Fission Energy Corp.

TSX VENTURE : FIS
OTCQX : FSSIF


Fission Energy Corp.

November 12, 2012 10:30 ET

Fission Energy Corp.: Step-Out Drilling Hits More "Off-Scale" Radioactivity at PLS

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2012) - FISSION ENERGY CORP. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission" or "the Company"), and its Joint Venture partner Alpha Minerals Inc. are pleased to announce the results of the next two holes following the announcement of discovery hole PLS12-022 (see News Release November 05, 2012). Results include an intersection of a 13.0m wide interval of strong mineralization, including intermittent intervals, totaling 2.14m, of off-scale (>9999 cps) radioactivity in hole PLS12-024. These results come just one week after discovery hole PLS12-022 intersected a 6.0m interval of high grade mineralization (see news release Nov 5, 2012).

This strong mineralization occurs at shallow depth in basement rocks. The strongly radioactive interval occurs within a broader 24.0m interval of moderate radioactivity which extends above the Archean basement into the overlying sandstone and extends downward into the basement.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented,

"The exceptional results from hole PLS12-024 is further evidence that the area has the potential to host a significant and shallow high grade deposit. That we now have results of robust mineralization from multiple holes, is extremely encouraging."

Key Technical Details:

  • A thin layer of sandstone is present immediately above the unconformity in both holes. Mineralization extends up into this horizon.
  • Hole PLS12-024 (Line 010W), a vertical hole collared 10m grid west of Hole PLS12-022 intersected anomalous radioactivity in the bedrock over a 24.0m interval (59.0 - 93.0m), with a 13m wide zone of continuous strong radioactivity (65.0 - 78.0m), including several narrow intermittent intervals of "off-scale" radioactivity. Recovery is generally good at >75%, with narrow intervals with >50% core loss.
  • Hole PLS12-023 (Line 000W), a vertical hole collared 10m grid north of Hole PLS12-022 intersected anomalous radioactivity in the basement rock over a 13m interval (63.0 - 76.0m). Recovery is between 60 - 100% throughout.

Hole Summary

* Mineralization
(>300 cps / 0.5M minimum)
Hole
ID
Grid
Line
Az Dip From -
To (m)
Width
(m)
CPS
Max
Peak
Over-
burden
Interval
(m)
Basement
Interval
(m)
Total
Depth
(m)
PLS12-022 000W 180 -90 57.5 -
78.5
21.0 less than 300 -
greater than 999
0 - 55.3 59.23 - 212.5 212.5
71.0 -
77.0
6.0 1800 -
greater than 999
116.5 -
117.5
1.0 308 - 323
170.0 -
171.0
1.0 301 - 384
PLS12-023 000W 180 -90 60.0 -
61.0
1.0 315 - 400 0 - 53.8 60.6 - 197.2 197.2
63.0 -
76.0
13.0
less than
300 - 3300
91.0 -
91.5
0.5 800
105.5 -
106.0
0.5 352
PLS12-024 010W 180 -90 59.0 -
83.0
24.0 less than 300 -
greater than 999
0 - 56.23 60.05 - 191.1 191.1
65.0 -
78.0
13.0 2100 -
greater than 999
91.0 -
93.0
2.0 305 - 1300

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. 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.

An ongoing field program is in progress. This includes 9-holes, 1600m 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 25, 2012).

All holes will be radiometrically surveyed with a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for accurate measurements in high grade mineralized zones. This probe will be used if high grade mineralization is encountered in subsequent drill holes.

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.

Further updates will be provided.

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. 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.

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

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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