Fission Energy Corp.: PLS JV Hits 34m of 4.92% U3O8 in Upper Zone of PLS13-038 Including 12.5m at 12.38%
March 24 2013 - 10:00PM
Marketwired Canada
FISSION ENERGY CORP. Fission Energy Corp. ("Fission" or "the Company), and its
50% Joint Venture partner Alpha Minerals Inc., are pleased to report initial
assay results from the ongoing winter drill program on its Patterson Lake South
(PLS) Property. These assay results are from drill hole PLS13-038, the first
hole drilled on the R390E zone.
Composited drill hole mineralized intersections for PLS13-038 returned two broad
zones of uranium mineralization:
UPPER URANIUM ZONE = 34m (87.0m - 121.0m):
-- 34.0m @ 4.92% U3O8;
-- Including 12.5m @ 12.38% U3O8
-- Highest assay in the interval: 35.1% U3O8 over 0.5m
LOWER URANIUM ZONE = 17.5m (126.5m - 144.0m)
-- 17.5m @ 0.96% U3O8;
-- Including 5.5m @ 2.07% U3O8
PLS13-038 (see news release Feb. 19, 2013) is part of the R390E zone 385m grid
east of the discovery hole PLS12-022 (see news release December 5, 2012)
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"We are extremely pleased with the recent assay results from PLS13-038. As was
the case with the assay results from R00E, we have once again confirmed the
existence of high-grade uranium mineralization within wide intersections at
shallow depth. That is, two uranium zones along a strike length of 400m. As the
winter program is still ongoing, we will continue to test and delineate the
structure of this uranium system."
Composited U3O8 mineralized intervals are summarized in Table 1 below. Samples
from the drill core are split in half on site. Most samples are standardized at
0.5m down-hole intervals. One-half of the split sample is sent to the laboratory
for analysis and the other half remains on site for reference. The results show
that the uranium is concentrated primarily in two zones beginning at relatively
shallow depth in basement graphitic metapelitic lithology and with continuous
substantial widths. Uranium concentration is well developed throughout the
mineralized sections with assays being relatively consistent throughout. In
addition, there are several narrower intervals of low grade uranium
mineralization between 165.0m - 181.0m. Not all assay results have been received
for PLS13-038, but the outstanding intervals are not expected to be anomalous.
Table 1: Composited Mineralized Intervals (Down-hole measurements)
----------------------------------------------------------------------------
Zone Hole ID Grid Line From (m) To (m) Interval (m) U3O8 (wt%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
R390E PLS13-038 385E 73.50 74.50 1.00 0.08
87.00 121.00 34.00 4.92
94.50 107.00 12.50 12.38
106.00 106.50 0.50 35.10
126.50 144.00 17.50 0.96
133.00 138.50 5.50 2.07
165.00 168.00 3.00 0.09
170.50 171.00 0.50 0.15
174.00 181.00 7.00 0.15
----------------------------------------------------------------------------
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m
Hole PLS13-038 was collared as a vertical hole and was completed at a depth of
221.6m. The collar is located 385m grid east of discovery hole PLS12-022 (8.5m @
1.07% U3O8; see news release December 5, 2012). The relevant geological features
of the hole are as follows: At 48.8m depth, a thin (1.9m wide) cap of probable
Devonian Sandstone was encountered which overlies the semi-pelite gneiss hanging
wall that constrains an intercalated package of pelite graphitic pelite gneiss.
Occasional pegmatite injections were observed throughout the pelite, graphitic
pelite, and semi-pelite units. In general, the strong mineralization is
associated with flecks, blebs, clots, and veins of pitchblende. Of note,
wormhole style mineralization was observed for the first time. Moderate to
strong clay, chlorite, and hematite alteration were observed throughout the
mineralization.
Split core samples were submitted to SRC Geoanalytical Laboratories (an SCC
ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which
includes a 63 element ICP-OES, uranium by fluorimetry (partial digestion), and
boron. Samples within mineralized intervals and any samples which return greater
than 500ppm U, are assayed for weight % U3O8, as well as fire assayed for gold.
Further assay results will be released when received.
Patterson Lake South Property
The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Energy
Corp. and Alpha Minerals Inc (AMW). Fission is the Operator. PLS is accessible
by road with primary access from all-weather Highway 955, which runs north to
the former Cluff Lake mine, (greater than 60M lbs of U3O8 produced), and passes
through the nearby UEX-Areva Shea Creek discoveries located 50km to the north,
currently under active exploration and development. An updated map highlighting
the core and dual rotary drilling programs planned for PLS can be found on the
Company's website at http://www.fission-energy.com/s/pattersonlakesouth.asp.
The technical information in this news release has been prepared in accordance
with the Canadian regulatory requirements set out in National Instrument 43- 101
and reviewed on behalf of the company by Ross McElroy, P.Geol. President and COO
for Fission Energy Corp., a qualified person.
FISSION ENERGY CORP. is a Canadian based resource company specializing in the
strategic acquisition, exploration and development of uranium properties and is
headquartered in Kelowna, British Columbia. FISSION ENERGY CORP. Common Shares
are listed on the TSX Venture Exchange under the symbol "FIS".
This press release contains "forward-looking information" that is based on
Fission's current expectations, estimates, forecasts and projections. This
forward-looking information includes, among other things, statements with
respect to Fission's development plans. The words "will", "anticipated", "plans"
or other similar words and phrases are intended to identify forward-looking
information.
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause Fission's actual results, level of activity,
performance or achievements to be materially different from those expressed or
implied by such forward-looking information. Such factors include, but are not
limited to: uncertainties related exploration and development; the ability to
raise sufficient capital to fund exploration and development; changes in
economic conditions or financial markets; increases in input costs; litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments; technological or operational difficulties or inability
to obtain permits encountered in connection with exploration activities; and
labour relations matters. This list is not exhaustive of the factors that may
affect our forward-looking information. These and other factors should be
considered carefully and readers should not place undue reliance on such
forward-looking information. Fission disclaims any intention or obligation to
update or revise forward-looking information, whether as a result of new
information, future events or otherwise.
ON BEHALF OF THE BOARD
Ross McElroy, President & COO
FOR FURTHER INFORMATION PLEASE CONTACT:
Fission Energy Corp.
Rich Matthews
Investor Relations
877-868-8140
ir@fission-energy.com
www.fission-energy.com
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