New resource figures top Athabasca table

The Triple R deposit at Patterson Lake South is the largest undeveloped uranium resource in the Athabasca region of Canada, with nearly 41,000 tU of indicated and inferred resources, according to Fission Uranium. The resources include high-grade material containing over 26% U3O8.

The Triple R deposit at Patterson Lake South is the largest undeveloped uranium resource in the Athabasca region of Canada, with nearly 41,000 tU of indicated and inferred resources, according to newly released initial resource figures from Fission Uranium. The resources include high-grade material containing over 26% U3O8.

Exploration at Patterson Lake South, summer 2014 (Image: Fission Uranium)

Indicated resources for the project in northern Saskatchewan are 79,610,000 pounds U3O8 (30,622 tU) at an average grade of 1.58%, with inferred resources of 25,884,000 pounds U3O8 (9956 tU) at an average grade of 1.3%. The indicated resources include a high-grade zone of nearly 44.3 million pounds U3O8 (17,039 tU) at 18.21% U3O8, while the inferred resources include a zone of 13.9 million pounds U3O8 (5331 tU) at 26.35% U3O8.

These figures make Triple R the largest undeveloped uranium resource in the Athabasca region, ranking it third behind McArthur River and Cigar Lake, which are currently in production.

Most of the deposit is at a depth ranging from 60 to 250 metres, which Fission describes as "exceptionally shallow" compared to similar large deposits in the region. The Cigar Lake mine reaches 480 metres below ground, while mining operations at McArthur River take place between 530 and 640 metres below the surface.

The deposit also has associated gold mineralization, with 38,000 ounces Au of indicated resources and 16,000 ounces Au of inferred resources. Fission's president, COO and chief geologist Ross McElroy noted that the gold mineralization, together with the "world-class high-grade" uranium deposit, presented an "exceptional opportunity" with "excellent" potential for continued growth.

Fission is planning to complete large-scale winter and summer drilling programs through the winter and summer of 2015, beginning on 15 January, with a preliminary economic assessment also pencilled in for summer 2015.

Patterson Lake South is 100%-owned by Fission Uranium. The company will formally file the NI43-101 technical report on the Triple R resource figures with Canada's SEDAR within the next 45 days.

Researched and written
by World Nuclear News