KELOWNA, BRITISH COLUMBIA--(Marketwired - Nov. 18, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") the Operator, and its Joint Venture partner Azincourt Uranium are pleased to provide an update on its geophysics surveys and drill target selection at their Patterson Lake North (PLN) property in Canada's Athabasca Basin. A number of high priority drill targets have now been selected for the 2500m to 3000m winter drill program. Geophysics will follow up results from October's MT survey to define additional targets.
Upcoming Winter 2014 Program Highlights
- 8-10 drill targets planned in 2500m to 3000m of drilling
- Radon survey sampling at Hodge Lake in central part of the property
- 3 to 5 regional lines of detailed EM survey, to provide further resolution of EM conductors and orient a future summer 2014 resistivity survey.
- Drill holes to test following areas:
- North-northwest trending central conductive meta-sedimentary belt
- Geophysical anomalies under Hodge Lake
- Prospective north-northwest trending conductor)
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"We have defined a number of high priority drill targets. Additional geophysics work will follow up the strong results delivered by the airborne survey in October. The work will include using Radon sampling in frozen ice conditions - similar to the technique we used at Patterson Lake South. Results will be used to finalize additional drill targets for the upcoming winter drill program."
North-South Conductive Package
A VTEM Max (versatile time-domain electromagnetic) airborne geophysics survey completed in August 2013, resulted in the discovery of an 8-km long north-south trending package of conductive basement rocks (see News Release dated October 08, 2013). A 5-km follow-up Internal Field Gradient Magneto-Tellurics (MT) ground geophysics survey test line over the northern portion of this package has been completed by EMPulse Geophysics Inc. at 100m stations. While final inversion results are pending, the preliminary interpretation suggests that the conductive package is comprised of a series of parallel west dipping basement EM conductors.
The southern part of this trend is interpreted to be a "U-shaped" west dipping folded feature.
A series of 3 to 5 regional lines of detailed EM survey are planned for the 2014 Winter program, to provide further resolution of the EM conductors and to orient a future summer 2014 resistivity survey. It should be noted that many structurally controlled high-grade uranium occurrences in the Athabasca Basin are related to hydrothermal alteration systems associated with basement EM conductors.
Drill Target Selection for Winter Drilling Program
Approximately 8-10 drill targets are planned in 2500m to 3000m of drilling over the 2014 Winter program. Drill targets are selected on the criteria of being associated with an EM basement conductor where a resistivity low signature has been defined and often additionally and association with a cross-cutting interpreted structural feature.
Initial targets will focus on the northwest-southeast (NW-SE) trending A1, A1B and A3 basement EM conductors located in the west-central area of the property. In addition drill targets along the B basement EM conductor located in the central area of the project area will be tested. Eight drill targets so far selected consist of:
- Five drill holes to test the north-northwest trending central conductive meta-sedimentary belt.
- Three high priority drill targets (PLN14-A, B and C) have been selected on the NW-SE trending A1 EM conductor
- One high priority drill target (PLN14-D) has been selected on the NW-SE trending A1B conductor in association with an interpreted NE trending structure. The A1B conductor is interpreted to be a faulted-off segment of the A1 conductor
- One high priority drill target (PLN14-E) has been selected on the NW-SE trending A3 conductor. The hole targets an interpreted cross-fault at its southern extent.
- Two drill holes (PLN14-F and PLN 14-G) will test the geophysical anomalies on Grid B under Hodge Lake. The drill holes on this grid test the interpreted limbs of a suspected folded graphitic pelitic geological unit (interpreted syncline) where they are cross cut by interpreted structures with associated alteration. These are both areas where historic drilling intersected anomalous basement alteration and pathfinder geochemistry. The ground geophysics was completed on those grids last year. MLTDEM and DC Resistivity was completed on Grid B and MLTDEM on Grid G4.
- Radon survey sampling will be carried out over the Grid B on Hodge Lake in the central part of the property to further refine drill locations
- Drill hole PLN 14-H will test the prospective north-northwest trending conductor that will be defined by the planned ground EM survey (20 km grid).
- Fission plans to "pre-collar" the drill holes with an RC drill, similar to its successful practice at the Patterson Lake South project immediately to the south. Core drilling is scheduled to take place in January, 2014.
Patterson Lake North (PLN) Property Setting
PLN lies within a large basin scale north-east NE trending gravity low structural corridor coincident with the Clearwater Domain (granite and felsic gneisses) that also incorporates the adjacent PLS property. The former Cluff Lake uranium mine and the UEX-Areva Shea Creek deposits (42 km and 27 km to the north respectively) lie along the western margin of this structural feature. The recently discovered high-grade uranium mineralization found at PLS located 5.7 km to the south, also lies within this structural corridor. Coincidentally, PLN also lies within a complex magnetic corridor showing magnetic highs and lows and breaks in regional major features. Several EM anomalies are evident within PLN, including what may be interpreted to be the southern extension of the Saskatoon Lake EM conductor, which itself is associated with the Shea Creek deposit to the north.
Patterson Lake North Property
PLN was acquired by staking in 2004 and became part of the Fission Uranium Corp. portfolio as part of the Fission Energy/Denison Mines agreement in April 2013. It comprises 27,408 Ha, and is located about 30 km immediately south of the UEX/AREVA Anne and Collette uranium deposits at Shea Creek. An updated map showing the drill targets for the upcoming 2014 Winter drill program can be found on the Company's website at http://fissionuranium.com/projects/pln/maps/gp/.
To view the 'PLN 2013/2014 Proposed Winter Drill Program', please visit the following link: http://media3.marketwire.com/docs/FISS1117.pdf
PLN is prospective for hosting structurally controlled high-grade unconformity uranium mineralization that is often associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by geophysical surveys.
Azincourt has a staged, four year option agreement with Fission dated April 29, 2013 whereby Azincourt can earn up to a 50% interest in the PLN project through a combination of option payments and exploration work funding.
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 Uranium Corp., a qualified person.
About Fission Uranium Corp.
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. Common Shares are listed on the TSX Venture Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF."
ON BEHALF OF THE BOARD
Ross McElroy, President and COO
Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding future operating or financial performance of Fission and Fission Uranium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Fission Uranium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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Fission Uranium Corp.