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Fission Energy First Phase Drill Program at
Waterbury Lake
Northeast Identifies New 'Discovery Bay Zone':
Further
Exploration Planned
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FISSION ENERGY CORP. ("Fission" or the "Company") and its
joint venture
partner, the KEPCO Consortium, announce the completion of the first
phase of its 2008 exploration program on the northeast claim of the
Waterbury Lake Uranium Project, located in the eastern part of
Saskatchewan's Athabasca Basin. The northeast claim borders Hathor
Exploration's Midwest Northeast Roughrider uranium discovery, where
recently announced mineralized intervals (MWNE-08-26 and MWNE-08-30)
were identified within 30m and 40m respectively of Fission's property
boundary in an area known as Discovery
Bay.
Between May and August, Fission completed soil sampling, ground and
airborne geophysical surveys, and a 19 hole drill
program (8,237m).
Fourteen holes focused primarily in the Discovery Bay
area, adjacent,
and to the west of Hathor's Roughrider Zone uranium
discovery, while 5
holes tested regional geophysical targets. The program was successful
in identifying a significant basement hosted anomaly, which has been
named the "Discovery Bay Zone". This zone of interest occurs within a
broad east-west corridor which trends east towards the Roughrider Zone.
The Discovery Bay Zone remains open to the west and southwest. Fission
believes the Discovery Bay Zone may be associated with the Roughrider
Zone, or a new system that runs approximately parallel to it. The
intense hydrothermal alteration, in addition to coincident anomalous
geochemistry and radioactivity indicates that the potential for
significant uranium mineralization on the Fission property is high.
To date, Fission has received complete analysis from 8 of the 19 drill
holes (WAT08-014 to 020 inclusive, and 022C). All holes were
radiometrically surveyed with a Mount Sopris
2PGA-1000 Gamma/SP probe.
All drill core was geologically logged and systematically sampled for
geochemical and clay analysis. One-half of the core was split and sent
to SRC Analytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited
Facility) of Saskatoon
for analysis, which included a 63 element
ICP-OES, with uranium by fluorimetry (partial
digestion) and boron.
The Discovery Bay Zone occurs as a robust and continuous ENE-WSW
oriented, relatively flat lying, basement-hosted system, characterised
by moderate to intense hydrothermal clay alteration, faulting,
anomalous radioactivity, the presence of uranium mineralization and a
pronounced elevation of pathfinder elements (primarily U, Cu, Zn, Ni,
Co, Mo) west of the Roughrider Zone. A total of 10 holes (holes
WAT08-014, 016, 017, 019, 021, 022C,
023, 024C,
031 and 032) have
traced the system over a 100m strike length. Anomalous intersections of
radioactivity, uranium geochemistry, and alteration have been
encountered in discrete intervals up to 24.0m wide (Hole
WAT08-017C).
All widths reported are downhole core width, as true
width is yet to be
determined. Table 1 summarizes the results of the anomalous down hole
radioactivity and uranium geochemistry from these 10 holes. Pending
assay results will be provided, when available.
Table 1 Discovery Bay Zone: Radioactivity & Uranium Geochemistry Results
Downhole
Radioactivity Assay U partial
(greater
Discovery (greater than 500
cps, than 20 ppm,
greater than
Bay
greater than 0.3m wide) 1.0m downhole width)
Zone
------------------------------ ------------------------------
Hole
From To Width Avg
Max From To Width
U %
ID
(m) (m) (m) (cps) (cps)
(m) (m) (m) ppm
U3O8
--------------------------------------------------------------------------
WAT08-014 215.4 217.0 1.6 1885
3767 287.0 289.0 2.0 195 0.02
284.5
286.7 2.2 1200 1837
--------------------------------------------------------------------------
WAT08-016 215.7 220.6 4.9 1241
2420 222.0 223.0 1.0 24 0.00
230.9
232.8 1.9 684 984
238.5
238.8 0.3 694 828
269.1
270.3 1.2 767 873
271.8
272.8 1.0 1182 1916 271.5 273.0
1.5 41 0.00
--------------------------------------------------------------------------
WAT08-017 270.6 273.0 2.4 890
1170
315.9
330.8 14.9 1432 5535 331.5 339.0
7.5 318 0.04
336.0
341.0 5.0 1452 4136 335.0 336.0
1.0 1640 0.19
--------------------------------------------------------------------------
WAT08-019 159.6 160.3 0.7
585 650 not geochemically anomalous
214.8
216.5 1.7 758
1215 uranium
246.0
246.9 0.9 536 580
--------------------------------------------------------------------------
WAT08-021 204.3 205.8 1.5 616
1093 analysis pending
326.2
334.3 8.1 1101 3092
339.9
340.4 0.5 822 1210
357.8
358.6 0.8 573 790
--------------------------------------------------------------------------
WAT08-022C 211.3 212.4 1.1 753 1045
291.3
293.0 1.7 937 1284
308.6
315.4 6.8 3452 7900 308.0 314.5
6.5 434 0.05
319.3
321.7 2.4 2715 6115 317.5 321.0
3.5 249 0.03
--------------------------------------------------------------------------
WAT08-023 214.8 217.3 2.5 778
1674 analysis pending
356.4
356.8 0.4 646 767
--------------------------------------------------------------------------
WAT08-024C 381.4 386.5 5.1 938
2763 analysis pending
408.2
410.2 2.0 1044 2314
--------------------------------------------------------------------------
WAT08-031 218.5 219.2 0.7 937
1163 analysis pending
222.4
224.5 2.1 546 910
306.9
310.0 3.1 1383 3128
--------------------------------------------------------------------------
WAT08-032 224.0 228.2 4.2
560 951 analysis pending
290.6
299.6 9.0 1414 5075
303.3
309.6 6.3 542 860
312.4
314.5 2.1 874 1141
The strongly altered and anomalously geochemical and radioactive zones
in the Discovery Bay Zone occur within pelitic and
semi-pelitic host
rock, commonly with trace to 2% sulphides and occasionally graphitic.
These zones tend to be extremely clay altered and are often very
friable. Slickensides and fault gouge are common
features. These drill
holes show very pronounced anomalous concentrations of pathfinder
elements either within or in close proximity to the basement hosted
alteration and radioactive intervals. Table 2 provides a general
picture of anomalous pathfinder geochemistry within the broader
alteration halos.
Table 2 Discovery Bay Zone: Alteration Zone Pathfinder Geochemistry Results
Width
Hole ID From (m) To (m)
(m) U ppm Co ppm
Cu ppm
------------------------------------------------------------
WAT08-014 287.00 302.50
15.5 48.32 51.11 48.83
------------------------------------------------------------
WAT08-016 221.00 224.00
3.0 13.39 10.00 61.67
238.00 240.00 2.0
5.92 20.25 57.25
267.00 273.00 6.0
14.81 55.31 1536.06
------------------------------------------------------------
WAT08-017 269.00 276.50
7.5 13.13 128.20 10.27
316.50 340.50 24.0 111.00
246.81 403.38
------------------------------------------------------------
WAT08-019 267.00 271.00
4.0 4.52 16.63 121.00
------------------------------------------------------------
WAT08-022C 275.00 280.00
5.0 4.30 96.80 35.20
289.50 306.50 17.0 9.96
343.68 89.85
308.00 314.50 6.5 434.04
427.08 35.54
Width
Hole ID From (m) To (m)
(m) Mo ppm Ni ppm
Pb ppm Zn ppm
---------------------------------------------------------------------
WAT08-014 287.00 302.50
15.5 1.78 41.50
50.78 66.06
---------------------------------------------------------------------
WAT08-016 221.00 224.00
3.0 3.00 115.17
65.50 49.33
238.00 240.00 2.0
1.00 91.25 6.25 34.00
267.00 273.00 6.0
5.06 83.08 57.83 30.17
---------------------------------------------------------------------
WAT08-017 269.00 276.50
7.5 1.60 296.93
7.67 140.33
316.50 340.50 24.0 59.83
132.48 62.83 456.19
---------------------------------------------------------------------
WAT08-019 267.00 271.00
4.0 7.63 23.13
53.38 172.63
---------------------------------------------------------------------
WAT08-022C 275.00 280.00
5.0 2.10 114.40
4.80 20.20
289.50 306.50 17.0 15.06
200.44 59.26 4750.65
308.00 314.50 6.5 352.00
277.15 253.23 118.00
Individual assays within the intersections identified in Table 2
include Cu values up to 1.95% (hole 016), Zn up to 3.6% (hole 022C), Co
up to 0.25% (hole 017), Mo up to 0.17% (hole 022C) and Pb
up to 0.097%
(hole 022C).
Composited intervals include hole WAT08-022C, which
intersected 17.0m at 0.47% Zn from 289.50 to 306.50m. Hole WAT08-016
intersected 1.5m at 0.80% Cu from 271.5 to 273.0m and hole
WAT08-017
intersected 2.5m at 0.28% Cu from 334.5 to 337.0m.). Elevated
concentrations of these pathfinder elements are common in uranium
deposits of the Athabasca
Basin, particularly
unconformity related
deposits.
Four holes drilled adjacent to, and northeast of the Discovery Bay Zone
did not encounter significant hydrothermal alteration or radioactivity.
Overall, the Joint Venture consortium is encouraged by the progress
made to date. Plans to accelerate follow-up exploration that will
include further testing of the Discovery Bay Zone during winter
drilling on the lake, in addition to testing numerous additional
targets are underway. Further details will be provided once a formal
program has been approved by the Joint Venture partners.
The Waterbury Consortium has budgeted C$5.5 million for exploration in
2007-08. Fission Energy is the operator of the Waterbury Lake Project.
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 & 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. The KEPCO
Consortium has the exclusive right to 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 earn-in agreement.
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
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Copyright (c) 2008 FISSION ENERGY CORP. (FIS) All
rights reserved.
For more information visit our website at
http://www.fission-energy.com/ or send mailto:info@fission-energy.com
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