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")
Fission Energy extends J-Zone uranium mineralization to north and south
Fission Energy’s (TSX-V:FIS) winter program at the Waterbury Lake exploration property continues to pay dividends for the company. Last night the company reported additional high grade uranium from step-out holes both north and south of the ‘J-Zone’.
Highlights included 6 meters grading 14.7% U3O8 from 199 meters in drill hole WAT10-071, which was drilled south of WAT10-070B (17m grading 3.99% U308 including 7m grading 7.48%). The 6 meters intersect included an eye-watering 0.5 meters @ 50.6% U3O8, which Fission Energy said was “some of the best overall composite assays received to date” from the J-Zone.
In addition, hole WAT10-072C, a vertical step-out located 10 meters north of hole WAT10-070B intersected 5m of 1.18% U3O8 at the unconformity (196.5m-201.5m), including 1.50m grading 3.04% U3O8.
“Located west of discovery hole WAT10-063A, drill holes WAT10-070B through 072C, demonstrate the continuity of the high-grade Uranium Mineralization north to south, or perpendicular to the presumed trend of the J-Zone. At this drill fence, the mineralization remains open both to the north and south, while the J-Zone remains open laterally, and appears to be trending to the west,” Fission Energy noted.
Fission also noted that the mineralization at the J-Zone was associated either a few meters above to 25 meters below the unconformity.
Fundamental Research Corp, which initiated coverage of Fission Energy in January, highlighted the significance of the high grade mineralization at the unconformity, noting that oxidizing fluids originally from the Athabasca Sandstone (above unconformity) and reducing fluids travelling up through the reactivated basement faults (below unconformity) were mixing which lead to the precipitation of uranium.
“It is the unconformity that provides the optimal location for this solution, mixing by functioning as a trap to contain the mineralization,” Fundamental Research stated, “While Hathor has shown that significant mineralization can exist below the unconformity at the Roughrider zone, it is a well known fact that mineralization at the major deposits in the Athabasca Basin, such as Cigar Lake, and MacArthur River, are more intimately related to the unconformity.”
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 CDN$2.68 million for the winter exploration program, which will includes 7,500 meters of drilling (20 holes) and both Induced Polarisation (IP) and Electro-Magnetic (EM) surveys over 93 line kilometres.
