Fission, Alpha Minerals drill 34 metres of 4.92% U3O8 at PLS

Mar 25, 2013

PLS JV HITS 34M OF 4.92% U3O8 IN UPPER ZONE OF PLS13-038 INCLUDING 12.5M AT 12.38%

Mr. Ross McElroy of Fission Energy reports

Fission Energy Corp. (TSX-V: FIS) and its 50-per-cent joint venture partner Alpha Minerals Inc. (TSX-V: AMW) have released initial assay results from the winter drill program on the Patterson Lake South property. These assay results are from drill hole PLS13-038, the first hole drilled on the R390E zone.

Composited drill hole mineralized intersections for PLS13-038 returned two broad zones of uranium mineralization.

Upper uranium zone 34 metres (87.0 metres to 121.0 metres):

• 34.0 metres at 4.92 per cent U3O8;
• Including 12.5 metres at 12.38 per cent U3O8;
• Highest assay in the interval: 35.1 per cent U3O8 over 0.5 metre.

Lower uranium zone:

• 17.5 metres (126.5 metres to 144.0 metres);
• 17.5 metres at 0.96 per cent U3O8;
• Including 5.5 metres at 2.07 per cent U3O8.

PLS13-038 (see news release Feb. 19, 2013) is part of the R390E zone 385 metres grid east of the discovery hole PLS12-022 (see news release Dec. 5, 2012)

Ross McElroy, president, chief operating officer and chief geologist for Fission, commented: "We are extremely pleased with the recent assay results from PLS13-038. As was the case with the assay results from R00E, we have once again confirmed the existence of high-grade uranium mineralization within wide intersections at shallow depth. That is, two uranium zones along a strike length of 400 metres. As the winter program is still ongoing, we will continue to test and delineate the structure of this uranium system."

Composited U3O8 mineralized intervals are summarized in the table. Samples from the drill core are split in half on site. Most samples are standardized at 0.5 metre downhole intervals. One-half of the split sample is sent to the laboratory for analysis and the other half remains on site for reference. The results show that the uranium is concentrated primarily in two zones beginning at relatively shallow depth in basement graphitic metapelitic lithology and with continuous substantial widths. Uranium concentration is well developed throughout the mineralized sections with assays being relatively consistent throughout. In addition, there are several narrower intervals of low-grade uranium mineralization between 165.0 metres to 181.0 metres. Not all assay results have been received for PLS13-038, but the outstanding intervals are not expected to be anomalous.

 

Table 1: Composited Mineralized Intervals (Down-hole measurements)

Zone	Hole ID	Grid Line	From (m)	To (m)	Interval (m)	U3O8 (wt%)
R390E	PLS13-038	385E	73.50	74.50	1.00	0.08
			87.00	121.00	34.00	4.92
			94.50 106.00	107.00 106.50	12.50 0.50	12.38 35.10
			126.50	144.00	17.50	0.96
			133.00	138.50	5.50	2.07
			165.00	168.00	3.00	0.09
			170.50	171.00	0.50	0.15
			174.00	181.00	7.00	0.15
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m

 

Hole PLS13-038 was collared as a vertical hole and was completed at a depth of 221.6 metres. The collar is located 385 metres grid east of discovery hole PLS12-022 (8.5 metres at 1.07 per cent U3O8; see news release Dec. 5, 2012). The relevant geological features of the hole are as follows: At 48.8 metres depth, a thin (1.9 metres wide) cap of probable Devonian sandstone was encountered which overlies the semi-pelite gneiss hangingwall that constrains an intercalated package of pelite graphitic pelite gneiss. Occasional pegmatite injections were observed throughout the pelite, graphitic pelite and semi-pelite units. In general, the strong mineralization is associated with flecks, blebs, clots and veins of pitchblende. Of note, wormhole-style mineralization was observed for the first time. Moderate to strong clay, chlorite and hematite alteration were observed throughout the mineralization.

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, uranium by fluorimetry (partial digestion) and boron. Samples within mineralized intervals and any samples which return greater than 500 parts per million uranium, are assayed for weight per cent U3O8, as well as fire assayed for gold. Further assay results will be released when received.

Patterson Lake South property

The 31,039-hectare PLS project is a 50-per-cent/50-per-cent joint venture held by Fission Energy and Alpha Minerals. 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, (greater than 60 million pounds of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50 kilometres 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.

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, PGeol, president and chief operating officer for Fission Energy, a qualified person.

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