Fission Commences Summer Drill Program at J-Zone High Grade Uranium Discovery, Waterbury Lake, Athabasca Basin
- C $2.07 million budget approved by the Joint Venture in June.
- 13 drill holes totalling an estimated 4,000m, including several vertical drill holes to be collared from a barge on the lake.
- Step-out drilling will continue along the mineralized trend towards the Highland Zone (WAT10-092), 130m to the west. In addition, two holes are planned to further test the J-Zone East (WAT10-094A), located 70m east of the J-Zone.
- A marine acoustic seismic survey over the East-West Corridor between Discovery Bay and Talisker will be completed.
- Mapping and prospecting unexplored parts of the Waterbury Lake Property that exhibit high mineral potential will continue.
The Waterbury Consortium has budgeted C $30 million for exploration at Waterbury Lake over the next three years.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed on behalf of the company by Ross McElroy, P.Geol. President and COO for Fission Energy Corp., a qualified person.
FISSION ENERGY CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. FISSION ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS".
Korea Electric Power Corporation (KEPCO) is a Korean government-invested diversified energy company with over $83-billion (U.S.) in assets. The company is involved in the generation, transmission and distribution of electrical power from nuclear, hydro, coal, oil and LNG sources worldwide. Korea Electric Power provides electricity to almost all households in Korea and operates 20 nuclear power plants in the country with six more under development. The company has over 30,000 employees and is listed on the Korean Stock Exchange and the New York Stock Exchange. (www.kepco.co.kr)
Korea Waterbury Uranium Limited Partnership ("KEPCO Consortium") is a consortium primarily comprised of Korean-based companies. Led by Korea Electric Power, other participating companies include Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.
This press release contains "forward-looking information" that is based on Fission's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission's development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Fission's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Fission disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
"Ross McElroy"
Ross McElroy, President & COO
Investor Relations
Bob Hemmerling
TF: 877-868-8140
info@fission-energy.com
www.fission-energy.com
Fission & KEPCO Agree to Accelerate Exploration at Waterbury Lake: Expenditures Double to $30 million Over Three Years
Background
In January 2008, Fission entered into an earn-in agreement with a group led by Korea Electric Power Corporation under the newly created Korea Waterbury Uranium Limited Partnership (the "KEPCO Consortium"), for the joint development of the Waterbury Lake Property in the Athabasca Basin. The Consortium was granted the exclusive right to earn up to a 50% interest in the project by incurring C$14 million in exploration expenditures over a three year period and by completing a private placement for 1,000,000 common shares of Fission Energy at a price of C$1.00 per share. Fission retained a 2% NSR royalty in the project, in addition to a "back-in provision" allowing the Company to reacquire a 10% interest for C$6 million.
Continuation at Waterbury Lake 2010-2012
With the completion of the Waterbury Lake Winter 2010 exploration program, the KEPCO Consortium has satisfied its earn-in requirements. A MOU outlining the mutually agreed terms for continuing the Partnership was signed on June 15, 2010. The following summary highlights the key terms:
- The Partnership will be formed with Fission and the KEPCO Consortium each holding a 50% interest in the Waterbury Lake Project.
- The Work Plan and Budget shall cover a term of three years and incur expenditures of C$10 million per year for a total of C$30 million. Each program shall be divided into a Summer (May 1-Oct 31) and Winter (Nov 1-April 30) period, with expenditures to be shared according to each Party's ownership interest in the project.
- Fission shall continue as Operator of the Waterbury Lake Project and is entitled to an administrative fee in the amount equal to 10% of all expenditures incurred pursuant to approved exploration and development programs.
- The MOU shall remain in place until the Limited Partnership Agreement can be executed.
With the completion of this Agreement, Fission and the KEPCO Consortium, look forward to building on the success achieved at Waterbury Lake in 2010 and beyond.
FISSION ENERGY CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. FISSION ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS".
Korea Electric Power Corporation (KEPCO) is a Korean government-invested diversified energy company with over $83-billion (U.S.) in assets. The company is involved in the generation, transmission and distribution of electrical power from nuclear, hydro, coal, oil and LNG sources worldwide. Korea Electric Power provides electricity to almost all households in Korea and operates 20 nuclear power plants in the country with six more under development. The company has over 30,000 employees and is listed on the Korean Stock Exchange and the New York Stock Exchange. (www.kepco.co.kr)
Korea Waterbury Uranium Limited Partnership ("KEPCO Consortium") is a consortium primarily comprised of Korean-based companies. Led by Korea Electric Power, other participating companies include Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.
This press release contains "forward-looking information" that is based on Fission's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission's development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Fission's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Fission disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
"Ross McElroy"
Ross McElroy, President & COO
Investor Relations
Bob Hemmerling
TF: 877-868-8140
info@fission-energy.com
www.fission-energy.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Fission Energy Commences Drilling at Davy Lake, Athabasca Basin
Uranium deposits in the Athabasca Basin are associated with basement graphitic conductors in areas of structural complexity and usually accompanied by a clay alteration halos. The first drill target at Davy Lake determined by geophysical analysis, exhibits these characteristics. More specifically, airborne and ground geophysical analysis has defined a prominent northeast trending Archaen basement fault and the possible presence of a faulted graphitic basement conductor to the southeast with an expanded low resistivity response at the unconformity. Initial drilling will target this location.
A 2,000m drill contract has been signed with Bryson Drilling Ltd. of Archerwill, SK. Two to three drill holes are planned. Drill crews and personnel have mobilized to the Davy Lake Property and drilling is now underway. Upon completion of the program, each bore hole will be logged with a Mount Sopris 2GHF Triple Gamma probe. All drill core will be geologically logged and systematically sampled for geochemical and clay analysis. Drill core samples will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes a 63 element ICP-OES, uranium by fluorimetry (partial digestion) and boron. Results will be provided when available.
An updated 2010 Drill Program map for Davy Lake can be found on the Company's website at http://www.fission-energy.com/s/DavyLake.asp.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed on behalf of the company by Ross McElroy, P.Geol. President and COO for Fission Energy Corp., a qualified person.
FISSION ENERGY CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. FISSION ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS".
This press release contains "forward-looking information" that is based on Fission's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission's development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Fission's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Fission disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
"Ross McElroy"
Ross McElroy, President & COO
Investor Relations
Bob Hemmerling
TF: 877-868-8140
info@fission-energy.com
www.fission-energy.com
J-Zone High Grade Mineralization Continues to West & Remains Open to the North & South; Vertical Step-Out Hole Intersects 3.50m of 21.58% U308 4,000m Summer Drill Program to Commence in July
FISSION ENERGY CORP. ("Fission" or the "Company") and its Joint Venture Partner the KEPCO Consortium announce that final assays from the remaining six drill holes completed at the J-Zone, two holes from the newly discovered J-Zone East and one hole at Highland have been received, and plans for the summer exploration program to commence in early July have been finalized.
Table 1 summarizes results from the six remaining J-Zone holes (WAT10-085, 087, 089, 091, 093 and 096), two J-Zone East holes (WAT10-094A and 095) and drill hole WAT10-92A at Highland. At the J-Zone, vertical drill hole WAT10-091, which extended mineralization approximately 10m to the south of hole WAT10-071, (6.0m grading 14.70% U308, including 4.0m of 21.20% U308; see news release dated March 15, 2010), intersected 3.50m (200.0m-203.5m) grading 21.58% U308 at the unconformity, including 2.50m at 30.15% U308, while hole WAT10-087 intersected 6.50m (193.5m-200m) grading 2.77% U308, including 1.0m at 15.61% U308. These latest assays are consistent with previously announced results and further demonstrate that mineralization is trending to the west, in addition to remaining open both to the north and south.
Table 1: Waterbury Lake, Athabasca Basin
J-Zone/J-Zone East/Highland East Assays
J-Zone Assays: Holes WAT10-85-96
| Zone | Hole ID | From (m) | To (m) | Interval (m) | U3O8 (wt%) |
|---|---|---|---|---|---|
| J-Zone | WAT10-085 | 195.50 | 204.50 | 9.00 | 0.96 |
| 195.50 | 197.50 | 2.00 | 3.24 | ||
| J-Zone | WAT10-087 | 191.00 193.50 |
192.00 200.00 |
1.00 6.50 |
0.12 2.77 |
| 195.50 | 196.50 | 1.00 | 15.61 | ||
| J-Zone | WAT10-089 | 196.00 | 197.50 | 1.50 | 0.67 |
| J-Zone | WAT10-091 | 200.00 |
203.50 |
3.50 |
21.58 |
| 201.00 | 203.50 | 2.50 | 30.15 | ||
| J-Zone | WAT10-093 | 191.00 194.50 |
192.50 196.50 |
1.50 2.00 |
0.11 1.12 |
| J-Zone | WAT10-096 | 212.00 | 213.50 | 1.50 | 0.07 |
J-Zone East Assays: Holes WAT10-094, 095
| Zone | Hole ID | From (m) | To (m) | Interval (m) | U3O8 (wt%) |
|---|---|---|---|---|---|
| J-Zone | WAT10-094A | 208.50 | 211.50 | 3.00 | 1.46 |
| East | 223.00 | 224.00 | 1.00 | 1.19 | |
| J-Zone East |
WAT10-095 | No significant mineralization | |||
Highland Assay: Hole WAT10-092A
| Zone | Hole ID | From (m) | To (m) | Interval (m) | U3O8 (wt%) |
|---|---|---|---|---|---|
| Highland | WAT10-092A | 251.00 263.00 303.50 |
252.50 266.50 307.00 |
1.50 3.50 3.50 |
0.08 0.14 0.28 |
| 306.50 | 307.00 | 0.50 | 1.31 |
Composite Parameters
- Minimum Thickness: 1.00m
- Grade Cut-off: 0.05 U308 (wt%)
Updated drill hole location maps of the J-Zone, J-Zone East and Highland Zone as well as an updated table summarizing Drill Core Assays can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.
Since discovery hole WAT-063A was announced in January, Fission has successfully defined the J-Zone over a 90m X 50m area by intersecting high grade uranium mineralization at the unconformity in 21 closely spaced drill holes, most of which were vertically drilled. In addition, the recently discovered J-Zone East and Highland Zones, located on strike 70m East and 130m west of the J-Zone respectively (see news release dated March 29, 2010), supports Fission's belief that the potential for multiple mineral occurrences exists along the East-West Corridor. Fission believes the East-West Corridor continues at least a further 2km to the west of the J-Zone.
With the completion of the Waterbury Lake winter drill program, the KEPCO Waterbury Consortium has satisfied its earn-in requirements by spending $14 million over the past three years. The Joint Venture will continue with Fission and the KEPCO Consortium each holding a 50% interest in the Waterbury Lake Project. A Memorandum of Understanding outlining the mutually agreed terms to spend $30 Million over the next three years has been signed.
Earlier this month, the Joint Venture finalized terms for a summer exploration program to build on the success achieved to date. The planned exploration program will include:
- A 4,000m drill program comprising 13 holes to expand and extend the J-Zone west toward the Highland Zone.
- Additional drill testing in proximity to hole WAT-094A near the Fission/Hathor property boundary, which demonstrates a strong potential for extending high grade mineralization.
- A marine seismic survey over the East-West Corridor between Discovery Bay and Talisker.
- Mapping and prospecting unexplored parts of the Waterbury Lake Property that exhibit high mineral potential.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol. President and COO for Fission Energy Corp., a qualified person.
FISSION ENERGY CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. FISSION ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS".
Korea Electric Power Corporation (KEPCO) is a Korean government-invested diversified energy company with over $83-billion (U.S.) in assets. The company is involved in the generation, transmission and distribution of electrical power from nuclear, hydro, coal, oil and LNG sources worldwide. Korea Electric Power provides electricity to almost all households in Korea and operates 20 nuclear power plants in the country with six more under development. The company has over 30,000 employees and is listed on the Korean Stock Exchange and the New York Stock Exchange. (www.kepco.co.kr)
Korea Waterbury Uranium Limited Partnership ("KEPCO Consortium") is a consortium primarily comprised of Korean-based companies. Led by Korea Electric Power, other participating companies include Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.
This press release contains "forward-looking information" that is based on Fission's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission's development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Fission's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Fission disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
"Ross McElroy"
Ross McElroy, President & COO
Investor Relations
Bob Hemmerling
TF: 877-868-8140
info@fission-energy.com
www.fission-energy.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts reasonability for the adequacy or accuracy of this release.
View News Release in PDF Format:
| File: | http://www.fission-energy.com/i/pdf/2010-06-21_NR.pdf |
| 71 KB, approx. 14 seconds at 56.6Kbps |
Fission Assays Confirm Continuity of High Grade Uranium Mineralization at "J-Zone"
Including Intercepts as High as 10.7% U308
FISSION ENERGY CORP. ("Fission" or the "Company") and its Joint Venture partner, the KEPCO Consortium, announce "J-Zone" assay results for three previously completed vertical oriented step-out drill holes: WAT10-079, 081 and 083B, located to the west, along strike of discovery hole WAT10-063A. All three holes encountered mineralization at the unconformity with hole WAT10-083B intersecting 7.5m grading 3.83% U308 (194.50m-202.0m), including 6m at 4.74% U308 (195.50m-201.5m) and 0.5m at 10.70% U308 (196.0m-196.50m). In addition, hole WAT10-079 intersected 7.50m grading 1.89% U308 (197.0-204.5) and hole WAT10-081 intersected 6.5m grading 2.16% U308 (198.0m-204.5m). Most significantly, these latest assay results confirm the continuity of high grade uranium mineralization over exceptional widths, trending laterally to the west of discovery hole WAT10-063A. The "J-Zone" is currently defined by 25 drill holes over an area of 90m x 50m and remains open along strike and to the north and south.
A summary of the assay results is shown in the accompanying table below.
Waterbury Lake, Athabasca Basin: "J-Zone" Assays: Holes WAT10-079-083B
| Zone | Hole ID | From (m) | To (m) | Interval (m) | U 3O 8 (wt%) |
|---|---|---|---|---|---|
| J-Zone | WAT10-079 | 197.00 | 204.50 | 7.50 | 1.89 |
| 198.00 | 200.00 | 2.00 | 6.42 | ||
| J-Zone | WAT10-081 | 198.00 | 204.50 | 6.50 | 2.16 |
| J-Zone | 201.50 | 204.50 | 3.00 | 4.52 | |
| J-Zone | WAT10-083B | 194.50 | 202.00 | 7.50 | 3.83 |
| J-Zone | 195.50 | 201.50 | 6.00 | 4.74 | |
| J-Zone | 196.00 | 196.50 | 0.50 | 10.70 |
Composite Parameters
- Minimum Thickness: 1.00m
- Grade Cut-off: 0.05 U308 (wt%)
An updated map of the "J-Zone" showing the location of these latest three drill holes and a table summarizing all assay results to date can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.
Assays are pending on the remaining seven drill holes, which further extended the "J-Zone's" east-west trending mineralized strike length to approximately 90m and 50m wide, north-south, and from mineralized holes 92A and 94A which extend mineralization 130m to the west and 70m to the east respectively of the "J-Zone" at the time the Winter 2010 drill program was completed. In addition, assays are pending on nine other regional drill holes: WAT10-062, 078, 080, 082, 084, 086, 088 and 090. The "J-Zone" remains open in all directions.
Follow-up drilling at the "J-Zone", in addition to testing other high priority land based targets is planned for the summer. Further details will be provided once all data has been collected and analysed.
Split core samples from the mineralized section of core have been taken continuously through the mineralized intervals and submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes U3O8 (wt%) and fire assay for gold, platinum and palladium. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry (partial digestion) and boron. Chemical results will be released when received. Further updates will be provided.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed on behalf of the company by Ross McElroy, P.Geol. President and COO for Fission Energy Corp., a qualified person.
FISSION ENERGY CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. FISSION ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS".
Korea Electric Power Corporation (KEPCO) is a Korean government-invested diversified energy company with over $83-billion (U.S.) in assets. The company is involved in the generation, transmission and distribution of electrical power from nuclear, hydro, coal, oil and LNG sources worldwide. Korea Electric Power provides electricity to almost all households in Korea and operates 20 nuclear power plants in the country with six more under development. The company has over 30,000 employees and is listed on the Korean Stock Exchange and the New York Stock Exchange. (www.kepco.co.kr)
Korea Waterbury Uranium Limited Partnership ("KEPCO Consortium") is a consortium primarily comprised of Korean-based companies. Led by Korea Electric Power, other participating companies include Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.
This press release contains "forward-looking information" that is based on Fission's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission's development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Fission's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Fission disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
"Ross McElroy"
Ross McElroy, President & COO
Investor Relations
Bob Hemmerling
TF: 1-877-868-8140
info@fission-energy.com
www.fission-energy.com
View News Release in PDF Format:
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| 60 KB, approx. 12 seconds at 56.6Kbps |