FISSION ENERGY CORP AND ESO COMMENCE GROUND WORK AT PATTERSON LAKE SOUTH, ATHABASCA BASIN, SASKATCHE
FISSION ENERGY CORP. (“Fission” or the “Company”), is pleased to announce that ground work on its Patterson Lake South Property in Saskatchewan has commenced. Patterson Lake South is a 50%/50% Joint Venture held with ESO Uranium Corp. (TSX-V: ESO). The project covers 13,497 ha in 12 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, (>60,000,000 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.
A detailed ground radon/radiometric survey will be carried out over an area with strongly anomalous historical radon/radiometric values, coincident with an extension of the Patterson conductor corridor. The conductors appear to have been disrupted by cross cutting structures, inferring major fault off-setting, which is possibly significant to uranium mineralization. In addition, a geochemical survey will be completed over an apparent 900 meter radioactive boulder train identified by a high resolution magnetic and radiometric survey completed in October 2009.
The 2009 airborne survey covered targets selected from historical airborne and ground surveys. This survey gave context to a series of conductors extending from the south-southwest trending Patterson Corridor, which continues onto the Patterson Lake South Property from the adjacent Purepoint Uranium/Cameco Joint Venture claims. The state of the art radiometric and high resolution aeromagnetic survey was flown at 50 meter line spacing, by Special Projects Inc of Calgary, Alberta.
The airborne radiometric anomaly extends to the south of the original claim boundary, and is flanked by three lake sediment samples with anomalous pathfinder minerals. Significant cobalt, nickel and arsenic values (up to 35, 77, and 12 ppm respectively), typical of Athabasca Basin uranium deposit associations, in addition to modest uranium values (up to 3.5 ppm), are reported in work completed by Geological Survey of Canada (1976). These findings suggest a source in bedrock close to the subsurface. In 2010, additional staking was carried out by the Joint Venture to cover this extension.
Potential targets here are a shallow Roughrider Zone type (McMahon Lake) deposit, which is a high grade, basement hosted uranium source, or a roll front type deposit in permeable sandstones of the overlying Prairie Basin sedimentary package. Further work will be planned following compilation of the data and full review of the results.
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.