Fission Energy Corp. is a Canadian-based resource company that lists on the TSX Venture Exchange. The Company specializes in the strategic acquisition, exploration, and development of uranium properties. Fission has properties in Saskatchewan's Athabasca Basin, Quebec, and the Macusani District in Peru. In 2010, Fission made a significant high-grade uranium discovery at their Waterbury Lake property. In 2011, they made a high-grade boulder field discovery at their Patterson Lake South property. Fission Energy has their headquarters in Kelowna, British Columbia.
Fission Energy's primary exploration focus is Saskatchewan's Athabasca Basin, home of the richest uranium mines in the world. The Company acquired the majority of their exploration properties here by staking in 2003-2004. The Company is actively exploring at two core projects in the Athabasca Basin. One is their flagship Waterbury Lake project; the other is their emerging Patterson Lake South project (PLS). A third significant project, Dieter Lake, is in the Province of Quebec.
Concerning the Waterbury Lake property, Fission majority owns the project (60 percent) in a Joint Venture with a Korean Consortium through KEPCO. The project is a west continuation of Rio Tinto's Roughrider deposits. The Preliminary NI 43-101 resource is Indicated 7,367,000 lbs. based on 168,000 tonnes averaging 1.99 percent. The Inferred is 1,511,000 lbs. based on 150,000 tonnes averaging 0.46 percent.
Concerning the PLS project, a fall follow-up trenching program provided further anomalous field measurements. A total of 123 radioactive boulders with assays as high as 36.6 percent U3O8 have been located. An 838m, seven hole diamond drill program took place in November-December 2011 and lab results are pending. An expanded $2.76-million, winter 2012 drill and geophysical program is currently in progress at the PLS property.
This week, Fission Energy and their 50 percent Joint Venture (JV) partner ESO Uranium Corp. announced that a 14 hole, 2,100m drill program will begin soon at the PLS Property, located in the southwest part of Saskatchewan's Athabasca Basin. This program is a continuation of last year's efforts to locate the bedrock source area of the high-grade uranium boulder field discovery, believed to occur below the unconformity in a basement-hosted system.
The JV further reports that a property scale airborne VTEM magnetic and electromagnetic survey is now 100 percent complete. Fission is the Operator of the PLS exploration project. PLS is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, (greater than 60M lbs of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north.
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