Fission Increases 43-101 Resource at J Zone on Its Fission Increases 43-101 Resource at J Zone on Its Waterbury Lake Project
12/06/2012 12:19 PM ET
KELOWNA, BRITISH COLUMBIA, Dec 06, 2012 (MARKETWIRE via COMTEX News Network) -- Fission Energy Corp. ("Fission or "the Company") (TSX VENTURE:
FIS)(OTCQX: FSSIF) and its Limited Partner, the Korea Waterbury
Uranium Limited Partnership ("the Waterbury Consortium"), are pleased
to announce the preliminary results of an updated independent
National Instrument 43-101 compliant resource estimate for the J Zone
Uranium Deposit at its 40,256 ha Waterbury Lake Property, located in
the eastern part of the Athabasca Basin. The previous resource
estimate was announced in a news release on January 16, 2012.
The J Zone deposit is currently estimated to contain:
-- An Indicated resource totaling 10,284,000 lbs. based on 307,000 tonnes at an average grade of 1.52% U3O8-- An additional 2,747,000 lbs. based on 138,000 tonnes averaging 0.90% U3O8 is classified as an Inferred mineral resource
The current indicated and inferred resource are stated using a grade
cut-off of 0.1% U3O8. The previous resource statement was made using
a grade cut-off of 0.05% U3O8. A cut-off grade of 0.10% is considered
a reasonable economic cut-off grade for the J Zone to maximize the
grade of the resource while maintaining a coherent model of the
resource.
Key characteristics and details of the J Zone preliminary resource
estimate
-- Approximately 79% of the mineral resource has been classified as an Indicated resource, demonstrating the high level of confidence in the data analyzed. The overall indicated inventory has increased 39% compared to the previous estimate (January 16, 2012).-- Almost all mineralization is within the basement rocks proximal to sandstone-basement unconformity. Unconformity mineralization overlaps basement mineralization in the western part of the deposit delineated to date. Average vertical depth to the unconformity is approximately 200m.-- Low values for toxic elements such as arsenic and selenium compares favourably with Rio Tinto's Roughrider West Uranium Deposit, located immediately to the east.
Further details on the quantity and grade for each mineral resource
category are shown in the following table:
Preliminary Mineral Resource Estimate:Waterbury Lake Project -- J Zone, Athabasca Basin, SKPrepared by GeoVector Management Inc. Grade-------------------------------------------------------------------------- U3O8 Au As Co Cu Mo Ni ContainedCIM Category Tonnes (%) (oz) (%) (%) (%) (%) (%) lbs U3O8--------------------------------------------------------------------------Indicated Resource 306,831 1.52 1,055 .17 .01 .01 .12 .06 10,284,000Inferred Resource 138,404 0.90 243 .10 .01 .01 .09 .04 2,747,000-- Reported at a 0.10% U3O8 cut-off grade, no capping of assays.
Tonnes and lbs U3O8 rounded to the nearest thousand. It should be noted
that mineral resources are not mineral reserves and have not
demonstrated economic viability.
The resource is defined by 10,567 assay samples collected from 200
drill holes totaling 62,416 m completed by Fission between January,
2010 and August, 2012. General spacing of the drill holes is 5m-20m.
A block model with block dimensions of 4 x 2 x 2 metres was placed
over a resource model solid with the proportion of each block inside
the solid recorded. Two different search ellipses were used to
constrain an IDW (Inverse Distance Weighting) approach and were based
on the ranges determined by variography. Half metre composite samples
were used in the resource estimation. Gemcom software was used to
complete the resource estimate. An average specific gravity (SG) of
2.56 was used based on extensive SG testing of representative core
from mineralized rock. No capping of composite samples was applied.
Allan Armitage, Ph.D, P.Geol. and Alan Sexton, M. Sc., P.Geol., of
GeoVector Management Inc., are responsible for the technical comments
related to the resource estimate and its parameters and are
'independent qualified persons' for the purposes of National
Instrument 43-101 Standards of Disclosure for Mineral Projects of the
Canadian Securities Administrators and has verified the data
disclosed in this release.
J Zone Deposit
The J Zone uranium discovery was announced in February, 2010. Through
successful exploration programs completed to date, it has evolved
into an unconformity uranium deposit. Drilling has successfully
expanded the strike of the J Zone to 678m east-west, which in itself
appears to be is an extension of the Rio Tinto Roughrider Deposit.
The J Zone Deposit remains open along strike, laterally (horizontally
at unconformity) as well as vertically (sandstone and basement), over
significant widths, thereby exhibiting significant potential for
expanding the resource. In addition, mineralization discovered at the
Summit Zone, 1,532m to the west of the J Zone remains a high priority
target, and additional prospective areas including, Oban, Oban North,
Murphy Lake, and Talisker, continue to demonstrate the potential for
multiple mineral occurrences throughout Waterbury Lake Property,
which, remains largely unexplored.
Split core samples from the mineralized section of core were taken
continuously through the mineralized intervals and submitted to SRC
Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited
Facility) of Saskatoon for analysis, which included U3O8 (wt %) and
fire assay for gold. In addition, all samples sent for analysis
included a 63 element ICP-OES, uranium by fluorimetry (partial
digestion) and boron.
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" and on the OTCQX
International electronic trading system in the United States under
the symbol "FSSIF".
Korea Waterbury Uranium Limited Partnership ("Waterbury Consortium")
is a consortium primarily comprised of Korean-based companies. The
Consortium is led by Korea Electric Power (KEPCO). Other
participating companies include: Korea Hydro & Nuclear Power, Korea
Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private
Canadian uranium investment company.
Fission Energy owns 60% and the Korea Waterbury Uranium Limited
Partnership owns 40% of the Waterbury Lake Uranium Limited
Partnership.
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)
This press release contains "forward-looking information" that is
based on Fission's current expectations, estimates, forecasts and
projections. This forward-looking information includes, among other
things, statements with respect to Fission's development plans. The
words "will", "anticipated", "plans" or other similar words and
phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause Fission's actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: uncertainties related exploration and development; the
ability to raise sufficient capital to fund exploration and
development; changes in economic conditions or financial markets;
increases in input costs; litigation, legislative, environmental and
other judicial, regulatory, political and competitive developments;
technological or operational difficulties or inability to obtain
permits encountered in connection with exploration activities; and
labour relations matters. This list is not exhaustive of the factors
that may affect our forward-looking information. These and other
factors should be considered carefully and readers should not place
undue reliance on such forward-looking information. Fission disclaims
any intention or obligation to update or revise forward-looking
information, whether as a result of new information, future events or
otherwise.
ON BEHALF OF THE BOARD
Ross McElroy, President & COO
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Contacts:Fission Energy Corp.Richard MatthewsInvestor RelationsTF: 877-868-8140ir@fission-energy.comwww.fission-energy.com
SOURCE: Fission Energy Corp.
mailto:ir@fission-energy.comhttps://www.fission-energy.com
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