VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2010) - FISSION ENERGY CORP.("Fission" or the "Company") (TSX VENTURE:FIS) announces that itslatest three drill holes, WAT10-071, 072C, and 073 have all intersectedhighly radioactive mineralization at the unconformity, including"off-scale" (cps greater than 9,999) radioactivity. Drill holeWAT10-073, intersected a 16m wide interval of highly radioactivemineralization, including several intercepts totalling 2.16m of"off-scale" hand scintillometer readings (198.0m – 214.0m). This holeis located 15m to the west of hole WAT10-070B (13.5m interval from196.5m – 210.0m of highly radioactive mineralization at theunconformity, including several intercepts totalling 7.5m of "offscale" radioactivity; see news release dated February 16, 2010; assaysforthcoming). In addition, hole WAT10-071, located 10m south of holeWAT10-070B, intersected 5.15m of highly radioactive mineralization(199.35-205.0), including two intercepts totalling 4.26m of "off-scale"radioactivity. Finally, hole WAT10-072C, located 10m north of holeWAT10-070B, intersected 3.50m of highly radioactive mineralization(197.0m-200.5m), including a 0.65m intercept of "off scale"radioactivity.
The intensity and width of radioactivityintersected in these three new drill holes, in addition to thepreviously announced hole WAT10-070B, combined with the confirmatoryuranium assays in WAT10-063A (10.5m of 1.91%U3O8including 1.0m grading 13.87% U3O8; see news release dated February 11, 2010) and hole WAT10-066 (12.0m of 3.64% U308, including 1.50m grading 27.38% U308, including 0.50m at 45.20% U308;see news release dated February 22, 2010), strengthen Fission's beliefthat the J-Zone represents a significant new discovery of unconformitymineralization at the Company's Waterbury Lake Project in the AthabascaBasin.
Of the latest three drill holes: WAT10-071 andWAT10-72C were designed to extend the J-Zone to the south and north ofWAT10-070B respectively, while hole WAT 10-073 tested the J-Zone with a15m step-out to the west of hole WAT10-070B. The high levels ofradioactivity encountered in holes WAT10-070B to WAT10-073 appear toconfirm a model of an approximate east-west striking mineralized zone.Eleven drill holes have now been completed at the J-Zone, with nine ofthese holes identifying high levels of radioactivity and/or uraniummineralization. All drill intersections are associated with a broadcontinuous zone of alteration and radioactivity extending from a fewmeters above the unconformity to up to 25m below the unconformity. Anarrow interval of anomalous radioactivity has been intersected in holeWAT10-073 from 227.0m to 230.2m, including a 0.20m interval of greaterthan 9999 cps. The J-Zone remains open at depth and along strike.Drilling is continuing.
An updated map of the J-Zoneshowing the location of the latest three drill holes and a tablesummarizing Drill Core Hand-Held Scintillometer Readings can be foundon the Company's website at https://www.fission-energy.com/s/WaterburyLake.asp.
Drill Hole Summary
Hole WAT-073encountered moderate to strong clay alteration from 185.31 to 213.8m,and less intense alteration down to 240.4m. A broad interval ofanomalous and variable radioactivity was encountered from 196.5m to217.5m, with the strongest radioactivity within a 16m wide intervalfrom 198.0 to 214.0m. Within this interval several zones recordedgreater than 9999 cps over intervals up to 0.78m. A smaller interval ofradioactivity was encountered from 227.0m to 230.2m including a 0.20mwide interval of greater than 9999 cps at 230.0m to 230.2m. Basementrocks show variable degrees of alteration down to 240.4m.
Thehole was collared at a vertical orientation, 15m to the west of holeWAT10-070B. The hole was completed to a depth of 287.0m. The hole wasdesigned to test the continuity along strike west of hole WAT10-070B.The unconformity was intersected at a approximately 202.1m.
Hole WAT10-071encountered moderate to strong clay alteration from 188.5 to 218.63m,and less intense alteration down to 236.01m. An interval of highlyanomalous radioactivity was encountered from 199.0m to 205.0m, with thestrongest radioactivity within a 5.15m wide zone with 4.26m of greaterthan 9999 cps. Basement rocks show variable degrees of alteration downto 242.2m.
The hole was collared at a verticalorientation, 10m to the south of hole WAT10-070B. The hole wascompleted to a depth of 275.0m. The unconformity was intersected atapproximately 201.3m.
Hole WAT10-072Cencountered moderate to strong clay alteration from 179.05 to 226.21m.An interval of moderate to highly anomalous radioactivity wasencountered from 196.5m to 201.5m, with the strongest radioactivitywithin a 1.5m wide zone (197.0m – 198.5m) with 0.65m of greater than9999 cps (197.35m – 198.0m). Basement rocks show variable degrees ofalteration down to 237.9m.
The hole was collared at avertical orientation, 10m to the north of hole WAT10-070B. The hole wascompleted to a depth of 278.0m. The unconformity was intersected at198.43m.
All holes were radiometrically surveyed with aMount Sopris 2GHF Triple Gamma probe. The triple gamma probe uses botha Na-I scintillation crystal and a ZP1320 High-Flux Geiger-Mueller tubepair, which allows better resolution in strongly radiometric intervals.
Naturalgamma radiation in drill core that is reported in this news release wasmeasured in counts per second (cps) using a hand held ExploraniumGR-110G total count gamma-ray scintillometer. The reader iscautioned that scintillometer readings are not directly or uniformlyrelated to uranium grades of the rock sample measured, and should beused only as a preliminary indication of the presence of radioactivematerials. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.
Splitcore samples from the mineralized section of core will be takencontinuously through the mineralized intervals and submitted to SRCGeoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 AccreditedFacility) of Saskatoon for analysis, which includes U3O8(wt%) and fire assay for gold, platinum and palladium. All samples sentfor analysis will include a 63 element ICP-OES, uranium by fluorimetry(partial digestion) and boron. Chemical results will be released whenreceived. Further updates will be provided.
Thetechnical information in this news release has been prepared inaccordance with the Canadian regulatory requirements set out inNational Instrument 43- 101 and reviewed on behalf of the company byRoss McElroy, P.Geol. President and COO for Fission Energy Corp., aqualified person.
FISSION ENERGY CORP.is a Canadian based resource company specializing in the strategicacquisition, exploration and development of uranium properties and isheadquartered in Kelowna, British Columbia. FISSION ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS".
Thispress release contains "forward-looking information" that is based onFission's current expectations, estimates, forecasts and projections.This forward-looking information includes, among other things,statements with respect to Fission's development plans. The words"will", "anticipated", "plans" or other similar words and phrases areintended to identify forward-looking information.
Forward-lookinginformation is subject to known and unknown risks, uncertainties andother factors that may cause Fission's actual results, level ofactivity, performance or achievements to be materially different fromthose expressed or implied by such forward-looking information. Suchfactors include, but are not limited to: uncertainties relatedexploration and development; the ability to raise sufficient capital tofund exploration and development; changes in economic conditions orfinancial markets; increases in input costs; litigation, legislative,environmental and other judicial, regulatory, political and competitivedevelopments; technological or operational difficulties or inability toobtain permits encountered in connection with exploration activities;and labour relations matters. This list is not exhaustive of thefactors that may affect our forward-looking information. These andother factors should be considered carefully and readers should notplace undue reliance on such forward-looking information. Fissiondisclaims any intention or obligation to update or reviseforward-looking information, whether as a result of new information,future events or otherwise.
ON BEHALF OF THE BOARD
Ross McElroy, President & COO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.