and Triple R Deposit Summary
Uranium mineralization at the Triple R deposit at PLS occurs within the Patterson Lake conductive corridor and has been traced by core drilling for approximately 3.18 km of east-west strike length in five separate mineralized “zones” which collectively constitute the deposit. Triple R. From west to east, these areas are: R1515W, R840W, R00E, R780E and R1620E. Through successful exploration programs completed to date, Triple R has evolved into a large, high-grade uranium deposit located near the surface, hosted underground and structurally controlled. The discovery hole was announced on November 05, 2012 with hole PLS12-022, from what is now called the R00E zone.
The R1515W, R840W and R00E zones constitute the western part of the Triple R deposit and are located onshore, where the overburden thickness is generally between 55 meters for 100 meters. R1515W is the westernmost of the zones and is defined by drilling at ~90m strike length, ~68m cross-section and ~220m vertical and where mineralization remains open in multiple directions. R840W is located ~515m east along strike of R1515W and has a drill defined strike length of approximately 430m. R00E is located ~485m east along strike of R840W and is defined by drilling over a strike length of ~115m. The R780E and R1620E zones make up the eastern part of the Triple R deposit. Both zones are located under Patterson Lake where the water depth is generally less than six meters and the overburden thickness is generally about 50 meters. R780E is located approximately 225 m east of R00E and has a drill-defined strike length of approximately 945 m. R1620E is located approximately 210m along strike east of R780E and is defined by drilling to approximately 185m in length.
The Company has carried out and submitted a “PFS” pre-feasibility study on November 07, 2019 titled “Patterson Lake South Property Prefeasibility Study Using Underground Mining Methods, Northern Saskatchewan, Canada“. Additional data, including additional drilling, may provide sufficient data for future inclusion of the R1515W, R840W and R1620E zones in the feasibility study mine plan.
Mineralization along the trend of the Patterson Lake corridor remains promising along strike in the westerly and easterly directions. Basement rocks in the mineralized trend are identified primarily as mafic volcanic rocks with varying degrees of alteration. Mineralization is both localized within and associated with mafic volcanic intrusions with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are associated with the electromagnetic (EM) conductor of the basement PL-3B.
Patterson Lake South Property
The 31,039 hectare PLS project is 100% owned and operated by Fission Uranium Corp. PLS is accessible by road with primary access from the all-weather 955 Highway, which extends north to the old cliff lake the mine and passes through the nearby Nexgen Arrow deposit located 3 km to the east and the UEX-Areva Shea Creek discoveries located 50 km to the north.
The technical information contained in this press release has been prepared in accordance with the Canadian regulatory requirements set forth in National Instrument 43-101 and reviewed on behalf of the Company by Ross McElroyP.Geol., President and Chief Executive Officer of Fission Uranium Corp., a Qualified Person.
About Fission Uranium Corp.
Fission Uranium Corp. is a Canada-based resource company that specializes in the strategic exploration and development of the Patterson Lake South uranium property – host to the premier Triple R uranium deposit – and is headquartered in Kelowna, British Columbia. Fission’s common shares are listed on the TSX under the symbol “FCU” and trade on the OTCQX market in the United States under the symbol “FCUUF”.
ON BEHALF OF COUNCIL
Ross McElroyPresident and CEO
Certain information contained in this press release constitutes “forward-looking information” within the meaning of Canadian law. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates”, “expects” or “does not expect”, “is planned”, “budget”, “expects”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or declares that certain actions, events or results “could”, “could”, “could”, “could” or “will”, “will occur”, “will occur” or “has the potential to”. The forward-looking statements contained in this press release press releases may include statements involving known and unknown risks and uncertainties that may not prove to be accurate. Actual results and results may differ materially from what is expressed or anticipated in such forward-looking statements. Such statements are qualified in their entirety. by the inherent risks and uncertainties surrounding future expectations are. Among the factors that could cause actual results to differ materially are the following: risks relating to the Offer, risks relating to Fission’s limited business history, risks relating to the nature of exploration and mining development, differences between actual and estimated mineral resources, risks relating to the volatility of uranium market prices, risks relating to the market value of Fission’s common shares, risks relating to market conditions, risks relating to the new coronavirus (COVID-19), including disruptions to the Company’s business and operational plans, risks related to global economic uncertainty resulting from the new coronavirus (COVID-19) and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. 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 laws.
SOURCE Fission Uranium Corp.
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