Fission, the Operator, Hits 4m of 20.73% U3O8 at the Discovery Zone (R00E) Within 22m of 4.8%
KELOWNA, BRITISH COLUMBIA -- (Marketwired) -- 05/16/13 -- FISSION URANIUM CORP. (TSX VENTURE: FCU) (the "Company" or "Fission"), the operator, and its 50% Joint Venture partner Alpha Minerals Inc., are pleased to report assay results from another nine holes in the R00E zone at its Patterson Lake South (PLS) Property. The assays show a continuous area of broad uranium mineralization at shallow depth. Of particular note is hole PLS13-043 which returned an interval of 22.0m at 4.8% U3O8. With a Grade x Thickness (GT) value of 105.6, this represents the best mineralized interval result to date from the R00E Zone.
These results are part of the recently completed Winter Drill program at PLS. They expand upon and delineate the R00E assay results previously reported (see news release dated April, 10 2013) that outline a broad zone of uranium found at shallow depth.
Highlights include:
-- Hole PLS13-043 (line 045W) intersected:
-- 22m (67.5m-89.5m) of 4.8% U3O8 including:
-- 4m (83.5m-87.5m) of 20.73% U3O8
-- Hole PLS13-052 (line 015E) intersected:
-- UPPER ZONE
-- 10.5m (62.0m-72.5m) of 0.87% U3O8, including:
-- 3.5m (62.5m-66.0m) of 2.01% U3O8 (78.0m - 91.0m)
-- LOWER ZONE
-- 18m (75.5m-93.5m) of 3.56% U3O8, including:
-- 4.5m (84.0m-88.5m) of 11.95% U3O8
-- Hole PLS13-049 (Line 060W) intersected:
-- 18.5m (64.5m-83.0m) of 1.93% U3O8, including:
-- 2.5m (70.0m-72.5m) of 8.04% U3O8
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"22 metres at 4.8%... 4m at 20.73%... these are superb intersections and are similar to some of the results we've seen at R390. They make it very clear that R00E is a high grade zone. R00E is the shallowest of our three discovery zones and it remains open in all directions. Great results and a big step forward for PLS."
R00E Zone
Assays reported the nine holes in this news release represent close spaced delineation drilling on lines 045W, 060W and 015E of the R00E zone. Interpretation thus far shows mineralization to be primarily focused in a footwall steeply south dipping package of E-NE trending pelitic gneiss, sandwiched between a semi-pelitic rock to the north and a quartz-feldspar gneiss to the south. Delineation drilling has also shown mineralization to cross lithological boundaries into the footwall and hanging wall adjacent the pelitic gneiss. This lithologic package appears to be parallel along strike to the approx. 073 degrees oriented basement EM conductor identified from airborne and ground geophysics surveys.
As was the case with previous drill results from the R00E zone, the main mineralized horizon appears to be structurally controlled and generally flat lying within the pelitic (+/- graphite) unit, with the upper level of the mineralized zone occurring at or near the top of the Archean basement rocks, either within or immediately below a thin veneer or Devonian sandstone (see cross-sections L060W, L040W and L015E). Mineralization has been traced northward extending into the semi-pelitic package on sections L025W, 040W and 060W) and remains untested on the other sections.
Composited U3O8 mineralized intervals are summarized in Table 1 below. Samples from the drill core are split in half on site. Most samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to the laboratory for analysis and the other half remains on site for reference. All intersections are down-hole, core interval measurements and true thickness are yet to be determined.
Table 1
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Zone Hole ID Grid Line From (m) To (m) Interval (m) U3O8 (wt%)
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R00E PLS13-039 045W 75.50 76.00 0.50 0.06
125.50 128.50 3.00 0.10
161.50 162.00 0.50 0.12
223.00 223.50 0.50 0.05
224.00 224.50 0.50 0.07
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PLS13-043 045W 63.50 65.00 1.50 0.99
67.50 89.50 22.00 4.80
83.50 87.50 4.00 20.73
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PLS13-045 045W 64.00 85.00 21.00 0.23
88.00 89.00 1.00 0.07
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PLS13-047 060W 64.50 68.00 3.50 0.18
105.00 105.50 0.50 0.12
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PLS13-049 060W 64.50 83.00 18.50 1.93
70.00 72.50 2.50 8.04
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PLS13-050 060W 63.50 65.00 1.50 0.07
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PLS13-052 015E 62.00 72.50 10.50 0.87
62.50 66.00 3.50 2.01
75.50 93.50 18.00 3.56
84.00 88.50 4.50 11.95
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PLS13-054 015E 68.00 79.50 11.50 0.28
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PLS13-056 015E 62.50 71.50 9.00 0.16
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Description of Assay Drill Results by Section Line
Line 040W - Four drill holes (PLS13-039, 041, 043 and 045) successfully delineated the width of mineralization over 30m. The drill holes were all collared vertical on a 10m spacing. Several assay results from hole PLS13-041 are still has outstanding and have yet to be received from the lab, and will be reported once received. The best results were returned from hole PLS13-043, which intersected a narrow upper zone (63.5m - 65.0m) and a wider lower zone (67.5m - 89.5m) which returned intervals grading 0.99% U3O8 over 1.5m and 4.8% U3O8 over 22.0m respectively, including a high grade section of 4.0m @ 20.73% U3O8.
Line 060W - Three drill holes (PLS13-047, 049 and 050) successfully delineated the width of mineralization over 20m. The drill holes were all collared vertical on a 10m spacing. The best results were returned from hole PLS13-049, which intersected a wide interval (64.5m - 83.0m) grading 1.93% U3O8 over 18.5m. Holes PLS13-047 and 050 drilled 10m south and 10m north of 049 respectively, intersected narrow weakly mineralized zones, but still show the system to be open both to the south and to the north.
Line 015E - Three drill holes (PLS13-052, 054 and 056) successfully delineated the width of mineralization over 20m. All 3 holes were collared at angles of -71 degrees to -72 degrees at azimuths to the NNE. All 3 holes intersected well developed zones of mineralization over several meters width, with the best results returned from hole PLS13-052. Hole 052 intersected an upper zone (62.0m - 72.5m) grading 0.87% U3O8 over 10.5m and a lower zone (75.5m - 93.5m) grading 3.56% U3O8 over 18.0m, including a high grade core of 4.5m @ 11.95% U3O8.
The 46-hole 2013 winter drill program is now complete, and further assays will be released as received.
The R00E Zone is open in all directions and additional drilling is required to continue to delineate the mineralized area.
Split core samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which includes a 63 element ICP-OES, uranium by fluorimetry (partial digestion), and boron. Samples within mineralized intervals and any samples which return greater than 500ppm U, are assayed for weight % U3O8, as well as fire assayed for gold. Further assay results will be released when received.
Patterson Lake South Property
The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Uranium Corp. and Alpha Minerals Inc (AMW). Fission Uranium Corp 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, (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. Updated maps and assay table for the R00E zone Fission Uranium Corp's website at http://www.fissionuranium.com/projects/patterson-lake-south-sk/.
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 Uranium Corp., a qualified person.
FISSION URANIUM 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 Uranium Corp's Common Shares are listed on the TSX Venture Exchange under the symbol "FCU".
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.
Contacts:
Fission Uranium Corp.
Rich Matthews
Investor Relations
TF: 877-868-8140
ir@fissionuranium.com
www.fissionuranium.com