PLS JV Hits 10.5m of 29.26% U3O8 within 53m of 6.57%

FISSION ENERGY CORP. Fission Energy Corp. (“Fission” or “the Company), and its 50% Joint Venture partner Alpha Minerals Inc., are pleased to report assay results from drill hole PLS13-051, part of the highly successful winter drill program on its PLS property.  PLS13-051, within zone R390E, is located 15m grid east of PLS13-038 (see news release dated March 24, 2013) in which assays included 4.92% over 34m and today’s assays represent the best results to date.

 

PLS 13-051 Drilling Highlights:

  • 53.0m @ 6.57% U3O8;
  • Including 10.5m @ 29.26% U3O8
  • Highest assay in the interval: 44.6% U3O8 over 0.5m

 

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

 

“These spectacular assays from zone R390E confirm a particularly high-grade of uranium mineralization within wide intersections at shallow depth. The winter drilling program at PLS continues to deliver exceptional world-class results in both quality and quantity.

 

With a mineralized interval grade x thickness (GT) value of 348.0, PLS13-051 stands out as a top tier, elite status drill hole delivering not only the best results to date on the PLS property but on a level with the best holes within the Athabasca Basin district.”  Added McElroy.

 

Composited U3O8 mineralized intervals are summarized in Table 1 below. Samples from the drill core are split in half on site.  Where possible, samples are standardized at 0.5m down-hole intervals.  One-half of the split sample is sent to the laboratory for analysis and the other half remains on site for reference. The results show that the uranium is concentrated continuously throughout the 53m interval (95.0m – 148.0m), and with a 19m wide higher grade core (101.5m – 120.5m) that averages 17.28% U3O8.  Within the higher grade core is a 10.5m wide interval (107.5m – 118.0m) which grades 29.26% U3O8.  Intersection is down-hole, core interval measurements and true thickness are yet to be determined.  Not all assay results have been received for PLS13-051, but the outstanding intervals are not expected to be anomalous.

 

 

 

 

Table 1:

Composited Mineralized Intervals (Down-hole measurements)

Zone

Hole ID

Grid Line

From (m)

To (m)

Interval (m)

U3O8 (wt%)

R390E

PLS13-051

405W

76.00

77.00

1.00

0.10

 

 

 

79.50

80.00

0.50

0.06

 

 

 

95.00

148.00

53.00

6.57

 

 

 

107.50

118.00

10.50

29.26

 

 

 

157.00

159.50

2.50

0.10

Composite Parameters      
1. Minimum Thickness: 0.50m      
2. Grade Cut-Off:  0.05 U3O8 (wt%)      
3. Maximum Internal Dilution:  2.00m      

 

Hole PLS13-051 was collared as a vertical hole and was completed at a depth of 282.5m. The collar is located 405m grid east of discovery hole PLS12-022 (8.5m @ 1.07% U3O8; see news release December 5, 2012).  The relevant geological features of the hole are as follows: At 48.2m depth, a thin (3.4m wide) cap of probable Devonian Sandstone was encountered which overlies alternating sequences of quartzitic and pelitic gneiss to 120m.  Graphitic shear zones, +/- sulphides, dominate from 120.0m to 213.1m.  From 213.1m – 282.5 (EOH) basement rocks consist of pelitic and semipelitic gneiss.   The main mineralized horizon was encountered from 95.0m – 148.0m and is associated with the transition from a quartz-feldspar gneiss above to a pelitic gneiss below. Uranium mineralization occurs as flecks, blebs, clots, veins, semi-massive and wormhole style.

 

Split core samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which includes a 63 element ICP-OES, uranium by fluorimetry (partial digestion), and boron.  Samples within mineralized intervals and any samples which return >500ppm U, are assayed for weight % U3O8, as well as fire assayed for gold.  Further 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.

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