Fission Uranium (TSX:FCU; OTCQX: FCUUF) plans the Patterson Lake South uranium project in northern Saskatchewan to hit several milestones next year on its way to starting production as early as 2029.
The Triple R deposit on the southwest rim of the province’s Athabasca Basin contains 93.7 million lb. of uranium oxide (U3O8) in probable reserves that total 3 million tonnes at 1.41% U3O8.
Fission intends to file a draft environmental impact statement (EIS) to the province early next year. It will reflect an updated mine plan to extract 1,000 tonnes a day at the project estimated in a feasibility study this year to cost $1.54 billion to build.
Front-end engineering and design will follow by mid-year before applying for permits from Canada’s nuclear regulator.
“We are anticipating another milestone year for Fission in 2024 as we advance the Triple R deposit towards production on time and on budget,” Fission president and chief operating officer Ross McElroy said in a news release on Wednesday. “We will be increasing our community engagement and outreach in line with our focus on responsible development.”
Community engagement work is ongoing and will continue throughout the project, Fission said. The draft EIS’s mitigation plans will be discussed at community meetings beginning early next year. The feedback will be included in the final EIS to be submitted in the second quarter.
Detailed engineering work is due to begin in July on the mine, mill and related infrastructure. Construction is to start after provincial and federal government approvals.
Fission plans to bring the R1515W high-grade zone, the western-most zone of the Triple R deposit, as the target of continued infill drilling to convert most of the inferred resource into indicated. The work may result in bringing the R1515W zone into the mine plan. The zone currently encompasses 67,000 indicated tonnes at 1.15% U3O8 containing 1.7 million lb. U3O8 and 234,000 inferred tonnes at 0.96% U3O8 containing 5 million lb. U3O8.
Overall, the project has 2.7 million indicated tonnes at 1.92% U3O8 containing 114.9 million lb. U3O8 and 635,000 inferred tonnes grading 1.10% U3O8 for 5.4 million lb. U3O8.
The project feasibility study is posted on www.FissionUranium.com.
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