Fission Uranium Corp.

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Fission Uranium Corp.

August 22, 2013 06:30 ET

47m Mineralization Including 5.27m Total Composite "Off-Scale" as Fission Expands R390E Zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - Aug. 22, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to announce results for an additional five holes drilled on the R390E Zone. With a new strike length of 120m, zone R390E has doubled in length since the winter 2013 program. PLS13-086 is of particular note. With a 47.0m wide mineralized zone, including a total of 5.27m composite "off-scale", it appears more robust than hole PLS13-061 drilled 10m to the north on line 360E and is further evidence of the high-grade potential of the zone.

Several holes are reported in this news release that have no Devonian Sandstone intersections. This makes the R390E Zone a potential candidate area for one of the bedrock sources of the large uranium boulder field. Of additional note is hole PLS13-083, a 15m step out hole to the west of hole PLS13-075, which reported 61.5m total composite mineralization in several intervals over a width of 105.5m (53.0m to 158.5m).

Holes PLS13-078, PLS13-081, PLS13-083, PLS13-085 and PLS13-086 tested lines 435E, 405E, 315E, 330E and 360E of the R390E Zone respectively and all intersected relatively wide zones of mineralization of varying degrees of radioactivity.

Drilling Highlights include:

  • Extend strike length of R390E zone to 120m
  • PLS13-086 (line 350E) intersected 47m of mineralization (75.0m - 122.0m), including:
    • 5.27m total composite off-scale (>9999 cps), including:
    • 3.0m of continuous off-scale (>9999 cps) (101.0m - 104.0m)
  • PLS13-083 (line 315E) intersected 61.5m total composite of variably radioactive mineralization over a 105.5m wide interval (53.0m - 158.5m)
  • PLS13-078 (line 435E) intersected 42.0m total composite of variably radioactive mineralization over a 60.5m wide interval (75.0m to 135.5m)
    • Upper Zone: 31.5m mineralization (85.0m - 166.5m), including:
    • 1.25m total composite off-scale (97.0m - 98.0m)
    • Lower Zone: 10.0m mineralization (125.5m - 135.5m)
  • PLS13-085 (line 330E) intersected 36.0m total composite of variably radioactive mineralization in several intervals over a 55.5m wide interval (58.5m - 114.0m), including:
    • 22.5m of variably radioactive mineralization (82.0m - 104.5m), including:
    • 2.16m total composite off-scale radioactivity (85.5m to 87.81m)
  • PLS13-081 (line 405E) intersected 25.5m of variably radioactive mineralization (105.0m - 130.5m)

Ross McElroy, President, COO, and Chief Geologist for Fission, commented,

"The R390E Zone continues to expand and still remains open in all directions. This latest round of results includes wide intervals of considerable radioactivity, significant off-scale, and helps direct us as we grow the zone further."

R390E Zone:

The new holes represent shallow, very broad intervals of radioactivity and, importantly, extends the R390E Zone an additional 15m west from previous delineation. The relevant geological features of the hole are as follows:

Line 315E: Drillhole PLS13-083 was collared as a vertical hole. The collar is located approximately 15m grid west from hole PLS13-075 (see news release July 29, 2013). Weakly anomalous radioactivity starts immediately in the basement rocks at 53.0m increasing in intensity below 55.0m. Several variably weak to moderate to strong radioactive mineralized intervals ranging in width from 0.5m to 17.5m wide were intersected over a 105.5m span from 53.0m to 158.5m. Occasional narrow intervals of off-scale radioactivity were intersected raging in widths from 0.1m to 0.35m wide each. Overburden continued to 53.0m and no Devonian sandstone was observed. From 53.0m to 178.1m, bedrock consists of alternating pelitic and quartz-feldspar gneiss. A diabase dyke is present from 178.1m to 186.0m and semipelitic gneiss from 186.0m to the end of hole (278.0m). Moderate clay alteration is present from 53.0m to 192.0m. Downhole triple gamma probe results show that a 1.0m wide interval (80.0m - 81.0m) of strongly anomalous gamma counts (16,981 cps - 52,841 cps) was intersected downhole but corresponding hand scintillometer results from this interval are weak at 330cps - 760 cps. This discrepancy is explained due to poor recovery (48.7% recovery) in this moderately clay altered interval from 80.0m - 83.0m.

Line 330E: Drillhole PLS13-085 was collared as a vertical hole. The collar is located approximately 10m grid north of PLS13-075. Several variably radioactive mineralized intervals ranging in width from 2.5m to 22.5m wide were intersected over a 55.5m span from 58.5m to 114.0m. The main zone of mineralization occurs over a 22.5m wide interval (82.0m - 104.5m) and is characterized by variably weak to strong radioactivity including a total composite of 2.16m of off-scale (>9999 cps) radioactivity. Bedrock was encountered at 57.0m and comprised of a pelitic gneiss from 57.0m to 140.0m transitioning to a dominantly semipelitic gneiss from 140.0m to end of hole (224.0m).

Line 360E: Drillhole PLS13-086 was collared as a vertical hole. The collar is located approximately 10m grid south of PLS13-061 (23.5m @ 1.39% U3O8, see News Release June 03, 2013). A 47.0m wide mineralized interval of variably weak to strong radioactivity was intersected (75.0m - 122.0m). A total composite of 5.27m of off-scale (>9999 cps) radioactivity was intersected in several intervals from 0.14m to 3.0m wide. Bedrock was encountered at 50.0m and is comprised of a quartzitic gneiss to 74.5m and alternating pelitic gneiss and undifferentiated mylonites to 207.7m. From 2207.7m to 263.0m (EOH) a semipelitic gneiss was encountered. Moderate to strong clay alteration is present from 50.0m to 208.7m with localized occurrences of sulphide (pyrite?).

Line 405E: Drillhole PLS13-081 was collared as a vertical hole. The collar is located approximately 10m grid north of PLS13-064 (10.5m @ 0.43% U3O8, see news release June 03, 2013). A 25.5m wide mineralized interval (105.0m to 130.5m) of variably weak to moderate radioactivity was intersected. The hole deviated to the south with the net result being the mineralized zone is within a few meters of the same zone intersected in PLS13-064. A thin layer of Devonian sandstone was intersected from 49.5m to 51.5m. Basement rocks consist primarily of a semipelitic gneiss throughout. A 5.0m wide Diabase dyke was intersected from 58.4m to 63.4m.

Line 435E: Drillhole PLS13-078 was collared as a vertical hole. The collar is located approximately 10m grid north of PLS13-073 (see news release Jul 29, 2013). A total mineralized composite of 42.5m of weak to moderate to locally strong radioactivity over two main intervals over a 50.5m span was encountered in 3 intervals (85.0m - 135.5m) ranging from 0.5m to 31.5m wide. A 31.5m interval of mineralization is characterized by weak to strong radioactivity including a total composite of 1.25m of off-scale (9999 cps) radioactivity. The mineralization on PLS13-078 appears to be up-dip by about 17m from hole PLS13-073. Devonian sandstone was intersected from 50.0m to 53.5m. Basement rocks consist of an alternating pelitic gneiss and undifferentiated mylonite sequence from 53.5m to 120.5m, transitioning to a semipelitic gneiss below 120.5m to 224.0m (EOH). Moderately pervasive clay alteration is present from 53.5m to 142.0m.

R390E
Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sandstone Basement
Uncon-
formity
Total
Drill-
hole
Hole ID Grid Line Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
From - To
(m)
Depth
(m)
Depth
(m)
PLS13-078 435E 222 -84 85.0 116.5 31.5 <300 - >9999 50.0 - 53.5 53.5 224.0
122.0 122.5 0.5 320
125.5 135.5 10.0 <300 - 5900
PLS13-081 405E 142 -84 105.0 130.5 25.5 <300 - 7300 49.5 - 51.5 51.5 230.0
PLS13-083 315E 84 -88 53.0 70.5 17.5 <300 - >9999 No Sandstone 53.0 278.0
73.5 74.0 0.5 560
77.0 82.5 5.5 <300 - 760
91.0 92.5 1.5 1800 - 6300
105.5 108.0 2.5 300 - 1900
110.5 114.0 3.5 400 - 8400
120.5 127.0 6.5 <300 - 7700
129.0 145.5 16.5 <300 - >9999
151.0 158.5 7.5 <300 - >9999
PLS13-085 330E 0 -90 58.5 64.0 5.5 <300 - 2800 No Sandstone 57.0 224.0
67.5 70.0 2.5 380 - 650
82.0 104.5 22.5 <300 - >9999
109.0 114.0 5.0 410 - 1200
178.0 178.5 0.5 580
PLS13-086 360E 283 -86 75.0 122.0 47.0 <300 - >9999 No Sandstone 50.0 263.0
99.0 121.5 22.5 530 - >9999
151.5 154.0 2.5 <300 - 770
173.5 174.5 1.0 390 - 640
178.0 178.5 0.5 350
* Scintillometer Instrument: GR-110G

A $6.95M, 44 hole, 11,000m drill program and ground geophysics surveys continues at PLS.

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

All holes are planned to be radiometrically surveyed using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for more accurate measurements in high grade mineralized zones. The Triple Gamma probe is preferred in zones of high grade mineralization.

Split core samples from the mineralized section of core will be taken continuously through the mineralized intervals and submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes U3O8 (wt %) and fire assay for gold. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron. Assay results will be released when received.

Patterson Lake South Property

The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Uranium Corp. and Alpha Minerals Inc (AMW). Fission is the Operator. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development. Updated maps and scintillometer table for the R390 zone can be found on the Company's website at https://www.fissionuranium.com/projects/patterson-lake-south-sk/.

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.

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.

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