Tuesday, 21 February 2012

Fission Energy says 3 drill holes expand central J Zone with "off-scale" radioactivity

Fission Energy (CVE:FIS)(OTCQX:FSSIF) unveiled Tuesday results from the next 11 holes drilled in the J Zone at its joint venture Waterbury Lake Uranium property in Saskatchewan.
The company said three step out holes, WAT12-237B, 242, and 244, which were drilled laterally to the north of the central J Zone boundary, have intersected wide intervals of "well-developed mineralization", including 14 metres, 11 metres and 15 metres, respectively.
Radioactivity, ranging from "moderate to strong", including discrete intervals of "off-scale" (greater than 9999 counts per second), was observed, Fission said, occurring within the sandstone above the unconformity and continuing at depth into the basement below.
According to the Uranium explorer, the three holes have identified a new mineralized extension in the sandstone and basement, to the north of the J Zone boundary.
In addition, one infill hole, WAT12-247, expanded sandstone and unconformity mineralization 10 metres to the west of hole WAT11-200, by intersecting 9 metres of "moderate to strong" radioactivity, including several smaller narrow intervals of "off-scale" radioactivity.

Meanwhile, in the western part of the J Zone, four out of five drill holes intersected "weak to locally strong" radioactivity over narrow to wide widths, Fission said, including hole WAT12-238, which intersected an 18 metre mineralized interval beginning in the sandstone and continuing vertically through the unconformity (with a maximum peak 5400 cps). Hole WAT12-236 also intersected 2.5 metres of mineralization in the basement (with a maximum peak 8900 cps).

Overall, an additional 11 drill holes were completed at the J Zone, for a total of 21 to date, with 10 of the latest 11 intersecting mineralization with radioactivity ranging from weakly anomalous to strongly radioactive, Fission said.
Twenty-eight drill holes remain to be drilled at the J Zone as part of a $9.28 million, 32,630 metre Waterbury Lake 2012 winter drill program, which will continue through to spring break-up.
In late January, Fission Energy said four infill drill holes at its Waterbury Lake Uranium joint venture in Saskatchewan 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.
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.
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.

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