KELOWNA, BRITISH COLUMBIA--(Marketwire - July 27, 2011) -Fission Energy Corp(TSX VENTURE:FIS)(OTCQX:FSSIF)("Fission" or "the Company"), and its 50% Joint Venture (JV) partner,ESO Uranium Corp.(TSX VENTURE:ESO), announce results from its boulderprospecting and radon survey program. A total of seventy-four (74)boulder and mineralized soil samples were submitted for assay with theboulders ranging in size from gravel material to mineralized cobbles andboulders up to 45 X 35 X 30 cm.
Highlights of the results are as follows:
- Twenty-five (25) high grade boulders with grades over 10% U3O8 are reported with highest grade assaying at 39.6 % U3O8from a cobble 5 X 4 X 4 cm. The largest boulder sampled assayed 25.7% U3O8and was > 40 cm in its longest dimension from apartially recovered block at depth of 90 cm.
- Twenty-three (23) boulders assayed between 1.0% U3O8to 10% U3O8.
A complete summary of the uranium assays, boulder sizes andsample depths and a location map can be found on the Company's website: https://www.fission-energy.com/s/PattersonLakeSouth.asp
The uranium boulder field has now been traced for a north-southlength of approximately 5km and is up to 0.9 km wide. This largedistribution of mineralized boulders may represent debris from more thanone mineralized source from the up-ice direction. Analysis of previousexploration reports from the Cluff Lake mines area suggests an up-icedistance from the uranium boulder field to the former open pit mines of2-3 kilometers, and that the boulders were transported in aneast-northeast direction. The largest boulders in the new discovery arelocated close to this distance (3 km) on the down–ice direction from thePatterson Conductor Corridor, where conductors identified fromhistorical airborne and ground surveys appear to be disrupted by crossstructure(s). Radon anomalies are located both over the boulder fieldand over a target area near Patterson Lake, also in close proximity tothe disruption area in the Conductor Corridor.
The composition of the rock types in the boulder train indicatesthat the source mineralization may be a basement hosted system in anarea where the Athabasca sedimentary rocks have been scraped away by iceaction. The depth to the basement is expected to be < 100 meters inthe project area. The substantial size of many of the well mineralizedboulders, which can be easily crushed to sand and gravel sized material,suggests that the travel distance from source could be comparable tothe Cluff Lake Mine area, located 80 km to the north of the PattersonLake South boulder field discovery.
Mr. Paul Ramaekers, P.Geol. and Mr. Roger Thomas, P.Geol., haveacted as consultants to the project. With a combined 80 years experiencein glacial geology and transport processes, their primary task has beento provide guidance in retracing the ice direction to locate the sourceof the anomalous boulders. The JV's technical team are reviewing thecurrent data sets in order to plan the next phase of work, which willinclude ground geophysics focusing on the east-northeast trendingconductors as a possible source, trenching within the boulder field, andestablishing drill targets for a fall-winter 2011 program.
The boulder and soil samples were analysed by SRC GeoanalyticalLaboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) ofSaskatoon for analysis, which included a 63 element ICP-OES, uranium byfluorimetry (partial digestion). The partial analysis of uranium is doneto make an initial check on the availability of the contained uraniumin the sample for extraction by conventional metallurgical technology.
The uranium assays should not be averaged to determine theaverage grade of the boulder field as each sample represents a pointsample located with a scintillometer and hand digging to excavate thesample. These samples are surrounded by large amounts of unmineralizedmaterial. The area of the boulder field is expected to be very muchlarger than the source area of the mineralization.
The technical information in this news release has been preparedin accordance with the Canadian regulatory requirements set out inNational Instrument 43-101 and reviewed on behalf of the company by RossMcElroy, P.Geol. President and COO for Fission Energy Corp., aQualified Person.
This press release contains "forward-looking information" thatis based on Fission's current expectations, estimates, forecasts andprojections. This forward-looking information includes, among otherthings, statements with respect to Fission's development plans. Thewords "will", "anticipated", "plans" or other similar words and phrasesare intended to identify forward-looking information.
Forward-looking information is subject to known and unknownrisks, uncertainties and other factors that may cause Fission's actualresults, level of activity, performance or achievements to be materiallydifferent from those expressed or implied by such forward-lookinginformation. Such factors include, but are not limited to: uncertaintiesrelated exploration and development; the ability to raise sufficientcapital to fund exploration and development; changes in economicconditions or financial markets; increases in input costs; litigation,legislative, environmental and other judicial, regulatory, political andcompetitive developments; technological or operational difficulties orinability to obtain permits encountered in connection with explorationactivities; and labour relations matters. This list is not exhaustive ofthe factors 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.
FISSION ENERGY CORP. is a Canadian based resourcecompany specializing in the strategic acquisition, exploration anddevelopment of uranium properties and is headquartered in Kelowna,British Columbia. FISSION ENERGY CORP. Common Sharesare listed on the TSX Venture Exchange under the symbol "FIS" and on theOTCQX International electronic trading system in the United Statesunder the symbol "FSSIF".
ON BEHALF OF THE BOARD
"Ross McElroy"
Ross McElroy, President & COO
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.