Fission Uranium Corp.

Type	Public
Traded as	TSX: FCU
Industry	Uranium mining
Founded	2013
Founder	Dev Randhawa
Headquarters	Kelowna, British Columbia , Canada
Key people	Chairman and CEO Ross E. McElroy [1]
Number of employees	39 (2016)
Website	fissionuranium.com

Fission Uranium Corp. is a mineral exploration company. It is engaged in the exploration and development of uranium assets. Its sole project is the Patterson Lake South (PLS) Project located in Canada's Athabasca Basin District.^[2]

History

Fission's history can be traced directly to Strathmore Minerals Corp., a firm founded in 1996 by Dev Randhawa.^[3] Under his leadership, Strathmore Minerals spun out Fission Energy Corp in 2008,^[4] and time Randhawa left Strathmore to run Fission Energy. Ross McElroy joined Fission Energy and led the company's technical team to its first major discovery: the J Zone at Waterbury Lake in Saskatchewan's Athabasca Basin.

A second discovery, at PLS in the Athabasca Basin, was made in November 2012. In 2013, Fission Uranium Corp. was spun out of Fission Energy b after a deal was made with Denison Mines Corp to acquire all assets except PLS.^[5] In January, 2015, Fission Uranium announced a major resource estimate in the indicated and inferred categories which, at that time, was the largest undeveloped resource in the Athabasca Basin region.^[6]

In Fall 2015, Fission Uranium became embroiled in a dispute with a small group of dissident shareholders over an attempted merger with Denison Mines Corp. The deal was opposed by some of the company's shareholders, who staged an attempted ‘proxy fight’ ^[7] The attempt failed and Fission's incumbent board of directors received an overwhelming majority of the shareholder vote ^[8][9]

In January 2016, Fission Uranium Corporation entered into an agreement with Hong Kong-based utility subsidiary CGN Mining, which took a 19.9% share in the company and purchased up to 35% of annual production from the Patterson Lake South project for the investment of $82 million at a price of $0.85.^[10]

Operations

The PLS project is Fission's core asset and is host to the Triple R deposit, the undeveloped uranium deposit in Canada's Athabasca Basin District.^[11] The property consists of around 17 contiguous claims totaling over 30,000 hectares located approximately 550 kilometers north-northwest of the city of Prince Albert and 150 kilometers north of the community of La Loche. The PLS Property is located within the Mid-Boreal Upland Ecoregion of the Boreal Shield Ecozone.^[12] In December 2016 the company announced it would conduct a 10,000 metre drill program to test regional targets outside of the Triple R Deposit.^[13]

The PLS project is on traditional lands belonging to the Clearwater River Dene Nation, and in 2021, CRDN said they did not support the project.^[14]

In February 2017 Fission announced it had expanded near-surface, high-grade uranium zones at each end of its 2.6 kilometer mineralized trend as well as discovered new mineralization located 660 metres from the R840W zone.^[15]

In April 2017 Fission reported it had expanded the R1515W zone and in turn extended the mineralized trend at Patterson Lake South to 3.17 kilometers.^[16]

Awards

Fission Uranium and its management and technical teams have won a series of awards since its founding. These include: The Northern Miners "Mining Person/s of the Year, 2013",^[17] PDAC's "Bill Dennis Award for a Canadian Discovery and Prospecting Success, 2014"^[18] and The Mining Journal's "Exploration of the Year, 2015".^[19]

References