Fission Energy (FIS-V; off 7 cents on 2.6
million at .48)

(See the bottom of this
update for comments on this morning’s
results)

FIS reported assays from its first
hole at the Waterford project discovery, now
dubbed the J Zone. At 10.5 metres of 1.9%
U3O8, which includes 1 m of 13.9% U3O8, the
results are as hoped for. It is worth noting
that factoring out the very high grade section
gives an average of 0.6% U3O8 for the
balance of the intersection, which suggests
the counts are delivering a reasonable
picture of what is in the core.
FIS delivered counts for three more holes
ahead of the assays, indicating in one 15
metre step out this zone continues and in a
second that the it has some breadth with a
narrow section that recorded 2000 counts.
As this issue was being readied for sending
FIS released the probe counts from its latest
hole. Hole 70B, a 15 metre step out to the
west of the discovery hole, intercepted
13.54 metres of high radioactivity
including 7.5 metres of cumulative
sections of off scale (+9999 cps)
radioactivity. These counts are significantly
stronger than the counts from the hole that
reported 10.5 meters of 1.9% U3O8 and the
over limit section in particular is several
times larger. We expect this hole to report
the best assays yet. Two other holes drilled
to the north and south of the discovery hole
reported minimal radioactivity, conforming to
the Company’s model of an east-west
striking zone.
The stock was consolidating prior to this
morning’s announcement, and it’s possible
too much was being read into every detail as
drill hole summaries come out. For now, the
important point is that the J Zone discovery
has a strong starting point though it will need
more drill holes and assay data to be
properly assessed. FIS is a speculative buy
while that is happening.