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Market: TSX-V
Sector: General Mining
Epic: .FIS
News: Latest news
Web Site: Fission Energy
Other Articles: 05-03-201024-02-201022-02-2010

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Fission Energy

Fission Energy

Fission Energy Corp. is a Canadian based uranium exploration and development company with properties in Saskatchewan's Athabasca Basin, Quebec, and the Macusani District in Peru. In 2003-04 Fission assembled one of the largest exploration property portfolios in Saskatchewan's Athabasca Basin; home of the richest uranium deposits in the world. Fission's most valuable exploration asset is Waterbury Lake KEPCO Consortium Joint Venture, which is located in close proximity to Hathor's Midwest NE discovery ("Roughrider Zone") and the AREVA/Denison Midwest deposits.

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Monday, December 07, 2009

Fission Energy, KEPCO consortium plan 20-hole winter exploration program at Waterbury Lake uranium project

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Fission Energy Corp (TSX-V: FIS) and its joint venture partner, the KEPCO consortium, are starting a 20-hole winter drilling program in January 2010, totalling 7,500 metres, at the Waterbury Lake uranium project in the northeastern part of the Athabasca Basin, Saskatchewan.

Fission Energy said to date, the consortium has invested C$10 million at Waterbury Lake. By spending a cumulative total of C$14 million by the end of 2010, the KEPCO will have earned a 50 percent interest in the project.

Exploration will continue to follow up previous programs completed in the East-West trending Corridor, in addition to newly identified regional targets. The approximate 3 kilometres prospective East-West Corridor straddles Hathor Exploration Ltd’s (TSX-V: HAT) Midwest NE property, where it was recently announced that a 200 metres step-out hole located east of the Roughrider Zone intersected 28m grading 12.71 percent triuranium octoxide (U308).

In September, Fission reported it had further outlined the East-West Corridor, which hosts the Discovery Bay, Disco Bay, Disco Bay West, and Talisker Zones, to the west. Primary focus remains at the Discovery Bay Zone, where the company will continue its efforts to delineate the shallow and steep northerly dipping mineralized zones. Six drill holes are planned here, in addition to four more holes in the Talisker area, located approximately 1.5 kilometres west of Discovery Bay, as the company continues to search for multiple high grade occurrences along the new western extensions of the East-West Corridor.

New regional targets include the Oban area, located north of Discovery Bay, testing the Midwest shear zone further to the southwest, where it is interpreted to extend onto Fission's ground, and follow-up drilling on the eastern claim block where mineralization was identified from an earlier exploration program completed in 2007. Four drill holes are planned at Oban.

One additional hole is planned to test the southwest extension of the Midwest shear zone,and one or two holes will target an area of previous drilling in the eastern claim block.

Four drill holes will be reserved as a contingency, and will be targeted as the program progresses.

The Waterbury Lake property is located in the northeast part of the Athabasca Basin, where several open-pit uranium deposits, including Midwest Lake, McClean Lake, and Rabbit Lake, are found. Exploration completed to date by the Joint venture demonstrates that the 40,256 hectare property has excellent potential for hosting an undiscovered uranium deposit.

Fission Energy is the operator of the Waterbury Lake project. The KEPCO consortium, also known as Korea Waterbury Uranium Ltd Partnership, primarily comprises Korean-based companies. Led by Korea Electric Power Corp, other participating companies include Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co, Hanwha Corp and Gravis Capital Corp, a private Canadian uranium investment company.

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