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KELOWNA, BRITISH COLUMBIA–(Marketwire – Dec. 5, 2012) – Fission Energy Corp. (“Fission” or “the Company) (TSX VENTURE:FIS)(OTCQX:FSSIF), and its 50% Joint Venture (JV) partner Alpha Minerals Inc. (“Alpha”), are pleased to report assay results from the recently completed drill program (see news release Nov. 15, 2012) on its Patterson Lake South (PLS) Property.
Composited drill hole mineralized intersections include:
The 9 hole 1,631.86m core drilling program focused on the partially tested PL-3B EM Conductor, in addition to other untested parallel east-northeast trending EM conductors, which lie approximately 3.0 km to the east of the high grade uranium boulder field reported in July of last year (see news release July 27, 2011), where multiple boulder assays were recorded as high as 39.6% U3O8.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
“We are extremely pleased with the recent assay results at the PLS discovery that confirm high-grade mineralization within wide intersections at shallow depth. These encouraging results will help direct an aggressive winter program designed to further delineate this zone.”
Composited U3O8 mineralized intervals are summarized below. The 4 mineralized holes show that the uranium is concentrated primarily at the same shallow depth between 57.5m to 92.5m in basement graphitic metapelitic lithology and with continuous substantial widths. Uranium concentration is well developed throughout the mineralized sections with assays being relatively consistent throughout.
PLS Hole Summary
| Hole ID | Grid Line | From (m) |
To (m) |
Interval (m) |
U3O8 (wt%) |
|
| PLS12-017 | No significant mineralization | |||||
| PLS12-018 | No significant mineralization | |||||
| PLS12-019 | No significant mineralization | |||||
| PLS12-020 | No significant mineralization | |||||
| PLS12-021 | No significant mineralization | |||||
| PLS12-022 | 000W | 57.50 | 58.50 | 1.00 | 0.06 | |
| 66.00 | 68.50 | 2.50 | 0.14 | |||
| 70.50 | 79.00 | 8.50 | 1.07 | |||
| 74.00 | 76.50 | 2.50 | 2.63 | |||
| 168.50 | 169.00 | 0.50 | 0.06 | |||
| PLS12-023 | 000W | 63.09 | 64.50 | 1.41 | 0.31 | |
| 66.50 | 76.00 | 9.50 | 0.27 | |||
| 91.00 | 91.50 | 0.50 | 0.08 | |||
| PLS12-024 | 010W | 60.00 | 61.50 | 1.50 | 0.33 | |
| 65.00 | 83.00 | 18.00 | 1.78 | |||
| 65.50 | 78.00 | 12.50 | 2.49 | |||
| 66.50 | 70.00 | 3.50 | 4.33 | |||
| 69.50 | 70.00 | 0.50 | 11.10 | |||
| 91.50 | 92.50 | 1.00 | 0.11 | |||
| PLS12-025 | 010W | 60.50 | 83.00 | 22.50 | 0.40 | |
| 77.50 | 81.53 | 4.03 | 0.85 | |||
| 85.50 | 86.00 | 0.50 | 0.07 | |||
Planning for an aggressive winter 2013 drilling program is underway to carry out additional core drilling to further define and identify the mineralized area established by these results. Details of the program will be released upon JV program approval.
Updated maps with drill hole locations and assay results showing zones of uranium mineralization have been posted to Fission’s corporate website and can be referenced at http://www.fission-energy.com/s/pattersonlakesouth.asp.
Drill core samples were analyzed by SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which included a 63 element ICP-OES, uranium by fluorimetry (partial digestion).
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, (>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 and with resource of approximately 88M lbs of U3O8.
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.
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