Fission Uranium Corp.

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Fission Uranium Corp.
Public
Traded as TSXFCU, OTCQXFCUUF
Industry Uranium mining
Founded 2013
Founder Dev Randhawa
Headquarters Kelowna, Canada
Key people
  • Chairman and Chief Exec. Officer Mr. Ross E. McElroy P.Geol. B.Sc.,
  • President, Chief Geologist, Chief Operating Officer, Director and Chairman of Disclosure Committee Mr. Paul Charlish
  • Chief Financial Officer Mr. Raymond M. Ashley B.Sc., P. Geophysics[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[edit]

Fission’s history can be traced directly to Strathmore Minerals Corp., which was founded in 1996 by Dev Randhawa.[3] Under the leadership of Mr. Randhawa, Strathmore Minerals spun out a company called Fission Energy Corp in 2008,[4] at which time Mr. 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 by the management team run by CEO and Chairman, Dev Randhawa, and company President and COO, Ross McElroy, 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 went on to stage an attempted ‘proxy fight[7] The attempt failed and Fission’s incumbent board of directors received an overwhelming majority of the shareholder vote, which saw the largest shareholder voting numbers in Fission’s history.[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]

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.[14]

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.[15]

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",[16] PDAC’s "Bill Dennis Award for a Canadian Discovery and Prospecting Success, 2014"[17] and The Mining Journal’s "Exploration of the Year, 2015".[18]

References[edit]

  1. ^ "Fission Uranium Corp. (FCUUF)". www.finance.yahoo.com/.
  2. ^ "Fission Uranium Corp". www.stockhouse.com/.
  3. ^ "CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934". www.sec.gov/.
  4. ^ "REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 AND 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934". www.sec.gov/.
  5. ^ "Denison Closes Arrangement with Fission Energy Corp". www.finance.yahoo.com/.
  6. ^ "'This one is special': Fission Uranium's monster resource estimate rekindles takeover chatter". www.business.financialpost.com/.
  7. ^ "Fission Uranium Corp shareholders preparing for possible proxy fight". www.business.financialpost.com/.
  8. ^ "FISSION MANAGEMENT RECEIVES STRONGEST SUPPORT TO DATE AMID RECORD VOTING NUMBERS AT 2015 AGM". www.fissionuranium.mwnewsroom.com/.
  9. ^ "PDAC 2016: Fission CEO says utilities need to buy uranium sometime soon, dismisses proxy fight as distraction". www.business.financialpost.com/.
  10. ^ "CGN Mining and Fission Uranium announce agreements". www.world-nuclear-news.org/.
  11. ^ "Athabasca Basin: The World's Highest Grade Uranium District". www.visualcapitalist.com/.
  12. ^ "Fission Uranium Corp". www.theglobeandmail.com/.
  13. ^ "Fission Uranium Prepares for 10,000 Metre Winter Drill Program at PLS". www.juniorminingnetwork.com.
  14. ^ "Fission Uranium Discovers New Area with 660m Step out West of R840W Zone". www.juniorminingnetwork.com.
  15. ^ "Fission Uranium Expands New High-Grade R1515W Zone With Strongest Hole to Date". www.juniorminingnetwork.com. Retrieved 2017-04-18.
  16. ^ "TNM's 2013 Mining Persons of the Year: Fission's Ross McElroy and Dev Randhawa". www.webcache.googleusercontent.com/. Archived from the original on 2013-12-31.
  17. ^ "PDAC Honours Six Industry Leaders with 2014 PDAC Awards". www.pdac.ca/.
  18. ^ "URANIUM: Fission wins prestigious 'exploration of the year' award". www.canadianminingjournal.com/.