Wednesday, 15 February 2012

Fission Energy stakes six new claims on south flank of Patterson Lake South

Uranium explorer Fission Energy Corp. (CVE:FIS)(OTCQX:FSSIF) said Wednesday that it, together with its joint venture partner ESO Uranium Corp, have staked six new claims along the south boundary of its Patterson Lake South property in Saskatchewan, boosting the size of the asset to around 31,000 hecatres in 17 mineral claims.

The six new claims, which were staked to cover possible south-trending extensions of the wide, high grade Uranium bould field discovered by the joint venture in June of last year, total around 8,170 hectares.

The geological setting compares "favourably" with the Patterson Lake South boulder field discovery area, Fission said, and shows potential for shallow, basement-hosted Uranium deposits.

In addition, the new claims envelop the southwest extensions of several historical basement conductors, including the Derkson Conductor Corridor, where previous exploration was done in the 1970s by the Saskatchewan Mining & Development Corporation - now known as Cameco (TSE:CCO).

The area will be tested for Uranium mineralization that may extend to the southwest from the extensive western front of the Uranium boulder field, Fission added.

The 50/50 joint venture has hired Geotech to conduct a 1,711 line-kilometre helicopter electromagnetic survey, which will provide data for interpreting bedrock lithology, structural and alteration features, as well contributing to high resolution images of bedrock electromagnetic conductors.

The survey is now underway, with drilling, as part of the companies' $2.76 million expanded exploration program at the property, expected to resume later this month.

Around 4,000 metres in 33 core and reverse circulation drill holes is now planned, with the campaign designed to locate the source area of the boulders by drilling for radioactive till sheets in the overburden on the northeast side of the field.

Drilling will also test targets identified from ground geophysics surveys.

As per the terms of the joint venture agreement on the property, Fission is the operator of the project and assumed management as of January 1st this year.

Patterson Lake South is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, and passes through the nearby UEX-Areva Shea Creek discoveries located 50 kilometres to the north.

In mid-December, the company announced trenching results from Patterson Lake South, where the highest grade samples included 31.4 percent and 31.2 percent U308 (Uranium).
These assays were received from the 49 radioactive boulders discovered during the trenching program carried out in 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 is engaged in the acquisition and exploration of Uranium properties in Alberta, Saskatchewan and Quebec in Canada, as well as the Macusani District in Peru.
Its flagship Waterbury Lake project is located immediately west of Hathor Exploration’s (TSE:HAT) Roughrider Uranium deposit, which is in the heart of the Athabasca Basin district that hosts over 110 million pounds of Uranium.
Hathor was recently subject to a takeover battle in late 2011 between mining giants Cameco Corp. (TSE:CCO)(NYSE:CCJ) and Rio Tinto (NYSE:RIO)(LON:RIO), with the latter emerging as the winner with its $654 million friendly bid trumping Cameco's $625 million offer.

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