Junior miner Intersects High-Grade U308 Mineralization in the Company’s Athabasca Basin Project

By: AllPennyStocks.com News

March 5, 2010
News about aggressive companies finding value in what they dig out of the ground are becoming more commonplace these days – which is why stories of these finds are all the more remarkable, because they are so surprising. This time, the news by Kelowna, British Columbia-based Fission Energy Corporation (TSX-Venture:FIS), which, along with its joint-venture partner, the KEPCO Consortium, announced in early March the discovery of uranium oxide (or U308) on its Waterbury Lake Project in Saskatchewan’s Athabasca Basin.

FIS reported that one of its drill holes found a high-grade mineralization on a 17 metre interval grading 3.99% U308, including seven metres at 7.48% U308. Extended mineralization approximately 35 metres to the north of another hole (WAT10-066), intersected 2.5 metres of 2.78% U308, including 1.5 metres grading 4.56% U308.

FIS is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties in, besides the Athabasca Basin, Quebec, Alberta, and the Macusani District in Peru. The Company's shares were spun out as a distribution by Strathmore Minerals Corp. (TSX-Venture:STM) in 2007.

In 2003-04, FIS assembled one of the largest exploration property portfolios in Saskatchewan's Athabasca Basin; home of the richest uranium deposits in the world. Fission's most valuable exploration asset is the Waterbury Lake KEPCO Consortium Joint Venture., which is located in close proximity to Hathor Exploration Ltd.’s (TSX-Venture:HAT) Midwest NE discovery (or what is deemed the "Roughrider Zone").

Fission's 2010 winter exploration program includes 93 line kilometres of geophysical surveys, and a 20-hole 7,500-metre drill program that began in January.

Fission holds a 100% interest in the Dieter Lake property, in Quebec, with an inferred resource totaling 24.4 million lbs U3O8 at an average grade of 0.057% U3O8. In Alberta, projects like the Caribou Mountains, North Shore and Fort McLeod are hosts to a number of uranium occurrences and showings. FIS’s Peruvian holdings, the Macusani property, are home to Autunite veins, containing 51% uranium by weight and convert into 60% - 65% U3O8.

The company’s stock price has faded somewhat from the dizzy heights of $1.20 a share, at which it peaked for the last 52 weeks in the dying days of February. The price recorded the day after the news at Waterbury registered around 80 cents, with near-million-share volume. Not nearly the bargain price of 15 cents to which FIS sank last December, but still economical enough for small cap investors seeking value to notice it, given the company’s plans to tap these rich veins of uranium on promising properties.

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