Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

March 22, 2010 09:00 ET

Fission Energy Hits "Off-Scale" Radioactivity on 3 More Vertical Step-Out Holes to Extend J-Zone 40 x 80 Metres

KELOWNA, BRITISH COLUMBIA--(Marketwire - March 22, 2010) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) announces it has completed four additional vertical oriented step-out drill holes (WAT10-081, 083B, 085, and 087), which have extended the J-Zone's east-west trending mineralized strike length to approximately 80m and 40m wide, north-south. All four drill holes intersected highly radioactive mineralization at the unconformity, with holes 081, 083B and 087 identifying "off-scale" (cps greater than 9,999) radioactivity totalling 1.15m, 2.42m, and 1.05m respectively.

Drill holes WAT10-081, 085, and 087 were drilled to the west along strike, with hole 087 now being the furthest step-out to the west. Hole WAT10-083B has extended mineralization approximately 10m to the north of hole WAT10-074, which intersected 3.5m of highly radioactive mineralization; assays pending (see news release dated March 8, 2010). These latest four drill holes continue to demonstrate that mineralization is trending laterally to the west, in addition to remaining open both to the north and south. The current winter drill program is expected to be completed by the end of March.

An updated map of the J-Zone showing the location of the latest four drill holes and a table summarizing Drill Core Hand-Held Scintillometer Readings can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.

Drill Hole Summary

All holes reported herein are collared at a vertical orientation, and terminated within unaltered basement rocks. Given that the mineralization thus far encountered appears to be almost flat-lying, drill intercepts reported herein are approximately true thickness. Results for the latest holes are summarized as follows:

Hole WAT10-083B intersected 6.5m of highly radioactive mineralization (195m-201.5m), including four intercepts totalling 2.42m of "off scale" radioactivity within a broad interval of anomalous and variable radioactivity from 192.5m to 202.0m. "Off-scale" radioactivity begins at 195.5m, just above the unconformity. The hole encountered strongly fractured rock from 40m above the unconformity to 202.0m. Moderate clay alteration was intersected from 176.7m to 194.0m and very strong hematite and chlorite clay alteration above and below the unconformity from 194.0m to 202.0m. Strong to moderate clay alteration continues to 228.4m and persists less intensely to 241.5m.

The basement rocks from the unconformity to 296.0m (EOH) comprise a package of metapelitic gneiss (locally graphitic), with intermittent pegmatite-rich intervals.

WAT10-083B was collared 10m northeast of hole WAT10-074 and completed to a depth of 296.0m. The unconformity was intersected at approximately 196.7m.

Hole WAT10-081 intersected 3.0m of highly radioactive mineralization (201.5m-204.5), including a 1.15m (203.0-204.15) intercept of "off-scale" radioactivity within an interval of anomalous and variable radioactivity from 197.0m to 205.0m. A strongly fractured and clay altered interval was encountered above and below the unconformity from 189.15m to 204.0m with intense hematite and chlorite clay alteration from 198.5m to 205.5m. Moderate clay alteration continues to 226.0m, and intermittently from 245.0m to 251.0m.

The basement rocks from the unconformity to 265.4m comprise a package of metapelitic gneiss (locally graphitic). A quartz-feldspar gneiss was intersected from 263.5m to 275.0m (EOH).

WAT10-081 was collared 10m southwest of hole WAT10-077 and completed to a depth of 275.0m, with the unconformity intersected at approximately 199.9m.

Hole WAT10-087 intersected a 3.5m interval of highly radioactive mineralization (194.0m-197.5m), including two intercepts totalling 1.05m of "off-scale" hand scintillometer readings within an interval of anomalous and variable radioactivity from 190.5m to 200.0m. This hole encountered intermittent moderate to strong chlorite and hematite clay alteration from above and below the unconformity from 191.0m to 206.0m. Moderate to locally strong clay alteration persists to 252.0m. A graphitic and clay-rich fault zone from 260.0m to 266.0m was intersected.

The basement rocks from the unconformity to 284.0m (EOH) comprise a package of metapelitic gneiss (locally graphitic), with intermittent pegmatite-rich intervals.

WAT10-087 hole was collared 10m north-west of hole WAT10-085 and completed to a depth of 281.0m, with the unconformity intersected at approximately 195.55m.

Hole WAT10-085 intersected an interval of anomalous and variable radioactivity (194.0m to 205.0m) with the strongest radioactivity within a 6.0m interval from 195.5m to 202.5m (up to 9,200 cps). This hole encountered moderately intense fractured rock from 25m above the unconformity to 188.0m, and strongly fractured rock from 188.0m to 215.0m. A continuous and wide interval of moderate to strong clay alteration was encountered from 183.0m to 239.2m, including moderate hematite and chlorite alteration above and below the unconformity from 189.0m to 210.4m. A wide graphitic and clay-rich fault zone from 228.5m to 238.6m was intersected.

The basement rocks from the unconformity to 284.0m (EOH) comprise a package of metapelitic gneiss (locally graphitic), with intermittent pegmatite-rich intervals.

WAT10-085 was collared 13m west of hole WAT10-074 and completed to a depth of 284.0m, with the unconformity intersected at approximately 196.1m.

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 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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