Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

March 29, 2010 08:30 ET

Fission Step-Outs Intersect Highly Radioactive Mineralization 140m West of the "J-Zone" at "Highland" & 70m East of the "J-Zone"

KELOWNA, BRITISH COLUMBIA--(Marketwire - March 29, 2010) - 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 (>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˚ azimuth and -52˚ dip to a total depth of 455.0m. The unconformity was intersected at 252.16m. Intermittent zones of anomalous radioactivity (>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 >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.

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