Fission to prepare PEA for underground-only option at Patterson Lake South
Fission Uranium of Kelowna, B.C., is looking at an underground-only option for mining its Patterson Lake South property on the southwest edge of the Athabasca Basin. Potential benefits of such a plan include low operating costs, lower capex and reduced construction time – all of which add up to improved economics.
Roscoe Postle Associations has begun an underground pre-feasibility study on the Triple R deposit. The report is due by the end of September 2019. An earlier PFS that combined open pit and underground production had an operating cost of US$6.77 per lb. and pre-tax internal rate of return of 29%.
The near surface, high grade Triple R deposit contains an indicated resource of 87.8 million lb. of uranium oxide in 2.2 million tonnes averaging 1.82%. Within this there is a high grade zone of 48.2 million lb. in 119,000 tonnes averaging 18.39%. The inferred resource is 1.3 million tonnes grading 1.80% uranium oxide with a high grade zone containing 14.7 million lb. in 32,000 tonnes grading 20.85%.
(This article first appeared in the Canadian Mining Journal)