Fission Uranium becomes debt-free
Exploration company Fission Uranium has repaid the balance of its secured credit facility, hitting debt-free status ahead of the release of a feasibility study for its near-surface Patterson Lake South (PLS) project in Saskatchewan, Canada.
The explorer has about C$40-million in cash and cash equivalents, with no debt.
CEO Ross McElroy reported last week that Fission continued to deliver on its strategy, advancing the PLS project towards feasibility completion at year-end, while strengthening its finances and balance sheet.
“Our feasibility study continues to move forward on schedule, most recently with the completion of geotechnical drilling on our four largest mineralised zones,” he commented.
These four zones of the Triple R deposit will form part of the overall feasibility study.
Fission in 2019 outlined plans for an underground-only mine at PLS. The prefeasibility study (PFS) estimated that the Triple R mine will operate for about seven years at 1 000 t/d ore, with 2.3-million tonnes to be processed over the mine life, containing 81.4-million pounds of uranium oxide. The PFS estimated production of 78.7-million pounds of U3O8, averaging 13.1-million pounds a year for the first five years.
The underground-only scenario PFS has only considered the R00E and R780E zones. Further work, including additional drilling may provide sufficient data for future inclusion of the R1515W, R840W and R1620E zones into the feasibility study mine plan.
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