Fission Expands High Grade Boulder Field by 2.35km at PLS: Assays Pending
KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2012) - FISSION ENERGY CORP. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission" or "the Company"), and its Joint Venture partner ESO Uranium Corp. announce that recent field work on their PLS (Patterson Lake South) Property, located in the south-west margin of Saskatchewan's Athabasca Basin, has significantly expanded the area of the high-grade uranium boulder field discovered in 2011 (see new release June 27, 2011). The latest results include several samples with "off-scale" radioactivity (greater than 9,999 counts per second (cps) measured by a hand held Exploranium GR-110G total count gamma-ray scintillometer) that extend the area a further 2.35km to the south-west as well as 0.8km to the west at the northern extent of the boulder field (a map highlighting the Radiometric Prospecting Update can be found on the Company's website at http://www.fission-energy.com/s/pattersonlakesouth.asp).
A total of 40 anomalous surficial glacial transported rocks ranging in size from 1cm to 45cm have been identified by recent prospecting around and away from the currently delineated boulder field, with 43% (17) measured as "off-scale". Fourteen highly anomalous samples, including 4 measuring "off-scale" have been found in the extension 2.35km to the southwest of the current southern delineated extent of the boulder field. Assays are pending. The new discoveries are a result of ground follow-up of a recently completed high resolution radiometric / magnetic airborne survey which covered additional ground of 20,488 ha (11 mineral claims) acquired after the initial high-grade boulder field discovery in June 2011 (see news release dated February 15, 2012).
Ross McElroy, President, COO, and Chief Geologist for Fission, commented, "The discovery of additional strongly radioactive rocks in a new area is an exciting development. It represents a significant expansion of the high grade boulder field we discovered last year and has occurred at a time when our previous winter drilling program has also been delivering promising results."
An ongoing field program is in progress. This includes 8-holes, 1,600m of core drilling following up geophysics and geologic targets, including the prospective PL-3B conductor, as well as 12-holes, 1440m of dual rotary (DR) drilling evaluating overburden near the boulder field. (see news release October 9, 2012). The drill programs are following up on results from the previous winter's field program which have provided evidence supporting the team's belief that a large uranium-rich alteration system may be present in this largely unexplored area.
Patterson Lake South Property
The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Energy Corp. and ESO Uranium Corp. (ESO). 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. An updated map highlighting the core and dual rotary drilling programs planned for PLS 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.
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
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Fission Energy Corp.