| January 16, 2012 |
| Fission Energy Announces Preliminary NI 43-101 Resource Estimate at J Zone Uranium Deposit |
KELOWNA, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2012) - Fission Energy Corp. ("Fission or "the Company") (TSX VENTURE:FIS)(OTCQX:FSSIF) and its Limited Partner, the Korea Waterbury Uranium Limited Partnership ("the Waterbury Consortium"), are pleased to announce the preliminary results of an independent National Instrument 43-101 compliant resource estimate for the J-Zone Uranium Deposit at its 40,256 ha Waterbury Lake Property, located in the eastern part of the Athabasca Basin. The J Zone deposit is currently estimated to contain an Indicated resource totalling 7,367,000 lbs. based on 168,000 tonnes at an average grade of 1.99% U3O8. An additional 1,511,000 lbs. based on 150,000 tonnes averaging 0.46% U3O8 is classified as an Inferred mineral resource. In addition, the Company reports that the previously announced $7.3 million, three rig, 25,000m drill program designed to expand the J Zone resource, further evaluate other mineralized discoveries, and test new targets has commenced.
Significant characteristics and details of the J Zone preliminary resource estimate are summarized as follows:
-- Approximately 83% of the mineral resource has been classified as an
Indicated resource, demonstrating the high level of confidence in the
data analysed.
-- Metallurgical extraction is high with 96.1% to 98.5% U3O8 recovery.
-- Almost all mineralization is within the basement rocks proximal to
sandstone-basement unconformity. Unconformity mineralization overlaps
basement mineralization in the western part of the deposit delineated to
date. Average vertical depth to the unconformity is approximately 200m.
-- Low values for toxic elements such as arsenic and selenium compares
favourably with Hathor's Roughrider Uranium Deposit, located immediately
to the east.
-- This resource estimate does not include mineralization from the highly
prospective Summit Zone, located 1,532 m to the west of the deposit.
Further details on the quantity and grade for each mineral resource category are shown in the following table:
Preliminary Mineral Resource Estimate:
Waterbury Lake Project - J Zone, Athabasca Basin, SK
Prepared by GeoVector Management Inc.
Grade
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CIM U3O8 Au As Co Cu Mo Ni Contained
Category Tonnes (%) (g/t) (%) (%) (%) (%) (%) U3O8
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Indicated
Resource 168,000 1.99 0.08 0.17 0.01 0.01 0.01 0.10 7,367,000
Inferred
Resource 150,000 0.46 0.02 0.18 0.01 0.01 0.00 0.12 1,511,000
-- Reported at a 0.05% U3O8 cut-off
Tonnes and lbs U3O8 rounded to the nearest thousand. It should be noted that mineral resources are not mineral reserves and have not demonstrated economic viability.
The J Zone NI 43-101 preliminary resource estimate was prepared by Dr. Allan Armitage, Ph.D, P.Geol of GeoVector Management Inc., a Qualified Person under National Instrument Policy 43-101. The resource was determined from the 7,377 assay results in 142 drill holes totalling 43,900 m of drilling completed by Fission between January, 2010 and August, 2011. General spacing of the drill holes is 10m-50m. Fission will SEDAR file a fully compliant National Instrument 43-101 technical report and resource estimate, based on all drilling results completed to date, within forty-five days of this press release. The report will be posted on the Company's website www.Fission-energy.com following the filing.
J Zone Deposit
The J Zone uranium discovery was announced in February, 2010. Through successful exploration programs completed to date, it has evolved into an unconformity uranium deposit that overlaps newly discovered basement mineralization discovered in the western part of the deposit during the Company's most recent exploration program completed during the summer months of 2011. Each successive drill program has expanded the deposit's current east-west strike length, beginning from approximately 30m west of the J East Zone, which in itself is an extension of the Hathor Roughrider Deposit, and extending for 578m to the west. The J Zone Deposit remains open along strike, laterally (horizontally at unconformity) as well as vertically (sandstone and basement), over significant widths, thereby exhibiting significant potential for expanding the resource. In addition, mineralization discovered at the Summit Zone, 1,532m to the west of the J Zone remains a high priority target, and additional prospective areas including, Oban, Oban North, Chivas, Murphy Lake, and Talisker, continue to demonstrate the potential for multiple mineral occurrences throughout Waterbury Lake Property, which, remains largely unexplored.
Winter 2012 Exploration Program
The previously announced $7.3 million winter 2012 exploration program, which includes 25,000m of drilling with three drills (See press release dated November 14, 2011), has commenced. A total of 69 drill holes are planned. The primary goal will be to build on the J Zone's mineral resource estimate, where 47 infill and step-out drill holes will target the deposit's high grade unconformity mineralization, in addition to the basement mineralization found in the western part of the J-Zone. The gap between the J Zone Deposit and the Summit Zone to the west will also be drill tested.
A complete summary of the proposed drill program is as follows:
Mineralized Areas:
J Zone Deposit: 47 drill holes
Summit Zone: 6 drill holes
Talisker: 2 drill holes
Prospective Exploration Drill Targets
Five drill holes are planned at Murphy Lake, and three drill holes at each of Oban, Oban North, and Chivas. In addition, ground geophysics of MLTDEM and DC Resistivity on 4 grids at Murphy Lake, Oban, Chivas, and a new target named Arran will be completed.
Fission is the Operator of the winter 2012 exploration program, which is expected to be completed by mid-March. Results will be announced when available. A drill location map, and regional map showing all exploration targets can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.
The independent preliminary resource estimate for the J Zone deposit was determined from drilling completed by Fission Energy Corp. between January, 2010 and August, 2011. Split core samples from the mineralized section of core were 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 included U3O8 (wt %) and fire assay for gold. In addition, all samples sent for analysis included a 63 element ICP-OES, uranium by fluorimetry (partial digestion) and boron.
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 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. | |