KELOWNA, BRITISH COLUMBIA--(Marketwired - Jan. 13, 2014) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce it has commenced a new large coverage, $500,000 Radon in lake survey at its 100% owned Patterson Lake South (PLS) property in Canada's Athabasca Basin. The survey is following up on ten geophysics-identified basement electromagnetic (EM) conductors. Fission's lake bottom technique survey, conducted in the winter beneath the ice, and analysis has proved key in identifying radioactive anomalies and assisting accurate drill targeting in the previous two drill programs at PLS (>86% mineralization hit rate). To date, Fission's highly successful Radon survey and analysis has been used systematically on only 1 EM conductor (PL3B conductor) on a property which hosts over 100 such basement EM conductors.
The ten conductors are located in 4 separate areas (Area A, B, C and D) beneath Patterson Lake and Forest Lake.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"Our lake bottom, winter radon survey and analysis techniques were critical elements in targeting the first strike holes at six of the seven zones and numerous successful step-outs. PLS is a hugely prospective property with a multitude of conductors and just as our understanding of the geology has evolved in the past two exploration programs, so too has our use of Radon survey technology. With approximately 20% of the upcoming drilling focusing on exploring new areas of interest, we expect this radon survey to play an important role in targeting and prioritizing new holes."
- 10X expansion of radon survey coverage at PLS
- Areas to be targeted include a total of ten high priority EM conductors
- Survey has already commenced and is expected to take five to six weeks to complete
- Fission's use of radon has been instrumental in targeting the first holes at six zones found to date and successfully hitting step outs as large as 390m
- A total of 2,300 samples will be taken from 4 areas covering discrete identified EM conductors. Areas A, B and C cover EM conductors within Patterson Lake. Area B covers EM conductors within Forrest Lake, located immediately to the south of Patterson Lake - all areas are on the PLS property
- Forest Lake Radon Survey Area
- Area D: 4.1 km long with three intermittent VTEM conductors
An EIC (Electret Ionization Chamber) survey to measure radon, will be conducted by RadonEx Exploration Management, of St Lazare, Quebec. The survey will comprise primarily samples of measurements of radon in water.
Area A is comprised of a group of 4 main north-east trending EM conductors, including the PL3B EM conductor (which is associated with the high-grade "R" zones). The upcoming survey will cover 3 parallel interpreted time domain electromagnetic (TDEM) conductors, each discrete conductor ranging in strike length between 1.0km - 1.9km strike length. A total of 743 samples will be collected.
Area B is located approximately 2 to 3km north-east of the PL-3B conductors. The survey will cover a single 1.2km long north-east trending EM conductor. A total of 231 samples will be collected.
Area C encompasses two discontinuous north-east oriented and segmented airborne EM conductors (VTEM). The northern conductor is interpreted to be segmented in 2 sections, of strike length of 1.2km and 0.3km respectively. The southern conductor is similarly segmented in 2 sections of 0.7km and 0.3km each. A total of 305 samples will be collected.
Area D encompasses three intermittent north-east trending VTEM conductors. Two conductors cover a strike length of 4.1km, while the 3rd covers a length of 1.3km. A total of 1,031 samples will be collected.
Patterson Lake South Property
The 31,039 hectare PLS project is 100% owned and operated by Fission Uranium Corp. 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.
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 exploration and development of the Patterson Lake South uranium property 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 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.