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Fission Energy Corp.: Step-Out Drilling Hits More "Off-Scale" Radioactivity at PLS
Published : November 12, 2012
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KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2012) - FISSION ENERGY CORP. (News - Market indicators)(OTCQX:FSSIF) ("Fission" or "the Company"), and its Joint Venture partner Alpha Minerals Inc. are pleased to announce the results of the next two holes following the announcement of discovery hole PLS12-022 (see News Release November 05, 2012). Results include an intersection of a 13.0m wide interval of strong mineralization, including intermittent intervals, totaling 2.14m, of off-scale (>9999 cps) radioactivity in hole PLS12-024. These results come just one week after discovery hole PLS12-022 intersected a 6.0m interval of high grade mineralization (see news release Nov 5, 2012).

This strong mineralization occurs at shallow depth in basement rocks. The strongly radioactive interval occurs within a broader 24.0m interval of moderate radioactivity which extends above the Archean basement into the overlying sandstone and extends downward into the basement.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented,

"The exceptional results from hole PLS12-024 is further evidence that the area has the potential to host a significant and shallow high grade deposit. That we now have results of robust mineralization from multiple holes, is extremely encouraging."

Key Technical Details:

  • A thin layer of sandstone is present immediately above the unconformity in both holes. Mineralization extends up into this horizon.
  • Hole PLS12-024 (Line 010W), a vertical hole collared 10m grid west of Hole PLS12-022 intersected anomalous radioactivity in the bedrock over a 24.0m interval (59.0 - 93.0m), with a 13m wide zone of continuous strong radioactivity (65.0 - 78.0m), including several narrow intermittent intervals of "off-scale" radioactivity. Recovery is generally good at >75%, with narrow intervals with >50% core loss.
  • Hole PLS12-023 (Line 000W), a vertical hole collared 10m grid north of Hole PLS12-022 intersected anomalous radioactivity in the basement rock over a 13m interval (63.0 - 76.0m). Recovery is between 60 - 100% throughout.

Hole Summary

                * Mineralization
 (>300 cps / 0.5M minimum)
           
Hole
ID
  Grid
Line
  Az   Dip   From -
 To (m)
  Width
 (m)
  CPS
 Max
 Peak
  Over-
burden
Interval
 (m)
  Basement
Interval
 (m)
  Total
Depth
 (m)
PLS12-022   000W   180   -90   57.5 -
 78.5
  21.0   less than 300 -
 greater than 999
  0 - 55.3   59.23 - 212.5   212.5
                71.0 -
 77.0
  6.0   1800 -
greater than 999
           
                116.5 -
 117.5
  1.0   308 - 323            
                170.0 -
 171.0
  1.0   301 - 384            
PLS12-023   000W   180   -90   60.0 -
 61.0
  1.0   315 - 400   0 - 53.8   60.6 - 197.2   197.2
                63.0 -
 76.0
  13.0  
less than
300 - 3300
           
                91.0 -
 91.5
  0.5   800            
                105.5 -
 106.0
  0.5   352            
PLS12-024   010W   180   -90   59.0 -
 83.0
  24.0   less than 300 -
greater than 999
  0 - 56.23   60.05 - 191.1   191.1
                65.0 -
 78.0
  13.0   2100 -
greater than 999
           
                91.0 -
 93.0
  2.0   305 - 1300            

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. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are down-hole, core interval measurements and true thickness is yet to be determined. 

An ongoing field program is in progress. This includes 9-holes, 1600m of core drilling following up geophysics and geologic targets, including the prospective PL-3B conductor, as well as 12-holes, 1440m of dual rotary (DR) drilling evaluating overburden near the boulder field. (see news release October 25, 2012).

All holes will be radiometrically surveyed with a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for accurate measurements in high grade mineralized zones. This probe will be used if high grade mineralization is encountered in subsequent drill holes.

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 and boron. Assay results will be released when received.

Further updates will be provided.

Patterson Lake South Property

The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Energy Corp. and Alpha Minerals Inc (AMW). Fission is the Operator. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine, (>60M lbs of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development. An updated map highlighting the core and dual rotary drilling programs planned for PLS can be found on the Company's website at http://www.fission-energy.com/s/pattersonlakesouth.asp.

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".

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.

Fission Energy Corp.
Rich Matthews
Investor Relations
TF: 877-868-8140
info@fission-energy.com
www.fission-energy.com
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Fission Energy Corporation

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Financings of Fission Energy Corporation
12/31/2012Announces Private Placement
12/21/2012Completes $6 Million Bought Deal Private Placement
11/21/2011Completes $10 Million Bought Deal Private Placement
4/7/2010Completes $9.2 Million with Private Placements
7/30/2009Closes Private Placement Financing
7/8/2009Closes First Tranche of Private Placement Financing
6/1/2009Announces Private Placement Financing
5/9/2009Announces Non-Brokered Private Placement Financing
Option Grants of Fission Energy Corporation
12/30/2010(angl) Grants 3,500,000 Stock Options
Nominations of Fission Energy Corporation
9/28/2011Ross McElroy Appointed to Fission's Board of Directors
2/24/2011Appoints Raymond Ashley VP Exploration & Retains Trident Fin...
Project news of Fission Energy Corporation
2/25/2013Corp=2E: 4 Step-Out Holes Hit Off-Scale; Expand Discovery Zo...
1/15/2013to Commence $4.0m Exploration Program at PLS
1/7/2013=?ISO-8859-1?Q?Fission=20to=20Commence=2021,000m,=20=245=2E5...
1/2/2013Corp=2E: Assay Results Confirm 54% of Boulders Over 10% U3O8
10/25/2012Expands High Grade Boulder Field by 2=2E35km at PLS: Assays ...
8/8/2012(Waterbury Lake)Corp=2E: Waterbury Lake Regional Target Assay Results; Miner...
6/25/2012Corp=2E: Drilling Begins at J =?ISO-8859-1?Q?=20Zone,=20Wate...
4/23/2012=?ISO-8859-1?Q?FIS,=20PXP=20-=20Fission=20Energy=20Corp=2E,=...
4/23/2012Enters into Agreement to Acquire Pitchstone Exploration Ltd=...
2/15/2012New Ground Staked on South Flank of PLS Property
1/31/2012Corp=2E: Four Drill Holes Intersect Mineralization Widening ...
1/26/2012(Waterbury Lake)Increases Waterbury Lake Winter 2012 Exploration Budget by 2...
1/17/2012FIS - Fission Energy Corp=2E - Initial J-Zone Resource Estim...
12/14/2011Corp=2E: PLS Property Trenching Yields Boulder Assays as Hig...
11/18/2011Rio Tinto increases all-cash offer for Hathor Exploration to...
11/14/2011=?ISO-8859-1?Q?Fission=20to=20Commence=2025,000m,=20=247=2E3...
10/27/2011Uranium Reaction - Namibian mine raises investor concern; En...
10/19/2011HAT - Hathor Exploration Ltd=2E - Rio Tinto Bids for Hathor ...
7/27/2011(Patterson Lake)/ESO Patterson Lake South JV ReportsHigh Grade Boulders Up t...
7/6/2011Dundee Capital Markets: Nearing a Discovery at Another Proje...
6/13/2011(Waterbury Lake)to Commence Two Drill $3=2E6 Million Summer Exploration Prog...
3/29/2011(Waterbury Lake)Intersects 14.5m of 7.84% U3O8 on 60m Step-Out
3/1/2011(Waterbury Lake)Discovers New Mineralization Near the Unconformity 1.3 km We...
2/22/2011(Waterbury Lake)Expands J Zone to 203m; Mineralization Extended at New PKB D...
1/4/2011(Waterbury Lake)to Commence Three Drill, $7.9 Million Winter Exploration Pro...
10/13/2010Assays Continue to Confirm High Grade Uranium Mineralization...
9/7/2010J-Zone Vertical Step-Out Intersects 12m of 5.95% U308 at Un...
9/2/2010Fission Energy in another high grade nickel intersection at ...
8/24/2010(Waterbury Lake)Expenditures at Waterbury Lake Double to $30 Million Over Th...
8/17/2010(Waterbury Lake)Western Vertical Step-Out Drilling at Fission's Waterbury La...
8/9/2010(Waterbury Lake)Summer Drill Program Continues to Expand J-Zone to the North...
8/3/2010(Waterbury Lake)First Vertical Step-Out at Fission's Summer Drill Program In...
7/26/2010(Waterbury Lake)Commences Summer Drill Program at J-Zone High Grade Uranium ...
6/30/2010(Waterbury Lake)& KEPCO Agree to Accelerate Exploration at Waterbury Lake: E...
6/24/2010(Davy Lake)Commences Drilling at Davy Lake, Athabasca Basin
6/21/2010(Waterbury Lake)J-Zone High Grade Mineralization Continues to West & Remains...
4/28/2010(Waterbury Lake)Vertical Step Outs Intersect 18m of 1.32% U308 and 8.5m of 1...
4/12/2010(Patterson Lake)And Eso Stake New Uranium Target at Patterson Lake South Joi...
3/4/2010(Waterbury Lake)Intersects 17m of 3.99% U308 Including 7.0m Grading 7.48% U3...
2/24/2010Extends J-Zone as Latest Drilling Intersects 16m & 5.65m of ...
2/22/2010(Waterbury Lake)Intersects 12m of 3.64%U308 Including Mineralization as High...
2/16/2010Intersects 13.5m of Highly Radioactive Mineralization at Unc...
2/9/2010Fission Intersects 4m Zone of High Radioactivity at Unconfor...
3/17/2009(Waterbury Lake)2009 Winter Exploration Program Identifies Two New High Prio...
2/17/2009(Duddridge Lake)Fission and Great Bear Agree to Extension of Duddridge Lake ...
1/14/2009(Waterbury Lake)Drilling Commences at Fission Energy's Waterbury Lake Uraniu...
10/22/2008(Waterbury Lake) Focuses 2009 Exploration Program Plans At Waterbury Lake
9/23/2008(Waterbury Lake)First Phase Drill Program at Waterbury Lake Northeast Identi...
Corporate news of Fission Energy Corporation
4/26/2013Corp=2E Closes Arrangement with Denison Mines Corp=2E and Co...
4/24/2013JV Totals 66m U308 in 2Zones: With 6m @35% in 49=2E5m @6=2E2...
4/23/2013Receives Securityholder Approval of Plan of Arrangement With...
4/22/2013Corp=2E: PLS JV Hits 10=2E5m of 29=2E26% U3O8 Within 53m of ...
4/15/2013Corp=2E: JV Hits 9=2E9m Off-Scale Within 26=2E5m Interval at...
4/10/2013Corp=2E: 23m of High GradeUranium Including 2m of 12=2E4% U3...
4/6/2013Corp=2E: Drilling at Waterbury Expands Mineralization at Wes...
4/3/2013Corp=2E: 4 Step-Outs Hit Off-Scale at PLS=2E Strike of R390E...
4/1/2013Corp=2E: PLS Step-Out Hole at R780E Hits Off-Scale With 70 m...
3/25/2013Corp=2E: PLS JV Hits 34m of 4=2E92% U3O8 in Upper Zone of PL...
3/19/2013Corp=2E: Six Holes Hit "Off =?ISO-8859-1?Q?-Scale=22=20Miner...
3/18/2013=?ISO-8859-1?Q?Fission=20Energy=20Corp=2E:=20780=20Meter=20(...
3/13/2013Corp=2E: 18=2E9m Total "Off-Scale" Radioactivity Within 67=2...
3/7/2013Enters into Definitive Agreement with Denison Mines
2/19/201357.5m of Mineralization At PLS With 11.65m Off-scale On 385m...
2/14/2013Acquires Additional Ground South of PLS
2/7/2013Corp=2E and Alpha Minerals Inc=2E: 2nd Step-Out Hole at PLS ...
1/22/2013Completes C$2 Million Non-Brokered Private Placement
12/7/2012Coverage-VSA Capital
12/5/2012Alpha Minerals Hits 12.5m at 2.49% U3O8 Near Surface At PLS
11/12/2012Step-Out Drilling Hits More "Off-Scale" Radioactivity at PLS
11/12/2012Step-Out Drilling Hits More "Off-Scale" Radioactivity at PLS
11/5/2012Discovery Hole Hits "Off-Scale" Near Surface at PLS
10/16/2012Drills 16=2E5m Grading 1=2E07% U3O8 Including 1=2E5m of 8=2E...
10/9/2012to Resume Drilling Near PLS High Grade Uranium Boulder Field
8/20/2012Hits More "Off-Scale" Radioactivity as J Zone Continues to G...
7/30/2012Reports Final 2012 Winter J Zone Assays
7/24/2012Corp=2E: PLS Results Indicate Presence of Uranium-Rich Syste...
7/18/2012Corp=2E: Three Holes with "Off-Scale" Radioactivity Enhance ...
6/13/2012TSX Venture Exchange Grants Fission Tier 1 Status
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6/4/2012Corp=2E: 40 of 49 Holes Hit =?ISO-8859-1?Q?=20Mineralization...
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2/21/2012Corp=2E: Three Step-Out Holes with "Off-Scale" Radioactivity...
2/8/2012Launches Social Media Program for Investors and Analysts
1/16/2012Announces Preliminary NI 43-101 Resource Estimate at J Zone ...
1/16/2012Commences Expanded $2.76m Winter Program at PLS
1/14/2012Grants Stock Options
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11/16/2011HAT - Hathor Exploration Ltd=2E - $4=2E50/sh bid - Cameco Ju...
11/15/2011Andrew Monk on BNN
11/14/2011Mark Lackey on Cameco's bid for Hathor
11/10/2011Uranium Reaction: IEA report says nuclear energy is "vital";...
10/24/2011(Patterson Lake)Corp=2E: Trenching Begins atHigh Grade Boulder Field at Patt...
10/21/2011Rio Tinto bids for Hathor=2E Perhaps Cameco and Rio Tinto sh...
10/20/2011BNN Interview with Rob Chang
10/20/2011Rio Tinto's white knight offer for Hathor improves the outlo...
9/30/2011Uranium Reaction: Russian efforts will makenuclear power saf...
9/22/2011Uranium Reaction - Japan "determined" to =?ISO-8859-1?Q?=20r...
9/16/2011Mickey Fulp: Looking Past the Summer Uranium Doldrums
9/2/2011Takeover Bid May Stabilize or End Uranium's Slide
9/1/2011URANIUM REACTION - Cameco's Bid for Hathor May be the Starte...
9/1/2011FIS - Fission Energy Corporation - On Strike with Hathor's R...
8/30/2011Cameco Bid for Hathor Suggests Higher Valuation for Fission
8/26/2011=?ISO-8859-1?Q?Fission=20Energy=20Corp=2E=20-=20(FIS/TSXV,=2...
8/26/2011Versant Partners - Cameco Goes Hostile for Hathor; Positive ...
8/25/2011URANIUM REACTION: Point of Maximum Pessimism
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7/27/2011"Dundee Capital Markets - New Uranium Discovery=3F Boulder A...
7/26/2011Dundee Capital Markets "Final Assays of 2=2E27% U3O8 / 7m - ...
7/26/2011(Waterbury Lake)Corp=2E: Waterbury Lake Winter 2011 Drill Assays Delineate J...
7/15/2011Rob Chang of Versant Partners provides his views on Uranium
7/5/2011More "Off-Scale" Radioactive Boulders andMore Claims Located...
6/27/2011Discovers Uranium Boulder Train With "Off-Scale" Radioactivi...
6/22/2011The Energy Report-Rob Chang: Best Uranium Stock to Rebound i...
6/6/2011(Patterson Lake)and ESO Commence Ground Work at Patterson Lake South, Athaba...
5/24/2011Resourcestockdigest - Audio interview with Dun =?ISO-8859-1?...
4/27/2011Winter Drill Program Successfully Expands J Zone to Approx. ...
4/19/2011Acquires an Additional 10% Limited Partnership Interest in t...
3/14/2011Joins OTCQX
3/2/2011Dundee Capital Markets - Uranium Discoveredin 1km Step-out A...
2/16/2011to Evaluate Alternatives at Macusani, Peru
10/14/2010Second Best Hole to Date at Western Limit - 5.55% U308/15.5m
4/10/2010Terminates Duddridge Lake Option Agreement
4/6/2010Latest Vertical Step-Out Drilling Identifies 2.19m "Off-Sca...
3/29/2010Step-Outs Intersect Highly Radioactive Mineralization 140m W...
3/22/2010Hits "Off-Scale" Radioactivity on 3 more Vertical Step-Out H...
3/22/2010Macquarie Equities Research - Looking to 2H10 for a better e...
3/8/2010Drills Four More Vertical Step-Out Holes That Extend the J-Z...
2/22/2010WA nickel-cobalt project advances to prefeasibility
11/12/2008George Sanders & Frank Estergaard Join Fission Energy's Boar...
10/31/2008Release - Fission announces significant progress at WA, SA p...
9/26/2008David Miller Steps Down From Fission's Board Of Directors
9/9/2008Promotes Ross Mcelroy To President And Chief Operating Offic...
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TSX-V (FIS.V)OTHER OTC (FSSIF)
0.950+2.15%0.920+2.22%
TSX-V
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04/29 15:59 0.020
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