ir@fissionuranium.com
www.fissionuranium.com
TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
FRANKFURT SYMBOL: 2FU
Company has Commenced Front End Engineering
Design; Advancing on Schedule
KELOWNA,
BC, April 27, 2023 /CNW/ - FISSION
URANIUM CORP. ("Fission" or "the Company") is pleased to
announce a new, major milestone with an application to the Canadian
Nuclear Safety Commission ("CNSC") for a license to construct a
uranium mine and mill facility at the PLS high-grade uranium
project in Canada's Athabasca Basin, Saskatchewan. Additionally, Fission has
commenced the Front End Engineering Design ("FEED") and continues
to advance the PLS Project on schedule, including the completion of
the geotechnical drilling, hydrogeological holes, test pits as well
as downhole Vertical Seismic Profiling ("VSP") geophysical
surveys.
Ross McElroy,
President and CEO for Fission, commented, "I am very pleased to
confirm that the construction license application for the PLS
project has been submitted. Additionally, we have successfully
completed our winter field program, and the Front End Engineering
Design work is well underway. Our development path to production is
progressing on schedule and, at the same time, the fundamentals for
uranium continue to strengthen in line with the global reactor
construction boom."
Highlights
- An application for a License to Construct has been submitted to
the CNSC per the requirements of the Nuclear Safety and Control
Act;
- The Environmental Assessment of the Project is continuing on
schedule with community engagement, baseline assessment reporting
and data compilation;
- FEED phase advancing on schedule with Board approval of the
2023 budget;
- Feasibility Study ("FS") concluded a construction timeline of 3
years with a projected mine life of 10 years and LOM production of
90.9 million lbs of U3O8
- FS determined an average unit operating cost of below
US$10/lb U3O8
(approx. CAD $13.02/lb
U3O8)
FEED Progress Details
- Geotechnical drill holes to support the design of the waste
rock stockpiles and mill area facilities have been completed. Data
from seven holes totaling 772.6m of
drilling has been collected to confirm Feasibility Level assessment
and to inform future Detailed Design assessment.
- 20 test pits along planned road allowances, the waste stockpile
area and the mill area were completed to assess and support
earthworks planning at Detailed Design.
- Downhole VSP geophysical surveys at the planned decline
location and mill area have been completed. Results from this
survey will be used to inform future Detailed Design
assessment.
- Hydrogeological holes to gather additional data on the
hydraulic conductivity of the basement rock have been completed.
Installation of three monitoring wells and two pumping wells
totaling 962.8m of drilling were
drilled in close proximity to the R780E crown pillar and on the
hangingwall and footwall of the deposit. One pumping well was
pressure grouted and re-drilled to determine the effectiveness of
grouting on reducing hydraulic conductivity within the basement
rock. This additional data will be used to update the hydrogeologic
model to inform underground mine planning at Detailed Design.
- The Company is compiling the FS recommendations to formalize a
scope of work for FEED and intends to appoint a lead consultant in
Q2.
Patterson Lake South
Property
The 31,039-hectare PLS project is 100% owned and operated by
Fission Uranium Corp. PLS is accessible by road with primary access
from all-weather Highway 955, which runs north to the former
Cluff Lake mine.
Qualified Persons
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the company by
Ross McElroy , P.Geo., President and
CEO for Fission Uranium Corp., a qualified person.
About Fission Uranium
Corp.
Fission Uranium Corp. is a Canadian uranium project developer
and 100% owner of the Patterson Lake South uranium property – a
proposed high-grade uranium mine and mill in Canada's Athabasca Basin region. Fission's common
shares are listed on the TSX Exchange under the symbol "FCU" and
trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF"
and on the Frankfurt Stock Exchange under the symbol 2FU.
ON BEHALF OF THE
BOARD
"Ross McElroy"
_____________________________
Ross McElroy, President and
CEO
Cautionary Statement:
Certain information contained in this press release
constitutes "forward-looking information", within the meaning of
Canadian legislation. Generally, these forward-looking statements
can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur", "be
achieved" or "has the potential to". Forward looking statements
contained in this press release may include statements regarding
the future operating or financial performance of Fission and
Fission Uranium which involve known and unknown risks and
uncertainties which may not prove to be accurate. Actual results
and outcomes may differ materially from what is expressed or
forecasted in these forward-looking statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Among those factors which could
cause actual results to differ materially are the following: market
conditions and other risk factors listed from time to time in our
reports filed with Canadian securities regulators on SEDAR at
www.sedar.com. The forward-looking statements
included in this press release are made as of the date of this
press release and the Company and Fission Uranium disclaim any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable securities
legislation.
SOURCE Fission Uranium Corp.