Fission Energy - BUY, No Target

January 31, 2012

Impact - Very Positive


Four drill holes widen the western portion of J Zone uranium deposit

  • Initial 2012 drill results from the high grade 8.9 MM lb U3O8 J Zone deposit by KEPCO / FIS JV in the Athabasca Basin are highly encouraging
  • this zone is along strike of the 58 MM lbs Roughrider deposits owned by Rio Tinto (Hathor)
  • four drill holes have hit well developed uranium mineralization up to 14m thick in the sandstone and 17.5m thick in the basement - assays are pending
  • this intersections were made on the western side of the J Zone where drilling is more sparse - some sections only have one drill hole
  • basement mineralization is relatively new at J Zone where most mineralization is sandstone hosted at the unconformity contact with the basement rocks - while basement mineralization was intersected last year, unlike Roughrider it was not delineated to any great extent
  • identification of uranium in both the sandstone and basement rocks is important - the Hathor Roughrider deposits appear stacked and this has positive implications for the delineation of further resources
  • 10 drill holes have been completed; 7 hit anomalous to strong radioactivity - all in the west end of the J Zone
  • this exploration program was expanded to $9.28 MM with 32,630m planned for Waterbury Lake during the 2012 winter drill program

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