Specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia
Message: Drilling Commences at Fission Energy's Waterbury Lake Uranium Project
January 14, 2009
Drilling Commences at Fission Energy's Waterbury Lake Uranium Project
KELOWNA, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2009) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) and its joint venture partner, the KEPCO Consortium, are pleased to announce the details of its winter exploration program on the northeast claim of its Waterbury Lake Uranium Project, located in the eastern part of the Athabasca Basin, Saskatchewan. The northeast claim borders Hathor Exploration's Midwest Northeast "Roughrider" uranium discovery, where ongoing exploration has identified uranium mineralization within 30m of Fission's property boundary in an area known as Discovery Bay.
During the spring and summer of 2008, Fission completed an 8,237m 19 hole drill program in the Discovery Bay area. Fourteen holes defined a contiguous and broad east-west structurally controlled corridor of intense hydrothermally altered basement rocks, characterized by coincident anomalous radioactivity, uranium, and base metal pathfinder geochemistry. This continuous zone of alteration, now known as the "Discovery Bay Zone" was encountered directly west of the Roughrider Zone and has been traced for approximately 100m. The Discovery Bay Zone is open to the west and south-west. Fission's 2009 winter exploration program will focus primarily on defining and extending the Discovery Bay Zone.
Fission's 2009 winter exploration program began with a ground based gravity geophysical survey, and will be followed by a 6,500m drilling program scheduled to begin today, Wednesday, January 14th.
On December 1, 2008, MWH Geo-Surveys of Vernon, BC commenced a ground gravity survey. The survey is being conducted at 100m and 50m spaced lines over an area greater than 7 km2, that includes the Discovery Bay area adjacent to Hathor's Roughrider Zone. The gravity survey has identified a large, continuous east-west trending area of interest more than 3km in strike length. This trend is locally coincident with a magnetic low and on the flanks of a large conductive body previously identified in the 2008 VTEM airborne survey, and represents a high priority area for follow-up drilling. The Discovery Bay Zone occurs within this gravity low. Similarly, Hathor has indicated that the Roughrider Zone occurs within an area characterised by a gravity low.
Bryson Drilling of Archerwill, Saskatchewan, has been contracted to complete a 6,500m drill program. A total of 12 to 15 NQ diameter core holes are planned. Drilling will begin from the lake ice to allow for better targeting control for delineating the Discovery Bay Zone. Drilling will also progress to the west and southwest to test for continuation of the Discovery Bay Zone and other areas of interest identified by the systematic compilation of geophysical data, including integration of the current gravity survey. At completion, each drill hole will be surveyed downhole for radioactivity with a Mount Sopris 2PGA-1000 Gamma/SP probe. Drill core will be split and sent to SRC Geoanalytical Laboratories for analysis. Results will be provided when available.
Fission is the operator of the Waterbury Lake Project. A total of C$4.0 million has been budgeted for exploration in 2009, which is fully funded by the KEPCO consortium as part of their earn-in agreement.
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 and 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.
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