Trenching Begins at High Grade Boulder Field at Patterson Lake South (“PLS”)

Fission Energy Corp. (“Fission” or “the Company”) and its 50% Joint Venture (“JV”) partner ESO Uranium Corp. (“ESO”) announce that a field program is underway at the Patterson Lake South Property (“PLS”) to identify the bedrock source of the large 5km x 0.9km high grade uranium boulder field, which returned assays as high as 39.6% U308 (see news release dated July 27, 2011).The JV has budgeted $0.8 million for the current program, which focuses primarily on surface trenching and geophysics, to be later followed by drilling.

 

The field program is targeting structurally controlled high grade uranium hosted in basement rocks, similar to the style of mineralization demonstrated by deposits found at Shea Creek and Cluff Lake (approximately 60 kms and 80 km north of Patterson Lake respectively), and at the Millenium, Key Lake and Roughrider deposits located in the eastern part of the Athabasca Basin.  The high grade uranium boulders discovered in last summer’s field program at PLS are associated with a suite of basement rocks (schists, psammites and granulites).  These boulders are believed to have been scoured from a basement bedrock source and deposited over a 5km x 0.9km area by glacial processes. Depth to the bedrock in this area is estimated to be 50 – 60m below the glacial till cover. The distinct clusters of associated geochemical values and the size and length of the boulder field suggest the possibility of more than one source.

 

The current field program includes:

 

  • ·         Trenching to define local ice transport directions for tracing the source of the boulders
  • ·         Ground geophysics surveys including MaxMin EM and DC-Resistivity to delineate nearby conductors and identify potential basement alteration zones
  • ·         Glacial till drilling to identify radioactive debris deposited down-ice from source area
  • ·         Drilling to basement of source targets

 

A 10 hole 1,000m drill program is planned for late fall. Initial drill targets, based on current and historic compilation of geophysics and drill hole data, have been identified and will be refined based on results of the current trenching and geophysics surveys underway.  Geophysical data indicates that the several strong ENE trending Electro Magnetic (EM) conductors on the southwest end of the Patterson Conductor Corridor, located ~3km NE from the center of the boulder field, are associated within a magnetic low and appear to have been disrupted by large cross cutting faults.  Historic drill hole CLU-12-79 (Canadian Occidental, 1979) bordering the north side of the identified drill target area showed two short intervals of sharply anomalous radioactivity in the basement rocks and a thicker regolith than other holes in the area, which may reflect local hydrothermal alteration and possible proximity to mineralization.

 

An updated drill location map can be found on the Company’s website at . 

 

PLS is a 50%/50% Joint Venture held with ESO Uranium Corp. (ESO).  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.

 

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.

Investor Relations
Rich Matthews
TF: 877-868-8140
ir@fissionuranium.com
www.fissionuranium.com