Fission Energy Corp (CVE:FIS) reported on Monday that it will start a $3.6 million two-drill summer exploration program at its flagship Waterbury Lake uranium project in Saskatchewan later this month.
The joint venture Waterbury uranium project, in which Fission owns a 60% stake, encompasses 98,000 acres of land and is located in the eastern part of the Athabasca Basin.
The summer drill program, which will contain 21 holes for an estimated 7,400 metres, will look to further define the J Zone’s high grade mineralization, in addition to the newly-discovered basement mineralization found in the western part of the J Zone.
Meanwhile, a second drill will target uranium discoveries made in the vicinity of Hole WAT11-153, further to the west, and continue testing the prospective Oban area to the north.
In addition, new regional targets at the prospective Murphy Lake area identifed last winter will also be drill tested, the company said.
Finally, ground work, which includes a 47 line kilometre electromagnetic survey, and an 83 line kilometre induced polarization survey, will be completed in the Oban North and Chiva areas.
The drill campaign is expected to be finished by late August, and results will be revealed as soon as they are available.
Last winter’s drill program confirmed the presence of multiple mineralized occurrences along a 1.5 kilometre east-west trend within the Discovery Bay corridor. So far, five areas of uranium mineralization were identified, with the largest being the J Zone, remaining open in all directions.
The remaining 40% of the Waterbury Lake project is owned by Korea Waterbury Uranium Limited Partnership, a consortium of Korean-based companies led by Korea Electric Power.
Fission Energy and the Waterbury consortium have budgeted C$30 million for exploration at Waterbury Lake over a three year period, with Fission as the operator.
Kelowna, BC-based uranim explorer Fission has properties in Saskatchewan's Athabasca Basin, Quebec, and the Macusani District in Peru. Its shares were up 20 cents, or 3.64%, to trade at $0.570 Monday as of 2 p.m. EST.