Fission Uranium Corp.

TSX VENTURE : FCU


Fission Uranium Corp.

May 06, 2013 07:30 ET

Fission Uranium: New Radon Survey Identifies Strongest Anomaly to Date

KELOWNA, BRITISH COLUMBIA--(Marketwired - May 6, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU) ("Fission" or the "Company"), the operator at PLS, and its 50% Joint Venture partner Alpha Minerals Inc., are pleased to report results from an extension of the previous radon survey in January to February 2013 that led to the target selection of the first high grade holes drilled at Zones R390E and R780E at Patterson Lake South (PLS), including Hole PLS13-038. The results include the strongest radon-in-water anomaly to date of 13.3 pCl/L located ~170m NE along strike of the R780E Zone.

The survey extension, which was completed April 21, 2013, covered 220 stations on a grid with sample spacing 25m North-South by 50m East-West. Highlights include:

  • Strongest radon-in-water anomaly to date (13.3 pCl/L) - located approximately 170m NE and along strike of the R780E radon anomaly

  • 6 new radon anomalies, in addition to the 5 anomalies identified during the initial survey, all associated with known conductors and offsetting structures

  • The eastern-most radon anomaly located some 1,500 meters east-northeast along strike of the R780E zone has been confirmed, refined and extended

  • The radon survey appears to have successfully detected uranium sources at greater than 50 meters depth that justify further drill testing

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

"Radon survey results have been used by Fission's technical team to great success at PLS and the technique was instrumental in identifying the first pass holes at two of the three discovery zones. These survey results have delivered new and highly promising targets as we continue to plan for our Summer drill program."

An updated radon map with the location of anomalies can be found at the Company's website www.fissionuranium.com.

Radon surveying of bottom waters and lake sediment at Patterson Lake was initiated at the beginning of the recent 2013 winter drill program. This news release covers new data collected in April, following drilling, which extends the original survey along the Paterson Lake Conductor Corridor. The original survey provided the drill targets for high grade discovery holes at the R390E and R780E uranium zones, discovered this winter.

The Joint Venture has been granted an extension of the previous winter drilling permit. Drilling from barges on the lake is planned, and permitting of this work is in progress. Radon surveys will be continued next winter to refine current anomalies and extend the survey area in the exploration for further anomalies, particularly in areas, defined by geophysical methods, of apparent cross cutting structures within the Patterson Conductor Corridor.

Summary of Radon Anomalies

A total of eleven targets have been identified, including six along the southern conductor in the Patterson Lake corridor. In the farthest east area of this conductor on Patterson Lake, there are two radon anomalies close to two drill holes, selected earlier from geophysical data, and which intersected clay alteration. This is a priority area for follow-up drilling this summer.

One target lies between the path of the South Conductor and the Central conductor. This is a central area crossed by Line 1320 E where the trace of South Conductor has been interrupted and the trace of the Central Conductor is showing a strong flexure, which is interpreted as an important north-south cross structure.

Three targets are indicated on the Central Conductor, with one located near Line 960 E due north of the zone R780E and the other two lie on each side of Line 1920 E.

A further target lies on the south side of the Northern Conductor, close to Line 1440 E.

Patterson Lake South Property

The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Uranium 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 extended radon survey at PLS can be found on the Company's website at http://www.fissionuranium.com/projects/patterson-lake-south-sk/.

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.

About Fission Uranium Corp.

Fission Uranium 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. Common Shares are listed on the TSX Venture Exchange under the symbol "FCU".

ON BEHALF OF THE BOARD

Ross McElroy, President & COO

Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding potential spin-out and listing of Fission Uranium and the future operating or financial performance of Fission and Fission Uranium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Fission Uranium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

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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