| January 16, 2012 |
| Fission Commences Expanded $2.76m Winter Program at PLS |
KELOWNA, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2012) - Fission Energy Corp. ("Fission or "the Company") (TSX VENTURE:FIS)(OTCQX:FSSIF) and its 50% Joint Venture (JV) partner, ESO Uranium Corp., are pleased to announce that an expanded $2.76M, 33 hole winter drill and geophysical program has commenced at their PLS Property. The winter exploration program has been designed to follow-up the inital 838m drill program that began in November, 2011 (see news releases dated November 9, 2011 and December 14, 2011, in addition to the update provided below). The newly expanded program will include Sonic and/or RC Drilling, Core Drilling and Airborne and Ground Geophysics.
Ross McElroy, Fission's President and COO, commented, "We are pleased with the progress made at the PLS Property since the discovery of the high grade uranium boulder field last summer. After a detailed review of the work completed to date, the JV decided to significantly expand the budget for 2012 and has begun allocating additional time and resources to further advance this project."
PLS November 2011 Drill Program Update:
The initial PLS drill program, which began in November 2011, tested 75 - 108 meters (m) of overburden through to the basement rocks on the "up-ice" side of the high grade uranium boulder field discovered in June 2011, in an effort to locate radioactive till sheets in the overburden and to determine the extent of Cretaceous on-lap over the basement rocks.
Seven vertical drill diamond holes (PDD11-01 to 07) totalling 838m using HWT and NW casing through the overburden were completed and surveyed with a Mount Sopris downhole 2PGA-1000 Gamma/SP probe (see Table 1). Background radioactivity in the overburden ranged from 0 to 20 cps. Drill holes PDD11-06 and 07 showed anomalous radioactivity in overburden intersections from 64.4m to 70.0m (maximum peak of 400 cps) and from 49.6m to 58.2m (maximum peak of 90 cps), respectively. PDD11-07 was located between PDD11-006 and the area of radioactive boulders trenched in October, 2011. The shallower depth of the anomalous radioactivity in hole 07 could be consistent with a semi-continuous till sheet dipping to the northeast towards a possible up-ice bedrock source for the uranium boulders. Hole PDD11-003 intersected graphitic metapelitic basement rocks. It is significant to note that the unconformity was intersected 10-20m deeper than nearby adjacent holes PDD11-02 and 04, which may reflect a basement fault off-set. Basement faulting and graphitic metapelites are often seen as key indicators associated with structurally controlled uranium mineralization within and on the margin of the Athabasca Basin. Further drilling, to be undertaken as part of the expanded winter 2012 exploration program, will be required to determine if these initial results represent an intersection of the radioactive till sheet being sought.
Table 1: INITIAL PLS DRILL PROGRAM NOV-DEC 2011
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(i) Anomalous Radioactive
Overburden (greater than
80 cps)
Drill Hole Unconf- ------------------------
---------------- ormity CPS Total
Depth Altered Basement From-To Width Max Depth
Hole ID Az Dip (m) Regolith Lithology (m) (m) Peak (m)
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PDD11-01 0 -90 85.4 - Granitic - - - 107.6
Gneiss
PDD11-02 0 -90 75.0 - Granitic - - - 111.0
Gneiss
PDD11-03 343 -83 93.0 - Graphitic - - - 120.0
metapelite
PDD11-04 0 -90 96.4 - Granulite - - - 117.0
PDD11-05 0 -90 87.7 87.7-103.6 Granulite - - - 132.0
PDD11-06 0 -90 108.0 108.0-EOH Gneiss 64.4-70.0 5.6 400 133.1
PDD11-07 0 -90 107.9 107.9-EOH Gneiss 49.6-58.2 8.6 90 107.9
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Core samples from basement rocks and clay alteration samples were collected and have been sent to SRC for multi-element analysis and Northwind Resources Ltd. for Pima spectral analyses to determine select clays and associated minerals for comparison with typical alteration assemblages associated with uranium mineralization in this geological setting.
Fission is Operator of the PLS exploration project, which is a 50%/50% Joint Venture held with ESO Uranium Corp. (ESO). PLS is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, (greater than 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
Each drill hole is surveyed downhole for radioactivity with a Mount Sopris 2PGA-1000 Gamma/SP probe. Samples have been submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which include a 63 element ICP-OES, uranium by fluorimetry (partial digestion). Assays will be reported when available.
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.
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.
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".
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. | |