PERTH, Western Australia, July 31 /CNW/ - The Board of Fusion Resources
Limited ("Fusion" or "the Company") (ASX: FSN, TSX: FNS) is pleased to present
its quarterly report for the period ending 30 June 2008, during which time the
Company has continued to advance its uranium projects located in northwest
Queensland. Highlights during the quarter included:
- Continued success from drilling at the Duke Batman Prospect, located
within the Company's 100% owned Valhalla North Project, which has
confirmed the presence of multiple, thick, high grade zones of
uranium mineralisation. Results returned from 15 reverse circulation
("RC") holes included:
- FVN061: 14m @ 1,595ppm (0.160%) U(3)O(8)
- FVN062: 12m @ 732ppm (0.073%) U(3)O(8)
- FVN072: 7m @ 691ppm (0.069%) U(3)O(8)
- FVN075: 4m @ 1,237ppm (0.124%) U(3)O(8)
- To the end of the quarter, 39 RC holes for a total of 5,223m and six
Diamond holes for a total of 641m have been drilled at Duke Batman as
part of the Company's current drill program that commenced in March
2008. Assay results for the remaining 24 RC holes and six Diamond
holes are pending.
- Assay results returned from drilling at the Honey Pot Prospect,
located 16km northeast of the Duke Batman Prospect, have also
confirmed the presence of a high grade zone of uranium
mineralisation. Results returned from 24 RC holes included:
- FVN086: 17m @ 1,294ppm (0.129%) U(3)O(8)
- FVN091: 10m @ 1,357ppm (0.136%) U(3)O(8)
- FVN092: 8m @ 1,200ppm (0.120%) U(3)O(8)
- FVN096: 5m @ 1,254ppm (0.120%) U(3)O(8)
- To the end of the quarter, 30 RC holes for a total of 3,216m and
three Diamond holes for a total of 331m have been drilled at Honey
Pot as part of the Company's current drill program that commenced in
March 2008. Assay results for the remaining six RC holes and three
Diamond holes are pending.
- Drilling has also been undertaken at the new Sunshine and Bohra
Prospects. To the end of the quarter, 20 RC holes for a total of
2,086m had been drilled. Assay results are pending.
- The Company's shares commenced trading on the main board of the
Toronto Stock Exchange ("TSX") under the symbol "FNS".
The full text of the Company's "Quarterly Report to the Australian
Securities Exchange for the period ending 30 June 2008" is available from the
Company's website at www.fusionresources.com.au and under the Company's
profile at www.sedar.com.
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. Sample
preparation and sample analysis is conducted by ALS laboratory in Brisbane by
XRF pressed powder.
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.
For further information:
For further information: David Berrie, Managing Director, Telephone: +61
8 9322 6322, Facsimile: +61 8 9322 6558