Fission Energy Corp.: 4 Step-Outs Hit Off-Scale at PLS. Strike of R390E Doubles to 60m
April 03 2013 - 6:30AM
Marketwired Canada
FISSION ENERGY CORP. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission" or "the
Company"), and its Joint Venture partner Alpha Minerals Inc. are pleased to
announce results from 4 additional step-out drill targets in the R390E zone at
the Patterson Lake South (PLS) property, expanding the strike length to 60m.
This zone is one of three discovered by the JV in the current drill program.
All four holes intersected off-scale radioactivity within broader zones of lower
but continuous radioactivity and holes PLS13-061 and PLS13-066 have extended the
high-grade mineralized section of the zone 15m to the west and 15m to the east
respectively. R390E has now been delineated with 9 drill holes and is open in
all directions. Extensive follow-up drilling is planned for this zone for the
upcoming 2013 summer program.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented:
"As with our other two discovery zones at PLS, this zone continues to see
considerable off scale radioactivity as it expands in size. It remains open
along strike and width and these results are confirmation of the zone's
potential."
An ongoing field program including 9,000m to 10,000m of drilling is in progress
and will continue to take advantage of the winter ice expected to last into
early April.
Drilling Highlights include:
-- Holes PLS13-061 and 066 have doubled the strike length of the high grade
core as intersected in holes PLS13-038, 051 and 053 to 60m.
-- PLS13-066 (L420E) intersected 64.0m of weak to strong mineralization
(81.5m - 145.5m) with a total of 5.57m of off-scale (greater than 9999
cps) radioactivity
-- PLS13-061 (L360E) intersected four mineralized radioactive intervals
(76.5m - 140.0m) ranging in strength from weak to strongly radioactive
and in width from 1.0m to 30.5m, including a 30.5m of interval ranging
from weak to strong mineralization (109.5m - 140.0m) with a total 4.13m
of off-scale (greater than 9999 cps) radioactivity
R390E Zone:
The R390E zone refers to the zone of mineralization located approx. 390m
on-strike to the east of R00E, and first encountered in PLS13-038 (see news
release Feb 19, 2013). As is the case with the R00E zone, R390E mineralization
is spatially located proximal to the north of the PL-3B basement EM conductor
and situated within a well-defined resistivity low corridor. Drillhole
interpretation thus far defines the area of mineralization to be associated with
a steeply south dipping pelitic (+/- graphitic) lithology sandwiched between a
semipelitic gneiss to the north and a quartz-feldspar gneiss to the south, where
the mineralization is focused primarily near the contact between the pelitic
gneiss and quartz-feldspar gneiss.
Line 420E
Hole PLS13-066 was a vertical hole collared 15m grid east of hole PLS13-051. A
2.1m wide interval of Devonian sandstone (49.7m - 51.8m) overlies the basement
quartzitic gneiss hanging wall of the pelitic gneiss corridor. Scintillometer
results shows a 64.0m wide continuous zone of weak to strongly radioactive
mineralization from 81.5m - 145.5m. The mineralization occurs predominantly
within strong to intensely clay altered pelitic gneiss with the top of the
mineralized interval developing near the contact of an overlying quartzitic
gneiss. Several discrete intervals of off-scale (greater than 9999 cps)
radioactivity, ranging in widths of 0.1m - 1.26m were recorded throughout for a
total of 5.57m.
Line 360E
Hole PLS13-061 was a vertical hole collared 15m grid west of hole PLS13-053. A
0.6m wide interval of Devonian sandstone (50.5m - 52.1m) overlies basement
quartzitic gneiss, and pelitic (+/- graphitic) gneiss. Scintillometer results
show four radioactive intervals of variable size and strength of mineralization,
ranging in strength from weak to strongly radioactive (Table 1). The intervals
range in width from 1.0m to 30.5m within a 63.5m wide (76.5m - 140.0m) basement
hosted sequence of predominantly pelitic gneiss, often graphitic. This package
is characterized by localized shearing and hematite/clay hydrothermal
alteration. Two distinct shear zones with moderate angles to drill core were
encountered at 102.7m - 107.2m and 143.3m - 158.8m (35 degrees to 55 degrees to
core axis). Weak to strongly radioactive mineralization with off-scale (greater
than 9999 cps) was recorded in two of the four mineralized intervals:
1. 88.5m - 98.0m (9.5m) - weak to strong radioactivity including a 0.18m
interval of off-scale (greater than 9999 cps) radioactivity
2. 109.5m - 140.0m - weak to strong radioactivity including several
intervals of off-scale (greater than 9999 cps) radioactivity, totaling
4.13m
Line 405E
Hole PLS13-064 was a vertical hole collared 10m to grid north of PLS13-051. A
0.1m wide interval of Devonian sandstone (52.6m - 52.7m) overlies basement
quartzitic gneiss, and an intercalated sequence of pelitic and semipelitic
gneiss. Two narrow weakly mineralized intervals were recorded between 90.0m -
96.0m. A 29.0m wide zone of weak to locally strongly radioactive mineralization
(108.5m - 137.5m) was intersected in a dominantly pelitic gneiss unit. One
narrow interval (0.34m) of off-scale radioactivity was intersected (131.5m -
131.84m). Moderate to strong clay alteration is prevalent from 100.4m - 162.8m.
Line 375E
Hole PLS13-062 was a vertical hole collared 10m grid north of PLS13-053. A 1.4m
wide interval of Devonian sandstone (50.3m - 51.7m) overlies the basement
pelitic gneiss. A 4.5m wide weak to strongly mineralized interval (51.0m -
55.5m) with 0.12m of off-scale (greater than 9999 cps) radioactivity penetrates
into the overlying sandstone and continues into the basement pelitic unit. A
14.0m wide lower zone (85.0m - 99.0m) of weak to moderate radioactive
mineralization occurs within a clay and hematite altered graphitic pelitic
gneiss.
Hole Summary
R390E
----------------------------------------------------------------------------
(i) Hand-held Scintillometer Results
On Mineralized Drillcore
(greater than 300 cps / greater than 0.5M
Collar minimum)
------------------------------------------------------------------
CPS
Grid From To Width Peak
Hole ID Line Az Dip (m) (m) (m) Range
----------------------------------------------------------------------------
PLS13-061 360E 78 -89 76.5 84.5 8.0 less than 300 - 1200
88.5 98.0 9.5 430 - greater than 9999
102.5 103.5 1.0 1000 - 2300
less than 300 - greater
109.5 140.0 30.5 than 9999
----------------------------------------------------------------------------
PLS13-062 375E 0 -90 51.0 55.5 4.5 320 - greater than 9999
85.0 99.0 14.0 less than 300 - 6700
106.0 108.0 2.0 360 - 480
----------------------------------------------------------------------------
PLS13-064 405E 0 -90 90.0 92.0 2.0 310 - 1500
95.0 96.0 1.0 540 - 740
less than 300 - greater
108.5 137.5 29.0 than 9999
----------------------------------------------------------------------------
PLS13-066 less than 300 - greater
420E 0 -90 81.5 145.5 64.0 than 9999
155.0 156.5 1.5 310 - 360
----------------------------------------------------------------------------
R390E
----------------------------------------------------------------------------
Sandstone Basement Total
From - To Unconformity Drillhole
Hole ID (m) Depth (m) Depth (m)
----------------------------------------------------------------------------
PLS13-061 51.5 - 52.1 52.1 291.7
----------------------------------------------------------------------------
PLS13-062 50.3 - 51.7 51.7 212.5
----------------------------------------------------------------------------
PLS13-064 52.6 - 52.7 52.7 218.5
----------------------------------------------------------------------------
PLS13-066 49.7 - 51.8 51.8 279.5
----------------------------------------------------------------------------
(i) Scintillometer Instrument: GR-110G
Natural gamma radiation in drill core that is reported in this news release was
measured in counts per second (cps) using a hand held Exploranium GR-110G total
count gamma-ray scintillometer. Borehole radioactivity is measured downhole
using a Mount Sopris 2GHF-1000 Triple Gamma probe. The reader is cautioned that
scintillometer readings are not directly or uniformly related to uranium grades
of the rock sample measured, and should be used only as a preliminary indication
of the presence of radioactive materials. The degree of radioactivity within the
mineralized intervals is highly variable and associated with visible pitchblende
mineralization. All intersections are down-hole, core interval measurements and
true thickness are yet to be determined.
All holes are planned to be radiometrically surveyed using a Mount Sopris
2GHF-1000 Triple Gamma probe, which allows for accurate measurements in high
grade mineralized zones. The Triple Gamma probe is preferred in zones of high
grade mineralization.
Split core samples from the mineralized section of core will be taken
continuously through the mineralized intervals and submitted to SRC
Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of
Saskatoon for analysis, which includes U3O8 (wt %) and fire assay for gold. All
samples sent for analysis will include a 63 element ICP-OES, uranium by
fluorimetry and boron. 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
TF: 877-868-8140
ir@fission-energy.com
www.fission-energy.com
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