Explorations and Machinery

Fission starts Triple R feasibility study following $17m financing

Fission starts Triple R feasibility study following $17m financing
Mining News Pro - Fission is transitioning from an explorer to a developer, with the company entering the environmental assessment phase and starting work on a feasibility study for its high-grade Triple R uranium deposit, in the Athabasca basin.

The company has recently strengthened its treasury with a $17.07-million financing and has bolstered its management with the appointment of Mark Wittrup to assist with managing the regulatory and environmental aspects of the development process for Triple R.

Wittrup was the project manager and lead author for the McArthur River environmental impact statement and licensing process. He has also worked as the assistant Deputy Minister for Environmental Protection and Audit in the Saskatchewan Ministry of Environment.

Fission says it plans to further expand its operations team by adding a senior VP project development.

“Thanks to our environmental and social governance to date, as well as a robust prefeasibility study (PFS) using underground mining methods, we are in an excellent position for the next stage of project development. We will now continue building out our operations team and will commence a feasibility study,” says president and CEO Ross McElroy.

Fission believes that the Triple R deposit has the potential to become one of the lowest cost uranium mining operations in the world.

The PFS outlined an underground mining scenario with an opex of C$9.57/lb, an aftertax net present value, at an 8% discount, of C$702-million and an aftertax internal rate of return of 25%.

Fission will now build upon the strength of its technical team as it prepares to enter into the environmental assessment phase and advance with a feasibility study.

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