Fission, the Operator, Drills Significant Gold in All 3 Zones Including 1.58 g/t Au Over 63.5m
Marketwired
KELOWNA, BRITISH COLUMBIA--(Marketwired - Jun 24, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(2FU.F) ("Fission" or "the Company"), the operator, and its 50% Joint Venture partner Alpha Minerals Inc., are pleased to report gold assay results from the winter 2013 drill program at their Patterson Lake South (PLS) property - which is host to a high grade uranium discovery. All three zones (R00E, R390E and R780E) had drill holes with strongly anomalous gold values. Although there is a strong correlation of uranium and gold mineralization, the high-grade gold found by the Fission team occurs frequently, but not always, in areas of higher-grade uranium mineralization. In addition, not all high-grade uranium intersections at PLS have anomalous high-grade gold values.
Gold has been found elsewhere in the Western Athabasca Basin uranium deposits, notably at nearby Cluff Lake (>60M lbs of U3O8 produced) and Shea Creek. The Saskatchewan Mineral Deposit Index (reports 1150A and 2153) shows Cluff Lake deposits yielded over 16,000 ounces of gold produced in 1987 from the D Zone and Dominique-Janine deposit. UEX Corporation reports that locally high grades of gold are present at the Shea Creek deposits.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"We have shown significant gold-bearing intercepts in all three zones (R00E, R390E and R780E) and, with an aggressive drill program set to start in July, these results are another big step forward for PLS."
The strongest gold-bearing intersection was returned from hole PLS13-066, the eastern-most hole drilled on the R390E Zone, with an overall grade of 1.58 g/t Au over 63.5m, and including several higher grade intervals (including an assay high of 35.6 g/t Au). Future work to establish patterns of gold distribution is required, particularly to determine if and how gold-enriched domains can enhance the potential of the project.
Gold Assay Highlights
Zone R00E
PLS13-059 (line 030E)
20.5m (65.5m - 86.0m) @ 1.90 g/t Au
Zone R390E
PLS13-066 (line 420E)
63.5m (82.0m - 145.5m) @ 1.58 g/t Au
Including 2.5m (88.0m - 90.5m) @ 8.8 g/t Au
Including an assay (90.0m - 90.5m) of 0.5m @ 35.6 g/t Au
Including 2.0m (133.0m - 135.0m) @ 7.5 g/t Au
PLS13-051 (line 405E)
53.0m (95.0m - 148.0m) @ 1.02 g/t Au
Including 10.5m (107.5m - 118.0m) @ 2.60 g/t Au
Zone R780E
PLS13-060 (line 780E)
7.0m (144.0 m - 151.0m) @ 1.71 g/t Au
Including 2.5m (146.5m - 149.0m) @ 4.48 g/t Au
Tables 1, 2 and 3 highlight composited gold intersections as they relate to the composited uranium intervals within zones R00E, R390E and R780E. Note that a concentration of 1000 ppb is equivalent to 1.0 g/t Au.
Table 1: R00E Zone
Zone
Hole ID
Grid Line
From (m)
To (m)
Interval (m)
U3O8 (wt%)
Au ppb
As ppm
B ppm
R00E
PLS13-026
025W
63.00
84.50
21.50
0.77
73
12
1096
73.50
81.50
8.00
1.41
159
13
524
88.50
89.50
1.00
0.13
5
22
204
PLS13-027
025W
61.00
98.50
37.50
1.06
98
20
477
78.00
91.00
13.00
1.97
60
27
619
106.00
106.50
0.50
0.06
1
12
138
144.50
145.00
0.50
0.19
14
11
64
PLS13-028
090E
48.50
52.50
4.00
0.16
16
62
405
PLS13-029
025W
63.00
93.00
30.00
0.76
20
25
755
81.50
85.00
3.50
3.57
72
62
732
88.50
92.00
3.50
2.08
18
53
706
PLS13-030
090E
No significant mineralization
PLS13-031
025W
68.50
92.00
23.50
0.67
14
17
405
82.50
90.00
7.50
1.58
24
33
458
PLS13-032
090E
49.00
50.50
1.50
0.05
5
32
171
PLS13-033
025W
70.00
72.00
2.00
0.17
4
9
148
77.00
77.50
0.50
0.06
11
34
282
86.00
87.50
1.50
0.15
5
15
156
92.00
93.00
1.00
0.09
2
7
131
PLS13-034
105E
No significant mineralization
PLS13-035
010W
62.00
71.50
9.50
0.39
15
13
316
78.00
86.50
8.50
0.96
21
13
489
81.00
85.50
4.50
1.57
24
11
443
121.50
122.00
0.50
0.07
49
8
95
PLS13-036
105E
No significant mineralization
PLS13-037
025W
60.00
62.00
2.00
0.12
4
30
117
71.00
78.50
7.50
2.25
744
23
433
74.00
76.00
2.00
7.43
1144
29
621
83.50
87.50
4.00
0.09
3043
8
62
105.00
107.00
2.00
6.31
1124
62
257
109.50
110.00
0.50
0.10
167
5
11
113.50
116.00
2.50
0.13
103
6
38
119.00
122.50
3.50
7.27
839
81
252
120.00
122.00
2.00
12.40
1416
117
371
124.50
125.00
0.50
0.06
31
7
125
130.00
130.50
0.50
0.06
10
7
83
180.00
180.50
0.50
0.07
207
3
85
PLS13-039
045W
75.50
76.00
0.50
0.06
5
2
634
125.50
128.50
3.00
0.10
91
6
138
161.50
162.00
0.50
0.12
1030
7
115
223.00
223.50
0.50
0.05
623
83
62
224.00
224.50
0.50
0.07
22
20
163
PLS13-041
040W
63.50
68.50
5.00
0.13
25
24
502
75.00
88.50
13.50
5.54
161
38
592
83.50
87.00
3.50
17.08
538
72
626
PLS13-043
045W
63.50
65.00
1.50
0.99
269
60
269
67.50
89.50
22.00
4.80
144
14
594
83.50
87.50
4.00
20.73
69
31
613
PLS13-045
045W
64.00
85.00
21.00
0.23
20
13
251
88.00
89.00
1.00
0.07
2
11
78
PLS13-047
060W
64.50
68.00
3.50
0.18
101
16
2991
105.00
105.50
0.50
0.12
55
11
78
PLS13-049
060W
64.50
83.00
18.50
1.93
198
14
626
70.00
72.50
2.50
8.04
1068
42
616
PLS13-050
060W
63.50
65.00
1.50
0.07
4
14
165
PLS13-052
015E
62.00
72.50
10.50
0.87
197
38
475
62.50
66.00
3.50
2.01
87
81
798
75.50
93.50
18.00
3.56
106
56
528
84.00
88.50
4.50
11.95
124
172
624
PLS13-054
015E
68.00
79.50
11.50
0.28
405
9
401
PLS13-056
015E
62.50
71.50
9.00
0.16
28
12
329
PLS13-058
010W
63.50
67.50
4.00
0.11
10
26
86
70.50
87.50
17.00
0.18
9
8
260
PLS13-059
030E
55.50
62.00
6.50
3.61
580
58
433
56.50
59.00
2.50
8.99
500
75
603
65.50
86.00
20.50
8.36
1900
50
518
74.50
84.00
9.50
17.78
2338
86
661
PLS13-065
060E
51.00
53.50
2.50
0.12
3
10
995
PLS13-067
045E
50.50
52.00
1.50
0.09
2
18
106
61.50
67.50
6.00
4.63
49
46
615
63.50
67.50
4.00
6.86
57
64
726
110.00
110.50
0.50
0.05
19
2
33
PLS13-069
045E
52.00
54.00
2.00
0.29
22
25
441
57.50
58.00
0.50
0.05
12
4
356
95.00
95.50
0.50
0.05
10
30
39
100.50
101.50
1.00
0.06
9
7
207
PLS13-071
045E
No significant mineralization
Composite Parameters
1.
Minimum Thickness: 0.50m
2.
Grade Cut-Off: 0.05 U3O8 (wt%)
3.
Maximum Internal Dilution: 2.00m
4.
Interval based on U3O8 cut-off. No cut-off used for gold (Au), arsenic (As) & boron (B).
Table 2: R390E Zone
Zone
Hole ID
Grid Line
From (m)
To (m)
Interval (m)
U3O8 (wt%)
Au ppb
As ppm
B ppm
R390E
PLS13-038
380E
73.50
74.50
1.00
0.01
6
4
720
79.50
80.00
0.50
0.05
0
4
863
87.00
121.00
34.00
4.99
446
52
592
94.50
107.00
12.50
9.32
1045
75
465
126.50
144.00
17.50
0.96
1213
36
427
133.00
138.50
5.50
2.07
1559
57
463
165.00
168.00
3.00
0.09
79
10
127
170.50
171.00
0.50
0.15
56
9
171
174.00
181.00
7.00
0.15
94
25
143
PLS13-044
390E
56.00
73.00
17.00
0.24
21
9
874
60.00
61.00
1.00
1.24
6
11
1158
77.00
83.00
6.00
0.32
31
19
467
86.00
89.50
3.50
0.38
308
13
337
96.50
103.50
7.00
0.46
317
11
461
101.00
102.50
1.50
1.36
825
20
827
PLS13-046
390E
96.50
98.00
1.50
0.13
4
4
73
127.50
129.00
1.50
0.04
6
1
103
206.50
207.50
1.00
0.15
391
49
179
239.00
240.00
1.00
0.14
244
7
116
243.50
244.00
0.50
0.16
191
105
271
PLS13-051
405E
76.00
77.00
1.00
0.10
8
94
758
79.50
80.00
0.50
0.06
12
16
346
95.00
148.00
53.00
6.57
1016
53
701
107.50
118.00
10.50
29.26
2603
147
456
157.00
159.50
2.50
0.10
205
24
180
PLS13-053
375E
66.00
115.50
49.50
6.26
556
63
672
98.50
104.50
6.00
35.00
3231
170
383
120.00
136.50
16.50
2.63
1510
27
486
130.00
133.00
3.00
13.19
7228
80
500
145.00
145.50
0.50
0.14
10
14
152
160.50
161.00
0.50
0.09
35
31
57
191.50
192.00
0.50
0.07
57
5
98
218.50
219.50
1.00
0.07
171
3
163
PLS13-061
360E
77.00
98.00
21.00
0.26
602
23
633
92.50
97.50
5.00
0.75
1946
62
866
102.50
103.50
1.00
0.25
206
13
876
110.00
133.50
23.50
1.39
1592
26
731
126.00
132.00
6.00
4.34
3292
69
601
137.50
140.00
2.50
1.17
1313
46
376
PLS13-062
375E
51.00
55.00
4.00
0.36
15
51
704
86.00
98.50
12.50
0.19
357
10
697
PLS13-064
405E
83.50
84.50
1.00
0.29
104
26
173
90.50
91.50
1.00
0.11
4
15
108
95.00
96.00
1.00
0.06
709
21
207
110.50
121.00
10.50
0.08
456
6
1769
125.50
136.00
10.50
0.43
616
38
693
130.00
132.00
2.00
1.37
2594
77
710
PLS13-066
420E
82.00
145.50
63.50
1.15
1580
32
812
88.00
90.50
2.50
4.50
8836
75
432
101.00
107.50
6.50
2.60
1148
41
802
122.00
124.00
2.00
2.14
6481
37
538
133.00
135.00
2.00
9.51
7485
92
409
PLS13-068
390E
96.00
111.00
15.00
0.26
32
11
698
116.00
117.00
1.00
0.10
11
12
227
PLS13-070
390E
85.50
89.00
3.50
0.13
13
68
531
Composite Parameters
1.
Minimum Thickness: 0.50m
2.
Grade Cut-Off: 0.05 U3O8 (wt%)
3.
Maximum Internal Dilution: 2.00m
4.
Interval based on U3O8 cut-off. No cut-off used for gold (Au), arsenic (As) & boron (B).
Table 3: R780E Zone
Zone
Hole ID
Grid Line
From (m)
To (m)
Interval (m)
U3O8 (wt%)
Au ppb
As ppm
B ppm
R780E
PLS13-048
780E
155.00
164.50
9.50
0.08
16
5
284
167.00
173.50
6.50
0.18
9
7
173
176.00
177.00
1.00
0.07
117
8
86
PLS13-055
780E
109.50
114.00
4.50
0.40
692
4
394
117.00
118.00
1.00
0.15
32
6
48
141.50
145.50
4.00
0.40
563
13
894
166.00
176.00
10.00
0.57
265
8
263
173.50
176.00
2.50
1.87
704
15
546
192.00
192.50
0.50
0.39
1090
18
581
PLS13-060
780E
133.50
141.00
7.50
0.18
76
7
479
144.00
151.00
7.00
1.22
1708
12
670
146.50
149.00
2.50
3.00
4478
31
1058
154.00
156.50
2.50
0.13
6
3
168
159.50
175.00
15.50
0.20
51
5
261
183.00
189.50
6.50
0.39
275
10
272
193.50
196.50
3.00
0.14
86
1
245
203.50
209.00
5.50
0.36
247
7
501
212.00
217.00
5.00
0.36
628
10
353
221.00
226.50
5.50
0.13
141
5
70
247.50
248.00
0.50
0.20
65
13
54
257.50
258.00
0.50
0.38
331
7
136
Composite Parameters
1.
Minimum Thickness: 0.50m
2.
Grade Cut-Off: 0.05 U3O8 (wt%)
3.
Maximum Internal Dilution: 2.00m
4.
Interval based on U3O8 cut-off. No cut-off used for gold (Au), arsenic (As) & boron (B).
Other geochemical data showed low arsenic values associated with the uranium mineralization represented in the set of 117 composited assay intervals reported in this news release (Tables 1, 2, and 3). This has important metallurgical significance as it indicates that the PLS mineralized zones are not likely to have the high arsenic concentrations found in some Athabasca uranium deposits. High arsenic may require special processing and disposal costs. Approximately 87.2% of the samples returned less than 50 ppm arsenic. Of the 12.8% of the remaining samples, all fell within the range of 50-105 ppm arsenic.
Of significance for the further exploration of the PLS mineralization, this data set also flags the strongly anomalous boron associated with uranium mineralization. Approximately 70.9% of the composited assay intervals show values of over 150 ppm boron, which is typically related to the hydrothermal alteration that is present within and surrounding the uranium mineralization. The extent of the alteration halo around the mineralization can enlarge the target area and be used as a guide to focus on an area in a suitable geophysical setting, especially if elevated geochemical uranium values are associated with this alteration. Several such targets remain on the PLS property yet to be drill tested, particularly west of the R00E zone along the PL-3B EM conductor.
Split core samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which includes a 63 element ICP-OES, uranium by fluorimetry (partial digestion), and boron. Samples within mineralized intervals and any samples which return >500ppm U, are assayed for weight % U3O8, as well as fire assayed for gold. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.
Patterson Lake South Property
Fission is Operator of the PLS exploration project, which is a 50%/50% Joint Venture held with Alpha Minerals Inc. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine, (>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.
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".
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.
