| | Published : August 03rd, 2010 | First Vertical Step-Out at Fission's Summer Drill Program Intersects 4.5m of "Off-Scale" Radioactivi |
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Re: News Releases - Tuesday, August 03, 2010 Title: First Vertical Step-Out at Fission's Summer Drill Program Intersects 4.5m of "Off-Scale" Radioactivity and Extends "J-Zone" to the North
FISSION ENERGY CORP. ("Fission" or the "Company") and its Joint Venture Partner, the KEPCO Consortium, announce that the first vertical step-out drill hole (WAT10-098A) of the 2010 Summer Drill Program has identified "off-scale" radioactivity. Hole WAT10-098A, collared 10m north of Hole WAT 10-83B (7.5m grading 3.83% U308; see news release dated May 27, 2010), identified three intercepts totalling 4.5m of "off-scale" (cps >9,999) radioactivity within a 10m intersection of highly radioactive mineralization at the unconformity. This hole extends the J-Zone to the north of the previously known mineralization delineated during the winter 2010 drilling program, and further demonstrates the continuity and strength of the unconformity mineralization. Of particular significance is the intensity of alteration and exceptional width of mineralization in hole 098A, which were found to be greater than in hole 083B.
Given that the mineralization encountered appears to be almost flat-lying, drill intercepts from vertical collared holes reported herein are approximately true thickness.
Hole WAT10-098A encountered moderate to very strong clay alteration from 168.5m to 238m, with the most intense alteration associated with mineralization at or near the unconformity (200.0m). A broad interval of continuously anomalous and variable radioactivity was intersected from 192.5m - 206.0m, with the strongest radioactivity within a 10m interval from 192.5-202.5m. Within this interval three separate intercepts recorded >9999 cps for a combined width of 4.5m of "off-scale" radioactivity.
The altered sandstone is strongly limonitic throughout, with hematite and chlorite clay prevalent from 186.7m to the unconformity. Strong limonite and hematite clay alteration continued in the basement to 204m, transitional to chloritic clay from 204m to 238m. A deeper interval of moderate to strongly altered basement was intersected from 264 to 289m associated with a graphitic faulted interval. The basement rocks consist of pelitic rocks throughout.
WAT10-098A was drilled from a barge set-up collared 10m north of hole WAT10-083B and completed to a depth of 299.0m.
Drilling to further delineate the "J-Zone" to the north, south and west, where it remains open after the completion of the Winter 2010 Drill Program, is continuing. In addition, follow-up drilling at the "J-Zone East" and "Highland Zone", located on strike 70m East and 130m west of the "J-Zone" respectively, is planned (see news release dated March 29, 2010). Finally, the Company will also drill a number of angled holes from shore for the purpose of delineating and defining the favourable basement lithology and structures believed to be important controls of the J Zone mineralization.
An updated drill hole map and a table summarizing Drill Core Hand-Held Scintillometer Readings can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.
All holes will be radiometrically surveyed with a Mount Sopris 2GHF Triple Gamma probe. The triple gamma probe uses both a Na-I scintillation crystal and a ZP1320 High-Flux Geiger-Mueller tube pair, which allows better resolution in strongly radiometric intervals.
Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.
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 (partial digestion) and boron. Chemical results will be released when received. Further updates will be provided.
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".
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)
Korea Waterbury Uranium Limited Partnership ("KEPCO Consortium") is a consortium primarily comprised of Korean-based companies. Led by Korea Electric Power, other participating companies include Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.
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"
Ross McElroy, President & COO
Investor Relations Bob Hemmerling TF: 877-868-8140 info@fission-energy.com www.fission-energy.com
Copyright � 2010 FISSION ENERGY CORP. (FIS) All rights reserved. For more information visit our website at http://www.fission-energy.com/ or send email to info@fission-energy.com .. Message sent on Tue Aug 3, 2010 at 4:51:08 AM Pacific Time
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Fission Energy Corporation
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Fission Energy is a nickel and uranium exploration company based in Canada. Fission Energy holds various exploration projects in Canada. Its main exploration properties are NORTH SHORE, FORT MCLEOD, MINOR BAY, ZOO BAY, DAVY LAKE, WATERBURY LAKE, PATTERSON LAKE, DIETER LAKE, DUDDRIDGE LAKE, CARIBOU MOUNTAINS and SOUTH SHORE in Canada, THE MACUSANI PROPERTY in Peru and TORWALT LAKE in Australia. Fission Energy is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 118.3 millions as of today (US$ 115.3 millions, € 88.0 millions). Its stock quote reached its highest recent level on May 23, 2008 at CA$ 1.64, and its lowest recent point on October 17, 2008 at CA$ 0.09. Fission Energy has 124 534 000 shares outstanding. |
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