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.
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.
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 |
Mineral Resources are reported at a cut-off grade of 0.25%.
A large ~80% of the property has yet to be explored
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.
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%.