| April 25, 2012 |
| Fission Energy: Drilling Intersects Significant Basement Mineralization at PLS |
KELOWNA, BRITISH COLUMBIA--(Marketwire - April 25, 2012) - Fission Energy Corp. ("Fission" or "the Company) (TSX VENTURE:FIS)(OTCQX:FSSIF) and its 50% Joint Venture (JV) partner ESO Uranium Corp ("ESO"), are pleased to report that significant anomalous radioactivity has been encountered in drill hole PLS12-016, the final hole of this winter's PLS Property drill program. Hole PLS12-016 intersected multiple intersections of anomalous and variable radioactivity, including 2.50m (136.00m-138.50m) measuring less than 300-799 cps, 7.50m (151.00m-158.50m) of variable radioactivity to a maximum peak of 1725 cps, and 5.00m (177.00m-182.00m) measuring less than 300-378 cps. Hole PLS12-016 was collared 823m east of Hole PLS12-013 (19.50m of anomalous radioactivity; 154-368 cps; see press release dated April 18, 2012) along an EM conductor identified from the property-scale 2012 airborne VTEM survey to the west of Patterson Lake. A weakly anomalous intermittent radiometric anomaly was identified in the overburden, extending into the basement, from 55.00m to 76.00m. Increasingly moderate to strong clay alteration in the basement rock below the overburden/unconformity interface (57.10m) was encountered intermittently from 111.60m to 210.10m. The radioactivity is associated with graphitic pelitic basement rocks, with intervals of quartz veining, clay gouge and semi-massive pyrite.
Two additional drill holes, PLS12-014 and PLS12-015, drilled along the same EM conductor, both intersected variable narrow intervals of weakly anomalous radioactivity. Hole PLS12-015 encountered increasingly strong alteration below the overburden/unconformity interface (96.20m) from 100.80m to 121.10m, and encountered Cretaceous clastic sediments at a depth of 94.50m. These sediments may have been excavated from basement rocks and deposited in much younger rocks above the basement, suggesting that the source of the uranium boulder field may be nearby.
Overall, the three drill holes show anomalous radiometric anomalies with associated alteration along 823m of strike on the same EM conductor. These anomalies present a very significant and encouraging target for follow-up drilling to be carried out by a planned summer drill program. With the completion of holes PLS12-014, 015 and 016, the 2174.3m drill program, which began on the PLS Property in February, has concluded. Drilling tested several favorable basement bedrock targets, as interpreted from airborne and ground geophysics beneath the glacial/sedimentary cover to the "up-ice" area to the east-northeast of the high-grade uranium boulder field identified in June 2011.
The JV's winter drill program appears to have successfully refined the boundaries of the uranium boulder field source target area to the west of Patterson Lake with the results from the previously reported Hole PLS12-013 and the latest results for Hole PLS12-16 providing a meaningful indicator for identifying the potential high-grade mineralized source of the uranium boulder field. Planning is underway for follow-up drilling of this anomalous area located along a significant east-west trending EM conductor, which, to date, has only been partially tested, in addition to introducing sonic-RC drilling, designed to further define and delineate the anomalous till layer which hosts the high-grade uranium boulders.
Table 1: Drill Hole Summaries for PLS12-016,015,014
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(i) Mineralization
(greater than 300 cps / 0.5M Uncon-
minimum) Clay form-
-------------------------------- Alteration ity Total
Hole Grid From - Width CPS From - Depth Depth
ID Line Az Dip To (m) (m) Max Peak To (m) (m) (m)
----------------------------------------------------------------------------
less than
136.00-138.50 2.50 300-799
less than
151.00-158.50 7.50 300-1725
PLS12 less than 111.60-
-016 6200E 0 -90 177.00-182.00 5.00 300-378 210.10 57.10 224.60
----------------------------------------------------------------------------
Weakly
PLS12 anomalous 100.80-
-015 5525E 0 -90 radioactivity (ii) (ii) 121.10 96.20 189.20
----------------------------------------------------------------------------
Weakly No
PLS12 anomalous significant
-014 5390E 0 -90 radioactivity (ii) (ii) alteration 99.50 185.50
----------- ----------------------------------------------------------
(i) Drill holes measured with Exploranium GR-110 total count Super Gamma-Ray
Scintillometer
(ii) (although holes 14 and 15 did not show radiometric values greater than
300cps in hand held scint, the down-hole probe showed weak radioactivity in
hole 14 from 150.87m - 155.82m (max 825 cps) and 174.07m - 174.82m (max 908
cps), and in hole 15 from 94.59m - 96.54m (max 12) and 103.49 - 115.39 (max
1483 cps) and 153.04m - 154.14m (max 3234...associated with an interval
showing 100% core loss over 0.90m)
Updated drill location maps and can be found on the Company's website at http://www.fission-energy.com/s/Pattersonlakesouth.asp.
Assay results will be announced when available.
All holes were radiometrically surveyed with a 2PGA-1000 natural gamma probe.
Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using handheld Exploranium GR-110 total count Super 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.
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. | |