Fission Uranium Corp.
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Fission Uranium Corp.

April 14, 2014 03:00 ET

Fission Announces Multiple High-Grade Assays

Assays released for twelve holes at PLS Discovery

KELOWNA, BRITISH COLUMBIA--(Marketwired - April 14, 2014) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce assay results from twelve holes at its Patterson Lake South (PLS) property in Saskatchewan's Athabasca Basin, Canada. All twelve holes are drilled within the R780E zone and returned wide intervals of mineralization, with nine of the holes returning high-grade assays. Of particular note is hole PLS14-132 which intersected multiple zones of mineralization including intervals such as 8.48% U3O8 over 3.5m in 4.03% U3O8 over 8.0m.

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

"This is a strong set of assays with wide intervals and high grades from holes drilled early in winter program. They contribute significantly to the confirmed mineralization at PLS and provide us with additional data to help direct future drill targeting."

Assay Highlights

PLS14-132 (Line 810E)

46.0m (134.5m to 180.5m) @ 0.72% U3O8, including:
10.5m (169.0m to 179.5m) @ 2.41% U3O8
5.5m (216.0m to 221.5m) @ 1.54% U3O8, including:
3.0m (217.5m to 220.5m) @ 2.74% U3O8
8.0m (226.5m to 234.5m) @ 4.03% U3O8, including:
3.5m (229.5m to 233.0m) @ 8.48% U3O8

PLS14-136 (Line 600E)

41.0m (119.0m to 160.0m) @ 0.92% U3O8, including:
8m (133.0m to 141.0m) @ 2.59% U3O8 and
2.5m (145.0m to 147.5m) @ 3.69% U3O8

PLS14-126 (Line 780E)

8.5m (152.5m to 161.0m) @ 1.3% U3O8, including:
1m (157.0m to 158.0m) @ 4.44% U3O8
5.5m (178.0m to 183.5m) @ 2.41% U3O8, including:
2m (178.0m to 180.0m) @ 4.66% U3O8

Composited % U3O8 mineralized intervals are summarized in Table 1 below. Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is 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 remains on site for reference. All analysis include a 63 element ICP-OES, uranium by fluorimetry and boron. All depth measurements reported, including sample and 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.

Table 1

Composited Mineralized Intervals (Down-hole measurements)

Zone Hole ID Grid Line From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R780E PLS14-125 570E 70.50 71.00 0.50 0.08
89.00 93.00 4.00 0.08
115.50 116.00 0.50 0.11
119.50 176.00 56.50 0.46
130.50 136.50 6.00 1.91
163.00 165.50 2.50 1.71
183.50 184.00 0.50 0.07
191.50 195.00 3.50 0.06
197.50 198.00 0.50 0.06
200.50 201.50 1.00 0.07
225.50 237.50 12.00 0.21
PLS14-126 780E 141.50 146.00 4.50 0.09
152.50 161.00 8.50 1.30
157.00 158.00 1.00 4.44
164.00 169.50 5.50 0.52
178.00 183.50 5.50 2.41
178.00 180.00 2.00 4.66
189.00 190.50 1.50 0.09
218.50 219.00 0.50 0.13
230.00 235.00 5.00 0.96
243.00 243.50 0.50 0.07
289.50 296.00 6.50 0.29
298.50 300.00 1.50 0.46
372.50 374.00 1.50 0.10
PLS14-127 825E 65.00 72.50 7.50 0.05
79.50 80.00 0.50 0.09
99.50 120.00 20.50 0.16
124.50 130.00 5.50 0.06
132.50 133.50 1.00 0.08
141.50 142.50 1.00 0.11
146.50 161.00 14.50 0.27
166.00 168.00 2.00 1.39
170.50 176.50 6.00 0.08
186.00 188.50 2.50 1.06
197.50 200.00 2.50 1.17
212.00 213.50 1.50 0.93
298.50 299.00 0.50 0.06
PLS14-128 945E 108.50 113.50 5.00 0.06
134.50 135.00 0.50 0.06
140.00 142.50 2.50 0.08
145.00 162.00 17.00 0.19
167.50 173.50 6.00 0.46
177.00 181.50 4.50 0.06
216.50 220.50 4.00 6.74
218.00 220.00 2.00 13.04
244.50 245.00 0.50 0.07
426.00 426.50 0.50 0.06
435.50 436.00 0.50 0.05
PLS14-130 345E 67.00 81.00 14.00 0.23
84.50 101.50 17.00 0.47
93.00 96.50 3.50 1.57
108.00 125.00 17.00 0.27
131.00 131.50 0.50 0.07
142.50 146.50 4.00 3.00
142.50 143.50 1.00 11.10
157.00 157.50 0.50 0.07
162.00 164.50 2.50 0.07
183.50 187.00 3.50 0.09
195.50 197.50 2.00 0.38
PLS14-131 780E 145.00 145.50 0.50 0.09
168.50 191.00 22.50 0.22
195.00 196.50 1.50 0.15
199.50 230.00 30.50 0.30
207.00 210.50 3.50 0.93
234.50 256.00 21.50 0.34
260.50 262.50 2.00 1.01
265.50 266.00 0.50 0.35
274.50 275.00 0.50 0.31
310.50 311.00 0.50 0.06
321.00 324.00 3.00 0.08
364.00 364.50 0.50 0.18
373.50 375.00 1.50 0.07
377.50 378.50 1.00 0.20
383.50 384.00 0.50 0.26
389.50 396.00 6.50 0.08
419.50 420.00 0.50 0.06
PLS14-132 810E 72.00 84.50 12.50 0.40
77.50 78.50 1.00 3.28
91.50 124.00 32.50 0.09
134.50 180.50 46.00 0.72
169.00 179.50 10.50 2.41
184.50 188.00 3.50 1.42
216.00 221.50 5.50 1.54
217.50 220.50 3.00 2.74
226.50 234.50 8.00 4.03
229.50 233.00 3.50 8.48
239.00 242.00 3.00 0.24
259.00 260.00 1.00 0.30
PLS14-133 315E 96.00 101.00 5.00 0.06
117.00 122.00 5.00 0.11
130.00 141.50 11.50 0.08
145.50 146.00 0.50 1.40
162.00 164.00 2.00 1.00
167.00 180.50 13.50 0.90
175.50 176.50 1.00 8.37
184.00 205.50 21.50 0.48
195.50 200.50 5.00 1.03
239.00 240.50 1.50 0.37
317.00 317.50 0.50 0.18
PLS14-134 465E 144.00 152.00 8.00 0.30
154.50 155.50 1.00 0.08
158.00 162.50 4.50 0.41
167.00 168.50 1.50 0.07
173.00 177.50 4.50 0.08
182.00 186.50 4.50 0.27
PLS14-135 960E 117.00 121.00 4.00 0.07
134.50 175.00 40.50 0.16
182.00 182.50 0.50 0.08
188.00 190.50 2.50 1.29
231.50 232.00 0.50 0.15
235.50 241.50 6.00 0.07
265.50 266.00 0.50 0.06
283.50 286.50 3.00 0.38
PLS14-136 600E 119.00 160.00 41.00 0.92
133.00 141.00 8.00 2.59
145.00 147.50 2.50 3.69
208.50 209.50 1.00 0.17
220.00 221.00 1.00 0.16
PLS14-137 390E 121.00 121.50 0.50 0.06
194.50 195.50 1.00 0.06
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m

An approximate 30,000m drill program and ground geophysics and radon in water and sediment surveys continues at PLS. Updated maps and files can be found on the Company's website at http://www.fissionuranium.com/project/pls/overview/.

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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