Fission Uranium (TSX: FCU) is reporting that it has completed the front end engineering design phase for its flagship PLS uranium project in the Athabasca Basin of Saskatchewan. The completion of this phase is said to push the company one step closure to potentially putting the project into production.
The completion of this portion of the design phase is said to include all geotechnical drilling required to conduct detailed design for the tailings management facility and underground mine access. A total of 87 sonic drill holes were conducted for this purpose, which will also allow for the design of the decline, tunnels and ventilation shafts for the proposed mine.
With front end engineering design work completed, the company is now transitioning to the detailed design stage. Fission is reportedly in the processing of selecting a lead engineering consultant for the phase, which will focus on constructability decisions for the various aspects of the mine.
“The completion of the FEED further derisks the project and is a critical step on the pathway to production. Completion of FEED brings the engineering to the level required to support the CNSC application to prepare site and construct a mine or mill. We are now fully transitioning into Detailed Design,” commented CEO Ross McElroy.
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Design work is also said to now incorporate zone R1515W into the mine plan, with 21 infill drills recently conducted on the zone expected to be sufficient to move the resource here from inferred to indicated.
Moving forward, the company has also responded to all requests from from Saskatchewan’s Ministry of Environment in relation to a draft environmental impact study, with an updated draft now submitted for approval. A ministerial decision on this aspect of the permitting process is expected by the end of Q4 2024.
Fission’s PLS Project, based on a 2023 feasibility study, is expected to produce 9.1 million pounds of U3O8 per year over a ten year period. The project boasts an after-tax net present value (8% discount) of $1.2 billion, based on $65 per pound uranium.
Fission Uranium last traded at $0.96 on the TSX.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
