Fission Uranium Corp.
 | |
| Company type | Public |
|---|---|
| TSX: FCU | |
| Industry | Uranium mining |
| Founded | 2013 |
| Founder | Dev Randhawa |
| Headquarters | , Canada |
Key people |
|
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
[edit]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
[edit]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
[edit]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
[edit]- ^ "Fission Uranium Corp. (FCUUF)". www.finance.yahoo.com/.
- ^ "Fission Uranium Corp". www.stockhouse.com/.
- ^ "CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934". www.sec.gov/.
- ^ "REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 AND 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934". www.sec.gov/.
- ^ "Denison Closes Arrangement with Fission Energy Corp". www.finance.yahoo.com/.
- ^ "'This one is special': Fission Uranium's monster resource estimate rekindles takeover chatter". www.business.financialpost.com/.
- ^ "Fission Uranium Corp shareholders preparing for possible proxy fight". www.business.financialpost.com/.
- ^ "FISSION MANAGEMENT RECEIVES STRONGEST SUPPORT TO DATE AMID RECORD VOTING NUMBERS AT 2015 AGM". www.fissionuranium.mwnewsroom.com/. Archived from the original on 2016-08-18. Retrieved 2016-07-06.
- ^ "PDAC 2016: Fission CEO says utilities need to buy uranium sometime soon, dismisses proxy fight as distraction". www.business.financialpost.com/.
- ^ "CGN Mining and Fission Uranium announce agreements". www.world-nuclear-news.org/.
- ^ "Athabasca Basin: The World's Highest Grade Uranium District". www.visualcapitalist.com/.
- ^ "Fission Uranium Corp". www.theglobeandmail.com/.
- ^ "Fission Uranium Prepares for 10,000 Metre Winter Drill Program at PLS". www.juniorminingnetwork.com.
- ^ Staff, Canadian Mining Journal (2021-11-10). "First Nation alarmed by growth of uranium sector". Canadian Mining Journal. Retrieved 2023-06-15.
- ^ "Fission Uranium Discovers New Area with 660m Step out West of R840W Zone". www.juniorminingnetwork.com.
- ^ "Fission Uranium Expands New High-Grade R1515W Zone With Strongest Hole to Date". www.juniorminingnetwork.com. Retrieved 2017-04-18.
- ^ "TNM's 2013 Mining Persons of the Year: Fission's Ross McElroy and Dev Randhawa". www.www.northernminer.com/. Archived from the original on 2013-12-31.
- ^ "PDAC Honours Six Industry Leaders with 2014 PDAC Awards". www.pdac.ca/. Archived from the original on 2016-08-09. Retrieved 2016-07-06.
- ^ "URANIUM: Fission wins prestigious 'exploration of the year' award". www.canadianminingjournal.com/.