Ross McElroy the President, COO, and Chief Geologist for Fission Uranium sits down with Maurice Jackson of Proven and Probable to discuss the most recent developments at the award winning “Triple R Deposit”. Mr. McElroy shares that Fission has found new exciting discovery identified as the R1515W, which has expanded the “Triple R Deposit” mineralized trend to 3.17 km! In addition, Mr. McElroy conveys the new 2 Prong Approach that Fission is implementing which focuses on 1) Advanced Project Development and 2) Exploration Drilling. Finally, Mr. McElroy discusses the fundamental catalysts for Fission Uranium. Shareholders have good reason to be excited about the deep value proposition for Fission Uranium.
Welcome to “Proven And Probable” where we focus on metals, mining, and more. I’m your host, Maurice Jackson. Joining us today is Ross McElroy, of Fission Uranium, and we’re live at the Sprott Natural Resource Symposium in Vancouver, British Columbia. Ross, thank you for joining us.
Good morning Maurice, good to see you.
Ross there’s always excitement for Fission Uranium let’s discuss the always continuing expansion of mineralized trend.
Sure we’re right into the guts of our summer program right now up at PLS and part of the program is focused on drilling on our new discovery that made this Winter called the R1515W, now that’s a kilometer and a half west of the main Triple R deposit, and it’s on that same mineralized trend that the deposit exists on, so we’ve seen other bits of mineralization but this thing looks pretty substantial.
We like what we’re seeing on the 1515, we’ve put out news now on the first two holes there’s seven holes that are being drilled on the new discovery this summer. We’ve already announced the first two holes, they’ve exceeded expectations it’s nice to hit the mineralization that we knew was there from previous holes and try to expand on, but I think more significantly is that when we step back we hit other lenses that we weren’t expecting and so what that’s done is quickly broadened the width of the 1515 West zone to over 45 meters, which is pretty impressive. So we’re seeing multiple stacked lenses and the grade should probably be good and we know that from the radioactivity, but I guess what I’m … point is that the drilling so far is going according to plan and exceeding.
Well the press releases is quite exciting to me and I know that the shareholders are delighted. Now Fission is using this two pronged approach right now, let’s talk about exploration drilling.
Sure, okay. So the two pronged approach that we’re talking about, we have the main Triple R deposit that we’re moving towards pre-feasibility stage because ultimately we see this as being an economic deposit and so the stages that we go to advance it. We’ve already done the … Well first of all in 2015 we did the resource estimate followed up about eight months later with the preliminary economic assessment, that’s the first scoping level … the engineering scoping level.
The next stage is pre-feasibility, and that’s what we’re working on right now so we’re probably get to that in around the end of 2018 that’s our target and after that would be feasibility, and then ultimately a production decision. So that’s what’s happening on the main bulk of the deposit so we’re doing sort of engineering, drilling, and metallurgical work to evaluate that.
And on the other hand is the R1515 West drilling on the new discovery zone that’s the second prong of the approach, so we call that the exploration drilling the other one the advanced project development.
It’s quite exciting. You know, in your opinion here, looking six months down the road what could be a catalyst for the share price?
Well there’s always we’re improving on the product, there’s no question seems every season that we go into PLS we’re adding something new that we didn’t have before. Making the zones bigger, finding new discoveries, I mean this has been a hallmark of this project, which is pretty significant as it is.
Ultimately, we are still tied to the price of uranium. We always will be, you know and right now the uranium is at a … historically low prices. We don’t think that will last, we don’t know how long it will take for a significant change and an increase in the price of the commodity, but we know the fundamentals are there …
… That should drive the price up. Reactors are being built, they’re coming online. There’s more operating right now than any time in history. There’s plenty being put on, primarily China, India’s soon to follow. So we know that that part’s there, we know that the price of uranium is bound for a sharp correction upwards at some point. It’s people’s personal balls are a little dusty, a little murky if you will.
Nobody can pick that timing, whether it’s in the next six months, possibly maybe a little longer. I think that will be an important catalyst, to see the price of uranium go up, but still I’d say as we continue to find new and truly significant … additions at the PLS project that will also be an important catalyst that should continue to raise the share price.
Well you know, I just want to share with our listeners here today, when you look at the value proposition that uranium has it’s quite exciting.
Rick Rule and I discussed that online and offline.
So it’s not just yourself, but then you also look at what management has been doing, and the technical team and the continuous expansion of the mineralize trend, it’s amazing what’s going on there. For shareholders, the symbol is FCU and on the OTC it’s FCUUF.
Ross, if someone wants to get more information regarding Fission Uranium, give them the website and contact details.
Well our website is fissionuranium.com and from there you can access all the links to the news, to the management, to the team, the corporate team, the technical team, all the occurrences that are happening up at PLS right now. So I encourage shareholder to visit our website. We’re here at the Sprott Conference obviously, so come by the booth, do talk to us and contact the company at any time.
We certainly encourage our listeners to please make that phone call, check out the website. Ross McElroy, Fission Uranium, thank you for joining us today on “Proven and Probable”.
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