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New pictures from Discovery Bay |
The company acquired the Waterbury Lake Property through staking during March and April, 2004. The property incorporates 12 mineral claims covering approximately 42,092ha within the eastern part of the Athabasca Basin, northern Saskatchewan.
As announced in the company's News Release dated Jan. 31, 2008, Fission Energy Corp. announced the completion of an earn-in agreement with a group led by Korean Electric Power Co. (KEPCO) in which they can earn up to a 50% interest in the Waterbury Lake property by, among other things, incurring aggregate exploration costs in the amount of C$14,000,000 by the third anniversary of the execution date of the earn-in agreement.
The Waterbury Lake Property is located approximately 700 km due north of Saskatoon, Saskatchewan and about 450 km by road, from LaRonge, Saskatchewan. The property is centered on Henday Lake and includes Waterbury Lake to the south, Murphy Lake to the west and McMahon Lake to the east.
As announced in the company's News Release dated Jan. 31, 2008, Fission Energy Corp. announced the completion of an earn-in agreement with a group led by Korean Electric Power Co. (KEPCO) in which they can earn up to a 50% interest in the Waterbury Lake property by, among other things, incurring aggregate exploration costs in the amount of C$14,000,000 by the third anniversary of the execution date of the earn-in agreement.
The Waterbury Lake Property is located approximately 700 km due north of Saskatoon, Saskatchewan and about 450 km by road, from LaRonge, Saskatchewan. The property is centered on Henday Lake and includes Waterbury Lake to the south, Murphy Lake to the west and McMahon Lake to the east.
The Midwest Lake Uranium Deposit is less than 1 km to the southeast of the property, the Dawn Lake deposit is about 5 km to the east and the Cigar Lake deposit is lass than 20 km to the southwest. Immediately southeast of the property, is a camp at Points North landing.
Points North Landing is accessible either by aircraft or by secondary roads 102 and 905 from La Ronge. Access to the property is either by aircraft or via the Athabasca Seasonal Road, which extends northwest from Points North Landing to the community of Stony Rapids. The road is maintained during the winter and is of marginal quality in the summer. At present, there are no facilities or infrastructure on the Waterbury Lake Property; however, accommodations and meals are available at Points North Landing. The majority of supplies and services are derived from La Ronge.
The Waterbury Lake area has a documented history of over 30 years. Prior exploration between about 1970 and 1994 included a number of airborne geophysical surveys (radiometric, magnetic and electromagnetic), which in some cases only covered parts of the property. In addition, ground geophysical surveys, boulder lithogeochemical surveys, and some drilling identified a number of conductors and geochemical anomalies.
In 1969, King Resources conducted an extensive exploration program in the Waterbury Lake area contracting for airborne radiometric, magnetic and EM surveys and for a hydrogeochemical survey. King Resources compiled exploration reports in 1969 and 1970.
Asamera Oil Corp. obtained claims in this area during the mid-1970s. Kenting Exploration Services conducted a regional radiometric and magnetic survey which included the area owned by Asamera. In 1977, Questor completed and interpreted an airborne EM (input) and magnetic survey. Additional ground VLF-EM, magnetic, alphametric and radon surveys were completed in 1978, along with the production of a report and maps. Asamera continued exploration with mapping and sampling programs in the 1980's. A small drill program was completed during 1980 as well as a summary report in 1981 and geophysical interpretations in 1982.
Cogema acquired claims in the Waterbury Lake and Henday Lake areas in the late 1980s. An extensive exploration program was carried out involving geological mapping, sampling, drilling and geophysical programs, including airborne EM, magnetic, ground VLF-EM, and gravity surveys. Cogema produced summary reports in 1989, 1990 and 1991.
Following work done by Cogema, Cameco acquired properties in the Waterbury Lake and McMahon Lakes areas. Cameco completed geological mapping and sampling programs. Continued geophysical data was collected including ground TDEM, magnetic, gravity and IP surveys. Cameco conducted drilling programs in and around the Waterbury Lake area throughout 1990s.
Several dozen historic drill holes have been completed with the highest intersection of 300 ppm uranium over 1 m on the property. The Natona Bay showing, about 1 km south of the property, intersected 22.17 % U3O8 over 0.6 m. Directly adjacent to the property is the Midwest Deposit grading 5.5 % U3O8. No known resources exist on the property. Drilling during 2006 returned a high of 302 ppm U over 0.5 m.
Exploration potential is considered high. Several high grade deposits occur directly adjacent to the property. As well, several strong conductive targets have been identified with an extension of the Midwest Deposit conductor occurring over the property. Further drilling and geophysics is expected.
Within the vicinity of Waterbury Lake, exploration efforts by various companies led to the discovery of the Midwest and Dawn deposits in 1978, and the Cigar Lake Deposit in 1981.
 Discovery Bay Claim Sketch - April 16, 2008 Click to Enlarge |
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 Discovery Bay, April 3, 2008 Click to Enlarge |
 Discovery Bay, April 3, 2008 Click to Enlarge |
 Discovery Bay, April 3, 2008 Click to Enlarge |
 Discovery Bay, April 3, 2008 Click to Enlarge |
 Waterbury Lake claims Click to Enlarge |
 Waterbury Lake logging Click to Enlarge |
 Fission claims with surrounding properties noted Click to Enlarge |
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