Fission Energy Corp.: Trenching Begins at High Grade Boulder Field at Patterson Lake South ('PLS')

24.10.2011  |  Marketwired

KELOWNA, BRITISH COLUMBIA -- (Marketwire) -- 10/24/11 -- Fission Energy Corp. ('Fission' or 'the Company') (TSX VENTURE: FIS)(OTCQX: FSSIF) and its 50% Joint Venture ('JV') partner ESO Uranium Corp. ('ESO') announce that a field program is underway at the Patterson Lake South Property ('PLS') to identify the bedrock source of the large 5km x 0.9km high grade uranium boulder field, which returned assays as high as 39.6% U308 (see news release dated July 27, 2011).The JV has budgeted $0.8 million for the current program, which focuses primarily on surface trenching and geophysics, to be later followed by drilling.

The field program is targeting structurally controlled high grade uranium hosted in basement rocks, similar to the style of mineralization demonstrated by deposits found at Shea Creek and Cluff Lake (approximately 60 kms and 80 km north of Patterson Lake respectively), and at the Millenium, Key Lake and Roughrider deposits located in the eastern part of the Athabasca Basin. The high grade uranium boulders discovered in last summer's field program at PLS are associated with a suite of basement rocks (schists, psammites and granulites). These boulders are believed to have been scoured from a basement bedrock source and deposited over a 5km x 0.9km area by glacial processes. Depth to the bedrock in this area is estimated to be 50 - 60m below the glacial till cover. The distinct clusters of associated geochemical values and the size and length of the boulder field suggest the possibility of more than one source.

The current field program includes:

--  Trenching to define local ice transport directions for tracing the
    source of the boulders
--  Ground geophysics surveys including MaxMin EM and DC-Resistivity to
    delineate nearby conductors and identify potential basement alteration
    zones
--  Glacial till drilling to identify radioactive debris deposited down-ice
    from source area
--  Drilling to basement of source targets

A 10 hole 1,000m drill program is planned for late fall. Initial drill targets, based on current and historic compilation of geophysics and drill hole data, have been identified and will be refined based on results of the current trenching and geophysics surveys underway. Geophysical data indicates that the several strong ENE trending Electro Magnetic (EM) conductors on the southwest end of the Patterson Conductor Corridor, located approx. 3km NE from the center of the boulder field, are associated within a magnetic low and appear to have been disrupted by large cross cutting faults. Historic drill hole CLU-12-79 (Canadian Occidental, 1979) bordering the north side of the identified drill target area showed two short intervals of sharply anomalous radioactivity in the basement rocks and a thicker regolith than other holes in the area, which may reflect local hydrothermal alteration and possible proximity to mineralization.

An updated drill location map can be found on the Company's website at http://www.fission-energy.com/s/pattersonlakesouth.asp.

PLS is a 50%/50% Joint Venture held with ESO Uranium Corp. (ESO). PLS is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine (greater than 60M lbs of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.

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 Energy Corp., a Qualified Person.

This press release contains 'forward-looking information' that is based on Fission'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 are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Fission's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Fission disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

FISSION ENERGY 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. FISSION ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol 'FIS' and on the OTCQX International electronic trading system in the United States under the symbol 'FSSIF'.

ON BEHALF OF THE BOARD

Ross McElroy, President & COO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Fission Energy Corp.

Bob Hemmerling

Investor Relations

TF: 877-868-8140
info@fission-energy.com
www.fission-energy.com