Fission Energy Corp. (“Fission or “the Company”) and its 50% Joint Venture (JV) partner ESO Uranium Corp., announce that six new claims totalling ~ 8,170 hectares (20,200 acres) have been staked along the south boundary of the PLS Property. The new staking has increased the size of the PLS Property to approximately 31,039 hectares in 17 mineral claims.
The six new claims were staked to cover possible south trending extensions of the large 5 km X 0.9 km wide high grade uranium boulder field discovered by the JV in June, 2011 (see news release dated July 27th 2011). The geological setting compares favourably with the PLS boulder field discovery area, and exhibits potential for shallow, basement hosted uranium deposits. In addition, the new claims envelop the southwest extensions of several historical basement conductors, including the Derkson Conductor Corridor, where previous exploration was conducted in the 1970s by the Saskatchewan Mining & Development Corporation (now Cameco). This area will be evaluated for uranium mineralization that may extend to the southwest from the extensive western front of the uranium boulder field.
The Joint Venture has contracted Geotech Ltd. to conduct a 1,711 line-km helicopter time-domain electromagnetic (EM) survey. This survey will provide data for interpreting the bedrock lithology, indentifying structural and alteration features, in addition to contributing high resolution images of bedrock EM conductors, which may represent graphitic zones and/or faults. All of these elements are related to the occurrence of high grade uranium mineralization found in the Athabasca Basin region. The survey is currently underway.
Drilling, as part of the JV’s expanded $2.76 million exploration program at PLS (see press release dated January 16, 2012) is expected to resume later this month. Approximately 4,000m in 33 core and reverse circulation drill holes is now planned. This program is designed to locate the source area of the boulders by drilling for radioactive till sheets in the overburden on the up ice (northeast) side of the uranium boulder field, as well as testing targets identified from ground geophysics DC Resistivity and EM surveys. Details will follow once the projects are underway.
Lastly, as per the terms of the JV Agreement, Fission is now Operator and assumes management of the PLS exploration project as of January 1st 2012.
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, 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.