Fission Uranium Corp.
TSX VENTURE : FCU
OTCQX : FCUUF
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Fission Uranium Corp.

August 18, 2014 03:00 ET

Fission: 8 Summer Angled Step-Out Holes Hit Off Scale; Zone R780E Widens

PLS Discovery Widening both North and South; Program Expanding by Ten Holes

KELOWNA, BRITISH COLUMBIA--(Marketwired - Aug. 18, 2014) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from nine new angled drill holes of the summer drill program at its PLS property in Canada's Athabasca Basin. Of particular note is PLS14-259 (line 840E), with a total of 98.5m composite mineralization, including 11.0m total composite "off-scale" (>10,000 cps) radioactivity. All nine holes returned wide mineralization, with six returning substantial intervals of >10,000 cps radioactivity. Step-out drilling on the R780E zone has now widened to the north and south: PLS14-259 has expanded the high grade area approximately 15m to the south on line 840E and PLS14-256 expanding the high-grade area approximately 30m to the north on line 525E.

Summer Program to Increase by 10 Holes: The success in expanding the R780E zone laterally north and south has justified an increase of 4,700m to 25,000m. This will allow an additional 10 holes to test for further lateral and strike expansion.

Drilling Highlights Include:

Hole PLS14-259 (line 840E)

  • 98.5m total composite mineralization over a 154.0m section (between 111.5m - 266.0m) including:
    • 11.0m total composite mineralization of (>10,000 cps) radioactivity

Hole PLS14-256 (line 525E)

  • 104.5m total composite mineralization over a 160.0m section (between 60.0m - 220.0m) including:
    • 8.05m total composite mineralization of >10,000 cps radioactivity

Hole PLS14-247 (line 525E)

  • 108.0m total composite mineralization over a 226.0m section (between 62.5m - 288.5m) including:
    • 6.62m total composite mineralization of >10,000 cps radioactivity

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

"We continue to see remarkable results from PLS, with strongly mineralized angled drill holes widening zone R780E laterally both to the north and south. The program has been so successful that we will be drilling an additional ten holes to test for further north/south widening of the R780E zone. The summer program will therefore include a total of 25,000m in 73 drill holes."

As per news release July 28, 2014 Fission has replaced the GR-110 scintillometer, which measured a maximum of 9,999 cps (referred to as off-scale in all previous PLS drill programs) with the RS-121 scintillometer, which measures up to 65,535 cps for higher resolution readings of strongly anomalous radioactivity.

Hole
ID
Zone Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sand-
stone
From
-
To
(m)
Base-
ment
Uncon-
formity
Depth
(m)
Total
Drill-
hole
Depth
(m)
Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
PLS14-246 R780E 690E 333 -71.0 60.1 71.5 11.4 <300 - 11000 NA 60.2 316.0
95.5 104.5 9.0 <300 - 8900
107.5 114.0 6.5 <300 - 8900
130.0 130.5 0.5 800
137.5 145.0 7.5 <300 - 1900
147.5 154.0 6.5 360 - 6000
160.0 169.0 9.0 <300 - 1400
PLS14-247 R780E 525E 336 -70 62.5 63.0 0.5 340 57.1 - 58.6 58.6 374.0
93.5 107.5 14.0 <300 - 23000
110.5 141.5 31.0 <300 - 61000
144.5 146.5 2.0 420 - 2700
157.0 164.5 7.5 300 - 2100
177.0 220.5 43.5 <300 - 14000
228.0 232.0 4.0 <300 - 750
250.5 251.0 0.5 340
278.5 283.0 4.5 <300 - 710
288.0 288.5 0.5 350
PLS14-250 R780E 330E 335 -69 57.2 59.0 1.8 300 - 410 NA 57.2 294.0
156.0 157.0 1.0 400 - 630
165.5 167.5 2.0 310 - 700
PLS14-253 R780E 735E 334 -72.3 117.5 160.0 42.5 <300 - 44800 NA 59 338.0
163.5 174.0 10.5 <300 - 29900
178.5 181.0 2.5 340 - 11000
187.5 192.0 4.5 <300 - 22100
PLS14-254 R780E 870E 340 -69 97.0 97.5 0.5 640 NA 64.3 407.0
125.5 137.5 12.0 <300 - 1200
145.0 146.0 1.0 340 - 450
150.0 153.0 3.0 410 - 1400
159.5 163.0 3.5 400 - 800
165.5 182.0 16.5 <300 - 15700
206.5 210.0 3.5 <300 - 3000
225.0 233.0 8.0 <300 - 2800
255.0 255.5 0.5 360
287.0 289.5 2.5 <300 - 400
301.5 303.0 1.5 310 - 1400
PLS14-256 R780E 525E 340 -70 60.0 119.0 59.0 <300 - 46200 56.0 - 57.8 57.8 338.0
123.0 140.5 17.5 <300 - 9400
145.0 146.0 1.0 300 - 380
170.0 183.0 13.0 <300 - 27700
187.5 195.0 7.5 <300 - 760
198.5 199.5 1.0 320 - 380
202.5 205.5 3.0 370 - 1400
215.0 215.5 0.5 1200
218.0 220.0 2.0 340 - 4700
262.5 263.0 0.5 420
PLS14-257 R780E 960E 332 -68 104.5 105.0 0.5 490 NA 60.0 476.0
112.5 113.5 1.0 340 - 390
158.5 167.0 8.5 <300 - 1100
170.0 174.0 4.0 <300 - 570
182.0 198.5 16.5 <300 - 2800
204.5 206.5 2.0 <300 - 370
215.5 219.0 3.5 <300 - 460
228.0 232.5 4.5 <300 - 1000
237.0 240.5 3.5 <300 - 4200
247.0 253.5 6.5 <300 - 37000
256.0 261.5 5.5 410 - 56000
269.5 272.5 3.0 480 - 6100
275.5 276.0 0.5 4300 - 14000
280.0 280.5 0.5 830
295.5 297.5 2.0 510 - 13000
301.5 307.0 5.5 <300 - 9600
321.5 322.0 0.5 2200
339.5 355.5 16.0 <300 - 1400
359.5 365.0 5.5 <300 - 810
368.0 372.0 4.0 320 - 900
375.5 376.0 0.5 330
452.5 453.0 0.5 400
PLS14-259 R780E 840E 332 -69 111.5 116.0 4.5 310 - 930 NA 62.7 431.9
119.0 190.0 71.0 <300 - 62800
194.0 194.5 0.5 1900
201.5 220.0 18.5 <300 - 54300
236.5 237.0 0.5 1900
262.5 266.0 3.5 680 - 7500
343.5 344.5 1.0 400 - 460
382.0 382.5 0.5 430
PLS14-261 R780E 495E 337 -70 58.0 133.0 75.0 <300 - 34200 56.4 - 58.0 58.0 302.0
137.5 145.0 7.5 <300 - 1000
158.5 170.5 12.0 <300 - 7900
176.0 179.5 3.5 <300 - 580
266.0 266.5 0.5 430

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held RS-121 Scintillometer manufactured by Radiation Solutions. 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.

Samples from the drill core will be split in half sections on site. Where possible, samples will be standardized at 0.5m down-hole intervals. One-half of the split sample will be sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK for analysis which includes U3O8 (wt %) and fire assay for gold, while the other half will remain on site for reference. Analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron.

All depth measurements reported, including radioactivity and mineralization interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

PLS Mineralized Trend Summary

Uranium mineralization at PLS has been traced by core drilling over 2.24km of east-west strike length in five separate mineralized "zones" from line 615W (PLS13-124) to line 1620E (PLS14-196). From west to east, these zones are; R600W, R00E, R780E, R1155E and R1620E. The former R390E, R585 and R945E zones have been merged into the R780E zone by successful winter drilling. Mineralization remains open along strike both to the western and eastern extents. Mineralization is both located within and associated with a metasedimentary lithologic corridor, bounded to the south by the PL-3B basement Electro-Magnetic (EM) Conductor.

Updated maps and files can be found on the Company's website at http://fissionuranium.com/project/pls/.

Patterson Lake South Property

The 31,039 hectare PLS project is 100% owned and operated by Fission Uranium Corp. 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.

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 exploration and development of the Patterson Lake South uranium property 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 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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