www.fission-energy.com
Fission Energy Corp. (TSX.V-FIS) is a Canadian based uranium exploration and development company with properties in Saskatchewan's Athabasca Basin, Quebec, and the Macusani District in Peru. In 2010, Fission made a significant high grade uranium discovery at its Waterbury Lake property immediately adjacent to Rio Tinto's (formerly Hathor Exploration's) Roughrider Deposit, and in 2011 made a high grade boulder field discovery at its Patterson Lake South property. Both are located in Saskatchewan's Athabasca Basin: home of the richest uranium deposits in the world.
Fission Energy says four holes widen J Zone at Waterbury Lake
Fission Energy (CVE:FIS)(OTCQX:FSSIF) announced Tuesday that four infill drill holes at its Waterbury Lake Uranium joint venture in Saskatchewan have intersected several "well developed and widening" intervals of mineralization in the western part of the J Zone.
The intervals of mineralization intersected were up to 14 metres in the sandstone above the unconformity, and up to 17.5 metres in the basement, the company said.
Fission said moderate to locally strong radioactivity was observed, penetrating through the sandstone above the unconformity, and extending vertically through the unconformity into the basement below.
Holes WAT12-221, 226 and 228, are the first three infill holes that successfully tested the gaps to the east and west of previous step out hole WAT11-209, which intersected 4.5 metres and 7.5 metres of radioactivity at the unconformity, with a maximum peak of 670 counts per second (cps) and 1,700 cps, respectively.
Meanwhile, the fourth hole WAT12-229 was drilled immediately north of hole WAT11-196, also in the western part of the J Zone.
Hole WAT12-221 intersected 14 metres of "strong variable radioactivity", with a maximum peak of 9,000 cps from 226.5 to 240.5 metres in the sandstone above the unconformity, and a second 8 metre wide mineralized intercept in the basement from 242.5 to 250.5 metres.
Hole WAT12-226 intersected 9.5 metres of "variable radioactivity", with a maximum peak 2,100 cps in the sandstone above the unconformity and a wider 17.5 metre intercept of stronger variable radioactivity beginning near the unconformity. It also returned 3 metres of variable radioactivity in the basement rocks.
The third hole, WAT12-228, intersected 14 metres of variable radioactivity from 233.5 to 247.5 metres with maximum peak 5,300 cps in the sandstone above the unconformity and 2.0 metres of stronger variable radioactivity in the basement.
The last hole reported Tuesday, hole WAT12-229, returned 13 metres of strongly variable radioactivity at maximum peak 4,600 cps in the sandstone above the unconformity and 14.5 metres of strongly variable radioactivity at the unconformity, extending down to the basement rocks, the company said.
The results from the fourth hole are considerably stronger when compared to the scintillometer results in previous hole WAT11-196, which included 2.0 metres of anomalous radioactivity with a maximum peak 1,400 cps near the unconformity and 1.0 metre of anomalous radioactivity below the unconformity.
Overall, ten drill holes have been completed to date, with seven intersecting anomalous to strongly variable radioactivity at or near the unconformity and in the basement rocks. Two holes were barren, and one hole was abandoned for technical reasons, Fission said.
All ten infill holes were drilled in the western part of the J Zone as part of the expanded $9.28 million, 32,630 metre Waterbury Lake 2012 winter drill program, which started earlier this month.
Also in January of this year, Fission unveiled an NI 43-101 compliant resource estimate for the J Zone deposit, with an indicated resource totalling 7,367,000 pounds of Uranium, based on 168,000 tonnes at an average grade of 1.99 percent Uranium.
An additional 1,511,000 pounds based on 150,000 tonnes averaging 0.46 percent Uranium is classified as an inferred mineral resource.
Low values for toxic elements such as arsenic and selenium compares favourably with Hathor's (TSE:HAT) Roughrider Uranium deposit, located immediately to the east, Fission Energy said.
Beginning in late August 2011, Hathor was subject to a takeover battle between mining giants Cameco Corp. (TSE:CCO)(NYSE:CCJ) and Rio Tinto (NYSE:RIO)(LON:RIO), with the latter emerging as the winner with its $654 million friendly bid trumping Cameco's $625 million hostile offer.
Fission Energy was among Versant Partners' top picks for 2012, with the capital markets firm seeing "inevitable consolidation" for the company due to the proximity of Fission's Waterbury property to Hathor's Roughrider. Indeed, Fission's shares have rocketed around 58 percent since the initial bid by Cameco last August.
The J Zone Uranium discovery was announced in February, 2010.
Each successive drill program has expanded the J Zone deposit's current east-west strike length, beginning from approximately 30 metres west of the J East Zone, which in itself is an extension of the Hathor Roughrider Deposit, and extending for 578 metres to the west.
The J Zone Deposit remains open along strike, laterally as well as vertically over significant widths, thereby exhibiting significant potential for expanding the resource.
Fission is the operator of the winter 2012 exploration program, which is expected to be completed by mid-March.
The company holds the Waterbury property in partnership with the Korea Waterbury Uranium LP, which is a consortium primarily comprised of Korean-based companies, and led by state-owned Korea Electric Power (KEPCO).
Fission owns 60 percent of the venture, with Korea Waterbury Uranium holding the remainder.
Shares of Fission rose 3.7 percent in early morning trade Tuesday, to 84 cents as of 10:09am ET.
