Uranium explorer Fission Energy Corp (CVE:FIS)(OTCQX:FSSIF) announced Monday the completion of the 2012 winter drill program at its joint venture Waterbury Lake property in Saskatchewan's Athabasca Basin, with 40 of 49 holes at the all-important J Zone hitting mineralization and growing the target area in three directions.
In total during the program, 32,770 metres were drilled in 86 holes, with Uranium assays pending and to be released when available.
Drilling focused primarily on the central and western parts the J
Zone, where 40 of the 49 step-out and infill holes successfully widened
the lateral north-south mineralized dimensions by up to 55 metres and
confirmed continuity of wide widths of mineralization in areas tested by
earlier programs, the company said.
At the J Zone, nearly 82 per cent of the holes completed intersected
mineralization, with radioactivity ranging from anomalous to "off-scale"
in the sandstone, at the unconformity and in the basement.
Earlier this year, the company reported hand-held scintillometer
results for 21 drill holes in the area, including several wider
intervals of mineralization in the western part of the J Zone, and three
step out holes drilled laterally in the north of the central J Zone
boundary, which intersected "off-scale" radioactivity within wide
intervals of mineralization in the sandstone and basement below the
Fission said Monday that the remaining 37 drill holes were completed
in the Summit Zone, located 525 metres west of the J Zone, as well as in
several other high priority regional exploration targets including
Murphy Lake, Oban, Oban North and Chivas.
The company noted its technical team is "encouraged" by the initial
results from Murphy Lake, located in the northwest part of Waterbury,
where holes WAT12-273, 279, and 287A showed potential to host new high
And at Oban, holes WAT12-285A, 292 and 296A all intersected anomalous radioactivity near the unconformity, the company added.
At the J Zone, the western part from Line 510W to Line 540W was found
to be predominantly basement-hosted mineralization, and has been
intersected up to 31 metres below the unconformity (down-hole depth),
the company said.
In addition, holes WAT12-294 and 297 intersected basement-hosted
mineralization at 25.4 and 26.5 metres below the unconformity,
respectively, further showing the potential for continued expansion of
the J Zone to the west.
explorer noted that discrete levels of "off-scale" radioactivity, or
greater than 9,999 counts per second 9 (cps), was seen in a total of six
drill holes in the area.
The J Zone's east-west strike length now extends 667 metres from the eastern Rio Tinto
(NYSE:RIO)(LON:RIO) property boundary. Mineralization continues to
trend to the west and remains open along strike and laterally to the
north and south, Fission said.
Some highlights of scintillometer
results in the western part of the J Zone included hole WAT12-280,
which returned 10.5 metres of anomalous to "off-scale" radioactivity at
the unconformity in the area where three prior drill holes expanded
mineralization in the sandstone and at the unconformity.
at the Summit Zone, of the 12 follow up holes completed to test for
extensions of prior basement mineralization, six intersected narrow
widths of weak radioactivity, mostly in the basement.
WAT12-251 showed the best result, intersecting 1.5 metres of weak to
moderately strong radioactivity (maximum peak 3,800 cps) in the
basement. Further drilling is required to assess this area, the company
The six other holes drilled in the Summit area during the winter 2012 program were barren.
said Murphy Lake is now a high priority prospective area for uncovering
new high grade mineralization, with 14 holes drilled to follow up some
prior drilling completed in the summer of 2011.
final three holes completed at Murphy Lake intersected basement
mineralization associated with the M8 Conductor at the south end of the
Murphy Lake Corridor, with hole WAT12-273 intersecting 6 intervals with
widths from 0.5 to 8.5 metres of anomalous radioactivity ranging from
less than 300 cps to a maximum peak of 1,000 cps.
The company plans on further drilling to test this area.
also drilled at the Oban, Oban North and Chivas targets during the
latest campaign, as part of the company's ongoing regional exploration
designed to test prospective geophysical anomalies identified by
previous geophysical surveys.
The Oban Corridor parallels the Discovery Bay Corridor, which hosts the high grade J Zone Uranium discovery, roughly 4 kilometres to the south.
The Oban North Corridor is just immediately north of Oban and is
characterized by a conductor system oriented to the northwest, while the
Chivas Corridor is an east-west oriented conductor system located
around 3 kilometres to the west and on strike of Oban.
All three holes at Oban intersected mineralization in both the
sandstone above the unconformity and in the basement, with the best
result being hole WAT12-296A, which intersected 5.0 metres of anomalous
to moderate readings of radioactivity (maximum peak 2,600 cps) in the
No significant mineralization was identified at Oban North or Chivas, the company said.
The company noted that scintillometer readings "are not directly or uniformly related to Uranium
grades of the rock sample measured," and should be used only as a
preliminary indication of the presence of radioactive materials.
drill hole maps for the J Zone, as well as maps for the Summit Zone,
Murphy Lake, Oban/Oban North, and Chivas can be found on the company's
website at http://www.fission-energy.com/s/WaterburyLake.asp
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, and is the operator, with Korea Waterbury Uranium holding the remainder.
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 Exploration's (TSE:HAT) Roughrider deposit.
Hathor was the subject of a takeover battle between mining giants Cameco Corp. (TSE:CCO)(NYSE:CCJ) and Rio Tinto
(NYSE:RIO)(LON:RIO) last year, with the latter emerging as the winner
with a $654 million friendly bid trumping Cameco's $625 million hostile
Fission is focused on the acquisition and exploration of Uranium properties in Alberta, Saskatchewan and Quebec in Canada, as well as the Macusani District in Peru.
In Apri, the company agreed to acquire industry peer Pitchstone Exploration through a plan of arrangement.
Pitchstone is a Uranium
explorer focused in three districts in Canada and Namibia. The
company's property portfolio features 13 projects in the eastern
Athabasca Basin of Saskatchewan, five of which are 100 percent owned.