Fission Energy Corp. (CVE:FIS) announced Monday that it has begun a a $3.11 million exploration program at its joint venture flagship Waterbury Lake Uranium project, located in the eastern part of Saskatchewan's Athabasca Basin.
The company and its limited partner, Korea Waterbury Uranium, said that the main objective of this summer's program will be to continue delineating the J Zone deposit's high-grade unconformity and basement mineralization and laterally expand the deposit.
The Uranium explorer said the summer program will utilize two drill rigs, and that 21 drill holes totalling about 7,350 metres are planned with the objective of delineating and expanding known areas of mineralization, both laterally and on strike.
Fifteen holes will target locations from the eastern part of the J Zone to the central main area of the deposit to extend mineralization "where geologic confidence is high", said Fission, adding that drill locations have been established to the north of the J Zone boundary and are accessible from land based sites.
The company said that the remaining six holes will test for mineralized extensions along strike to the west.
Fission reported that ground geophysical work, including a DC resistivity survey to identify areas of high conductivity, will be carried out at Murphy Lake, located in the northwest part of the Waterbury Lake property.
Analysis of previously completed airborne geophysical surveys appears to have identified a separate feature to the west of the Murphy Lake system, said the company, adding that line cutting totalling 18.2 line-kilometres and the 17 line-kilometres resistivity survey will focus on this feature.
Fission will assume the role as operator of the program, which is expected to be completed by late August.
The company will announce results when available.
Fission Energy and its partner in the program have budgeted C$30 million for exploration at Waterbury Lake over a three year period from 2010-2012. Bryson Drilling Ltd. has been contracted to complete the drill program.
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.
Earlier this month, the company announced the completion of the 2012 winter drill program at the Waterbury Lake property, with 40 of 49 holes at the all-important J Zone hitting mineralization and growing the target area in three directions.
Uranium assays are pending and will be released when available, said Fission.
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.
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 unconformity.
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 grade mineralization.
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.
The Uranium 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.
Murphy Lake is now a high priority prospective area for uncovering new high grade mineralization, Fission said, with 14 holes drilled to follow up some prior drilling completed in the summer of 2011.
Importantly, the 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.
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