Fission Energy Corp.: Six Holes Hit "Off-Scale" Mineralization to Expand Discovery (R00E) Zone to 80m at PLS
March 19 2013 - 7:30AM
Marketwired Canada
FISSION ENERGY CORP. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission" or "the
Company"), and its Joint Venture partner Alpha Minerals Inc. are pleased to
announce results from 10 additional step-out drill targets in the R00E zone at
the Patterson Lake South (PLS) property. All 10 holes intersected anomalous
radioactivity, with 8 holes intersecting significant mineralization including 6
holes intersecting variable amounts of off-scale radioactivity.
The R00E zone has now been traced for greater than 80m of strike length at
shallow depth from PLS13-049 (L060W) to the west to PLS13-052 (L015E) to the
east, and up to 50m wide (L025W). The zone remains open along strike and width.
Drilling Highlights include:
-- PLS13-052 (L015E) intersected 31.5m of weak to strong mineralization
with 5.95m of off-scale (greater than 9999 cps) radioactivity:
mineralization starting at 62m
-- PLS13-043 (L040W) intersected 26.5m of weak to strong mineralization
with 4.63m of off-scale (greater than 9999 cps) radioactivity:
mineralization starting at 63m
-- PLS13-041 (L040W) intersected 19.0m of weak to strong mineralization
with 4.15m of off-scale (greater than 9999 cps) radioactivity:
mineralization starting at 63m
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"Robust mineralized intervals within the R00E zone continue to extend the strike
length and width of the mineralization as well as further define its
consistently shallow depth. As the R00E zone remains open laterally along strike
and width, step-out drilling is ongoing as we continue to explore the very
encouraging size and significance of this mineralized zone."
R00E Zone
Close spaced delineation drilling was completed on lines L040W, L060W and L015E
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.
Description of Drill Results by Section Line
L040W - 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. The best results were returned from hole PLS13-043, drilled
10m south of hole PLS13-041 which intersected 26.5m of weak to strong
radioactive mineralization (63.0m to 89.5m), including 4.63m of off-scale
(greater than 9999 cps) in several discrete intervals throughout. PLS13-041
intersected weak to moderate mineralization in a 5.5m interval (63.0m - 68.5m)
and weak to strong mineralization in a 19.0m interval (72.0m - 91.0m), including
4.15m of off-scale (greater than 9999 cps) radioactivity in several discrete
intervals throughout. Hole PLS13-045 collared 10m to the north of PLS13-041,
intersected a 25.0m interval of weak to locally strong mineralization (64.0m -
89.0m), including a narrow 0.13m wide interval of off-scale (greater than 9999
cps) radioactivity. Hole PLS13-039 drilled 10m to the south of hole 043
intersected two narrow zones of weak mineralization (125.0m - 128.5m and 161.5m
- 163.5m respectively). Two intervals that show as mineralized zones from the
down-hole gamma probe survey (65.9m to 66.7m and 72.3m to 75.3m) were washed
away as the inspected drill core from these intervals did not reveal correlating
radioactivity and mineralization.
L060W - 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 19.0m interval of weak to strong (64.5m - 83.5m) including 3.35m
of off-scale (greater than 9999 cps) radioactivity in several discrete intervals
throughout. Hole PLS13-047 was collared 10m to the south of hole PLS13-049 and
intersected two intervals of weak radioactivity (64.0m - 68.5m and 105.0m -
107.0m respectively). Hole PLS13-050 was collared 10m north of PLS13-049 and
intersected a narrow 1.0m wide interval (63.5m - 64.5m) of weak mineralization.
L015E - 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 (see Table 1 for collar details).
PLS13-052 intersected weak to strong mineralization over a 31.5m interval (62.0m
- 93.5m) including 5.95m of off-scale (greater than 9999 cps) in several
discrete intervals throughout. Hole PLS13-054, collared 10m grid south of
PLS13-052 intersected weak to locally strong mineralization over an 11.5m
interval (68.0m - 79.5m), including a narrow interval (0.27m) of off-scale
(greater than 9999 cps) radioactivity. Hole PLS13-056 drilled 10m to the north
of PLS13-052 intersected a 9.5m wide interval of weak to moderate mineralization
(62.5m - 72.0m).
Table 1: DDH Summary - R00E Zone
----------------------------------------------------------------------------
(i) Hand-held Scintillometer Results
On Mineralized Drillcore
(greater than 300 cps / greater than 0.5M
Collar minimum)
------------------------------------------------------------------
CPS
Grid From To Width Peak
Hole ID Line Az Dip (m) (m) (m) Range
----------------------------------------------------------------------------
PLS13-039 040W 0 -90 125.0 128.5 3.5 500 - 1600
161.5 163.5 2.0 less than 300 - 500
----------------------------------------------------------------------------
PLS13-041 040W 0 -90 63.0 68.5 5.5 less than 300 - 2200
less than 300 -
72.0 91.0 19.0 greater than 9999
----------------------------------------------------------------------------
less than 300 -
PLS13-043 040W 0 -90 63.0 89.5 26.5 greater than 9999
----------------------------------------------------------------------------
less than 300 -
PLS13-045 040W 0 -90 64.0 89.0 25.0 greater than 9999
----------------------------------------------------------------------------
PLS13-047 060W 0 -90 64.0 68.5 4.5 310 - 1500
105.0 107.0 2.0 250 - 750
----------------------------------------------------------------------------
less than 300 -
PLS13-049 060W 0 -90 64.5 83.5 19.0 greater than 9999
----------------------------------------------------------------------------
PLS13-050 060W 0 -90 63.5 64.5 1.0 330 - 700
----------------------------------------------------------------------------
less than 300 -
PLS13-052 015E 24 -72 62.0 93.5 31.5 greater than 9999
----------------------------------------------------------------------------
330 - greater than
PLS13-054 015E 15 -71 68.0 79.5 11.5 9999
----------------------------------------------------------------------------
PLS13-056 015E 23 -71 62.5 72.0 9.5 less than 300 - 3600
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basement Total
Sandstone Unconformity Drillhole
Hole ID From - To (m) Depth (m) Depth (m)
----------------------------------------------------------------------------
PLS13-039 60.4 - 63.2 63.2 279.5
----------------------------------------------------------------------------
PLS13-041 59.0 - 64.0 64.0 197.2
----------------------------------------------------------------------------
PLS13-043 57.0 - 63.6 63.6 197.2
----------------------------------------------------------------------------
PLS13-045 61.8 - 64.6 64.6 182.0
----------------------------------------------------------------------------
PLS13-047 59.8 - 64.2 64.2 246.0
----------------------------------------------------------------------------
PLS13-049 59.7 - 66.2 66.2 209.4
----------------------------------------------------------------------------
PLS13-050 61.0 - 64.5 64.5 233.8
----------------------------------------------------------------------------
PLS13-052 58.6 - 62.8 62.8 194.2
----------------------------------------------------------------------------
PLS13-054 65.8 - 66.2 66.2 200.3
----------------------------------------------------------------------------
PLS13-056 58.5 - 64.5 64.5 197.2
----------------------------------------------------------------------------
(i) Scintillometer Instrument: GR-110G
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. Borehole radioactivity is measured downhole
using a Mount Sopris 2GHF-1000 Triple Gamma probe. 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. The degree of radioactivity within the
mineralized intervals is highly variable and associated with visible pitchblende
mineralization. All intersections are down-hole, core interval measurements and
true thickness are yet to be determined.
An ongoing field program is in progress. This includes approximately 8000m of
core drilling to further delineate and define the mineralized region identified
during the summer 2012 program. As well, a Moving Loop Time Domain
Electro-Magnetic survey (MLTDEM) was completed on this trend to assist in
resolving the geophysical conductors and interpretive structural information.
This survey will be used to identify prospective drill targets in the immediate
area of mineralization and further along strike.
All holes are planned to be radiometrically surveyed using a Mount Sopris
2GHF-1000 Triple Gamma probe, which allows for accurate measurements in high
grade mineralized zones. The Triple Gamma probe is preferred in zones of high
grade mineralization.
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 and boron. 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 Energy
Corp. and Alpha Minerals Inc (AMW). Fission 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 highlighting
the core drilling programs planned for PLS as well as scintillometer tables,
up-hole triple gamma logs and cross sections can be found on the Company's
website at http://www.fission-energy.com/s/pattersonlakesouth.asp.
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
FOR FURTHER INFORMATION PLEASE CONTACT:
Fission Energy Corp.
Rich Matthews
Investor Relations
TF: 877-868-8140
ir@fission-energy.com
www.fission-energy.com
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