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Fission Energy starts 2,000m drill program at Dieter Lake

Fission Energy Corp. (CVE:FIS), a junior uranium company, said Thursday it has started a 2,000 metre summer drill program at its Dieter Lake property, in northern Quebec.

The property consists of 30,864 hectares and is situated about 150 kilometres north of Hydro, Quebec Reservoir. It has an inferred resource of 24.4 million pounds of uranium at an average grade of 0.057%.

The drill program, which will cost about $1.2 million, plans to test an area east of Vivian Lake, where previous drilling has intersected about 400 to 3,700 parts per million of uranium over thicknesses of 0.5 to 2.6 metres.

Fission has identified 12 vertical hole locations, with spacing at 25 to 50 metres collars, to expand the resource along strike.

The company said it also plans to carry-out re-logging and re-sampling of significant historic drill holes, as well as detailed ground magnetic surveys over the deposit.

The impetus of the drill program is to establish continuity and expand mineralization, and gain a better understanding of the deposit, with the intent of building a geological model, the company said.

This year, an extra 15,610 hectares of new ground was staked at Dieter Lake, which permitted Fission to control 88% of the Gayot Lake Outlier Basin.

The Gayot Lake Outlier Basin is a lower proterozoic-age sandstone basin of the Sakami Formation. It measures 52 kilometres east-west, by 12 kilometres north-south, and hosts the Dieter Lake uranium deposit.

Vancouver-based Fission Energy explores uranium resource properties in Canada and Peru.