| November 14, 2011 |
| Fission to Commence 25,000m, $7.3 Million Winter Exploration Program at Waterbury Lake, Athabasca Basin |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2011) - FISSION ENERGY CORP. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission" or the "Company") and its Limited Partner, the Korea Waterbury Uranium Limited Partnership ("the Waterbury Consortium"), are pleased to announce that a $7.3 million winter exploration program, including 25,000m of drilling with three drills, at its flagship 40,256 ha Waterbury Lake uranium project, located in the eastern part of the Athabasca Basin, will commence in early January 2012.
Winter 2012 Exploration Program Summary
The following summary outlines Fission's winter 2012 exploration program:
-- $7.3 million program approved by the Limited Partnership
-- Utilizing three drill rigs, sixty-nine drill holes totalling an
estimated 25,000m are planned. Seventy-five per cent of the planned
drilling will occur at the J Zone high grade uranium discovery and a
secondary target, now known as the Summit Zone (formerly Hole WAT11-
153A; see press release dated August 30, 2011), located approximately 1
km to the west of the J Zone.
-- Drilling will continue at other regional targets, including a total of
nine drill holes at Oban, Oban North, and the new Chivas target, located
approximately 5km west of the Oban Corridor. Three holes at Oban are
designed to trace mineralization intersected in holes WAT11-161B and
WAT11-172 from the winter 2011 program and three holes each at Oban
North and Chivas will test geophysical anomalies in areas where
interpreted alteration coincident with Electro Magnetic (EM) conductors.
-- Five drill holes are planned at Murphy Lake, where a recently completed
ground geophysical program has identified very encouraging signs of
basement and sandstone alteration associated with interpreted cross-
faults along a well defined conductor axis.
-- Geophysical work, including Time Domain Electromagnetic (TDEM) and DC-
Resistivity surveys, is planned at the Oban, Chivas, Murphy Lake, and a
new area targeted for geophysical work known as Aaron Lake, located
approximately 6km to the west of the Areva-Denison Midwest deposit.
J Zone Remains Primary Focus
The primary focus of this forthcoming program will be to continue delineating the J Zone's high grade unconformity mineralization, in addition to the basement mineralization found in the western part of the J-Zone, which has been connected to the former PKB Zone and traced approx. 60m further to the west by drilling completed last summer. Final assay results from last summer's drill program have now been received.
Hole WAT11-198C on line 280W intersected 10.0m at the unconformity (224.0m-234.0m) grading 0.48% U3O8; Hole WAT 11-200 on Line 300W intersected 11.5m at the unconformity (215.5m-227.0m) grading 0.32% U3O8; and Hole WAT11-204A on Line 345 SW returned a 5.5m intersection at the unconformity (209.0m-214.5m) grading 0.87% U3O8, including 1.5m (210.0m-211.5m) of 2.0% U308. Hole WAT11-214A in the western part of the J Zone (Line 525W), intersected 3.5m of basement mineralization (268.5m-272.0m) grading 0.60% U3O8, including 1.0m (270.0m-271.0m) of 1.1% U3O8. In addition, perched mineralization in sandstone was encountered in a 3m intersection on Line 470W in WAT11-209 (227.0m-230.0m) grading 0.05% U3O8.
Last summer's smaller drill program was successful in expanding the J Zone's east-west strike length to 578m (see press release dated August 30, 2011), by intersecting both unconformity and basement mineralization, and connecting the J Zone with the PKB Zone. Mineralization remains open along strike, laterally (horizontally at unconformity) as well as vertically (sandstone and basement), over significant widths.
Summit Zone
The Summit Zone, located approximately 1km west of the J Zone, represents a significant new target for discovering high grade uranium mineralization. A second drill will target uranium discoveries made in the vicinity of the two mineralized holes discovered to date. Hole WAT11-199, completed as a part of last summer's limited regional drilling, extended mineralization 30m to the west of Hole WAT11-153A (Line 1430W to Line 1480W), by intersecting 13.5m of basement mineralization (263m-276.5m) grading 0.16% U3O8, including 0.50m (273.0m-273.5m) of 1.43% U3O8. Mineralization in Hole WAT11-199 is associated with a significant reactivated basement fault with an approx. 10m vertical offset at the unconformity. Several drill holes are being planned to trace the mineralization found here.
Oban Area (Oban, Oban North, Chivas)
Oban is a highly prospective corridor that parallels the Discovery Bay Corridor, which hosts the high grade J Zone uranium discovery, approximately 4 km to the south. Drill results from the three holes completed during last summer's drill program were summarized in the August 30th press release. Utilizing a third rig, nine drill holes are planned for the Oban area, as part of the 2012 winter drill program.
Murphy Lake
Murphy Lake continues to be a prospective area for discovering new high grade uranium mineralization (See press release dated August 30, 2011). Of the three drill holes completed during last summer's program, it is significant to note that an approximate 50m offset in depth to the unconformity between Hole WAT11-211 and Holes WAT11-213 and 215 was observed. Such unconformity disruption, associated with reactivated basement faults, within graphitic metapelites represents an important feature coincident with the presence of uranium mineralization in several deposits in the Athabasca Basin, and therefore Murphy Lake remains a high Priority area. Five drill holes are planned at Murphy Lake as part of the 2012 winter drill program.
Fission is the Operator of the program, which is expected to be completed by spring break-up 2012. Results will be announced when available. An updated map highlighting the planned 2012 winter drill program, in addition to the final results of the summer 2011 program can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.
Fission Energy and the Waterbury Consortium have budgeted C$30 million for exploration at Waterbury Lake over a three year period from 2010-2012.
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.
FISSION ENERGY 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 ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS", and trade on the OTCQX International electronic trading system in the United States under the symbol "FSSIF".
Korea Waterbury Uranium Limited Partnership ("Waterbury Consortium") is a consortium primarily comprised of Korean-based companies. The Consortium is led by Korea Electric Power (KEPCO). Other participating companies include: Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.
Fission Energy owns 60% and the Korea Waterbury Uranium Limited Partnership owns 40% of the Waterbury Lake Uranium Limited Partnership.
Korea Electric Power Corporation (KEPCO) is a Korean government-invested diversified energy company with over $83-billion (U.S.) in assets. The company is involved in the generation, transmission and distribution of electrical power from nuclear, hydro, coal, oil and LNG sources worldwide. Korea Electric Power provides electricity to almost all households in Korea and operates 20 nuclear power plants in the country with six more under development. The company has over 30,000 employees and is listed on the Korean Stock Exchange and the New York Stock Exchange. (www.kepco.co.kr)
This press release contains "forward-looking information" that is based on Fission's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission'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'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 disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Ross McElroy, President & COO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. | |