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Fission Energy Commences Exploration at North Shore Project, Athabasca Basin

 

FISSION ENERGY CORP. (“Fission” or “the Company”) and its partner Tribune Uranium Corp. (“Tribune”) are pleased to announce that exploration at the North Shore Uranium Project, located in northeastern Alberta, is underway.  The 2008 exploration program includes a 700 line-km VTEM Airborne Geophysical Survey and will drill test several coincident geophysical – geochemical uranium targets at Grey Willow Point and Falling Sand Point, located near the Alberta-Saskatchewan border.

 

The North Shore Uranium Project comprises thirteen permits totaling ~113,249 hectares and is located approximately 15 km west of Fort Chipewyan. The property is situated along the northwest edge of the Athabasca Basin, and is within 10 km to the west of CAMECO’s Maurice Bay Uranium Deposit.  The property boundary extends along the north shore of Lake Athabasca to the Alberta-Saskatchewan border.

 

Historic exploration included the identification of two significant areas exhibiting anomalous alteration and radioactivity, located less than 20 km southwest of the Maurice Bay Uranium Deposit; one at Grey Willow Point and one at Falling Sand Point.  Prior work included:

 

  • Completion of over 150 shallow drill holes with an average depth of less than 30 m,
  • Identification of over 200 boulders with up to 0.95% U3O8, and
  • Airborne Magnetic – VLF – Radiometric Surveys.

 

Shallow drill testing at Grey Willow Point and Falling Sands Point, previously identified anomalous radioactivity associated with zones of intense alteration.  Within the area the sub-Athabasca Unconformity is either eroded, or at depths of less than 30 m.

 

The exploration model of uranium mineralization expected on the North Shore property would be analogous to basement hosted structurally controlled mineralization similar to the Beaver Lodge area.  This style of mineralization would be controlled by structures and shear zones and would likely be associated with structurally focused hydrothermal alteration systems. It is further postulated that uranium mineralization within the area is related to the inferred southwest extension of the McKenzie Mylonite Zone, which is host to Cameco’s Maurice Bay Uranium Deposit.

 

Fission previously completed an 8,039 line-km airborne magnetic and VLF survey, which identified hundreds of EM responses interpreted to be possible basement structures coincident with known uranium mineralization. The follow-up 700 line-km, 100 m and 200 m line spacing VTEM airborne magnetic and EM survey is being completed by Geotech Ltd. of Aurora, Ontario.  This survey will provide high resolution magnetic and EM data that will be integrated to assist with target selection of the drill holes for the upcoming 1,000 m drill program.  Drill targets at Grey Willow Point and Falling Sand Point include cross-cutting structures, with anomalous radioactivity and alteration.  These targets were never previously tested at depth.

 

Upon completion of the drill program, each bore hole will be logged with a Mount Sopris 2PGA-1000 poly gamma probe. All drill core will be geologically logged, systematically sampled for geochemical and clay analysis and forwarded to the SRC Analytical Laboratories in Saskatoon for further analysis. In addition, samples will also be collected for short wave infra-red spectrometry (PIMA) analysis.  Results will be provided when available.

 

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. and Vice-President of Exploration for Fission Energy Corp., a qualified person.

 

ON BEHALF OF THE BOARD

"Ross McElroy"
Ross McElroy, President & COO

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. FISSION URANIUM CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FCU".

This press release contains "forward-looking information" that is based on Fission Uranium Corp's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission Uranium Corp'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 Uranium Corp'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 Uranium Corp. disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Investor Relations
Rich Matthews
TF: 877-868-8140
ir@fissionuranium.com
www.fissionuranium.com