Fission Uranium stock skyrockets after doubling up resource estimate
Shares in Fission Uranium, Corp. (TSX:FCU), an exploration and development company working on the Patterson Lake South property in Saskatchewan, Canada, were up almost 14% on Monday morning as the company revealed resource estimates for the project were far larger than expected.
Analysts were expecting 50-80 million pounds, but instead learned the uranium project holds over 105 million pounds in the indicated and inferred categories.
With 79.6 million pounds U3O8 indicated and 25.88 million pounds inferred, the numbers confirm the newly named Triple R deposit’s status as the Athabasca Basin region’s largest undeveloped resource and third-largest overall. Outdone only by two operating mines, McArthur River and Cigar Lake, PLS stands out for mineralization beginning at exceptionally shallow depths of 60 to 250 metres.
And there’s gold too, 38,000 ounces indicated and 16,000 ounces inferred.