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Fission Energy Announces Winter Exploration Program at Waterbury Lake Uranium Project

FISSION ENERGY CORP. (TSX VENTURE:FIS) and its Limited Partner Korea Waterbury Uranium Limited Partnership, has announced their largest winter exploration program, including 22,000m of drilling with three drills, at the flagship 40,256 ha Waterbury Lake uranium project, located in the eastern part of the Athabasca Basin.

Primary focus will be to build on the success of the J-Zone unconformity high grade uranium discovery made in 2010, in addition to continued drilling at the nearby J-East and Highland targets. The J-Zone high grade uranium discovery currently comprises an area 120m X 50m wide as defined by 28 closely spaced drill holes, most of which were vertically drilled, and is open laterally in all directions.

In addition, exploration drilling is planned at newly identified high priority targets to the west of the J-Zone along the prospective 3 km long Discovery Bay East-West Corridor, and at Oban, which parallels the Discovery Bay Corridor 3 km to the north, and exhibits a similar east-west trending magnetic low region with strong electromagnetic conductors. Geophysical work will be initiated at the highly prospective Murphy Lake and Glen areas, located on the northwest part of the property. Previous drilling by Areva (formerly Cogema) and later by Strathmore Minerals (now Fission) identified anomalous uranium values at the unconformity (including hole H-34 with 246 ppm Uranium over 1.5m and hole WAT06-06 with 53 ppm Uranium over 5.0m) within a 10 km strike length characterized by low magnetic and high conductivity signatures, and discrete EM conductors. The planned geophysical work should provide enhanced resolution of this corridor and will lead to the selection of new drill targets.

Crews and equipment are being mobilized and the program will be underway shortly. The following summary outlines the winter 2011 exploration program:

  • C$7.9 million budget approved by the Limited Partnership.
  • Utilizing three drill rigs, sixty-five (65) drill holes totalling an estimated 22,000m are planned. Forty-Four (44) holes are planned at the J-Zone high grade uranium discovery, in addition to four (4) holes at J-East and three (3) holes at the Highland targets.
  • Fourteen (14) drill holes are planned on other targets along the East-West Corridor and at Oban located 1.5 km north of Discovery Bay.
  • Time Domain Electromagnetic (TDEM) ground geophysics surveys will continue at Discovery Bay and Oban to identify additional drill targets
  • Geophysical work including TDEM and Induced Polarization (IP) surveys will commence at Murphy-Glen Lake located on the northwest part of the property.
  • The Korean Institute of Geoscience and Mineral Resources (KIGAM), respected for their expertise in IP and tomography imaging, will provide downhole IP tomography support services.

Fission is the Operator of the program, which is expected to be completed by early mid- April. Results will be announced when available.

Fission Energy and the Waterbury Consortium have budgeted C$30 million for exploration at Waterbury Lake over a three year period from 2010–2012.

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.

Source: FISSION ENERGY CORP.

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