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  • Fission finds "off-scale" boulder train at Patterson Lake; Versant re-iterates buy rating 0 comments
    Jun 27, 2011 3:55 PM | about stocks: FIS

    Canada-based Fission Energy Corp (CVE:FIS)(OTCQX:FSSIF) said Monday that it has discovered a 4 kilometre long radioactive boulder train at its joint venture Patterson Lake South uranium property, located on the southwest margin of Saskatchewan's Athabasca Basin.

    Of the 54 radioactive boulders and hotspots identified in soils to date, 29, or 54%, produced "off the scale" radioactive readings, as measured by hand-held gamma-ray meters. Assays are still pending from the new discovery, which was made through recent field work.

    Fission said the highly mineralized boulders and hotspots included crumbled grains of pitchblende/uraninite, with associated yellow oxide minerals and full sized boulders, over 45 cm in their largest exposed dimension, containing mineralization.

    The Patterson Lake South property is 50% owned by partner ESO Uranium Corp, with the remaining stake held by Fission. The ongoing program at the property, which includes surveys, soil sampling and boulder prospecting, will focus on locating and tracing the source and extent of the boulders.

    Similar work has led to some of the most significant uranium deposits in the Athabasca Basin, including the nearby Cluff Lake Mine, where more than 60 million pounds of uranium were produced.

    The new find by Fission and ESO prompted analysts at Versant Partners to re-iterate Fission's buy rating, as the discovery provides "additional “blue sky” upside outside of [Fission's] flagship Waterbury Lake asset", said Versant in a research note.

    "The team is excited by the discovery of this significant boulder train so early in our field program," said Fission president and COO, Ross McElroy.

    "The number and size of anomalous samples, in addition to the pattern of dispersion, lead us to believe we may be close to the source, well within our claim block."

    The newly discovered boulder train is located just 1.5 kilometres west of the all-weather provinical highway 955, which runs north to the former-producing Cluff Mine.

    Patterson Lake South covers more than 30,000 acres in 8 mineral claims on the southwest margin of the Athabasca Basin in the Broach Lake - Patterson Lake area. The project is also located near the 88.1 million pound Shea Creek discovery, which is jointly owned by UEX Corp (TSE:UEX) and Areva.

    Indeed, this is positive news for Fission. "[Patterson Lake South's] close proximity to a former producing mine and the Shea Creek discovery highlights the ease of access and developed infrastructure in the area," concluded Versant.
    Stocks: FIS
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