Fission Energy Corp.

TSX VENTURE : FIS
OTCQX : FSSIF


Fission Energy Corp.

April 05, 2013 18:10 ET

Fission Energy Corp.: Drilling at Waterbury Expands Mineralization at Western Area of J Zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - April 5, 2013) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS)(OTCQX:FSSIF) and its Limited Partner, the Korea Waterbury Uranium Limited Partnership ("the Waterbury Consortium"), are pleased to announce that the Winter 2013 drill program on its Waterbury Lake property is now complete. A total of 68 drill holes and 11 restarts were completed comprising 21,012.9 meters. The program focused on the delineation and growth of the J Zone. Drilling was segregated into areas A, B and C within the J Zone (see attached map) and the primary objective was expansion of the zone both west and north of the known mineralized area. Area C drill results recorded significant mineralization in several holes, including widths of up to 22.5m (WAT13-346).

Highlights of the program include:

  • 68 drill holes were completed, in a total of 21,012.9 meters
  • Mineralization was found in 35 holes or 51% of the holes in the program
  • All holes were targeted to further delineate and expand the mineralized area of the J Zone covering all 3 areas (Area A, B and C)
  • Area C: WAT13-346 (line 500W) intersected a 22.5m wide interval (196.0m - 218.5m) of weak to strong radioactive mineralization, including a 0.1m interval of off-scale (>9999 cps) radioactivity

J Zone Area A:

Area A is the eastern most section of the J Zone located between lines L120E and L210W. A total of 20 holes were drilled in this region of which 5 were mineralized, intersecting weak to off-scale radioactivity. Drilling in Area A focused on testing for the extension of basement hosted mineralization adjacent to Rio Tinto's Roughrider deposit and further delineating the northern boundary of the J Zone for unconformity associated mineralization.

Area A drill hole highlights:

  • WAT13-359 (line 070E) was drilled along the eastern boundary of the J Zone and intersected a 4.0m wide zone (209.5 - 213.5m) of weak to off-scale basement hosted radioactivity, including a 0.1m interval of off-scale (>9999 cps) radioactivity. Two subordinate zones of weak to moderate basement hosted radioactivity occurred to a depth of 226.5m.
  • WAT13-345 (line 150W) intersected a 12.0m wide zone (184.5 - 196.5m) of weak to moderate uranium mineralization straddling the unconformity (190.0m). This intersection extends the J Zone boundary approximately 10m to the north on line 150W
  • WAT13-373 (line 120W) intersected a 3.0m interval of weak to moderately radioactive basement mineralization 45m to the north of the current delineated boundary. This intersection represents the northernmost mineralized intersection of the J Zone.

Hole Summary for Area A:

Collar * Mineralization
(>300 cps/
1.0M minimum)
Unconformity Total
Area Hole ID Grid
Line
Az Dip From To
(m)
Width
(m)
CPS
Max Peak
Depth
(m)
Depth
(m)
A WAT13-343 135W 186 -79 No Anomalous Radioactivity 210.3 284.0
A WAT13-345 150W 167 -86 184.5 199.5 15.0 <300 - 3300 190.0 260.0
A WAT13-348 105E 178 -86 291.5 295.0 3.5 <300 - 420 197.1 332.0
303.5 306.0 2.5 400 - 3000
A WAT13-351 090E 177 -79 No Anomalous Radioactivity 199.9 290.0
A WAT13-353A 105E 145 -87 No Anomalous Radioactivity 198.4 320.0
A WAT13-356 075E 168 -86 206.5 209.0 2.5 <300 - 353 200.9 263.0
A WAT13-359 070E 174 -80 209.5 213.5 4.0 370 - >9999 203.2 299.0
219.0 220.0 1.0 350 - 420
225.0 226.5 1.5 360 - 980
A WAT13-362 060E 185 -76 No Anomalous Radioactivity 204.1 299.0
A WAT13-365 045E 179 -83 No Anomalous Radioactivity 199.7 299.0
A WAT13-367 045E 167 -75 No Anomalous Radioactivity 209.7 299.0
A WAT13-370 035E 181 -76 No Anomalous Radioactivity 213.9 293.0
A WAT13-372 025E 178 -74 No Anomalous Radioactivity 209.0 299.0
A WAT13-373 120W 181 -77 213.5 216.5 3.0 <300 - 3800 203.9 299.0
221.0 222.0 1.0 312 - 370
A WAT13-375 105W 179 -77 No Anomalous Radioactivity 201.5 299.0
A WAT13-376 000 178 -82 No Anomalous Radioactivity 203.5 329.0
A WAT13-379 085W 172 -81 No Anomalous Radioactivity 198.9 299.0
A WAT13-381 080W 188 -75 No Anomalous Radioactivity 208.5 299.0
A WAT13-384 105W 183 -81 No Anomalous Radioactivity 198.8 299.0
A WAT13-387 150W 180 -81 No Anomalous Radioactivity 195.3 299.0
A WAT13-389B 175W 179 -77 No Anomalous Radioactivity 194.0 299.0

* Scintillometer Instrument: GR-110G

J Zone Area B:

Area B is the central section of the J Zone located between lines 210W and 435W. A total of 18 holes were drilled in this region of which 11 were mineralized.

Drilling in Area B focused on drill testing open areas to the north and south of the J Zone Deposit delineated boundary.

Area B drill hole highlights:

  • WAT13-338 (line 405W) intersected a 5.0m wide interval (199.5 - 204.5m) of weak to strongly radioactive unconformity associated mineralization, including a 0.1m wide interval of off-scale (>9999 cps) radioactivity.
  • WAT13-352A (line 250W) intersected a 19.0m wide zone (204.5 - 223.5 m) of weak to moderate radioactivity straddling the unconformity (206.0 m). This intersection fills in a gap to the south on line 255W.
  • WAT13-398 (line 260W) intersected a 15.0m wide zone (195.5 - 210.5 m) of weak to moderate radioactivity straddling the unconformity (197.0 m). This intersection extends the J Zone boundary to the north on line 255W.

Hole Summary for Area B:

Collar * Mineralization
(>300 cps/
1.0M minimum)
Unconformity Total
Area Hole ID Grid
Line
Az Dip From To
(m)
Width
(m)
CPS
Max Peak
Depth
(m)
Depth
(m)
B WAT13-331 275W 173 -71 230.0 232.0 2.0 380 - 1700 206.9 323.0
B WAT13-333 375W 188 -80 213.0 214.5 1.5 402 - 730 209.9 302.0
B WAT13-336 390W 182 -74 206.5 212.0 5.5 <300 - 428 215.0 299.0
B WAT13-338 405W 174 -76 199.5 204.5 5.0 <300 - >9999 203.5 317.0
B WAT13-347A 225W 186 -81 195.5 202.0 6.5 <300 - 600 197.1 299.0
206.5 210.5 4.0 <300 - 2170
B WAT13-349A 235W 175 -81 207.0 209.5 2.5 <300 - 390 197.3 299.0
B WAT13-352A 250W 174 -80 204.5 223.5 19.0 <300 - 2400 206.0 299.0
B WAT13-355 235W 179 -79 226.0 233.0 7.0 <300 - 1200 206.0 290.0
256.0 257.0 1.0 370
B WAT13-382 380W 187 -81 No Anomalous Radioactivity 201.0 299.0
B WAT13-385 360W 185 -80 No Anomalous Radioactivity 200.7 299.0
B WAT13-388 315W 198 -78 No Anomalous Radioactivity 200.0 299.0
B WAT13-390 435W 183 -83 No Anomalous Radioactivity 202.2 290.0
B WAT13-391 300W 184 -73 No Anomalous Radioactivity 205.9 291.0
B WAT13-393 255W 188 -82 No Anomalous Radioactivity 199.2 302.0
B WAT13-394 265W 170 -84 204.0 206.0 2.0 358 - 468 197.4 314.0
B WAT13-395 245W 190 -81 No Anomalous Radioactivity 203.0 299.0
B WAT13-397 280W 179 -75 203.0 204.0 1.0 441 - 569 203.5 299.0
224.0 226.5 2.5 <300 - 1138
B WAT13-398 260W 165 -85 195.5 210.5 15.0 <300 - 4700 197.0 296.0

* Scintillometer Instrument: GR-110G

J Zone Area C:

Area C is the western most section of the J Zone and is located west of (and including) line 435W. The J Zone had previously been delineated westward to line 540W (hole WAT12-289). Winter 2013 drilling in Area C was designed to test for additional associated mineralization between line 435W and line 540W as well as test westward to line 660W along trend to assess the potential for mineralization beyond the currently defined western boundary.

A total of 30 holes were drilled in Area C. Eighteen holes were mineralized including 2 westward step-out drill holes (WAT13-380 and 383) which extended the J Zone mineralized boundary an additional 20m west to line 560W (WAT13-380). Several holes in Area C intersected wide zones of mineralization (up to 22.5m wide in WAT13-346), confirming the potential of Area C as a significant part of the J Zone Deposit.

Nine holes between lines 495W to 510W (WAT13-346, 350, 354, 357A, 361A, 364, 368, 371 and 374) were drilled with a collar azimuth of ~275°, in order to optimally intersect mineralization where a complex north-south fault was interpreted to off-set mineralization. Several of these holes intersected significant widths of mineralization higher up in the sandstone above the unconformity than previous proximal north-south oriented holes had encountered.

Area C drill hole highlights:

  • WAT13-346 (line 500W) intersected a 22.5m wide interval (196.0m - 218.5m) of weak to strong radioactive mineralization, including a 0.1m interval of off-scale (>9999 cps) radioactivity, that straddles the unconformity (209.5m).
  • WAT13-368 (line 500W) intersected an 18.0m wide interval (188.5m - 206.5m) of weak to strong radioactive mineralization, including a 0.1m interval of off-scale (>9999 cps) radioactivity, occurring dominantly in the sandstone directly above the unconformity (203.9m). This intersection is approximately 10m north of the currently defined boundary of the J Zone.
  • WAT13-366 (line 490W) intersected a 12.5m wide interval (187.0m - 199.5m) of weak to strong radioactive mineralization, including a 0.2m interval of off-scale (>9999 cps) radioactivity, primarily hosted in the lower sandstone directly above the unconformity (198.4 m).
  • WAT13-377 (line 525W) intersected a 12.0m wide interval (218.5m - 230.5m) of weak to strong radioactive basement mineralization, including several narrow intervals totaling 0.31m of off-scale (>9999 cps) radioactivity.

Hole Summary for Area C:

Collar * Mineralization
(>300 cps/
1.0M minimum)
Unconformity Total
Area Hole ID Grid
Line
Az Dip From To
(m)
Width
(m)
CPS
Max Peak
Depth
(m)
Depth
(m)
C WAT13-332 605W 170 -74 216.0 217.0 1.0 600 - 800 210.1 383.0
C WAT13-334 615W 183 -74 No Anomalous Radioactivity 206.3 320.0
C WAT13-335 615W 180 -72 No Anomalous Radioactivity 210.2 308.0
C WAT13-337 660W 178 -76 No Anomalous Radioactivity 217.9 314.0
C WAT13-339 445W 178 -79 No Anomalous Radioactivity 211.0 299.0
C WAT13-340A 660W 186 -79 No Anomalous Radioactivity 215.8 272.0
C WAT13-341 450W 183 -79 206.0 215.5 9.5 <300 - 3970 204.9 311.0
C WAT13-342 660W 177 -83 No Anomalous Radioactivity 200.3 302.0
C WAT13-344A 615W 176 -80 268.0 269.0 1.0 365 - 406 209.1 302.0
C WAT13-346 500W 268 -75 196.0 218.5 22.5 <300 - >9999 209.5 320.0
223.0 225.5 2.5 <300 - 1600
C WAT13-350 500W 275 -74 198.0 207.5 9.5 300 - 3800 207.1 350.0
213.0 224.5 11.5 <300 - 9300
C WAT13-354 495W 272 -74 194.5 203.0 8.5 <300 - >9999 206.1 350.0
C WAT13-357A 510W 270 -75 204.5 206.5 2.0 310 - 340 207.2 299.0
219.5 221.0 1.5 320 - 590
C WAT13-358 470W 185 -77 197.5 203.0 5.5 <300 - 770 203.0 311.0
C WAT13-360 465W 186 -84 189.5 201.0 11.5 <300 - 5100 198.0 299.0
C WAT13-361A 505W 265 -74 215.0 217.0 2.0 310 - 2030 210.0 299.0
C WAT13-363 480W 182 -70 No Anomalous Radioactivity 220.9 299.0
C WAT13-364 505W 275 -78 196.0 203.0 7.0 <300 - 1400 206.8 297.5
206.5 210.0 3.5 <300 - 5000
C WAT13-366 490W 173 -83 187.0 199.5 12.5 <300 - > 9999 198.4 299.0
C WAT13-368 500W 271 -80 188.5 206.5 18.0 <300 - >9999 203.9 302.0
C WAT13-369 495W 187 -80 191.0 203.0 12.0 <300 - 7600 201.8 299.0
C WAT13-371 505W 277 -81 194.5 201.5 7.0 <300 - 2300 204.1 302.0
C WAT13-374 490W 265 -82 No Anomalous Radioactivity 203.0 299.0
C WAT13-377 525W 200 -71 218.5 230.5 12.0 <300 - >9999 212.0 293.0
234.5 239.5 5.0 <300 - 1100
C WAT13-378A 580W 93 -81 No Anomalous Radioactivity 205.7 299.0
C WAT13-380 560W 213 -66 246.5 248.0 1.5 <300 - 700 220.3 299.0
C WAT13-383 540W 130 -77 212.0 220.0 8.0 300 - 6900 207.5 299.0
C WAT13-386 570W 168 -76 No Anomalous Radioactivity 206.8 302.0
C WAT13-392 465W 170 -80 221.0 222.5 1.5 454 - 884 206.4 283.4
C WAT13-396 490W 181 -85 No Anomalous Radioactivity 197.2 302.0
* 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 either a Mount Sopris 2GHF-1000 Triple Gamma probe or, as a back-up, a Mount Sopris 2PGA-1000 Natural Gamma probe. The Triple Gamma probe is preferred in zones of high grade mineralization. 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 is yet to be determined.

Split core samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which includes a 63 element ICP-OES scan, uranium by fluorimetry (partial digestion), and boron. Samples within mineralized intervals and any samples which return >500ppm U, are assayed for weight % U3O8, as well as fire assayed for gold. Further assay results will be released when received.

This program completes the budgeted three year, C$30 million exploration program begun by Fission and the Waterbury Consortium in 2010 (see news release June 30, 2010).

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", and trade on the OTCQX International electronic trading system in the United States under the symbol "FSSIF".

Korea Waterbury Uranium Limited Partnership ("Waterbury Consortium") is a consortium primarily comprised of Korean-based companies. The Consortium is led by Korea Electric Power (KEPCO). Other participating companies include: Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.

Fission Energy owns 60% and the Korea Waterbury Uranium Limited Partnership owns 40% of the Waterbury Lake Uranium Limited Partnership.

Korea Electric Power Corporation (KEPCO) is a Korean government-invested diversified energy company with over $83-billion (U.S.) in assets. The company is involved in the generation, transmission and distribution of electrical power from nuclear, hydro, coal, oil and LNG sources worldwide. Korea Electric Power provides electricity to almost all households in Korea and operates 20 nuclear power plants in the country with six more under development. The company has over 30,000 employees and is listed on the Korean Stock Exchange and the New York Stock Exchange. (www.kepco.co.kr)

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

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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