Fission Energy Corp is a Canadian based uranium exploration company that has made an exciting new high grade uranium discovery at its Waterbury Lake Property in the eastern portion of Saskatchewan's Athabasca Basin: Home of the richest uranium deposits in the world. Additional exploration properties are held in the Athabasca Basin, Quebec and Peru.
Waterbury Lake Property-"J-Zone" Uranium Discovery: Fission 50% / Korea Waterbury Uranium Limited Partnership (also known as KEPCO Consortium) 50%
In January 2010, Fission announced it had made a high grade uranium discovery at its Waterbury Lake Property. Subsequently named the "J-Zone", this new discovery is located immediately west of the Roughrider uranium deposit along a 3 km East-West structural Corridor that exhibits excellent potential for multiple occurrences of high grade unconformity style uranium mineralization. Drilling from the recently completed summer program has extended the J-Zone's east-west trending mineralized strike length to approximately 120m X50m wide, north-south. Of the 31 drill holes completed in the J-Zone to date, 27 have intersected mineralization at or near the unconformity for a mineralized intersection success rate of 87%. Mineralization is trending to the west and remains open along strike and in all directions. Plans are underway for an expanded winter drill program, which is expected to begin in January, 2011.
$30 million in Exploration Expenditures Planned 2010-2012
Recently, Fission entered into a definitive Limited Partnership Agreement with the KEPCO Consortium for a 3 year term with a corresponding $30 million budget to further the joint exploration and development of the Waterbury Lake Property. Exploration resumed in July and includes a 4,000m drill program.
