| | Published : April 28th, 2010 | Vertical Step Outs Intersect 18m of 1.32% U308 and 8.5m of 1.92% U308 at "J-Zone" Including Intercep |
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Re: News Releases - Wednesday, April 28, 2010 Title: Fission Vertical Step Outs Intersect 18m of 1.32% U308 and 8.5m of 1.92% U308 at "J-Zone" Including Intercepts as High as 3.56% U308
FISSION ENERGY CORP. ("Fission" or the "Company") and its joint venture partner, the KEPCO Consortium, announce "J-Zone" assay results for five previously completed vertical oriented step-out drill holes: WAT10-073, 074, 075, 076A, and 077. Four of the five holes encountered mineralization at the unconformity with hole WAT10-073 intersecting 18.0m grading 1.32% U308 (197.0m-215.0m), including two intercepts of 2m at 3.35% U308 (198.5m-200.5m) and 3.23% U308 (208.0m-210.0m), and one intercept grading 2.49% U308 over 1.50m (212.0m-213.5m). In addition, hole WAT10-077 intersected 8.50m grading 1.92% U308 (204.0-212.5), including 4m at 3.56% U308 (206.5m-210.5m). A summary of the assay results is shown in the accompanying table below.
Waterbury Lake, Athabasca Basin: J-Zone Assays: Holes WAT10-073-077
Zone |
Hole ID |
From (m) |
To (m) |
Interval (m) |
U3O8 (wt%) |
J-Zone |
WAT10-073 |
197.00 |
215.00 |
18.00 |
1.32 |
J-Zone |
|
198.50 |
200.50 |
2.00 |
3.35 |
J-Zone |
|
208.00 |
210.00 |
2.00 |
3.23 |
J-Zone |
|
212.00 |
213.50 |
1.50 |
2.49 |
J-Zone |
|
229.50 |
230.50 |
1.00 |
1.35 |
J-Zone |
WAT10-074 |
195.00 |
209.00 |
14.00 |
0.80 |
J-Zone |
|
197.50 |
203.00 |
5.50 |
0.97 |
J-Zone |
WAT10-075 |
198.50 |
202.00 |
3.50 |
1.19 |
J-Zone |
|
200.50 |
201.50 |
1.00 |
3.43 |
J-Zone |
WAT10-076A |
No Significant Assays |
|
|
|
J-Zone |
WAT10-077 |
204.00 |
212.50 |
8.50 |
1.92 |
J-Zone |
|
206.50 |
210.50 |
4.00 |
3.56 | Composite Parameters 1. Minimum Thickness: 1.00m 2. Grade Cut-off: 0.05 U308 (wt%)
All drill intersections are associated with a broad continuous zone of alteration extending from several meters above the unconformity to >25m below the unconformity, with mineralization occurring within this altered system. Overall, these vertical step-out drill holes have demonstrated continuity of high grade mineralization and exceptional widths trending to the west of discovery hole WAT10-063A. Most notably, hole WAT10-073 has identified the widest continuous high grade mineralized intersection from assays received to date. Assays are pending on the remaining eleven drill holes, which further extended the J-Zone's east-west trending mineralized strike length to approximately 90m and 50m wide, north-south, at the time the Winter 2010 drill program was completed. The J-Zone remains open laterally along strike and width. In addition, assays are pending on nine other regional drill holes: WAT10-062, 078, 080, 082, 084, 086, 088, 090 and 092.
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 these five drill holes and a table summarizing assay results can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp
Follow-up drilling at the J-Zone, in addition to testing other high priority land based targets is planned for the summer. Further details will be provided once all data has been collected and analysed.
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".
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
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.
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 Wed Apr 28, 2010 at 6:08:48 AM Pacific Time
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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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