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TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
FRANKFURT SYMBOL: 2FU
KELOWNA, BC, April 25, 2022 /CNW/ – FISSION URANIUM CORP. (“Fission” or the “Company“) is pleased to provide an update on the Feasibility Study work at its 100% owned PLS property in Canada’s Athabasca Basin region. The Company has achieved multiple feasibility study milestones, including completion of field work for geotechnical, hydrological, and metallurgical purposes. Additionally, and of particular note, detailed engineering studies and planning of the proposed mine design are now in progress and are now well advanced.
Feasibility Study Progress
- All geotechnical test work on soil and rock samples have been completed, and geotechnical assessment work on the R840W and R780E zones is in progress.
- Geochemical test work is in progress.
- Hydrogeological test work is complete and hydrogeological modelling and assessment for the decline and mine production areas are in progress.
- Metallurgical test work is in progress. Initial leach tests are completed, bulk leach tests and variability leach tests are in progress, comminution tests are in progress and preparation work for the solvent extraction mini pilot test is in progress.
- Trade-off Study on mine access and mining methods is complete. Detailed design for the decline and vent shafts is underway, and underground Mineable Stope Optimiser (MSO) work has been completed for the R780E zone and is in progress for the R840W zone. Mine design for the R780E zone well underway.
- Uranium process design criteria is complete, and process flow design is in progress.
- Detailed design of the Tailings Management Facility is in progress – field assessment work for geotechnical and hydrological aspects is complete, aggregate sourcing study is complete, and constructability, pit design and liner design are in progress.
- 6 geotechnical drillholes and pumping well pulsed test complete.
At-the-Market Equity Program
Fission is also pleased to announce that it has entered into an equity distribution agreement dated April 25, 2022 (the “Equity Distribution Agreement“), providing for an at-the-market (“ATM“) equity offering program, with Canaccord Genuity Corp. (the “Lead Agent“), and including Sprott Capital Partners LP, BMO Capital Markets and Haywood Securities Inc. (collectively with the Lead Agent, the “Agents“).
The ATM will allow Fission, through the Agents, to, from time to time, offer and sell, in Canada through the facilities of the Toronto Stock Exchange (“TSX“), such number of common shares as would have an aggregate offering price of up to C$50 million. Sales of the common shares, if any, will be made by means of ordinary brokers’ transactions on the TSX or otherwise at market prices prevailing at the time of sale.
Ross McElroyPresident and CEO of Fission, commented, “Fission’s feasibility study for PLS – our high-grade, near surface uranium project in Saskatchewan, Canadais developing at a rapid pace. The team is particularly pleased with the progress of engineering and construction planning for the proposed underground mine. As part of our strategy, and in line with the sea change in the uranium sector and our robust, sustained . ..
Full story available on Benzinga.com
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