Fission Uranium Corp. (“Fission or “the Company“), the Operator, and its 50% Joint Venture (JV) partner Alpha Minerals Inc. are pleased to announce approval of a $6.95M exploration program at PLS in Canada’s Athabasca Basin. The program will include approximately 11,000m of drilling in 44 holes. In addition ground geophysics surveys will be conducted on two unexplored highly prospective areas on the property. Drilling is expected to start in early July and will focus primarily on the delineation and expansion of the recently discovered high grade discovery zones R00E, 390E, and mineralization of R780E.
The 2013 summer program is an immediate follow-up to the highly successful winter program that discovered high-grade uranium in three separate zones along an 850m trend along strike hit mineralization on 82% of its drill targets (see news release dated April 15, 2013).
Ross McElroy, President, COO, and Chief Geologist for Fission, commented, “The success of the winter program and the results of the recently completed radon survey extension has enabled us to define a very strong set of targets. With three rigs, three barges and the clear goal of expanding our discovery, this is going to be an aggressive program and we’re looking forward to getting started.”
Fission’s team will use a combination of RC drilling for pre-collaring and two diamond drill core rigs to drill bedrock. Barges will be used to test targets on the R390E and R780E zones as well as testing additional targets along trend within Patterson Lake, both to the SW and NE of the currently known mineralized zones.
These targets were identified during an extension to the same radon survey that aided with the first discovery holes at the R390E and R780E Zones at PLS and include the strongest radon value in water anomaly to date on the property on line 945E (see news release dated May 6, 2013). Other additional work during this period will include sampling for the purpose of metallurgical testing and establishing an environmental base line study in order to have independent data recovered over a sufficient time period for future environmental reporting purposes.
Key Technical Information
$6.95M, 11,000 meter (44-hole program) using two diamond-core drill rigs and an RC rig and three barges. The priority will be to test for continued expansive delineation of the three high grade uranium mineralized zones discovered in the 2013 winter program.
Approximately 40 holes testing delineation and expansion of 3 high-grade uranium zones (R00E, R390E and R780E)
Minimum of 4 holes testing other targets along trend both NE and SW of known zones, including recently identified radon anomalies
Ground geophysics including both DC Resistivity (43 line-km) and Moving Loop Time Domain EM (MLTDEM) (22 line-km) surveys over 2 high priority grids:
Verm Grid in SW area of property
The grid covers the Verm tau defined conductivity anomaly, identified from the airborne VTEM survey, which corresponds to a strong 1.2 km long east-west EM conductor on the north side of the anomaly. This exhibits a similar characteristic to the conductive area in the immediate vicinity of the uranium zones at PLS.
Far East Grid in SE area of property…where a tau defined conductivity anomaly is strongest
The Far East grid is a high priority area, located in the south-eastern area of the property, in an area with several N-S oriented EM conductors identified from an airborne VTEM survey. The Far East tau anomalies are the strongest on the PLS property.
The PLS area remains highly-prospective both in the immediate area of the discovery and over several kilometers along the ENE –WSW strike of the Conductor Corridor.
Summary of Uranium Discovery Zones
The R00E, R390E and R780E zones are all along strike of each other along an approximate 850m trend. Currently the zones are separated by approximately 300m (R00E to R390E) and 360m (R390E to R780E) by a lack of drilling. The R00E Zone has been defined by mineralization in 29 drill holes over a strike length of approximately 150m between lines 060W and 090E and up to >50m width (line 025W), including an intersection of 4m @ 20.73% U3O8 within 22.0m @ 4.8% U3O8 (PLS13-043) (see news release dated May 16, 2013). Additional assays are pending from holes in this zone. The R380E Zone has been defined over a strike length of approximately 60m by 11 drill holes, including an intersection of 10.5m @ 29.26% U3O8 within 53.0m @ 6.57% U3O8 (PLS13-051) (see news release dated Apr 22, 2013). Additional assays are pending from holes in this zone. The R780E has been defined by just 3 holes on one section line (line 780E). Strike length and width of the zone are yet to be determined. Assays from holes in this zone are still pending.
Patterson Lake South Property Fission is Operator of the 31,039 hectare PLS exploration project, which is a 50%/50% Joint Venture held with Alpha Minerals Inc. PLS is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, (>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 for the upcoming Summer Program can be found on Fission Uranium Corp’s website at http://www.fissionuranium.com/projects/patterson-lake-south-sk/. 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.
ON BEHALF OF THE BOARD
Ross McElroy, Ross McElroy, President & COO
FISSION URANIUM 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 URANIUM CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FCU".
This press release contains "forward-looking information" that is based on Fission Uranium Corp's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission Uranium Corp'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 Uranium Corp'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 Uranium Corp. disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.