Wednesday, 18 April 2012

Fission Energy drills 19.5 metres of anomalous radioactivity at Patterson Lake South

Fission Energy Corp. (CVE:FIS) (OTCQX:FSSIF) and its 50 percent joint venture partner ESO Uranium Corp (CVE:ESO) said Wednesday that 19.5 metres of anomalous radioactivity was drilled during a winter program at their Patterson Lake South property in the southwest part of Saskatchewan's Uranium-rich Athabasca Basin.
The anomalous radioactivity occurs within drill hole PLS12-013, which is the thirteenth hole of a planned 16 hole, 2,100 metre drill program.
The program was a continuation of last year's efforts to locate the bedrock source area of the high-grade Uranium boulder field discovery made last June, which is believed to occur below the unconformity in a basement hosted system, the parties said.
The thirteenth hole, targeted along an EM conductor identified from the property scale 2012 airborne survey, to the west of Patterson Lake, intersected a broad 19.5 metre wide interval of anomalous radioactivity of 154 to 368 counts per second (cps) in the basement rock below the overburden interface.
The results were measured by a hand-held Exploranium GR-110 Super Gamma-Ray Scintillometer, the companies said.
Fission said in a statement Wednesday that further drilling in this area is planned.
In February, the companies started a 2,100 metre drilling program on the property, testing favorable basement bedrock beneath the glacial sedimentary cover to the "up-ice" area, which is east-northeast of the high grade Uranium boulder field found last June.
The high-grade Uranium boulder field has yielded boulder assays as high as 39.6% and 31.4% Uranium since its discovery.
Overall, Fission said the initial results are "highly encouraging", successfully identifying "favourable basement lithology" structure and alteration - important geological criteria for hosting high grade Uranium mineralization.
Drilling has further refined the boundaries of the Uranium boulder field target area to the west of Patterson Lake, with the results from hole PLS12-013 providing a "meaningful indicator" for identifying potential high grade mineralization, Fission said.
Planning is underway to carry out Sonic-reverse circulation drilling during the summer, as well as continued follow-up of the anomalous area found in this past winter program.

Assay results will be announced when available, the company added.

Fission is the operator of the Patterson Lake South exploration project, which is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, where more than 60 million pounds of Uranium has been produced.

In February, the Uranium explorer said the joint venture staked six new claims along the south boundary of Patterson Lake South, 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 boulder field discovered by the joint venture in June of last year, total around 8,170 hectares.

Fission is focused on 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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