Canaccord-Fission Energy* (FIS : TSX-V),
Something up? Yes, the...Shares of Fission Energy were in the green Monday, bucking the broader market sell-off. Fission has received more attention of late, following the consolidation offer by one of the world's largest uranium producer's for a worldclass asset which is adjacent to Fission's flagship Waterbury Lake uranium project. Since the news of the offer, one Bay Street brokerage has reiterated their bullish stance and raised their target price on Fission shares. Fission, which owns 60% of the Waterbury Lake uranium project (40% owned by Korean consortium led by KEPCO (KEP)), recently announced that it has increased the strike length of the J-Zone by 56% to 578 m from 370 m. Management also highlighted that a 12 m mineralized section was encountered approximately 1.5 km west of the J-Zone, in Hole WAT11-199, that is believed to be situated on the same trend that hosts the J-Zone. This new zone has been named “Summit Zone.” The brokerage that increased their target price on Fission stated that, "Of the company’s 14 listed projects, we are only able to comfortably quantify J-Zone within Waterbury Lake and Dieter Lake. This ignores the significant upside from the other three targets at Waterbury Lake (J East, Talisker and Summit) as well as the land package in the Macusani Plateau." Of note, KEPCO is a Korean government-invested diversified energy company with over US$83 billion in assets. KEPCO provides electricity to almost all households in Korea and operates 20 nuclear power plants in the country with six more under development. It has often been speculated that if consolidation were to take place in the eastern Athabasca Basin - KEPCO might be involved one way or another.
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