Fission Uranium (TSX: FCU) President Ross McElroy on Latest High-Grade Drill Results at PLS Property, Working Toward a Resource Estimate
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Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is President, COO and Chief Geologist for Fission (TSX: FCU)(OTC: FCUUF), Mr. Ross McElroy. Ross, I know it's been a very busy day for you, so thank you so much for joining me.
Ross McElroy: Great to join you, and you're right it is. It's a very busy time of the year for us but lots of good news.
Gerardo Del Real: Well it's been a lot of good news the past week and a half or two, and I want to start with the news release from April 18th. The headline reads, Fission Expands the New High-Grade R1515W Zone with the Strongest Hole to Date. I was hoping that you could share the details of that zone and where things stand right now with that.
Ross McElroy: I sure can. Since we made the discovery of the R1515W Zone back a little over a month ago, we put in four extra holes around it to see how it expanded on strike and at depth. So we were very pleased with the results that we put out, and that was what you're referring to on the 18th of October where one of the holes in particular had over five meters of off-scale mineralization with that were 10,000 counts per second and higher. So very high-grade radioactivity and also very wide widths to the mineralization. The R1515 is shaping up to be a nice zone, very similar to what we're seeing on the other zones on the mineralized trend.
It's open for us in all directions. So we're pretty pleased with the winter program really left us wanting to drill more, it's wide open.
Gerardo Del Real: Excellent, and that release was from the 18th of April but just this afternoon you had some news or just this morning, I should say, on the R840W Zone, and of course R1620E. Could we talk about those because both of those are possibly going to be included in a future resource estimate, and you've been very successful defining further mineralization on both zones, can we talk about that a bit, Ross?
Ross McElroy: Yeah, correct. We have had a pretty good drill program in both of those zones. The R840 West Zone is around 450 meters to the west of the main Triple R Deposit, and the 1620E Zone is on the other side of the deposit roughly around 200 meters to the east. The drilling that we did this winter that focused specifically in those zones was meant so that we can bring them into a resource estimate that we're hoping to update probably later on in 2017. So it will be the third quarter, maybe October, November, December, somewhere in that realm, where we'll be able to update the entire resource bringing those two new zones into the mix.
That's something that we're pleased with, and you saw the results today in particular one hole on the 840 West Zone that hit 7.51% U308 over 7.5 meters, so very high-grade material and that was in a particularly wide interval, 51 meters. We're extremely pleased with the results there and the other thing I'll note on both of those holes every single hole at mineralization in that release that we put out today. It's been a good track record on those two zones. We look forward to see how they can enhance the overall PLS project.
Gerardo Del Real: Absolutely, and I encourage everybody to go to the Fission Uranium website, which is fissionuranium.com, because you mentioned the excellent track record and the results today that you released, I mean it's just absolutely impressive how accurate you've been. What's the next step here, Ross? What can we expect in the next three to six months let's say for Fission?
Ross McElroy: Well, from a news flow perspective, we still have a number of assays yet outstanding. There's some more drill holes on the zones that we released earlier today on the 840 and 1620. We'll also see a number of assays from the holes on the 1515 West Zone that we just discussed, and also on the exploration holes. We're going to see a flow of assays over the next probably six to eight weeks, but in the meantime, we'll be planning and gearing up for a summer program.
We don't quite know the scale of that program yet, but we expect that we'll probably be drilling back on the project in July, probably by mid-July and we'll see if that program's entails. So we're going to go through the planning stage and figure out what we did this winter, how that all that ties into a summer program.
Then on the further horizon, we're looking at being able to advance the main Triple R Deposit to a pre-feasibility status hopefully in 2018. That's really what we're aiming for, what we're targeting for. We want to advance the main part of the deposit project bring in new zones, continue with the new discovery that we have on 1515, and also continue to test the excellent exploration prospects around the rest of the PLS project.
Gerardo Del Real: Excellent. Now, the uranium market it seems like it's putting it in a bottom and you've obviously been very busy behind the scenes. You have a world class asset and it's an asset that's obviously growing. How has the sentiment and how has Fission been received behind the scenes? As far as people approaching you or people talking about uranium in general. Are you seeing that increased optimism?
Ross McElroy: We are seeing an increased optimism. I would put that the low part for us was probably in fall of 2016, and the share price reflected that, that was the bottom of the uranium market. We were around a 50 cent share price and at that time uranium was trading for just over $18 a pound. Now, it's significantly higher. It's closer to $23, $24 a pound. Our share prices increased by probably around 40% since the lows. We're now in the mid-70s, low 80s.
The sentiment is definitely picking up and I think that we're starting to get investors that are looking again at the uranium market and wanting to step back in. What are they doing? They’re looking for the projects that have the best chance of success going forward. When you look at it, the PLS project really stands out top of the list.
Gerardo Del Real: Absolutely, well you have like I mentioned a world class asset that's a great anchor, but you also have a ton of exploration potential as you've demonstrated throughout this latest drilling program, so congrats on that. Ross, I want to thank you very much for your time. I want you to have a great evening and hopefully we have you back on soon once you get back home.
Ross McElroy: You bet. Thank you, Gerardo. It's great talking to you again and it's a pleasure to update your readers.
Gerardo Del Real: We appreciate your time, Ross.
Ross McElroy: Good. Thank you.
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