Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Fission Uranium of Kelowna, B.C., is pleased with the results from three holes of its winter work program at the Patterson Lake South uranium property in the Athabasca Basin. The holes were dual purpose: to expand resources outside the modeled high grade zone and to collect geotechnical information for mine planning.
The three holes were drilled in the R780E zone. Results include hole PLS19-PW-09, which cut a 37.5-metre continuous zone of strong uranium mineralization with a near continuous 3.7-metre interval of >10,000 cps and a peak of 61,115 cps. In addition, hole PLS19-PW-10 intercepted 47.5 metres of total composite mineralization, including 3.98 metres of total composite >10,000 cps.
Fission says work will now focus on geotechnical drilling on the ring dyke and cut-off wall as well as hydrogeology and pump testing. The company hopes to complete the feasibility study and submit the environmental assessment for the Triple R deposit next year.
The deposit has 2.2 million tonnes of inferred resource at an average grade of 1.82% uranium oxide and containing 87.8 million lb. of U3O8 including the R780E high grade zone containing 48.2 million lb. of U3O8in material grading 18.39%. The 1.3 million tonnes of inferred resource grades 1.80% U3O8 and contains 52.9 million lb. of U3O8 including the high grade R780E zone containing 14.7 million lb. in material grading 20.85% U3O8.
This article first appeared in the Canadian Mining Journal.
