Drilling at PLS Expands Lakeshore Zone Width to >50m with High Grade Mineralization

If you’ve not seen our latest release, we just announced another round of results from our drill program at PLS. We’ve completed an additional ten holes, seven of which are mineralized (highlights below). Our aim is of course to expand the initial discovery zone while exploring additional zones of interest and you’ll be pleased to hear that this approach is definitely bearing fruit.

Drilling Highlights include:
* Expansion of the flat-lying, shallow depth lakeshore mineralized zone on L025W to >50m width north-south
* PLS13-029 (L025W): 34.0m interval of continuous mineralization; including discrete intervals totaling of 1.88m of “off-scale” radioactivity (>9999 cps)
* PLS13-031 (L025W): 26.0m interval of continuous mineralization; including discrete intervals totaling 1.54m of “off-scale” radioactivity (>9999 cps)
* PLS13-035 (L010W): Two intervals of continuous mineralization of 9.5m wide each; including discrete intervals totaling 0.85m of “off-scale” radioactivity (>9999 cps)
* Alteration and associated weak mineralization on 100m east on-trend step-out show potential to host high grade mineralization along strike to the east

Here’s what Ross McElroy, Fission’s President, COO, and Chief Geologist, had to say "Drilling continues to expand the impressive initial zone of mineralization at PLS and is already developing the potential of a new mineralized zone 115m to the east. Our technical team is working flat out to process the data we are receiving as drilling progresses in order to optimize the ongoing program."

I recommend you check out the release itself  and please get in contact with us right away with any questions. Be sure to also follow our Twitter feed and connect with us on LinkedIn.

Dev Randhawa

Cameco anticipates Japan will restart six to eight units by end of year

Interesting article in the Financial Post recently: Cameco’s tax issues offset by improving prospects in Japan. The article kicks off with an observation about Cameco paying off the CRA (Canada Revenue Authority) but what interested me was the following paragraph:

On the fourth quarter conference call, Cameco’s management stated that Japan is no longer deferring uranium deliveries or asking the company to buy its material. They also said utilities are spending heavily on reactor upgrades – as much as $13-billion so far – and anticipate six to eight units will restart by the end of 2013.

A lot of people are still waiting to see what’s going to happen with Japan this year. I think a comment like this from the largest uranium producer in the world is a pretty strong indication of where things are headed.

Dev Randhawa

Fission hits 57.5m of Mineralization With 11.65m Off-Scale on-strike step-out

If you’ve not yet read our latest press release, further step-out drilling at the Patterson Lake South (PLS) property has delivered a 57.5m band of strong mineralization that includes 11.65 off-scale radioactivity on 385m On-Strike Step-out.

Here are the key highlights:

• Two main wide broad zones of mineralization (Upper and Lower Zone), as measured with a GR-110 hand-held scintillometer;
• Upper Zone (86.5m – 144.0m) - A 57.5m wide zone characterized by variable radioactivity from weak to very strong throughout.
• Of particular note within the Upper Zone is a continuous 11.9m wide interval (94.9m – 106.8m) of very strong mineralization which includes 10.6m of off-scale radioactivity.
• Lower Zone (165.0m – 180.5m) – A 15.5m wide zone characterized by intermittent weak to locally moderate mineralized zones and barren intervals.

I strongly recommend you check out the release as it has a comprehensive overview of progress to date. Suffice to say, the Fission team and I are thrilled at the way things are progressing.  Ross McElroy, our President, COO and head Geo had this to say:

"Such broad mineralization at shallow depth, and with such a large zone of off-scale radioactivity, is extremely encouraging. It’s particularly exciting considering this is coming so soon after our earlier high grade hits and we are still only a small way into the Winter drill program ."

Take a look at the press release and please get in contact with us right away with any questions. Be sure to also follow our Twitter feed and connect with us on LinkedIn.

Dev Randhawa

Fission COO discusses plans for NewCo's flagship in 2013

Fission Energy stakes additional ground south of PLS discovery

If you’ve not seen our latest press release, we’ve just staked three additional claims south of our Patterson Lake South (PLS) project.  The claims will be added to our Patterson Lake property, located immediately north of PLS which is owned 100% by Fission.

The three new claims comprise a total area of 11,535.39ha and part of Fission’s objective to stake highly prospective ground where the target depth of uranium mineralization is expected to be shallow, as is the case with its PLS and the 100% Fission-owned Patterson Lake property immediately to the north.

An updated map showing the additional claims for the Patterson Lake property can be found here

As you know, our discovery at PLS is expanding quickly and we are confident that focusing on the underexplored Western end of Canada’s Athabasca Basin will result in continuing success for Fission and, once the deal with Denison Mines is complete, for NewCo. If you’re not up to speed on the Denison deal, I strongly recommend you check out some of my earlier posts as well as our recent press releases.

As always, please get in touch with any questions and be sure to connect with us on Twitter and LinkedIn in order to stay up to date with Fission news and industry comments.

Dev Randhawa

Fission COO on plans for 2013

NewCo’s management and technical team

In April of this year – just two months from now – Fission will complete the sale of its Eastern Athabasca portfolio and Namibia property to Denison and will spin out a NewCo. With over $15million in the bank, a new discovery and highly prospective land package in the Athabasca Basin, NewCo will obviously be off to a great start. However, who exactly will be running NewCo?

The answer is the same management and technical team who built Fission, including myself (Dev Randhawa) and Ross McEloy  For those unfamiliar with us, here’s a quick overview:

Dev Randhawa Executive Profile

Dev Randhawa is an experienced senior manager with broad international experience in developing resource, mining exploration and energy companies.

Since 2007, Dev Randhawa has remained the Chairman and CEO of Fission Energy Corp., which has focused on uranium exploration in Saskatchewan. Mr. Randhawa founded Strathmore Minerals Corp. in 1996 and remained CEO until September 2008. Fission Energy was spun out of Strathmore Minerals in 2007. In 2006, Mr. Randhawa founded Pacific Asia Energy Inc. He was President and CEO until its sale to Green Dragon Gas wholly owned subsidiary, Greka China Ltd, for 35.18 million in 2008.

In 2011 Fission Energy was named a TSX Venture 50(r) Company. "The TSX Venture 50(r) are the top 10 companies listed on the TSX Venture Exchange, in each of the five major industry sectors - mining, oil & gas, technology & life sciences, diversified industries and clean technology - based on a ranking formula with equal weighting given to return on investment, market cap growth, trading volume and analyst coverage. All data was as of December 31, 2010."

Dev Randhawa received a Bachelors Degree in Business Administration with honours from Trinity Western College of Langley, British Columbia in 1983 and received his Master in Business Administration from the University of British Columbia in 1985.

Ross McElroy Executive Profile

Mr. McElroy is a professional geologist with over 22 years of experience in the mining industry. He has experience with working and managing many types of mineral projects from grass roots exploration to feasibility and production.

Mr. McElroy has held previous positions with both major and junior mining companies, which include BHP Billiton, Cogema Canada (now AREVA), and Cameco. He was a member of the early stage discovery team of the MacArthur River uranium deposit.

Mr. McElroy received a Bachelor's Degree in Science, with a Specialization in Geology from the University of Alberta in 1987. Mr. McElroy is a registered professional geologist in Alberta, Saskatchewan and Nunavut/Northwest Territories.

Dev Randhawa

A look at NewCo’s property portfolio

Just two months from now, Fission shareholders will be part of NewCo as it leaps into existence with Fission’s management team at the helm, over $15 million in cash, a new discovery and an exciting portfolio on the Western edge of the Athabasca.

I’ve previously blogged about the value of the deal as well as NewCo’s management team. Now I’d like to take a moment to cover PLS in more detail since it will be NewCo’s flagship. Fission has recently announced a new $4million drill program at PLS but to bring you up to speed, here is the write up from our property overview page:

PLS (Paterson Lake South)
PLS Joint Venture: Fission Energy 50% / Alpha Minerals 50%.
"This is a potentially large, high grade, unconformity style, basement hosted uranium deposit - much like Roughrider, Millennium or Eagle Point Mine." David Talbot, Dundee Securities

Discovery and Property Highlights:
• High grade, shallow depth uranium discovery
• High grade boulder field
• Boulders assayed up to 40%
• Aggressive drill program in place

2012 Fall Exploration Program
"Fission has been aggressive in its exploration methodology, a trait that we believe investors are looking for from exploration companies located in the world's highest grade uranium camp." David Talbot, Dundee Securities

Continued ground investigations during the Fall 2012 program resulted in the significant expansion of the high-grade uranium boulder field discovered in 2011. Seventeen of 40 radioactive boulder samples demonstrated "off-scale" radioactivity (> 9,999 cps), extending the area a further 2.35km to the south-west as well as 0.8km to the west.

A 9-hole 1632 core drilling program (PLS12-017 to PLS12-025) commenced at the Patterson Lake South property in November 2012. A 6.0 m wide interval of high grade mineralization with massive visible pitchblende in veins (up to 21cm wide), blebs and flecks was intersected in the discovery drill hole PLS12-022, located approximately 3.8 km northeast of the high grade boulder field. Subsequently step-out hole PLS12-044 intersected a 13.0m wide interval of strong mineralization, including intermittent intervals, totaling 2.14m of off-scale (>9999 cps) radioactivity. PLS12-025, collared 10m north of hole PLS12-024, intersected a 22.5m wide interval of strong mineralization including a narrow band of off-scale (>9999 cps) radioactivity. In each case, the mineralization occurs at shallow depth in basement rocks.

Composited drill hole mineralized intersections include:
• Hole PLS12-024: 18.0m @ 1.78% U3O8 from 65.0m to 83.0m
• including 12.5m @ 2.49% U3O8
• including 3.5m @ 4.33% U3O8
• including 0.50m @ 11.1% U3O8
• Hole PLS12-022: 8.5m @ 1.07% U3O8 from 70.5m to 79m
• including 2.5m @ 2.63% U3O8
• Hole PLS12-025: 22.5m @ 0.4% U3O8 from 60.5m to 83.0m
• including 4.03m @ 0.85% U3O8
• Hole PLS12-023: 9.5m @ 0.27% U3O8 from 66.5m to 76.0m

The PLS property page has more detailed information including maps and I encourage you to visit it. As always, please get in touch with any questions.

Dev Randhawa

PLS Discovery Gathers Pace - 2nd Step-Out Hole Hits 37m of Continuous Mineralization, including total of 4.35m Off-Scale Radioactivity

If you’ve not seen our latest press release, the new drill program at PLS is already showing fantastic success and we’re only just at the start of the program! As you know, we announced a shallow depth, high grade discovery there in Nov 2012 and last month we began a $4 million drill program. The first two holes of the program were drilled at a 15m step-out to the west of hole PLS12-024 (12.5m @ 2.49% U3O8: see news release dated Nov. 12, 2012) with the following results:

• PLS13-027 - 37.0m continuous mineralization; total intervals >9999 cps – 4.35m
• PLS13-026 - 21.0m continuous mineralization; total intervals >9999 cps - 0.75m

Technical Highlights include:

• Hole PLS13-027: 37.0m wide interval of well-developed mineralization (60.5 – 97.5m) including intermittent intervals totaling 4.35m of radioactivity >9999cps. PLS13-027 was drilled 15m grid west of hole PLS12-024 and 10m grid south of PLS13-026.
• Hole PLS13-026: 21.0m wide interval of strong mineralization (63.0 – 84.0m) including intermittent intervals totaling 0.75m of radioactivity >9999cps. PLS13-026 was drilled 15m grid west of PLS12-024

As was the case with previous drill results from the fall 2012 program (holes PLS12-022, 023, 024 and 025), the mineralization occurs at shallow depth in basement rocks. The strongly radioactive intervals occur within a broader region of moderate radioactivity that extend above the Archean basement into the overlying sandstone and extends downward into the basement.

Please check out the full press release for further details.

Dev Randhawa

Understanding the value of the Denison deal

One share in Fission is going to deliver 0.355 shares in Denison and 1 share in NewCo.  That translates into:

Dev Randhawa

FIssion COO on what investors will get from the deal with Denison