Fission Energy Corp.: 23m of High Grade Uranium Including 2m of 12.4% U3O8 at PLS's R00E Zone
April 10 2013 - 6:30AM
Marketwired Canada
FISSION ENERGY CORP. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission" or "the Company),
and its 50% Joint Venture partner Alpha Minerals Inc., are pleased to report
further assay results from twelve holes in the R00E zone on its Patterson Lake
South (PLS) Property. The Company is reporting on twelve holes from the R00E
zone in which results show a continuous area of broad, relatively flat lying
zone of uranium mineralization at shallow depths.
These results are part of the recently completed Winter Drill program at PLS.
They expand upon and delineate the R00E assay results previously reported (see
news release dated Dec. 05, 2012) that outline a broad zone of uranium found at
shallow depth.
Highlights include:
-- Hole PLS13-037 (line 025W) intersected multiple intervals of
mineralization totaling 23m including:
-- 7.5m grading 2.25% U3O8 (71.0m-78.5m)
-- 2.0m grading 6.31% U3O8 (105.0m - 107.0m)
-- 2.0m grading 12.4% U3O8 (120.0m - 122.0m)
-- Hole PLS13-027 (line 025W) intersected:
-- 37.5m (61.0m-98.5m) grading 1.17% U3O8, including:
-- 13.0m of 1.97% U3O8 (78.0m - 91.0m)
-- Hole PLS13-029 (Line 025W) intersected:
-- 30.0m (63.0m-93.0m) grading 0.76% U3O8, including:
-- 3.5m grading 3.57% U3O8 and a further 3.5m grading 2.08% U3O8
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"These results expand upon what is already a very prospective uranium discovery
at PLS. As with our earlier assays, the figures confirm the existence of a broad
region of high grade mineralization at shallow depth within the R00E zone and
provide us with excellent guidance for the next drill program."
The 2013 winter drill program is now complete, with radon surveying started in
February ongoing for as long as ice conditions permit. Some 10,100m of diamond
drilling were completed in 46 drill holes. Radioactivity data from all drill
holes not previously reported will be released as soon as data compilation and
integration is complete. Additional drilling is required to continue to
delineate the mineralized area.
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.
Seven of the holes reported are located on the central area of the R00E zone,
from lines 025W (holes PLS13-026, 027, 029, 031, 033 and 037) and 010W
(PLS13-035). All 7 holes intersected uranium assays greater than 0.05% U3O8 over
widths greater than 0.5m. Assay results confirm the presence of a relatively
flat lying lens of uranium mineralization at shallow depth, that appears to be
continuous between drill holes. Hole PLS13-037, the furthest-most hole to the
south on line 025W, intersected multiple zones of uranium, including 3 discrete
intervals between 60m and 87.5 depth that appear to be correlated with the flat
lying mineralization of the other holes on the same section line. In addition
there are multiple zones of uranium between 105.0m - 180.5m depth which may be
indicative of mineralization associated with a steeply dipping fault system.
Five of the holes reported are located to the east on line 090E (PLS13-028, 030
and 033) and line 105E (PLS13-034 and 036). Two of these holes are weakly
mineralized (PLS13-028 and 032), showing the potential in this area to host high
grade mineralization. Although on trend along strike to the east, these holes
located approximately 90 and 105m east of the discovery line (line 000), it is
not yet known if these holes represent part of the R00E zone, or are part of a
separate occurrence.
The discovery area is open in all directions and additional drilling is required
to continue to delineate the mineralized area.
Table 1: Composited Mineralized Intervals (Down-hole measurements)
----------------------------------------------------------------------------
Grid From To Interval U3O8
Zone Hole ID Line (m) (m) (m) (wt%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
R00E PLS13-026 025W 63.00 84.50 21.50 0.77
73.50 81.50 8.00 1.41
88.50 89.50 1.00 0.13
-----------------------------------------------------------------------
PLS13-027 025W 61.00 98.50 37.50 1.06
78.00 91.00 13.00 1.97
106.00 106.50 0.50 0.06
144.50 145.00 0.50 0.19
-----------------------------------------------------------------------
PLS13-028 090E 48.50 52.50 4.00 0.16
-----------------------------------------------------------------------
PLS13-029 025W 63.00 93.00 30.00 0.76
81.50 85.00 3.50 3.57
88.50 92.00 3.50 2.08
-----------------------------------------------------------------------
PLS13-030 090E No significant mineralization
-----------------------------------------------------------------------
PLS13-031 025W 68.50 92.00 23.50 0.67
82.50 90.00 7.50 1.58
-----------------------------------------------------------------------
PLS13-032 090E 49.00 50.50 1.50 0.05
----------------------------------------------------------------------------
PLS13-033 025W 70.00 72.00 2.00 0.17
77.00 77.50 0.50 0.06
86.00 87.50 1.50 0.15
92.00 93.00 1.00 0.09
-----------------------------------------------------------------------
PLS13-034 105E No significant mineralization
-----------------------------------------------------------------------
PLS13-035 010W 62.00 71.50 9.50 0.39
78.00 86.50 8.50 0.96
81.00 85.50 4.50 1.57
121.50 122.00 0.50 0.07
-----------------------------------------------------------------------
PLS13-036 105E No significant mineralization
-----------------------------------------------------------------------
PLS13-037 025W 60.00 62.00 2.00 0.12
71.00 78.50 7.50 2.25
74.00 76.00 2.00 7.43
83.50 87.50 4.00 0.09
105.00 107.00 2.00 6.31
109.50 110.00 0.50 0.10
113.50 116.00 2.50 0.13
119.00 122.50 3.50 7.27
120.00 122.00 2.00 12.40
124.50 125.00 0.50 0.06
180.00 180.50 0.50 0.07
----------------------------------------------------------------------------
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. Updated maps highlighting
the core drilling programs planned for PLS as well as scintillometer/assay
tables, up-hole triple gamma logs and cross sections 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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