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FISSION ENERGY CORP. (TSX-V:FIS - News)(Pinksheets:FSSIF
- News) ("Fission"
or the "Company") and its Limited Partner, the Korea Waterbury
Uranium Limited Partnership ("the Waterbury Consortium"), announce
J Zone assay results for fourteen previously completed vertical step-out
drill holes: WAT11-113 to 131. Hole WAT11-131 located approx. 60m west of
Hole WAT10-103 (see news release dated February 7, 2011) has intersected the
strongest high-grade uranium intersection at the J Zone to date: 14.5m
grading 7.84% U3O8, including 2.0m of 46.15% U3O8. In addition, drilling has
now successfully traced mineralization further to the west, connecting the J
Zone to the Highland Zone and extending the east-west mineralized strike
length of the J Zone from approx. 120m to approx. 235m or by 95% since
drilling resumed in January. Drilling is continuing at the J Zone, which
remains open in all directions.
J Zone Summary
Hole WAT11-131, collared approx. 60m west of WAT10-103 intersected
14.5m grading 7.84% U3O8 (198.0m-212.5m), including 2.0m of 46.15% U3O8
(199.0m-201m). With a grade x thickness (GT) value of 113.7, Hole 131 ranks
as the strongest continuous mineralized hole in the J Zone to date, followed
by holes WAT10-071 (GT = 88.2) located in the southeast part of the J Zone
and Hole WAT10-103 (GT = 86.0). This result demonstrates that the J Zone has
very significant grades when compared with previous results on the western
part of the J-Zone.
Hole WAT11-127, drilled on Line 135SW and collared 10m north of
WAT11-131 intersected 12.0m at the unconformity grading 4.41% U3O8
(197.5m-209.5m), including 3.5m grading 10.91% U3O8 (205.50m-209.00m).
Hole WAT11-119, located on Line 105SW approximately halfway between
Holes WAT 11-103 and WAT11-127 intersected 7.0m grading 1.28% U3O8
(196.50m-203.50m), including 1.50m of 3.24% U3O8 (198.50m-200.00m).
Holes WAT11-116, 117A, and 123 intersected weaker mineralization over
narrow widths, while no significant uranium mineralization was found in holes
WAT11-113, 114, 115A, 118, 120, 121A, 124, and 125.
Assays received to date have confirmed the continuity of high grade
uranium mineralization to the west, thus extending the mineralized boundary
of the J Zone to the west and to the north (hole
116). The J Zone is now defined by assay results from drilling (to WAT11-131)
to include 37 of 49 closely spaced mineralized drill holes over an
approximate area of 235m x up to 50m. It remains open in all directions,
particularly to the west. Assay results for several drill holes are pending,
and will be reported when available. The winter 2011 drill program is
expected to be completed in early April.
A summary of the assay results are shown in the table below.
Waterbury Lake, Athabasca Basin: Winter Drill Program- J Zone Assays:
Holes WAT11-113 to 131
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J Zone Assays: Holes WAT11-113 - 131
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Zone Grid Line Hole ID From
(m) To
(m) Interval (m) U3O8 (wt%)
---------------------------------------------------------------------------
J Zone 045SW
WAT11-113
No significant mineralization
---------------------------------------------------------------------------
J Zone 045SW
WAT11-114
No significant mineralization
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J Zone 030SW
WAT11-115A
No significant mineralization
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J Zone 030SW
WAT11-116
192.00
192.50
0.50
0.05
194.50 196.50
2.00
0.44
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J Zone 105SW
WAT11-117A
214.00
216.00
2.00
0.11
228.00
230.50
2.50
0.12
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J Zone 210W
WAT11-118
No significant mineralization
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J Zone 105SW
WAT11-119
196.50
203.50
7.00
1.28
198.50
200.00
1.50
3.24
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J Zone 175W
WAT11-120
No
significant mineralization
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J Zone 105SW
WAT11-121A
No significant mineralization
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J Zone 220W
WAT11-123
206.00
206.50
0.50
0.10
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J Zone 105SW
WAT11-124
No significant mineralization
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J Zone 025NE
WAT11-125
No significant mineralization
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J Zone 135W
WAT11-127
197.50
209.50
12.00 4.41
205.50
209.00
3.50 10.91
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J Zone 135W
WAT11-131
198.00
212.50
14.50
7.84
199.00 201.00
2.00 46.15
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Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-off: 0.05 U3O8 (wt%)
All drill intersections at the J Zone are associated with a broad
continuous zone of alteration extending from several meters above the
unconformity to greater than 25m below the unconformity, with mineralization
occurring within this altered system. All intersections are down-hole, core
interval measurements and true thickness is yet to be determined. Given that
the mineralization thus far encountered appears to be almost flat-lying,
drill intercepts reported herein are approximately true thickness.
An updated map of the J Zone showing the location of the fourteen
drill holes highlighted in this news release, and a table summarizing all
assay results to date can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.
To view a 3D model of the drilling at Waterbury Lake please visit http://www.corebox.net/properties/waterbury_lake/.
Split core samples from the mineralized section of core have been
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, platinum and palladium. 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" and on the OTCQX Exchange 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 and the Korea Waterbury Uranium Limited Partnership are
both 50% limited partners under 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.
Contact:
Contacts:
Fission Energy Corp.
Bob Hemmerling
Investor Relations
TF: 877-868-8140
info@fission-energy.com
www.fission-energy.com
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