Step-out Drilling hits More “Off-Scale” Radioactivity at PLS

FISSION ENERGY CORP. (“Fission” or “the Company”), and its Joint Venture partner Alpha Minerals Inc. are pleased to announce the results of the next two holes following the announcement of discovery hole PLS12-022 (see News Release November 05, 2012).  Results include an intersection of a 13.0m wide interval of strong mineralization, including intermittent intervals, totaling 2.14m, of off-scale (>9999 cps) radioactivity in hole PLS12-024. These results come just one week after discovery hole PLS12-022 intersected a 6.0m interval of high grade mineralization (see news release Nov 5, 2012).

 

This strong mineralization occurs at shallow depth in basement rocks. The strongly radioactive interval occurs within a broader 24.0m interval of moderate radioactivity which extends above the Archean basement into the overlying sandstone and extends downward into the basement.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented,

“The exceptional results from hole PLS12-024 is further evidence that the area has the potential to host a significant and shallow high grade deposit. That we now have results of robust mineralization from multiple holes, is extremely encouraging.”

Key Technical Details:

 

  • A thin layer of sandstone is present immediately above the unconformity in both holes.  Mineralization extends up into this horizon.
  • Hole PLS12-024 (Line 010W), a vertical hole collared 10m grid west of Hole PLS12-022 intersected anomalous radioactivity in the bedrock over a 24.0m interval (59.0 – 93.0m), with a 13m wide zone of continuous strong radioactivity (65.0 – 78.0m), including several narrow intermittent intervals of “off-scale” radioactivity. Recovery is generally good at >75%, with narrow intervals with >50% core loss.
  • Hole PLS12-023 (Line 000W), a vertical hole collared 10m grid north of Hole PLS12-022 intersected anomalous radioactivity in the basement rock over a 13m interval (63.0 – 76.0m).  Recovery is between 60 – 100% throughout.

 

 

Hole Summary

 

Hole

Grid

   

* Mineralization (>300 cps / 0.5M minimum)

Overburden

Basement

Total

ID

Line

Az

Dip

From – To (m)

Width (m)

CPS Max Peak

Interval (m)

Interval (m)

Depth (m)

PLS12-022

000W

180

-90

 57.5 – 78.5 21.0 <300 – >9999

0 – 55.3

59.23 – 212.5

212.5

 

 

 

 

71.0 – 77.0

6.0

1800 – >9999

 

 

 

 

 

 

 

116.5 – 117.5   1.0 308 – 323

 

 

 

 

 

 

 

170.0 – 171.0   1.0 301 – 384

 

 

 

PLS12-023

000W

180

-90

  60.0 – 61.0   1.0 315 – 400

0 – 53.8

60.6 – 197.2

197.2

 

 

 

 

  63.0 – 76.0 13.0 <300 – 3300

 

 

 

 

 

 

 

  91.0 – 91.5   0.5 800

 

 

 

 

 

 

 

105.5 – 106.0   0.5 352

 

 

 

PLS12-024

010W

180

-90

59.0 – 83.0 24.0 <300 – >9999

0 – 56.23

60.05 – 191.1

191.1

 

 

 

 

65.0 – 78.0

13.0

2100 – >9999

 

 

 

 

 

 

 

91.0 – 93.0   2.0 305 – 1300

 

 

 

 

 

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization.  All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

An ongoing field program is in progress. This includes 9-holes, 1600m of core drilling following up geophysics and geologic targets, including the prospective PL-3B conductor, as well as 12-holes, 1440m of dual rotary (DR) drilling evaluating overburden near the boulder field. (see news release October 25, 2012).

 

All holes will be radiometrically surveyed with a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for accurate measurements in high grade mineralized zones.  This probe will be used if high grade mineralization is encountered in subsequent drill holes.

 

Split core samples from the mineralized section of core will be taken continuously through the mineralized intervals and submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes U3O8 (wt %) and fire assay for gold.  All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron.  Assay results will be released when received.

 

Further updates will be provided.

 

Patterson Lake South Property

 

The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Energy Corp. and Alpha Minerals Inc (AMW). Fission is the Operator. 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. An updated map highlighting the core and dual rotary drilling programs planned for PLS can be found on the Company’s website at .

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