EDITOR: | September 25th, 2013

Fission Hits 19.28% U3O8 Over 7.5m Within 8.15% Over 34.5m at R390E Zone

| September 25, 2013 | No Comments
image_pdfimage_print

September 25, 2013 (Source: Marketwired) — FISSION URANIUM CORP. (TSX VENTURE:FCU) (OTCQX:FCUUF) (FRANKFURT:2FU)(“Fission” or “the Company“) the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to report assay results from holes PLS13-072 (line 345E) and PLS13-073 (line 435) drilled on the Western and Eastern regions of Zone R390E, at their Patterson Lake South (PLS) property, Saskatchewan. The main zone of mineralization for PLS13-072 returned an interval of 8.15% U3O8 over 34.0m, including a higher grade core of 19.28% U3O8 over 7.5m. With an overall Grade x Thickness (GT) value of 281.2 for this interval, this hole ranks highly with the top mineralized holes to date at PLS.

Assay Highlights

  • PLS13-072
    • 34.5m @ 8.15% U3O8 (61.0m – 95.5m) with GT 281.2, including:
      • 7.50m @ 19.28% U3O8 (65.5m – 73.0m)
      • 21.53% U3O8 over 4m (91.0m – 95.0m)
    • Highest assay of 47.0% U3O8 (68.5m – 69.0m)

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

We are continuing to see great results from PLS. Hole 072 in particular has intersected a superb mineralized interval with very high grades, wide intersections and particularly shallow depth.

Composited U3O8 mineralized intervals are summarized in Table 1 below. Samples from the drill core are split in half on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to the laboratory for analysis and the other half remains on site for reference. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

Table 1

Zone Hole ID Grid Line From (m) To (m) Interval (m) U3O8 (wt%)
R390E PLS13-072 330E 61.00 95.50 34.50 8.15
65.50 73.00 7.50 19.28
91.00 95.00 4.00 21.53
98.50 109.50 11.00 0.58
112.00 116.00 4.00 0.46
119.50 122.50 3.00 0.81
125.00 133.50 8.50 0.57
125.00 127.50 2.50 1.61
137.00 143.50 6.50 2.22
142.00 143.00 1.00 10.65
155.00 158.00 3.00 0.56
166.00 166.50 0.50 0.12
PLS13-073 435E 102.00 121.50 19.50 0.25
105.50 108.50 3.00 0.92
132.50 142.50 10.00 0.59
137.50 138.50 1.00 4.81
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m

Drillhole PLS13-072 was collared as a vertical hole and was completed at a depth of 209.0m. Mineralized zones as defined by assays of >0.05% U3O8 over >0.5m are present in discrete intervals over a 105.5m wide section (61.0m – 166.5m) each ranging in width from 0.5m to 34.5m wide. The main mineralized horizon was encountered from 61.0m – 95.5m and returned a composited interval of 8.15% U3O8 over 34.5m, including a high-grade core (65.5m – 73.0m) that returned 19.28% U3O8 over 7.5m. Basement bedrock was encountered at 55.7m depth, immediately below the overburden with no Devonian sandstone encountered above the basement. From 55.7m to 163.0m basement lithology consists of alternating sequences of moderate-to-steeply dipping pelitic gneiss and mylonites. Below 163.0m, the basement transitions to a semi-pelitic gneiss.

Drillhole PLS13-073 (line 435E) was collared as a vertical hole and was completed at a depth of 248.0m. Two zones of mineralization were intersected: 19.5m @ 0.25 %U3O8 (102.0m – 121.5m) and 10.0m @ 0.59 %U3O8 (132.5m to 142.5m. A thin cap of Devonian sandstone was encountered from 50.0m to 53.0m, overlying a quartz-feldspar granofel to a depth of 90.1m. The quartz-feldspar granofel was underlain by alternating sequence of pelitic gneiss / mylonites to EOH (248.0m). The foliated pelitic gneiss / mylonite sequence is moderately clay altered to 226m and sulphide bearing from 235.5m to 248.0m.

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 and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development. Updated maps and assay table for the R390 zone can be found on the Company’s website at https://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 Uranium 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” and trade on the OTCQX marketplace in the U.S. under the symbol “FCUUF.”

ON BEHALF OF THE BOARD

Ross McElroy, President and 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.


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


Copyright © 2017 InvestorIntel Corp. All rights reserved. More & Disclaimer »


Leave a Reply

Your email address will not be published. Required fields are marked *