Canaccord Morning Coffee Feb 22 In this mornings Canaccord Morning Coffee newsletter.
Fission Energy* (FIS : TSX-V :
.78), Net Change: 0.02, % Change: 2.63%, Volume: 356,946
It's that time of year again – Scintillometer readings in the Athabasca! Fission and its partner, the Korea Waterbury Uranium Limited Partnership (led by Korea Electric Power (KEPCO)), announced results for the next 11 holes drilled in the J Zone on the Waterbury Lake Property, in the eastern Athabasca Basin, Saskatchewan. Management highlighted that three step-out holes, WAT12-237B, 242, and 244, drilled laterally to the north of the central J Zone boundary, have intersected wide intervals of well developed mineralization, including 14 m, 11 m, and 15 m respectively, in the sandstone, and the basement immediately below the unconformity. Radioactivity, ranging from moderate to strong, including discrete intervals of "off-scale" (greater than 9,999 cps), was observed, occurring within the sandstone above the unconformity continuing at depth into the basement below. Fission stated that these three drill holes have successfully identified a new mineralized extension in the sandstone and basement, near at the unconformity, to north of the J Zone boundary. Overall, an additional eleven drill holes have been completed in the J Zone, for a total of twenty-one to date. Ten of eleven holes intersected mineralization with radioactivity ranging from weakly anomalous to strongly radioactive, including "off-scale" scintillometer readings in the sandstone, at the unconformity, and/or in the basement. Twenty-eight drill holes remain to be drilled at the J Zone as part of $9.28 million, 32,630 m Waterbury Lake 2012 winter drill program, which will continue through to spring break-up.