KELOWNA, BRITISH COLUMBIA--(Marketwired - July 2, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company"), the operator, and its 50% Joint Venture partner Alpha Minerals Inc., are pleased to announce that it has received all necessary permits and that a $6.95M, 44 hole, 11,000m drill program and ground geophysics surveys will commence in early July at their PLS property, located in the southwest region of Saskatchewan's Athabasca Basin.
The new drill program, utilizing two diamond drill rigs and an reverse circulation (RC) drill rig is an immediate follow-up to the highly successful winter program that discovered high-grade uranium in three separate zones along an approximately 850m trend along strike of the PL-3B electromagnetic (EM) conductor which hit mineralization on >90% of its drill targets delineating these zones (see news release dated April 15, 2013).
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
||"At this stage our core focus is of course expanding the three zones, two of which we discovered during this past winter program and one in the late fall of 2012. All three zones remain open for growth in all direction. In addition, our work with interpretation of geophysics and radon surveys has identified additional prospective targets along strike which we will begin to test."
Fission's team will use a combination of a RC drilling rig suitable for drilling in overburden, for pre-collaring and two diamond drill core rigs to drill bedrock. Barges will be used to test targets on the R390E and R780E zones as well as testing additional targets along trend within Patterson Lake, to the NE of the currently delineated mineralized zones. These additional targets were identified during an extension to the same radon survey that aided with the first discovery holes at the R390E and R780E Zones at PLS and include the strongest radon value in water anomaly to date on the property on line 945E (see news release dated May 6, 2013). Bryson Drilling and Northspan Explorations Ltd. have been awarded the core drill and RC drill contracts respectively. Barges and core drills have been mobilized to site and assembled. The remaining equipment is expected to be on site by early July.
All holes are planned to be radiometrically surveyed using a Mount Sopris 2GHF-1000 Triple Gamma probe, which 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 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.
Other additional work during this summer program will include establishing an environmental base line study in order to have independent data recovered over a sufficient time period for future environmental reporting purposes. Sampling for the purpose of characterizing geometallury is being considered.
Key Technical Information
- It is anticipated that approximately 11,000 meter of drilling (44-hole program) will be accomplished using two diamond-core drill rigs and an RC rig and three barges.
- The priority will be to test for continued expansive delineation of the three high grade uranium mineralized zones discovered in the 2013 winter program.
- Approximately 40 holes testing delineation and expansion of 3 high-grade uranium zones (R00E, R390E and R780E)
- Minimum of 4 holes testing other targets along trend both NE and SW of known zones, including recently identified radon anomalies
- Ground geophysics including both DC Resistivity (43 line-km) and Moving Loop Time Domain EM (MLTDEM) (22 line-km) surveys will be done over 2 high priority grids:
- Verm Grid in SW area of property
- The grid covers the Verm tau defined conductivity anomaly, identified from the airborne VTEM survey, which corresponds to a strong 1.2 km long east-west EM conductor on the north side of the anomaly. This exhibits a similar characteristic to the conductive area in the immediate vicinity of the uranium zones at PLS.
- Far East Grid in SE area of property…where a tau defined conductivity anomaly is strongest
- The Far East grid is a high priority area, located in the south-eastern area of the property, in an area with several N-S oriented EM conductors identified from an airborne VTEM survey. The Far East tau anomalies are the strongest on the PLS property.
- The PLS area remains highly-prospective both in the immediate area of the discovery and over several kilometers along the ENE-WSW strike of the Conductor Corridor.
Summary of Uranium Discovery Zones
The R00E, R390E and R780E zones are all along strike of each other along an approximate 850m trend parallel to the PL-3B EM conductor. The discovery zone, R00E, is the westernmost of the high-grade uranium zones and is located on land. To date 28 of 32 holes have intersected mineralization >0.05% U3O8 over 0.5m down-hole width. The R390E zone is located 390m east of the R00E zone and is within Patterson Lake with water depth of approximately 4-5m deep. Significant uranium mineralization was intersected in 11 holes. The R780E zone lies 780 m east of the discovery R00E zone, and is within Patterson Lake at water depths of approximately 6.0 m. The R790E zone lies within a radon anomaly of over 240 m length and 120 m of width. Three fence holes were drilled on line 780E, and all 3 were mineralized.
Currently the zones are separated by approximately 300m (R00E to R390E) and 360m (R390E to R780E) due to a lack of drilling between them.
Patterson Lake South Property
Fission is Operator of the PLS exploration project, which is a 50%/50% Joint Venture held with Alpha Minerals Inc. 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.
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.
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 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.