Further thick zones of high grade uranium mineralisation at Duke Batman



    
    Highlights:

    -   Drilling continues to intersect multiple high grade stacked
        mineralised horizons at Duke Batman;
    -   Mineralisation now confirmed over 800m of strike traceable from
        surface;
    -   Mineralisation at shallow depths ((less than)250m)
    -   Initial resource drilling now completed at Valhalla North Project;
        and
    -   Currently finalising a uranium mineral resource estimate in
        accordance with JORC and NI 43-101.
    

    PERTH, Western Australia, Sept. 19 /CNW/ - Fusion Resources Limited
("Fusion" or the "Company") (ASX: FSN, TSX: FNS) is pleased to announce that
additional drilling at the Duke Batman Prospect ("the Prospect") located
within the Company's 100% owned Valhalla North Project ("the Project") in
northwest Queensland has again intersected thick, high grade zones of uranium
mineralisation over 800m of strike.
    Assay results returned from the final 24 reverse circulation ("RC") holes
drilled at Duke Batman during the Company's recent drilling program include
the following intercepts:

    
    -------------------------------------------------------------------------
                                                              From Depth
    Hole No.              Down Hole Intercept                 (Down Hole)
    -------------------------------------------------------------------------
    FVN131        34m @ 1,720ppm (0.172%) U(3)O(8)            127m
    -------------------------------------------------------------------------
    FVN112        14m @ 2,130ppm (0.213%) U(3)O(8)             96m
    -------------------------------------------------------------------------
    FVN133        11m @ 1,110ppm (0.111%) U(3)O(8)            208m
    -------------------------------------------------------------------------
    FVN123        10m @ 953ppm (0.095%) U(3)O(8)              138m
    -------------------------------------------------------------------------
    FVN122        10m @ 707ppm (0.071%) U(3)O(8)              180m
    -------------------------------------------------------------------------
    

    These new drill holes were located to the north and south of the
previously identified main areas of mineralisation, and continue to indicate
the presence of thick, high grade zones of uranium mineralisation traced over
a strike extent of 800m in drilling.
    The Company's current aim is to identify shallow ((less than)250m)
uranium mineralisation that is open-pittable. The assay results from these
additional 24 new holes have recorded significant intercepts from as shallow
as 4m down hole and to a maximum of 220m down hole. Furthermore, 66% of holes
recorded two or more intercepts, indicating the potential for multiple
mineralised zones. The mineralisation remains open down dip.

    
    Figure 1: Duke Batman Drilling
   
http://www.fusionresources.com.au/upload/documents/investor_relations/asx/2008
0919_080918-DukeBatmanDrilling_No5_Final_A4.pdf
    

    Duke Batman Prospect

    The Duke Batman Prospect is located within the Company's 100% owned
Valhalla North Project and approximately 45km north of Summit Resources
Limited's (ASX: SMM) Valhalla uranium deposit. The mineralisation at Duke
Batman appears to be of a similar style to that of Valhalla, which contains an
Indicated Mineral Resource of 21.3Mt @ 1.76lb/t (800ppm) U(3)O(8) for a
contained 37.4Mlb of U(3)O(8); and an Inferred Mineral Resource of 12Mt @
1.65lb/t (750ppm) U(3)O(8) for a contained 19.6Mlb of U(3)O(8). These
resources were estimated using a lower cut-off grade of 0.5lb/t
(227ppm) U(3)O(8) and reported in accordance with the JORC code (refer Summit
ASX release dated 22 August 2006).
    The Company completed its maiden RC drilling program over the Project in
December 2007, which comprised 36 drill holes at Duke Batman. Refer to the
Company's ASX announcements dated 6 March 2008, 10 January 2008 and
26 November 2007 for the full assay results of these holes.
    In July 2008 the Company has competed its follow-up RC and diamond
drilling program. This follow-up program comprised 40 RC holes at Duke Batman
for a total of 5,276m and six diamond holes for a total of 641m. Assay results
for the diamond holes are pending.
    The Company is currently finalising a uranium mineral resource estimate
in accordance with the JORC code and National Instrument 43-101 - "Standards
of Disclosure for Mineral Projects", which is expected to be released in the
December 2008 quarter.

    Recent Drilling

    Assay results from 24 new RC holes drilled at Duke Batman have been
received and confirm thick, high grade zones of uranium mineralisation over
800m of strike. Significant intercepts from these new holes have been recorded
from as shallow as 4m to a maximum of 220m down hole. Furthermore, 66% of
holes recorded two or more intercepts, indicating the potential for multiple
mineralised zones. The mineralisation is open down dip.
    All significant intercepts returned from the drilling are listed in
Table 1. Details of the collar positions and depths of the drill holes are
summarised in Table 2.
    The location of the Duke Batman drill holes is shown in Figure 1.
    The recent drilling has intersected thick, high grade zones of uranium
mineralisation, which is observed to be hosted within albitite altered
dolerites and basalts of the Eastern Creek Volcanics. The mineralisation is
spatially associated with brecciated albite, apatite, haematite, carbonate and
silica alteration giving a distinct pink-red colour in fresh rock. The local
stratigraphy is interpreted to be a series of basalts with minor interbedded
sediments intruded by dolerites.

    Summary

    The results of recent drilling at the Duke Batman Prospect in northwest
Queensland have confirmed the presence of thick, high grade zones of albitite
hosted uranium mineralisation over 800m of strike.
    The results of Fusion's recent exploration work are extremely
encouraging, have confirmed historical drill results, and continue to
highlight the potential of the Valhalla North Project area to host multiple
zones of significant high grade uranium mineralisation.
    The Company, with its established technical and operational capability
and strong cash reserves, is well positioned to progress its current projects
and pursue new business development opportunities.

    The information in this news release that relates to Exploration Results
is based on information compiled by Mr. Robert Waugh, who is a Member of The
Australasian Institute of Mining and Metallurgy ("AusIMM") and a Member of the
Australian Institute of Geoscientists ("AIG"). Mr. Waugh is a full-time
employee of Fusion. Mr. Waugh has sufficient experience to qualify as a
"Competent Person" as defined in the 2004 Edition of the 'Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.

    Information of a scientific or technical nature in this news release was
prepared under the supervision of Mr. Robert Waugh, Exploration Manager of
Fusion, who is a Member of AusIMM and AIG and a full-time employee of Fusion.
Mr. Waugh has sufficient experience to qualify as a "Qualified Person" under
National Instrument 43-101 - "Standards of Disclosure for Mineral Projects"
("NI 43-101"). Mr. Waugh is responsible for the verification and quality
assurance of Fusion's exploration data and analytical results from the
Valhalla North Project. The Qualified Person has verified the data disclosed
in this news release, including sampling, analytical and test data underlying
the information and opinions contained in this news release.
    Mr. Waugh consents to the inclusion in the report of the matters based on
his information in the form and context in which it appears.

    For further information regarding the Valhalla North Project, including a
description of Fusion's quality assurance program, quality control measures,
the geology, samples collected and testing procedures in respect of the
Valhalla North Project please refer to the technical report prepared in
accordance with NI 43-101 entitled "Technical Report on its Valhalla North
Project in Queensland Australia for Fusion Resources Limited" dated May 12,
2008, which is available under the Company's profile at www.sedar.com.

    This report contains forward-looking statements. These forward-looking
statements reflect management's current beliefs based on information currently
available to management and are based on what management believes to be
reasonable assumptions. A number of factors could cause actual results,
performance, or achievements to differ materially from the results expressed
or implied in the forward looking statements. Such factors include, among
others, future prices of uranium, the actual results of current and future
exploration activities, risks inherent in resource estimates, plant and/or
equipment failure, availability of financing, and obtaining Governmental
and/or Native Title approvals and the fact that the Queensland State
Government currently prohibits the mining of uranium.

    
    Figure 2:  Duke Batman Grade Contour Diagram
   
http://www.fusionresources.com.au/upload/documents/investor_relations/asx/2008
0919_080918-DukeBatmanDrilling_No5_Final_A4.pdf


             Table 1:  Recent RC Drill Intercepts at Duke Batman

    -------------------------------------------------------------------------
    Drill Hole  From      To      Interval      U(3)O(8)      U(3)O(8)
        ID      (m)       (m)       (m)           (ppm)         (%)
    -------------------------------------------------------------------------
    FVN111        80      84          4            235          0.024
           ------------------------------------------------------------------
                 176     178          2            507          0.051
    -------------------------------------------------------------------------
    FVN112        73      77          4            282          0.028
           ------------------------------------------------------------------
                  81      83          2            144          0.014
           ------------------------------------------------------------------
                  86      89          3            173          0.017
           ------------------------------------------------------------------
                  91      93          2            112          0.011
           ------------------------------------------------------------------
                  96     110         14          2,130          0.213
    -------------------------------------------------------------------------
    FVN113        16      24          8            228          0.023
    -------------------------------------------------------------------------
    FVN114                                         NSA
    -------------------------------------------------------------------------
    FVN115                                         NSA
    -------------------------------------------------------------------------
    FVN116                                         NSA
    -------------------------------------------------------------------------
    FVN117        12      14          2            436          0.044
           ------------------------------------------------------------------
                  16      18          2            324          0.032
    -------------------------------------------------------------------------
    FVN118        20      24          4          1,556          0.156
           ------------------------------------------------------------------
                  36      40          4            191          0.019
    -------------------------------------------------------------------------
    FVN119         4       8          4            277          0.028
           ------------------------------------------------------------------
                  19      21          2            258          0.026
    -------------------------------------------------------------------------
    FVN120       191     193          2            104          0.010
           ------------------------------------------------------------------
                 194     206         12            632          0.063
           ------------------------------------------------------------------
                 214     216          2            571          0.057
    -------------------------------------------------------------------------
    FVN121        94      98          4            217          0.022
           ------------------------------------------------------------------
                 103     106          3            420          0.042
    -------------------------------------------------------------------------
    FVN122       165     167          2            206          0.021
           ------------------------------------------------------------------
                 174     178          4            292          0.029
           ------------------------------------------------------------------
                 180     190         10            707          0.071
    -------------------------------------------------------------------------
    FVN123       138     148         10            953          0.095
           ------------------------------------------------------------------
                 150     152          2            145          0.014
    -------------------------------------------------------------------------
    FVN124       153     159          6            434          0.043
    -------------------------------------------------------------------------
    FVN125        12      16          4            170          0.017
           ------------------------------------------------------------------
                  21      31         10            431          0.043
           ------------------------------------------------------------------
                  33      35          2            197          0.020
    -------------------------------------------------------------------------
    FVN126        53      55          2            179          0.018
           ------------------------------------------------------------------
                  56      58          2            164          0.016
    -------------------------------------------------------------------------
    FVN127        45      47          2            107          0.011
           ------------------------------------------------------------------
                  97      99          2            130          0.013
           ------------------------------------------------------------------
                 150     152          2            115          0.012
           ------------------------------------------------------------------
                 166     168          2            117          0.012
    -------------------------------------------------------------------------
    FVN128        69      71          2            245          0.024
    -------------------------------------------------------------------------
    FVN129        97     106          9            302          0.030
           ------------------------------------------------------------------
                 114     117          3            401          0.040
    -------------------------------------------------------------------------
    FVN130                                         NSA
    -------------------------------------------------------------------------
    FVN131       127     161         34          1,720          0.172
           ------------------------------------------------------------------
                 163     168          5            204          0.020
           ------------------------------------------------------------------
                 172     174          2            217          0.022
           ------------------------------------------------------------------
                 201     203          2            305          0.030
           ------------------------------------------------------------------
                 218     220          2            189          0.019
    -------------------------------------------------------------------------
    FVN132        20      24          4            193          0.019
           ------------------------------------------------------------------
                  28      32          4            197          0.020
    -------------------------------------------------------------------------
    FVN133       208     219         11          1,110          0.111
    -------------------------------------------------------------------------
    FVN134       172     175          3            726          0.073
           ------------------------------------------------------------------
                 177     181          4            146          0.015
    -------------------------------------------------------------------------

    Notes:
    1.  RC drill samples are collected over one metre intervals using
        representative sampling techniques
    2.  Sample preparation and sample analysis by XRF pressed powder by ALS
        laboratory in Brisbane
    3.  Quality control standards, blanks and duplicates are routinely
        included with the drill samples prior to submission to the
        laboratory, where further laboratory control samples are added
    4.  Drill intercepts are calculated using a 100 ppm U(3)O(8) cut-off and
        include no more than 1m of internal dilution by material (less than)
        100 ppm U(3)O(8)
    5.  An exact dip and strike of the mineralisation is yet to be determined
        on an individual intersection basis although the overall strike of
        the mineralised zone is east west and the dip is approximately
        70-80(degrees) to the south.
    6.  NSA (No Significant Assay) means no assay above 100ppm U(3)O(8) over
        a minimum 2m interval
    7.  PPM (parts per million)


             Table 2: Recent RC Drill Hole Details at Duke Batman

    -------------------------------------------------------------------------
    Drill hole   Easting(m)    Northing(m)    Azimuth    Dip    EOH Depth(m)
        ID
    -------------------------------------------------------------------------
    FVN111       329062.7        7789710.0        0.5    -60       300
    -------------------------------------------------------------------------
    FVN112       329084.8        7789893.6      185.5    -60       220
    -------------------------------------------------------------------------
    FVN113       329159.6        7789704.2        0.5    -60        80
    -------------------------------------------------------------------------
    FVN114       329161.2        7789665.3        0.5    -60        80
    -------------------------------------------------------------------------
    FVN115       329159.9        7789957.2      185.5    -60       100
    -------------------------------------------------------------------------
    FVN116       329077.8        7789840.1        0.5    -60        70
    -------------------------------------------------------------------------
    FVN117       329026.6        7789820.5        0.5    -60        50
    -------------------------------------------------------------------------
    FVN118       328976.9        7789811.2        0.5    -60        50
    -------------------------------------------------------------------------
    FVN119       328945.8        7789810.6        0.5    -60        50
    -------------------------------------------------------------------------
    FVN120       328992.2        7789692.3        0.5    -60       260
    -------------------------------------------------------------------------
    FVN121       328897.3        7789747.3        0.5    -60       200
    -------------------------------------------------------------------------
    FVN122       328939.3        7789689.9        0.5    -60       260
    -------------------------------------------------------------------------
    FVN123       328869.0        7789724.6        0.5    -60       200
    -------------------------------------------------------------------------
    FVN124       328845.0        7789731.4        0.5    -60       180
    -------------------------------------------------------------------------
    FVN125       328748.8        7789758.0        0.5    -60        80
    -------------------------------------------------------------------------
    FVN126       328751.1        7789723.4        0.5    -60       144
    -------------------------------------------------------------------------
    FVN127       328729.4        7789723.0        0.5    -60       180
    -------------------------------------------------------------------------
    FVN128       328816.8        7789748.5        0.5    -60       180
    -------------------------------------------------------------------------
    FVN129       329116.7        7789763.8        0.5    -60       150
    -------------------------------------------------------------------------
    FVN130       329165.2        7789767.1        0.5    -60       150
    -------------------------------------------------------------------------
    FVN131       329114.6        7789738.9        0.5    -60       222
    -------------------------------------------------------------------------
    FVN132       329222.8        7789670.9        0.5    -60       126
    -------------------------------------------------------------------------
    FVN133       329159.3        7789693.1        0.5    -60       240
    -------------------------------------------------------------------------
    FVN134       329225.7        7789681.6        0.5    -60       186
    -------------------------------------------------------------------------

    Notes:
    1.  Drill collar co-ordinates are in UTM grid (AGD66 Z54) and have been
        measured by differential GPS
    2.  Detailed geological logging and radiometric profiling (using a hand-
        held scintillometer or RadEye PRD on each drill sample) is undertaken
        for all drill holes
    3.  Azimuth is recorded as true magnetic azimuth
    





For further information:

For further information: David Berrie, Managing Director, Telephone: +61
8 9322 6322, Facsimile: +61 8 9322 6558

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