Project Overview
PLS is located in Canada’s Athabasca Basin, home to the world’s richest uranium mines.
PLS is located in the Athabasca Basin, in Saskatchewan, Canada, home to the world’s richest uranium mines. The project hosts the Triple R deposit – the region’s largest high-grade deposit at shallow depth and is accessible via all-weather Highway 955 which continues north through the area of the UEX-AREVA Shea Creek deposits to the past producing Cluff Lake uranium mine. Fission has published a robust Pre Feasibility Study outlining the potential for the Triple R to become one of the lowest cost uranium mines in the world. The company is now focused on advancing the project to Feasibility and on towards a construction decision.
Detailed View
Triple R Deposit
-
High-Grade, Shallow
As showcased by the Triple R deposit, mineralization at the project is characterized by being high-grade and shallow. In fact, the Triple R deposit is the only high-grade deposit in the entire Athabasca Basin region with substantial high-grade mineralization starting just 50m from surface. The deposit, which is part of a 3.18 km mineralized trend at PLS, remains open in several directions. All zones within the deposit have the potential to add to the resource estimate.
-
Pre Feasibility Study Showcases Potential for Robust Economics
In 2019, the Company released an underground-only mine plan that highlights low OPEX, fast payback and strong IRR, which highlight the potential for highly economic production at PLS.
Units 2019 U/G PFS PROJECT TIMELINE Construction Period yrs 3.0 Operations Period yrs 7.0 MINING and PROCESSING Ore Tonnes mined kt 2,299 U3O8 Grade % 1.61% Contained Pounds '000 lbs U3O8 81,355 Overburden and 505 Cut kt 1,853 Waste Rock kt 1,219 Total Moved kt 5,372 Recovery % 96.8% Recovered U3O8 '000 lbs U3O8 78,747 CAPITAL AND OPERATING COSTS LOM Operating Costs C$ millions 753 Unit Operating Cost C$ / t proc 328 Unit Operating Cost C$ / lb U3O8 9.57 Initial Capital Cost C$ millions 1,177 Total Capital Cost C$ millions 1,459 PROJECT ECONOMICS Pre-Tax Payback Period yrs 2.2 Pre-Tax IRR % 34% Pre-Tax NPV @ 8% C$ millions 1,334 Post-Tax Payback Period yrs 2.5 Post-Tax IRR % 25% Post-Tax NPV @ 8% C$ millions 702 -
Major Indicated and Inferred Resources
102,360,000 lbs. U3O8
- Indicated Mineral Resource
- Based on 2,216,000 tonnes at an average grade of 2.10% U3O8
32,810,000 lbs. U3O8
- Inferred Mineral Resource
- Based on 1,221,000 tonnes at an average grade of 1.22% U3O8
Mineral Resources are reported at a cut-off grade of 0.25%.
Untapped Potential
A large ~80% of the property has yet to be explored
-
Large property size with excellent infrastructure
Fission Uranium has 100% ownership of the PLS Property, which comprises 17 mineral claims totaling 31,039 ha located on the southwest margin of the Athabasca Basin. The property is accessible by all-weather Highway 955 which continues north through the area of the UEX-AREVA Shea Creek deposits to the past producing Cluff Lake uranium mine.
-
Highly supportive jurisdiction
The province of Saskatchewan in Canada has a 60 year history of uranium mining and strong support exists at a local, regional and provincial level. Permitting is straight-forward and well-understood.
Mineral Resources are reported at a cut-off grade of 0.25%.