Fission Energy says Patterson Lake South trenching yields assays as high as 31.4% uranium

Fission Energy (CVE:FIS)(OTCQX:FSSIF) Wednesday announced trenching results from its Patterson Lake South joint venture in Saskatchewan, where the highest grade samples included 31.4 percent and 31.2 percent U308 (Uranium).
The company's shares were up three percent to $0.70 Wednesday morning.
Assays have been received from the 49 radioactive boulders discovered during the trenching program carried out during October 2011. These boulders occur in the high grade boulder field that has been traced for a north-south length of approximately five kilometres by up to 0.9 kilometres wide.
Fission Energy also said its 1,000 metre drill program targeting shallow basement mineralization is currently underway, and results will be announced when available.
Patterson Lake South is a 50/50 joint venture with ESO Uranium (CVE:ESO). The project consists of 12 mineral claims, totalling 13,497 hectares.
It is accessible by road from all-weather Highway 955, which runs north to the former Cluff Lake mine, (around 60 million pounds of U3O8 produced) and passes through the nearby UEX-Areva Shea Creek discoveries, located 50 kilometres to the north, which are currently under active exploration and development.
Fission Energy specializes in the strategic acquisition, exploration and development of Uranium properties, and is headquartered in Kelowna, British Columbia.
The Uranium sector is firmly in the spotlight as mining giant Rio Tinto (LON:RIO)(NYSE:RIO) is acquiring Hathor Exploration (TSE:HAT) for $654 million, beating a $4.50 per share hostile bid from Canada's largest Uranium producer, Cameco (TSE:CCO)(NYSE:CCJ). Rio Tinto has long had its eye on Hathor as an entry point into the Uranium-rich Athabasca Basin in Saskatchewan.
Fission Energy's Waterbury Lake joint venture property is located adjacent to Hathor's Roughrider deposit in the Athabasca Basin. Fission's shares have jumped around 42% since August 25 - when the bidding war for Hathor was started.