KELOWNA, BRITISH COLUMBIA--(Marketwired - Oct. 7, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to announce an eleven hole, 3,700m ($2.25M) expansion of the ongoing summer program, bringing the expected total drilling to 14,700m. The additional drill meters will be used to test highly prospective land-based targets to the west of the PLS discovery Zone (R00E Zone). The highest priority areas are between lines 360W and 860W - identified by a recent Radon land survey, together with ground geophysics and prior drilling.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"As the season for barge-based drilling on Patterson Lake draws to a close, moving to land-based targets is the natural step for us at this stage of the program. We have experienced enormous success in developing PLS eastwards of the initial discovery zone (R00E) and have greatly improved our knowledge and understanding of the geology. The timing is now right to explore attractive land based targets to the west of this zone."
The program will move from barge drilling on the lake to land-based targets, where a total of 11 holes will be drilled, within the same PL-3B corridor that hosts the in-situ basement high-grade uranium mineralization. Previous drilling in 2012 along this corridor to the west has been highly prospective. Hole PLS12-013 intersected 19.5m of anomalous radioactivity with corresponding elevated uranium (averaging 134 ppm U) (see news release dated April 18, 2012 and July 24, 2012) and holes PLS12-014 and 015 both intersected variable narrow intervals of anomalous radioactivity (see news release dated April 25, 2012). Electromagnetic (EM) and Resistivity geophysics, as well as Radon survey results, confirm an attractive level of prospectivity. A map showing the location of the land based targets can be found at:
A land based radon survey that covered 615m of strike length of the PL-3B conductor to the west of R00E was completed in late August. A total of 434 stations were recorded in 17 lines, with line spacing varying between 20 to 50m. Two subtle anomalous areas are obvious north of the PL-3B EM conductor (340W to 430W and 540W to 630W) and appear to be associated with inferred north-south cross cutting structures (interpreted from the resistivity survey). Another strong radon anomaly is located north of the PL-3B conductor from lines 120W to 180W, which also represents compelling drill targets as mineralization at the R00E zone is consistently situated north of the PL-3B conductor. These radon anomalies will be used to help guide the specific drill hole targeting west along the PL-3B EM conductor.
Patterson Lake South Property
The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Uranium 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 and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development. Updated maps for the expanded summer program can be found on the Company's website at https://www.fissionuranium.com/projects/patterson-lake-south-sk/.
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 potential spin-out and listing of Fission Uranium and the 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.