FISSION URANIUM | 100% Hit Rate

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Maurice Jackson:

Welcome to Proven and Probable where we focus on metals, mining, and more. I’m your host, Maurice Jackson. Today’s show, we will discuss the world’s most rewarded uranium explorer. I’m speaking of Fission Uranium. Joining us for a conversation is Ross McElroy. He’s the president, COO, and chief geologist for Fission Uranium. Mr. McElroy, welcome to the show, sir.

Ross McElroy:

Thank you, Maurice, and great to talk with you.

Maurice Jackson:

You know, Ross, it just seems to get better and better with Fission Uranium. Two weeks ago, we conducted an interview highlighting the pre-feasibility study, and since our interview, Fission has issued two press releases regarding the R1515 West Zone. Ross, what can you share with us?

Ross McElroy:

Well, we’ve been busy in this winter program up at PLS, and a lot of the activity has focused on exploration drilling. Now, this is different than the PFS, the pre-feasibility work that we’re also conducting in the main 780 zone, which is more engineering, technical work. But what we’ve released in the last two releases over a couple of weeks is our eight holes that we’ve tested on the R1515 West Zone, and that’s one that’s … it’s almost a kilometer and a half, two kilometers from the main R780 zone to the Triple R. If you recall, earlier this … Well, just in the last February, we announced the resource update, and that resource update included what we had on this R1515 West Zone.

So we’ve now added eight additional holes to that, and we’ve been happy, I think because all eight holes have hit mineralization on the 1515. Seven of those eight have hit high grade in radioactivity. In other words, radioactivity that’s greater than 10,000 counts per second, and for people that follow that radioactivity and how that translates eventually into assay results, is when we see number that are greater than 10,000 counts per second in radioactivity, that generally relates to assay grades that are in excess of 1% to 2% percent, and in some cases much higher. We’ll see it in cases where we get 65,000 counts, which is as high as the instrument can detect, those assays are typically 20% and higher. So very high grades that we’re seeing in the 1515, very encouraging results this winter.

Maurice Jackson:

Yeah, Ross, kudos to you and the technical team. It appears that the winter program is off to an exciting and promising start. We’re talking about 100% hit rate here. As a shareholder, that’s quite exciting. I couldn’t ask for more. Let me ask you this, Ross, how similar is the lithology of the R1515 West with that of the R780 East?

Ross McElroy:

Well, I think that that’s something that we’re happy with because when I see the mineralization, the style of mineralization, the width, the continuity of multiple intersections, that’s something that we also see in common with the R780 zone. And the reason why that’s important is that the R780 zone, on its own, makes up about 70% of the overall resource estimate, so there’s around 100 million pounds almost in the 780 zone itself. So when we start seeing other zones that look attractive, they look similar in a number of ways to what we’re seeing in the 780, that’s pretty encouraging. So, as I mentioned earlier, with our new resource update, we’ve been able to add in these additional zones that are outside of the main 780 zone, and the 1515 is the western most on land zone, and that’s now part of the resource update. So the geology mimics what we’re seeing in the 1515 to the 780. It just bodes well for hosting a robust zone. And I think the hit results that you mentioned, we’re seeing eight out of eight which is 100%, I think shareholders should be happy with that. Those are very good encouraging results.

Maurice Jackson:

Yeah, quite exciting times for Fission Uranium. Ross, let me ask you a multi-layered question here. What is the next unanswered question for Fission Uranium, when should we expect results, and what determines success?

Ross McElroy:

Well, one of the biggest undertakings that we’re doing at PLS this year, of course, is to move the project toward pre-feasibility study. That is a very important economic milestone. We planned to have the PFS completed by the end of this calendar year, 2018. That’ll be a huge milestone for the project. So to take it from discovery back in the late 2012, over an exciting number of seasons in subsequent years, take it to the extent that we’ve completed a couple of resource estimates, we’ve completed the preliminary economic assessment, which is the first level of economic study, all of these things have been extremely positive, and it’s really showcased the Triple R deposit to be something very special in the Athabasca Basin. And when we know that we’re going to have a pre-feasibility study done by the end of this calendar year, and in that fairly short time span, that’s truly encouraging and a real testament to the nature of this deposit.

Maurice Jackson:

It truly is. Switching gears, Ross, allow me to congratulate Fission Uranium for being hand selected by legendary investor Rick Rule to be one of the featured issuers at the Sprott Natural Resource Symposium, which will be conducted in Vancouver, British Columbia, the 17th through the 20th of July. Ross, what does that say to the market when Rick Rule and Sprott Global, who are the preeminent names in the natural resource space, they consistently invite Fission Uranium to be a regular attendee at the Symposium?

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Ross McElroy:

Well, it’s a huge testament to the project. To have guys like Rick Rule talk about your project … I know he likes the uranium sector overall, and he keeps reminding investors that the most money he’s made in a given amount of time has been in the uranium market. And when he selects our company and our project as one of the top projects worldwide compared against every other one out there, it’s just a great stamp of validation for us, for the team, for the project. I think it really speaks volumes, and we’re very happy, very proud to be in his view of good uranium projects.

Maurice Jackson:

Ross, for someone listening that wants to get more information regarding Fission Uranium, please share the ticker symbols on the TSX and on the OTC along with the contact details.

Ross McElroy:

You bet. On the TSX, we’re FCU, and we trade on the senior board. In the US, we’re on the OTCQX, and we’re under the symbol FCUUF, and I encourage everybody to visit us at our website, which is www.fissionuranium.com.

Maurice Jackson:

And last but not least, please visit our website www.provenandprobable.com, where we interview the most respected names in the natural resource space. You may reach us at contact@provenandprobable.com.

Ross McElroy of Fission Uranium, thank you for joining us today on Proven and Probable. And for our listeners, as a reminder, we want share with you that Fission Uranium is a sponsor of Proven and Probable.

Proven & Probable

 

Maurice Jackson

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