B.C.-based Fission Energy Corp. (TSX: V.FIS, Stock Forum) shares fell 24% to 20.5 cents Tuesday, after the company and its joint venture partner, the KEPCO Consortium, provided an update on the winter exploration program at its Waterbury Lake Uranium Project, Saskatchewan, including two new high-priority target areas.
Fission says the winter 2009 exploration program, which began in mid-January, has focused on the Discovery Bay Zone, and other regional targets.
To date, a total of 5,650m in 16 holes have been completed, with one hole abandoned due to technical problems. Seven holes were drilled within the Discovery Bay Zone, and nine holes tested other prospective targets, and Fission notes that the most encouraging new areas tested are known as Talisker and Disco Bay.
Two drill holes, WAT09-044 and WAT09-045 have tested the Talisker area, with hole WAT09-044 intersecting a 5.5m wide zone of anomalous radioactivity from 214.15 to 219.65m, and had a peak of 6,567 cps measured in the downhole probe. For full results, see the company’s news release.
Within the Discovery Bay Zone, seven holes tested a strike length of over 70m, and all seven drill holes encountered intervals of clay alteration within the Athabasca sandstone and basement rocks, says the company.
Fission says drilling is continuing at Waterbury Lake and is expected to be completed shortly, while the company adds that planning is underway for a summer drill program.
On the company’s Bullboard, Baron28 said: “they haven't drilled bonanza holes, that is bad. They have 2 promising zones that is good and may bring us something in the future. The zone adjacent to RR zone does not seem to have similar mineralized zones. All imho[sic]”
gizmoduck added: “Sounds like they will continue to drill the Waterbury area and send what they have in for accurate readings, these other two properties sound like they have potential, but who knows if it will be another KEPCO contract or if FIS will have to find another party? IMO[sic]”
