KELOWNA, BRITISH COLUMBIA--(Marketwired - Aug. 20, 2013) - FISSION URANIUM CORP. ("Fission" or "the Company") (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU), the Operator, and its Joint Venture partner Azincourt Uranium Inc. (TSX VENTURE:AAZ), are pleased to announce the completion of the VTEM max airborne geophysical survey, the initial component of planned exploration work at Patterson Lake North ("PLN") in the Athabasca Basin.
Aeroquest Airborne of Aurora Ontario recently completed the helicopter-borne 400m line-spaced VTEM max survey totaling 303 line-km in the northern half of the PLN property (see attached Map, below).
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"Earlier exploration work, and the property location, leads us to consider Patterson Lake North (PLN) to be highly prospective. The latest survey is an important components before drilling begins this winter and we are looking forward to making use of the airborne geophysical results as we continue to prioritize our list of key drill targets."
The VTEM max survey is designed to provide higher resolution over anomalous conductive areas of interest identified from previous airborne magnetic-electromagnetic surveys. The survey was completed over five days, and was flown along NW-SE flight-lines at a nominal flight height of 35m above ground. The VTEM max survey should ideally locate basement conductors and/or enhanced sandstone alteration in the northern property area at the expected unconformity depths in the range of 250-600 m below surface. Aeroquest recently completed data acquisition and is presently completing post-processing. The processed data is expected to be received shortly with data interpretation to follow by Fission's technical team and Living Sky Geophysics Inc. of Saskatoon.
High grade uranium occurrences in the Athabasca Basin generally occur within metasedimentary basement terrains with metapelitic lithologies and are associated with reactivated structural traps with hydrothermal alteration. These lithological-structural corridors can be prospective for hosting high grade uranium deposits. Modern geophysical surveys are capable of distinguishing and identifying lithology, structural features and alteration zones. Proper interpretation of these survey results can be used to effectively target drill holes.
A single line 6.3 line-km ground based magnetotellurics survey is planned later this fall as a follow-up to the airborne survey.
The summer/fall geophysical program is budgeted at $0.53m and includes additional ground Time Domain Electromagnetic (TDEM) and Magnetotellurics (MT) geophysical surveys. The surveys will assist in identifying and prioritizing drill targets for the anticipated 2014 winter program, as well as generating additional drill targets for testing in subsequent years. Approximately $1 million has been set to be spent on the upcoming winter drill program.
PLN is immediately adjacent to Fission's Joint Venture PLS property (Fission 50% / Alpha 50%) and 5.7km north of where Fission has discovered high-grade uranium mineralization in bedrock in four separate pods. Prior to Azincourt's earn-in, Fission spent $4.7 million, principally on airborne and ground geophysics with some diamond drilling.
PLN Property Setting
PLN lies within a large basin scale north-east NE trending gravity low structural corridor coincident with the Clearwater Domain (granite and felsic gneisses) that also incorporates the adjacent PLS property. The former Cluff Lake uranium mine and the UEX-Areva Shea Creek deposits (42 km and 27 km to the north respectively) lie along the western margin of this structural feature. The recently discovered high-grade uranium mineralization found at PLS located 5.7 km to the south, also lies within this structural corridor. Coincidentally, PLN also lies within a complex magnetic corridor showing magnetic highs and lows and breaks in regional major features. Several EM anomalies are evident within PLN, including what may be interpreted to be the southern extension of the Saskatoon Lake EM conductor, which itself is associated with the Shea Creek deposit to the north.
PLN Property
PLN was acquired by staking in 2004 and became part of the Fission Uranium Corp. portfolio as part of the Fission Energy/Denison Mines agreement in April 2013. It comprises approximately 27,000 Ha, and is located about 30 km immediately south of the UEX/AREVA Anne and Collette uranium deposits at Shea Creek.
PLN is prospective for hosting structurally controlled high-grade unconformity uranium mineralization that is often associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by geophysical surveys. An updated map showing the area of the VTEM max airborne geophysical survey can be found on the Company's website at http://www.fissionuranium.com/projects/other-sk-properties/.
Qualified Person
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.
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Fission Uranium Corp.
Rich Matthews
Investor Relations
TF: 877-868-8140
rich@fissionuranium.com
www.fissionuranium.com