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Market: TSX-V
Sector: General Mining
Epic: FIS
News: Latest news
Web Site: Fission Energy
Other Articles: 13-08-201012-08-201026-07-2010

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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Fission Energy

Fission Energy

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. The Company's shares were spun-out as a distribution by Strathmore Minerals Corp (TSX.V-STM) in 2007. 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 the Waterbury Lake KEPCO Consortium Joint Venture., which is located in close proximity to Hathor's Midwest NE discovery ("Roughrider Zone")

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Monday, January 25, 2010

Fission Energy surges after reporting significant radioactivity at Waterbury Lake

by Ian Mclelland company news image

Shares in Fission Energy (TSX-V: FIS) soared more than 100% after the junior uranium exploration company reported that the second drill hole in a twenty hole campaign at the Waterbury Lake project had encountered significant radioactivity.

“Hole WAT10-063A was collared at 188 degree azimuth and -75.5 dip to a total depth of 344.0 meters. It is strongly clay altered and locally strongly fractured in the lower 70m above the unconformity. Immediately below the unconformity, the basement rocks are intensely clay and hematite altered,” Fission reported, “An interval of moderate to strong clay alteration can be traced in the basement to 266.2m. The first interval of elevated radioactivity measured from drill core is at 206.5m (300 to 4200 cps) and anomalous radioactivity continues throughout the drill core until 235.5m.”

“The 29.0m wide zone of alteration and elevated radioactivity can be described as >300 cps, with discrete intervals of high radioactivity (>2,500 cps). All intersections are down-hole, core interval measurements and true thickness is yet to be determined.”

Fission Energy cautioned that gamma-ray counts using a scintillometer do not directly or uniformly related to uranium grades, and should only be used a “preliminary indication of the presence of radioactive material.” Nonetheless, investors were clearly excited by the potential implications of the news, especially considering the close proximity of the drill hole to Hathor Exploration’s Roughrider uranium discovery on the adjacent license.

“The mineralization within hole WAT10-063A lies approximately 140m due west of Hathor's westernmost high-grade intersection within Hole MWNE-129 which is reported to have intersected 5.0m grading 15.65% U3O8,” Fission Energy noted, “It is believed that the mineralization in WAT10-063A is part of the same mineralized system reported in holes WAT09-055 (56m to the east of WAT10-063A) and WAT09-056 (47m to the south-east of WAT10-063A) (News Release September 21, 2009). Hole WAT10-063A is the western-most hole drilled within the mineralized Discovery Bay system, and the zone remains open at depth and along strike. This geophysics defined corridor remains prospective for approximately 2.5 to 3 km to the west of Discovery Bay.”

Fission Energy also confirmed that the core from the drill hole will be submitted to SRC Geoanalytical Laboratories for analysis.

The Waterbury Project is being explored by a joint venture between Fission Energy and the KEPCO consortium.
The KEPCO consortium is a group of Korean based companies, including Korea Electric Power, Korea Hydro & Nuclear Power, Korea Nuclear Fuel, Hanwha Corp, and uranium investment company, Gravis Capital.

The joint venture has set a budget of $2.68 million for the winter exploration program, which will include 7,500 meters of drilling (20 holes) and both Induced Polarisation (IP) and Electro-Magnetic (EM) surveys over 93 line kilometres.

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