On February 16, Fission declared uranium mineralization has been found in 11 boreholes of Triple R ore deposit. Preceded by previous important drilling discovery in R840W at the west of Triple R ore deposit, continuous mineralization with the length reaching 50m was found in PLS16-460 borehole at R1620E area at the east of ore deposit, with the shallowest mineralization located only 65.5m down the down the ground, in which mineralization radioactivity of 8m-long core is more than 10,000cps (equivalent grade is around 3.5% - 4.2% U3O8). This will greatly extend current western and eastern borders of Tripe R ore deposit and improves the overall potential of resources.
Fig. 1 Schematic Diagram for Distribution of Winter Exploration Boreholes of Tripe R Ore Deposit in PLS Project
11 boreholes of this drilling are mainly distributed at R600W, R780E and R1620E. Among these 3 new boreholes in R780E mineralized area, the shallowest mineralization of PLS16-455 borehole is located only 88m down the ground. In a continuous core with the length of 122m, the length of mineralized core reaches 91.5m, in which mineralization radioactivity of 8.4m-long core exceeds 10,000cps.
Among these 7 new boreholes in R600W mineralized area, the shallowest mineralization of PLS16-449 borehole is located only 101m down the ground. In a continuous core with the length of 266m, the length of mineralized core reaches 70.5m, in which mineralization radioactivity of 1.02m-long core exceeds 10,000cps.
Since the exploration in 2016, Fission discovered R840W mineralized area at the west first, subsequently, the company found the strongest eastern mineralization at the east of R1620E mineralization area since the exploration, which indicates that Triple R ore deposit is good in continuity in latitudinal direction, where there is great potential in mineral exploration. In addition, 7 new boreholes with ore encountered at R600W mineralized area will be conducive to upgrading to ore body for R600W mineralized area and further improving land-based resources. With the increase in land-based resources, future first ore body developed might shift from the lake to land, therefore reducing environmental risk and saving initial construction cost.
PLS (Patterson Lake South) Project of Fission is one of the important mine exploration discoveries in Canada Athabasca Basin in recent years. In PEA released by Fission in September 2015, only resources of R00E and R780E ore bodies are included. After completing further exploration analysis and building of resource models at R1620E, R600W and R840W mineralized areas, the overall resources of Triple R ore deposit will be greatly improved.
Delivery of Equity for CGN Mining Company’s Investment in Fission Successfully Completed
Released at: 01:18:09 January 28, 2016
At 1:30am on January 27, 2016 (Beijing time), delivery of equity for CGN Mining Company’s investment in Fission was successfully completed. CGN Mining Company subscribed 19.99% shares of Fission, becoming the first large shareholder and owning two seats in the board of directors. Product Underwriting Contract was also signed at the same time when Equity Subscription Contract was signed, both of which took effect simultaneously.
Fission, a Canada junior uranium exploration company, has an authorized exploration area of around 300km2, in which the world largest high grade uranium resource project to be explored is included - Patterson Lake South (PLS Project for short). According to review by third party’s independent technical adviser, resources of PLS Project are 51,537 tU3O8, with the average grade of 1.6% and the highest grade over 64%. The Project is at the stage of detailed exploration. It is predicated to be put into production in 2026, and the total cost is estimated to be at top 1/3 in global uranium mine cost. Investment in Fission can greatly optimize cost structure, regional structure, price mechanism combination structure of CGN’s uranium resources supply, and will play a leading position for CGN to further develop high quality and high grade uranium resource projects in North America. The acquisition represents the uranium resource acquisition case with the lowest involvement cost per unit resources across the word in the past five years. Moreover, with the promotion of further exploration, resources are at an increase.