Anomalous Gold Values Enhance High Grade Uranium Discovery at Patterson Lake South
Fission Energy (“Fission” or “the Company”) and its 50% Joint Venture (JV) partner ESO Uranium Corp., announce further results from its 2011 summer uranium boulder prospecting and geophysical survey programs. Of the 74 boulder samples and mineralized soils samples submitted for fire assay, 9 samples returned anomalous gold values ranging from 0.101 g/t gold to 2.43 g/t gold. The presence of gold is significant as it correlates with those uranium deposits found within the western part of the Athabasca Basin, most notably from the 90 million lb. Shea Creek and former producing Cluff Lake Mine to the north of the Patterson Lake South Property. The Joint Venture is encouraged by this correlation with other significant deposits in the region as it evaluates the potential for discovering high grade uranium occurrences associated with recent boulder discovery that yielded values as high as 39.6% U308 (see press release dated July 27, 2011).
Ground geophysical surveys are scheduled to commence this fall to confirm geological structures and conductors, in addition to trenching to confirm local ice directions. The source of the high grade uranium boulders is expected to be a basement hosted system located in an area where the Athabasca and Cretaceous sedimentary rocks have both been excavated away by ice action. Local ground conditions should allow the surveys to continue through freeze up.
Drill targets are being selected from a broad review of technical data including geophysical surveys supported by data review of diamond drill hole logs from work done by Canadian Occidental in the late ‘70s. The geophysical data indicate several strong ground EM conductors on the southwest end of the Patterson Conductor Corridor which appear to have been disrupted by cross cutting structures, close to an area of a low magnetic feature that could be interpreted as an alteration feature. The drill hole data include geological logs and down-hole radiometric surveys, which in one hole, 250 meters from the target area, showed two short intervals of anomalous radioactivity in the basement rocks. A planned fifteen hole drill program, subject to receiving the necessary drill permit, is well advanced, and is scheduled to begin during the winter season. Additional potential targets are also under evaluation.
Further details regarding the planned drill program will be provided when available.
The samples were analysed by SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which included a 63 element ICP-OES, uranium by fluorimetry (partial digestion). The partial analysis is carried out to determine if the uranium is available for extraction by normal metallurgical processes. The multi element analysis was supplemented by fire assay determination of the gold values.
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, 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".
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