Fission Energy ("Fission" or "the Company") (TSX VENTURE: FIS)
announces that WAT10-092A, an angled step-out hole located
approximately 140m west of the "J-Zone" hole WAT10-087, and
WAT10-094A, a vertical step-out, located approximately 75m east of
the "J-Zone" near the property boundary, have both intersected
highly radioactive mineralization. A narrow 0.20m intercept of "off
scale" radioactivity (greater than 9,999 cps) was identified in
hole WAT10-094A. More importantly, these two drill holes have
identified mineralization 300m apart, on either side of the
"J-Zone" from east to west.
Drill Hole Summary
Hole WAT-092A, an angled step-out to the west, was collared at
130 degrees azimuth and -52 degrees dip to a total depth of 455.0m.
The unconformity was intersected at 252.16m. Intermittent zones of
anomalous radioactivity (greater than 300 CPS) beginning just above
the unconformity were intersected between 251.0m to 307.5m, as
shown below:
-- 251.0m - 253.0m: up to 680 CPS
-- 263.0 - 265.5m: up to 3,005 CPS
-- 273.0 - 274.0m: up to 900 CPS
-- 280.5 - 281.0m: up to 1,200 CPS
-- 303.5 - 307.0m: up to 7,580 CPS
Mineralization is associated with hematized and fractured
intervals within a pelitic gneiss, which was encountered from the
unconformity to 334.2m. Basement rocks found below this level to
the bottom of the hole (455.0m) are comprised of a quartz-feldspar
gneiss. Further drilling will be required to define this
significant new discovery, which is located on the eastern flank of
the "Highland" resistivity low anomaly, defined by recent ground IP
geophysics. The new Highland discovery reaffirms Fission's belief
that the 3 km long East-West Corridor, extending west from the
J-Zone, has significant potential for multiple occurrences of high
grade uranium mineralization.
Hole WAT-094A is a-vertical step-out drilled 75m east of
"J-Zone" discovery hole WAT10-063A (10.5m of 1.91% U308 including
1.0m grading 13.87%; see news release dated February 11, 2010).
Hole WAT10-094A is located approximately halfway between the
"J-Zone" and the "Roughrider Zone", which lies 140m to the east.
This drill hole was completed to a depth of 296.0m and the
unconformity was intersected at 201.1m. Below the unconformity,
significant anomalous radioactivity within a strongly clay altered
pelitic gneiss was identified over 6m from 208.0m-214.0m, with a
2.5m interval (209.0m-211.5m) exhibiting highly radioactive
mineralization, ranging from 1,476 cps to greater than 9,999 cps,
and including a 0.20m intercept of "off-scale" radioactivity. A
second, 2m wide radioactive zone was intersected from 222.5m -
224.5m, with peaks up to 6000 cps.
Fission is highly encouraged by these latest two widely
separated step-out holes, which have intersected mineralization
almost 300m apart. While the J-Zone's current east-west mineralized
strike length is approximately 80m and 40m wide, north-south, the
potential for extending the strike length, in addition to
delineating mineralization at the new Highland discovery further to
the west, have clearly been demonstrated.
Two new maps updating the J-Zone, the WAT10-094A, the vertical
step-out to the east and the new Highland Zone discovery, and a
regional map of Waterbury Lake have been posted to the website. In
addition, an updated table summarizing the Drill Core Hand-Held
Scintilometer Readings can be found on the Company's website at
http://www.fission-energy.com/s/WaterburyLake.asp.
Fission's winter 2010 drill program at Waterbury Lake is
expected to conclude by the end of March. Additional results and
assays are pending. A summer program is being planned. Further
details will be provided when available.
All holes were radiometrically surveyed with a Mount Sopris 2GHF
Triple Gamma probe. The triple gamma probe uses both a Na-I
scintillation crystal and a ZP1320 High-Flux Geiger-Mueller tube
pair, which allows better resolution in strongly radiometric
intervals.
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. 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, platinum and palladium. All samples
sent for analysis will include a 63 element ICP-OES, uranium by
fluorimetry (partial digestion) and boron. Chemical results will be
released when received. Further updates will be provided.
The Company also announces that the bought deal private
placement originally announced on March 9, 2010 has been increased
by approximately $500,000. The flow-through portion of the
financing will increase from 2,110,000 to 2,640,000 flow-through
shares at $0.95 per share; the remaining terms of the private
placement will stay the same.
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
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE.
Contacts: Fission Energy Corp. Bob Hemmerling Investor Relations
TF: 877-868-8140 info@fission-energy.com www.fission-energy.com
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