FISSION ENERGY CORP. (“Fission” or “the Company”), and its 50% Joint Venture partner ESO Uranium Corp. announce that recent field work on their Patterson Lake South Property, located in the south-west margin of Saskatchewan’s Athabasca Basin, has resulted in the discovery of a significant 4 km long radioactive boulder train. Of the fifty-four radioactive boulders and hotspots in soils identified to date, twenty-nine or 54% produced “off-scale” (> 9,999 counts per second [cps]) radioactive readings, as measured by hand held Exploranium GR-110G total count gamma-ray scintillometers. Assays are pending. The ongoing field program, which includes a radon survey, soil sampling, and boulder prospecting, currently in progress, will prioritize locating and tracing the source and extent of the boulders. Investigation of radioactive boulder trains has led to the discovery of many uranium deposits in the Athabasca Basin, including the nearby former producing Cluff Lake Mine (>60 million lbs produced).
Observations noted by the Joint Venture team in the field include:
Radioactive boulders were located on the first day of the current field program, as directed by results of an airborne radiometric survey carried out by Special Projects Inc in October 2009 (see news release dated April 12, 2010).
The more highly mineralized boulders and hotspots included crumbled grains of pitchblende/uraninite with associated yellow oxide minerals and full sized boulders, over 45 cm (1.47 feet) in their largest exposed dimension, containing mineralization.
The highly mineralized boulders are soft, friable and easily broken down to cover small fragments and are associated, predominantly, with basement metasedimentary boulders and suggest a significant bed rock source in an area of pre-Athabasca basement rocks, having the potential to host high grade mineralization. While there is no certainty that any in situ uranium deposits will be discovered on the property, boulder mineralization appears to be analogous to the Cluff Lake and Millennium deposits.
The boulder train is located only 1.5 km west of the all weather Provincial Highway 955, which runs north to the former producing Cluff Lake Mine.
Overall, the project is easily accessible, which will allow for cost-efficient exploration for identifying new shallow targets.
Ross McElroy, Fission’s President & COO, on behalf of the Patterson Lake South Joint Venture, commented, “The team is excited by the discovery of this significant boulder train so early in our field program. The number and size of anomalous samples, in addition to the pattern of dispersion, lead us to believe we may be close to the source, well within our claim block.”
A map highlighting the summer 2011 exploration program at Patterson Lake South can be found on the Company’s website at .
Patterson Lake South Property
The Patterson Lake South Property is a 50%/50% Joint Venture held with ESO Uranium Corp. (ESO). The project covers 13,233 ha (more than 30,000 acres) in 8 mineral claims on the southwest margin of the Athabasca Basin in the Broach Lake – Patterson Lake area. The Patterson Lake South Property 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. The project is jointly operated by Fission and ESO.
ON BEHALF OF THE BOARD
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.