However, the recent decline in uranium to new lows on the spot price has definitely muted the excitement over the past few months.
Last December I believed the Chinese investment in Fission Uranium (FCU.TO or FCUUF) would spark a rebound in uranium exploration in the Athabasca Basin as I believed that the Fission $82 million CAD investment was just the beginning of a greater plan to build a larger presence in the Athabasca. However, the recent decline in uranium (NYSEARCA:URA) to new lows on the spot price has definitely muted the excitement over the past few months. I am waiting patiently for uranium and Fission to bottom and break above the 200 Day Moving Average.
This could happen sooner rather than later. Uranium Participation Corp (U.TO) may be forming a near term bottom and Fission could be forming a bottom. A turnaround in uranium and the nuclear arena may gather excitement from the Chinese to makemore deals in the uranium mining sector like they did with Fission. Remember the Chinese are under pressure to secure long term supplies cheaply before the price of uranium turns higher.
Chinese record expansion of its nuclear fleet combined with Japan turning reactors back on could lead to a supply shortfall in the coming years.
You can be sure the Chinese are watching his every move in the Athabasca Basin. Ross is the winner of the PDAC 2014 Bill Dennis Award for exploration success and Norther Miners Mining Person of the Year. He is one of the top experts in uranium exploration in the Athabasca Basin working with BHP, AREVA and Cameco. He was part of the MacArthur RiverDiscovery, Waterbury Lake and PLS Discovery. Some are calling the PLS Discovery the best geological discovery in the last generation.
Fission is developing the monster PLS Discovery which came out with a PEA last year which drew the interest of the Chinese who made a huge investment into the company. Fission Uranium (FCUUF) is basing and looking to breakthrough the 200 Day Moving Average. The company has had plenty of good news over the past two weeks.
2)FISSION REGIONAL EXPLORATION DRILLING HITS ANOMALOUS RADIOACTIVITY AT FOREST LAKE, 7.28KM FROM TRIPLE R
Also watch Fission 3 (FUU.V or FISOF) who may soon see more
interest as uranium exploration comes back into favor. It may soon break
above the 200 DMA and break a 3 month consolidation. The company has dozens
of properties in the West Side of the Athabasca Basin which Fission made famous.
Dev Randhawa, CEO of Fission and Fission 3 stated in a recent blog post, “The western side of the Athabasca Basin region is prolific and is a new emerging important uranium camp. There’s already a provincially-maintained highway in the west (which runs through the middle of PLS and Fission 3.0’s PLN and Clearwater West properties)…If the West Side Story continues to develop at this rate, the best really could end up being in the west.”
Disclosure: I own Fission Uranium and Fission 3. Fission 3 is a website