JV Hits 9.9m Off-Scale Within 26.5m Interval At R00E Zone

FISSION ENERGY CORP. (“Fission” or “the Company”), and its Joint Venture partner Alpha Minerals Inc. are pleased to announce results from the final 10 drill targets from the winter 2013 exploration program at the Patterson Lake South (PLS) property. The final 10 holes to report consist of: six holes from the R00E Zone, 2 holes from the R390E Zone and 2 holes testing regional targets.  Further drilling at the R00E zone has extended the strike length of high-grade mineralization for >120m at widths of up to 50m.  R00E is one of three broad, shallow-depth discovery zones identified along ~850m overall strike length during the winter drilling and remains open along strike and width.

 

 

Highlights include:

 

  • PLS13-059 (line 030W) intersected 26.5m of mineralization (55.0m – 86.0m) with a total of 9.9m of off-scale (>9999 cps) radioactivity including a 6.5m section of continuous off-scale radioactivity
  • PLS13-067 (line 045E) intersected 7.5m of mineralization (51.5m – 110.5m) with a total of 2.0m of off-scale (>9999 cps) radioactivity
  • PLS13-058 (line 010W) intersected 18.0m of mineralization (65.0m – 87.5m) with a total of 0.5m of off-scale (>9999 cps) radioactivity
  • 46 holes drilled this winter with 37 successfully encountering anomalous radioactivity with associated massive and disseminated pitchblende mineralization (overall 80% success ratio of intersecting mineralization)
    • R00E Zone: 23 of 28 holes mineralized (82% success ratio)
    • R390E Zone: 11 of 11 holes mineralized (100% success ratio)
    • R780E Zone: 3 of 3 holes mineralized (100% success ratio)
    • 4 Regional holes, with alteration but no anomalous uranium mineralization

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

 

These results represent the completion of a remarkable winter drill season at PLS. Starting from just four mineralized holes in the R00E zone, we now have three mineralized zones along ~850m of overall strike length and remain open in all directions. Having returned mineralization in 37 of 46 holes this winter for an 80% success ratio we will use these incredible results as a springboard for our upcoming summer program.”

 

The winter drill program, which has totaled 10,182.6m (combination of reverse circulation and core drilling) in 46 completed drill-holes, is now complete. Three separate uranium zones spanning an overall strike length of ~850m, within a 3 km long anomalous resistivity low corridor, coincident with the PL-3B EM conductor, have been discovered and partially delineated, with all 3 zones remaining open in all directions. Additional drilling is required to continue to delineate the mineralized areas.  Radon surveying started in February, is ongoing for as long as ice conditions permit.

 

R00E Zone:  Six close spaced holes were completed on lines 010W, 030E, 045E and 060E of the R00E zone.  Interpretation thus far shows mineralization to be primarily focused in a footwall steeply south dipping package of E-NE trending pelitic gneiss, sandwiched between a semi-pelitic rock to the north and a quartz-feldspar gneiss to the south.  This lithologic package appears to be parallel along strike to the ~073° oriented basement EM conductor identified from airborne and ground geophysics surveys.

 

As was the case with previous drill results from the R00E zone, the main mineralized horizon appears to be structurally controlled and generally flat lying within the pelitic (+/- graphite) unit, with the upper level of the mineralized zone occurring at or near the top of the Archean basement rocks, either within or immediately below a thin veneer or Devonian sandstone.  Mineralization has been traced along strike from line 060W to line 060E.  The zone remains open along strike both to the west and east and width (north-south).

 

Line 010W

One vertical drill hole (PLS13-058) was collared 10m north of PLS12-025 and successfully extended the delineated width of mineralization over 30m.  The hole intersected a 22.5m interval of weak to strong (65.0m – 87.5m) including a narrow 0.05m interval of off-scale (>9999 cps) radioactivity

 

Line 030E

Angle hole PLS13-059 was collared at 301° azimuth and a dip of -72° to test for mineralization on line 030E, approximately 15m east of the mineralization in hole PLS13-052.  The hole intersected two zones of weak to strongly radioactive mineralization, both with discrete intervals of off-scale (>9999 cps) radioactivity: a 7.0m wide upper zone (55.0m – 62.0m) including a total of 1.9m of off-scale (>9999 cps) radioactivity and a 19.5m wide lower zone (66.5m – 86.0m) including a total of 8.0m of off-scale (>9999 cps) radioactivity in several intervals.

 

Line 045E

Three drill holes (PLS13-067, 069 and 071) were drilled on line 030E.  The drill holes were all collared vertical on a 10m spacing. The best results were returned from hole PLS13-067, the southern-most hole, which intersected a 6.5m interval of weak to strong mineralized radioactivity (61.0m – 67.5m) including 2.00m of off-scale (>9999 cps) radioactivity in several discrete intervals throughout.  Hole PLS13-069 was collared 10m to the north of hole PLS13-067 and intersected three intervals of weak to moderate radioactivity (52.0m – 54.0m, 72.5m – 73.5m and 98.5mm – 102.0m respectively).  Hole PLS13-071 was collared 10m north of PLS13-069 and did not intersect any significant mineralization. Due to technical problems, a downhole gamma probe could not be conducted. Mineralization on line 045W is open to the south.

 

Line 060E

One vertical drill hole (PLS13-065) was collared on line 060E, 15m east of PLS13-069.  The hole intersected a 4.0m interval of weak mineralization (50.5m – 54.5m).  Mineralization is open both to the north and south.  Results from drilling on line 045E (PLS13-067) suggest that targets to the south on line 060E remain the most prospective.

 

Hole Summary

R00E                    
 

Collar

* Hand-held Scintillomenter Results On Mineralized Drillcore (>300 cps / >1.0M minimum)

Sandstone
From – To
(m)

Basement
Unconformity
Depth (m)

Total
Drillhole
Depth (m)

Hole ID

Grid Line

Az

Dip

From (m)

To (m)

Width (m)

CPS Peak Range

PLS13-058

010W

262

-89

65.0

87.5

22.5

<300 – >9999

63.1 – 66.5

66.5

194.2

PLS13-059

030E

301

-72

55.0

62.0

7.0

500 – >9999

53.3 – 56.2

56.2

194.2

 

 

 

 

66.5

86.0

19.5

370 – >9999

 

 

 

PLS13-065

060E

256

-89

50.5

54.5

4.0

<300 – 1400

50.5 – 51.0

51.0

218.5

PLS13-067

045E

24

-89

61.0

67.5

6.5

570 – >9999

49.2 – 51.2

51.2

209.4

PLS13-069

045E

17

-89

52.0

54.0

2.0

600 – 7200

50.0 – 52.2

52.2

185.0

 

 

 

 

72.5

73.5

1.0

320 – 420

 

 

 

 

 

 

 

98.5

102.0

3.5

<300 – 550

 

 

 

PLS13-071

045E

0

-90

No Significant Radioactivity

50.6 – 51.0

51.0

108.8

* Scintillometer Instrument: GR-110G        

 

R390E Zone:  The R390E zone refers to the zone of mineralization located ~390m on-strike to the east of R00E, and first encountered in PLS13-038 (see news release Feb 19, 2013).  As is the case with the R00E zone, R390E mineralization is spatially located proximal to the north of the PL-3B basement EM conductor and situated within a well-defined resistivity low corridor. Drillhole interpretation thus far defines the area of mineralization to be associated with a steeply south dipping pelitic (+/- graphitic) lithology sandwiched between a semipelitic gneiss to the north and a quartz-feldspar gneiss to the south, where the mineralization is focused primarily near the contact between the pelitic gneiss and quartz-feldspar gneiss.

 

Line 390E:

Two holes (PLS13-068 and 070) were drilled on line 390E to test for width of the R390E zone.   PLS13-068 was a vertical hole collared 10m grid north of PLS13-044.  A 1.3m wide interval of Devonian sandstone (49.2m – 50.5m) overlies a basement pelitic gneiss, transitioning to semipelitic gneiss from 62.6m to the end of hole (236.8m).  A 21.5m wide weak to locally moderately radioactive mineralized interval (95.5m – 117.0m) is present within the basement semipelitic unit.  PLS13-070 was a vertical hole collared 10m north of hole 068.   Basement rock was encountered at 46.6m depth and consists of a semipelitic gneiss to the end of hole (258.2m). A 3.5m wide weakly mineralized zone (85.5m – 89.0m) was intersected.

 

Hole Summary

R390E                    
 

Collar

* Hand-held Scintillomenter Results On Mineralized Drillcore (>300 cps / >1.0M minimum)

Sandstone
From – To
(m)

Basement
Unconformity
Depth (m)

Total
Drillhole
Depth (m)

Hole ID

Grid Line

Az

Dip

From (m)

To (m)

Width (m)

CPS Peak Range

PLS13-068

390E

105

-89

95.5

117.0

21.5

<300 – 3300

49.2 – 50.5

50.5

236.8

PLS13-070

390E

123

-89

85.5

89.0

3.5

<300 – 2100

No Sandstone

46.6

258.2

* Scintillometer Instrument: GR-110G        

 

Regional Drilling:

Two drill holes tested regional targets further along trend and on a parallel conductor to the north.

 

PLS13-057 was targeted as a follow-up test to hole PLS13-040 (see news release March 11, 2013), which was targeted on an EM conductor and coincident intense resistivity low located ~2.2km to the east of the R00E Zone.  Hole 040 was interpreted to be analogous to the northern semipelitic unit which bounds mineralization further to the west in R780E.  Hole 057 was drilled to test further to the south where it was interpreted to be in the pelitic corridor.  However no pelite was encountered in hole 057 and no associated mineralization.

 

PLS13-063 was targeted based on a limited radon anomaly coincident with one of the central EM conductors and a resistivity low.  Basement rock was encountered at 54.5m.  A favorable sequence of alternating pelitic and semi-pelitic gneiss was intersected from 54.5m – 163.7m (end of hole).  A Diabase unit was intersected from 128.7m – 132.4m.  No anomalous radioactivity was encountered.

 

Hole Summary

Regional East                
 

Collar

* Hand-held Scintillomenter Results On Mineralized Drillcore (>300 cps / >1.0M minimum)

Sandstone
From – To
(m)

Basement
Unconformity
Depth (m)

Total
Drillhole
Depth (m)

Hole ID

Grid Line

Az

Dip

From (m)

To (m)

Width (m)

CPS Peak Range

PLS13-057

2190E

0

-90

No Significant Radioactivity

No Sandstone

54.6

152.4

PLS13-063

990E

0

-90

No Significant Radioactivity

No Sandstone

54.5

163.7

* Scintillometer Instrument: GR-110G        

 

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.  Borehole radioactivity is measured downhole using a Mount Sopris 2GHF-1000 Triple Gamma probe. 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 are yet to be determined.

 

All holes, with the exception of PLS13-071, have been radiometrically surveyed using either a Mount Sopris 2GHF-1000 Triple Gamma probe or a Mount Sopris 2PGA-1000 Gamma probe.  The 2GHF-1000 Triple Gamma probe allows for accurate measurements in high grade mineralized zones.  The Triple Gamma probe is preferred in zones of high grade mineralization.

 

Split core samples from the mineralized section of core have been collected 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.

 

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. Updated maps highlighting the core drilling programs planned for PLS as well as scintillometer tables, up-hole triple gamma logs and cross sections can be found on the Company’s website at .

 

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"
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