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Wednesday, April 23, 2008

Fission Energy vs Hathor

I'll need to add a lot of background stuff here, but people who own Strathmore and its spinoff, Fission Energy (note that this is NOT the same Fission Energy), should know about the competing claims of Fission's neighbor, Hathor.

There was a brouhaha (sp?) not long ago between them where both declared extremely carefully worded victories in their claim jumping dispute. Basically, if I understand correctly, Fission was correct, but Hathor managed to extend their own claim at a distance from the key area in question.

The big thing is that Hathor discovered very large amounts of very concentrated uranium on their own claim but very close to Fission's claim. A real mother lode. In the dispute, for a while it seemed like maybe Fission owned at least part of the discovery, but they merely held onto what they owned, which I take to be about 100 meters from the Hathor discovery. Here's a map.

From what I understand (and I'll try to fill in more details later on), Hathor has been drilling at a southerly tilt from the edge of Fission's claim and finding all sorts of amazing stuff. The big discovery was at drill hole MWNE-8-12 which ran into insane uranium concentrations of up to 40%!

If I understand this correctly (and I might not), the 6 drill hole results were at a 20 degree tilt toward the south (originally I thought this was north, but the map above makes it seem like it was drilling at a southerly tilt. I think I had it azumuth backwards). Notably drill holes MWNE-8-20 and MWNE-8-21.

Well today Hathor just released results of drilling at these three drill holes but tilting north (towards the Fission claim). It's been a while since I've done trigonometry, but I figure these results are either right on the edge of the border or perhaps into Fission's claim.
Drill hole MWNE-08-22, collared from the same set-up as MWNE-08-20, was an angle hole drilled at -73 degrees at an azimuth of 135 degrees to a total depth of 324 metres.

This ran into serious radiation through about 8 feet of it.

MWNE-08-23 and MWNE-08-24 were also serious. Not sure about MWNE-8-24 (where was it located?). Drill hole MWNE-08-26 was also very impressive. See the charts they provide. Note that these are field measurements and are not very precise. But when the measurements peg the meter at the maximum 9,999 at several places, you figure there's probably serious uranium down thar hole.

Fission and Hathor stock prices have risen and fallen with the various press releases and claims/counter-claims. Fission dropped somewhat after the map above was published, but now the price has gone up a bit today presumably due to this latest Hathor news.

I don't worry so much about the day-to-day news, but it's very good to see such discoveries on the edge of Fission's claim (which was upheld in court).

I'm still here, I just haven't been writing anything lately.

Comments:
It's amazing to me that in this day and age we are still involved in 'There will be blood' type feuds between energy companies. Amazing. I found more about energy and other commodities trading at Fisher Investments Blog. They have a really interesting article there about the future of energy and other commodities.
 
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