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Fission Energy Updates North Shore Uranium Project, Athabasca Basin.

FISSION ENERGY CORP. (“Fission” or “the Company”) and joint venture partner Tribune Minerals Corp (“Tribune”) are pleased to provide an update of exploration activities at the North Shore Uranium Project in northeast Alberta. The North Shore Property comprises 113,250 hectares (~280,000 acres) along the northwest margin of the Athabasca Basin, approximately 10 kilometers southwest of Cameco’s Maurice Bay Uranium Deposit (1.3 million lbs @ 0.6% U3O8).  Fission is the operator of the North Shore Property exploration program. Tribune Uranium Corp has the option to earn a 60% interest in the project by expending C$10 million in exploration over five years.

 

The 2007/8 exploration program began last winter with a 696 line-km, 200 m and 100 m line spacing airborne high resolution magnetic and electromagnetic (VTEM) survey in the northeast part of the property, and concluded with a seven hole spring drill program totalling 1,260 m.  Drilling targeted areas of postulated structural and hydrothermal alteration, as observed in historic drilling and interpreted from recent geophysical surveys. (See press release dated March 25, 2008)

 

The exploration program successfully identified a significant hydrothermal system associated with a major northeast trending structure.  Strong alteration and radioactivity were intersected along this structure at downhole depths up to 185 m, with widths ranging from less than one meter to 8.5 meters.  The basement hosted altered zones contained highly anomalous concentrations of geochemical pathfinders, and included uranium values ranging as high as 70.5 ppm U. These results are very encouraging at this early stage of exploration.

 

A total of seven (7) BTW diameter core holes were completed between March and May, 2008. Each hole was surveyed for radioactivity with a Mount Sopris 2PGA-1000 poly-gamma downhole probe, with the exception of NS08-005, which was not probed due to probe mechanical issues.  All drill core was geologically logged and systematically sampled for geochemical and clay analysis. One-half of the core was split and sent to SRC Analytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which included a 63 element ICP-OES, with uranium by fluorimetry (partial digestion) and boron. The geochemical analysis is presented in Table 1.

Table 1: Uranium (partial digestion) Assay Results of Holes NS08-(001 to 007)

 

Hole ID

Collar

Hole Depth (m)

Mineralized Intervals

Azimuth

Dip

From (m) To (m) Width (m)

U ppm

NS08-001

140

-55

152.4

N/A

NS08-002

140

-55

157.0

38.20

39.20

1.0

12.6

NS08-003

140

-55

152.4

72.84

76.34

3.5

19.5

NS08-004

160

-55

201.2

87.75

96.25

8.5

13.0

 

 

 

 

147.00

147.50

0.5

70.5

 

 

 

 

184.25

185.25

1.0

28.2

NS08-005

360

-55

201.2

N/A

NS08-006

130

-55

195.1

N/A

NS08-007

5

-50

201.2

40.00

40.50

0.5

18.2

 

 

 

 

58.50

59.00

0.5

16.6

 

 

 

 

60.50

61.00

0.5

20.8

               
 * Width is “Down-Hole” thickness, not true thickness

 

 

 
                 

 

Four holes  (DDH: NS08-002, 003, 004 and 007) encountered geochemically anomalous intervals ranging in width from 0.5 m to 8.5 m with uranium values as high as 70.5 ppm in (NS08-004), associated copper values (to 984 ppm Cu in NS08-007), and occasionally anomalous zinc (to 216 ppm Zn in NS08-003).  Hole NS08-007 returned copper values of 305 ppm over 3.5 m from 38.0 to 41.5 m.

 

These four drill holes tested an area of alteration discovered by historic shallow drilling directly adjacent to an area of relatively high conductivity identified by the VTEM survey.  Holes NS08-002, 003 and 004 intersected intervals of significant structural and hydrothermal alteration, and encountered mineralization >10 ppm U over drill hole widths of 0.5 to several meters within basement rocks.  Holes 003 and 004, spaced 1.2 km apart, intersected strong pervasive alteration and intermittent mineralization between 72 to 99 m depth.  Hole NS08-007, located 850 m northeast of NS08-004 along an inferred structure, contained significant intermittent copper anomalies between 70 and 79 m (up to 984 ppm Cu), which corresponds with other anomalous geochemistry and radioactivity observed within NS08-002, 003 and 004. The correlation between anomalous uranium and pathfinder geochemistry in NS08-002, 003, 004 and 007 has outlined a large, hydrothermal system favourable for uranium mobilization and mineralization.  This region continues to be of primary interest.

 

The drill program was successful in testing for alteration and potential mineralization at depths that exceeded previous historic drilling. Further exploration planning is underway. Final geophysical interpretation of the airborne data will be integrated with the current drill results, to refine locations for future exploration.

 

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. 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