Fission Uranium Corp. announced that it had encountered "wide mineralization, with high-grades, at the land-based R1515W zone at its PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region," "This is a very positive start to our zone growth drilling this Summer," company president, COO and chief geologist Ross McElroy stated in the release. "The delineation of this high-grade zone is still at an early stage but initial drill results interpret mineralization to be comprised of multiple, stacked steeply dipping lenses occurring over a wide lateral area."
"The summer drilling program is off to a good start as the announced scintillometer results have expanded the R1515W zone to approximately 45m," Rob Chang of Cantor Fitzgerald wrote in a July 25 research report. "Management notes that the R1515W zone shows similar characteristics to those found at the flagship R780E zone."
Heiko Ihle of Rodman & Renshaw concurred, noting in a July 26 research report that "the findings were encouraging, given that the R780E zone is the most notable high-grade zone of Fission's Triple R deposit."
Also commenting on the news in a July 24 research report, analyst David Talbot of Eight Capital wrote, "Fission is slowly transitioning from exploration to value story. We believe PLS could be the next project to be developed in the Athabasca Basin. As a high grade, near surface deposit potentially mineable by open pit, it might be the cheapest to develop."
Chang observed that "the two announced drill holes both encountered large intervals of composite mineralization with certain sections of 'off-scale' radioactivity" and also commented on the zone expansion, noting that "Line 1515W now has mineralization traced over a lateral across-strike width of approximately 45m. A key element of the summer drill program has been for drilling on the western edge of the property, pushing towards the uranium boulder field."
Observing that Fission's $6.6 million summer drill program will provide news flow, Talbot stated, "Summer drilling will focus on hotspots, expanding Triple R, and testing gaps between zones. Specifically plans are to expand high grade uranium around the new R1515W discovery."
In further commentary, he noted that the company expects to release a "resource update" in Q4/2017, that "Fission anticipates finishing the baseline studies" in Q4/2018, and that the company expects to submit a "Feasibility Study and Economic Assessment" in Q4/2019.
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