Fission Drills 19.5m of Anomalous Radioactivity Pls Property
KELOWNA, BRITISH COLUMBIA -- (Marketwire) -- 04/18/12 -- Fission Energy Corp. (TSX VENTURE: FIS)(OTCQX: FSSIF) ("Fission" or "the Company), and its 50% Joint Venture (JV) partner ESO Uranium Corp ("ESO"), are pleased to report that significant and continuous anomalous radioactivity has been encountered during this winter's PLS Property drill program. The anomalous radioactivity occurs within drill hole PLS12-013, which is the thirteenth hole of a planned 16 hole, 2,100m drill program. Hole PLS12-013, targeted along an EM conductor identified from the property scale 2012 airborne VTEM survey (see news release Feb 15, 2012), to the west of Patterson Lake, intersected a broad 19.5m wide interval (94.5m-114.0m) of anomalous radioactivity (154 to 368 cps), as measured by a hand held Exploranium GR-110 total count Super Gamma-Ray Scintillometer, in the basement rock below the overburden interface (93.71m). Strong green-black secondary chlorite alteration in associated weak to moderate clay altered quartz-feldspar-biotite gneiss basement was observed. Further drilling in this area is planned.
In February 2012 a 2,100m drilling program began on the Patterson Lake South property, testing favorable basement bedrock 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.
Overall, the initial results summarized in Table 1 are highly encouraging. The JV has demonstrated that geophysics modelling and limited drilling completed to date has successfully identified favourable basement lithology (metasedimentary rock units), structure (fault zones) and alteration (secondary clay alteration), all which are important and necessary geological criteria for hosting high grade uranium mineralization. Drilling has further refined the boundaries of the uranium boulder field source target area to the west of Patterson Lake with the results from Hole PLS12-013 providing a meaningful indicator for identifying potential high grade mineralization.
Table 1: PLS Hole Summary
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(i) Mineralization (greater
than 300 cps / 0.5M minimum) Uncon-
----------------------------- Clay form-
CPS Alteration ity Total
Grid Width Max From - To Depth Depth
Hole ID Line Az Dip From - To (m) (m) Peak (m) (m) (m)
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PLS12- no significant
001 480W 0 -90 mineralization 97.7 - 108.8 66.1 123.4
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PLS12- no significant
002 270W 0 -90 mineralization 51.3 - 57.8 49.1 133.2
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PLS12- no significant
003 510W 0 -90 mineralization 60.9 - 68.8 59.8 114.9
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PLS12- no significant
004 270W 0 -90 mineralization 87.0 - 91.9 51.8 142.3
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PLS12- no significant
005 510W 0 -90 mineralization 90.5 - 94.9 53.8 124.1
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PLS12- no significant
006 510W 0 -90 mineralization 63.0 - 65.2 58.1 123.1
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PLS12- no significant
007 510W 0 -90 mineralization none 51.0 105.8
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PLS12- no significant
008 510W 0 -90 mineralization 51.9 - 62.4 47.9 96.6
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PLS12- no significant
009 510W 0 -90 mineralization none 75.2 151.5
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Hole Abandoned
PLS12- due to techni-
010 510W 0 -90 cal reasons N/A N/A 50.9
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PLS12- no significant
011 510W 0 -90 mineralization 63.1 - 68.9 57.0 87.5
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PLS12- no significant 118.8 -
012 510W 0 -90 mineralization 120.5 80.0 130.2
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PLS12- 154 - 111.1 -
013 510W 0 -90 94.5 - 114.0 19.5 368 118.4 93.7 192.0
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(i) Exploranium GR-110 total count Super Gamma-Ray Scintillometer
Planning is underway to carry out Sonic-RC drilling during the summer, as well as continued follow-up of the anomalous area identified in the winter 2012 program.
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 hand held 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.
Contacts:
Fission Energy Corp.
Bob Hemmerling
Investor Relations
TF: 877-868-8140
info@fission-energy.com
www.fission-energy.com