Fission Uranium Corp.
TSX : FCU
OTCQX : FCUUF
FRANKFURT : 2FU

Fission Uranium Corp.

August 18, 2016 03:00 ET

Fission Connects R600W and R840W Zones With High Grade Intercept

Drilling merges R600W into R840W to outline 465m strike length, land-based zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - Aug. 18, 2016) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from the summer drill program for the final 8 drill holes on the R840W zone at its PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region. Of key importance, drilling has successfully merged the R600W and R840W zones. The new high-grade, shallow and land-based R840W zone has a strike length of 465m and is 495m west of the R00E zone of the Triple R deposit. In addition, drilling on the western region of the R840W zone has expanded mineralization a further 60m to the west from this past winter - increasing the strike length of the mineralized Patterson Lake trend at PLS to 2.63km

Zone Growth Drilling Highlights

  • Land-based, high-grade zones merged
    • Hole PLS16-512 (line 765W), which intersected 56.0m of shallow continuous mineralization, including 6.45m total composite of >10,000 cps, has merged the R600W and R840W zones
    • New R840W zone has strike length of 465m
  • High-grade R1620E zone growth and narrowed gap with Triple R deposit
    • R1620E zone is shallow, high-grade and 225m in strike length
    • Substantially increased length of high-grade mineralized core
  • Latest drill results include new, wide, high-grade mineralization -
    • PLS16-512 (line 765W)
      • 56.0m continuous mineralization (107.5m - 163.5m), including
      • 6.45m of total composite >10,000 cps
    • PLS16-504 (line 915W)
      • 37.5m total composite mineralization (146.0m - 216.0m), including
      • 6.15m of total composite >10,000 cps

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

"We have achieved all of our key goals for drilling on the recently discovered R840W and R1620E zones this summer, and in so doing have merged the R600W and the R840W into a single zone (R840W) with a strike length of approximately 465m. This zone remains open. In addition, the R840W zone expanded to the west and now the mineralized PLS trend has grown to an even larger strike length of 2.63km - the largest mineralized trend in the Athabasca Basin region. Just as importantly, the width and strength of the new drill holes at both ends of the trend are impressive and drilling has indicated that the trend is still open. With these results, we remain on target to update our resource estimate during 2017."

R840W

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Basement Total
Hole ID Zone Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
Lake
Depth
(m)
Sandstone
From - To
(m)
Unconformity
Depth
(m)
Drillhole
Depth
(m)
PLS16-502 R840W 885W 358 -76.3 172.0 173.0 1.0 360 - 550 NA NA 100.9 315.8
PLS16-504 R840W 915W 342 -80.8 146.0 171.5 25.5 <300 - 61000 NA NA 99.2 371.0
198.5 200.0 1.5 920 - 950
205.5 216.0 10.5 <300 - 35600
PLS16-505 R840W 990W 333 -78.9 146.5 153.5 7.0 <300 - 3000 NA NA 122.0 337.0
158.0 160.5 2.5 390 - 4900
PLS16-506 R840W 825W 340 -79.4 130.0 143.5 13.5 <300 - 1100 NA 97.1 - 101.5 101.5 275.5
147.5 154.0 6.5 <300 - 10000
217.5 219.0 1.5 <300 - 360
PLS16-507 R840W 990W 337 -81.2 No Significant Radioactivity NA NA 98.0 344.0
PLS16-508 R840W 795W 347 -79.9 109.0 164.5 55.5 <300 - 11000 NA 98.5 - 104.5 104.5 267.9
PLS16-510 R840W 1020W 346 -80.5 177.0 177.5 0.5 300 NA NA 101.0 305.0
183.0 184.5 1.5 360 - 780
189.5 190.5 1.0 870 - 2000
203.5 205.5 2.0 310 - 750
PLS16-512 R840W 765W 334 -78.00 107.5 163.5 56.0 <300 - 48200 NA 101.0 - 103.0 103.0 305.0

R840W and R1620E Zone Summary

R1620E Zone

Prior to the discovery of high-grade mineralization during the winter 2016 program, 10 drill holes had identified the R1620E as an area of interest. To date, 24 holes have been drilled in the R1620E area, seven of which were completed during the summer 2016 program. The R1620E zone is shallow depth, starting at less than 60m below surface and has been traced confidently over a strike length of 165m. Anomalous results on line 1395E suggest this strike length may possibly extend another 60m or more to the west. A high-grade core has been traced over 95m. The zone remains open along strike and at depth. The R1620E zone is located 195m east and along strike of the R780E zone.

R840W Zone

The shallow depth R840W zone was discovered during the winter 2016 program in which seven holes defined a strike length of 135m. At that time, a gap of 120m separated the R600W from the R840W. Fifteen additional holes were drilled during the summer 2016 program. Importantly, hole PLS16-512 drilled on line 765W, between the R840W and R600W, was well mineralized and illuminates a link between these 2 zones. With this successful result, the R600W has now merged into the R840W zone and the R840W zone is now defined over a strike length of 465m. The R840W is located 495m to the west and along strike of the R00E zone.

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization at PLS occurs within the Patterson Lake Conductive Corridor and has been traced by core drilling approximately 2.63km of east-west strike length in four separated mineralized "zones". From west to east, these zones are: R840W, R00E, R780E and R1620E. Thus far only the R00E and R780E have been included in the Triple R deposit resource estimate.

The discovery hole of what is now referred to as the Triple R uranium deposit was announced on November 05, 2012 with drill hole PLS12-022, from what is considered part of the R00E zone. Through successful exploration programs completed to date, it has evolved into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit.

The Triple R deposit consists of the R00E zone on the western side and the much larger R780E zone further on strike to the east. Within the deposit, the R00E and R780E zones have an overall combined strike length validated by a resource estimate of approximately 1.05km with the R00E measuring approximately 105m in strike length and the R780E zones measuring approximately 945m in strike length. A 225m gap separates the R00E zone to the west and the R780E zones to the east, though sporadic narrow, weakly mineralized intervals from drill holes within this gap suggest the potential for further significant mineralization in this area. The R780E zone is located beneath Patterson Lake which is approximately six metres deep in the area of the deposit. The entire Triple R deposit is covered by approximately 50m to 60m of overburden.

Mineralization remains open along strike both to the western and eastern extents. Previous logging of drill core interpreted sequences of basement rocks to be meta-sedimentary (meta-pelitic and meta-semi-pelitic gneiss) but recent observations have changed this interpretation to represent varying degrees of altered mafic volcanic rocks. Mineralization is both located within and associated with mafic volcanic intrusives with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are, associated with the PL-3B basement Electro-Magnetic (EM) Conductor. Recent very positive drill results returning wide and strongly mineralized intersections from the R840W zone, has allowed interpretation to merge the previously described R600W zone into the R840W zone. The R840W zone, located 495m to the west along strike of the Triple R deposit, currently has a defined strike length of 465m and is still open. Drill results within the R840W zone have significantly upgraded the prospectivity of these areas for further growth of the PLS resource on land to the west of the Triple R deposit. The recently discovered high-grade mineralization in the R1620E zone, located 270m to the east along strike has significantly upgraded the prospectivity for further growth of the PLS resource to the east of the Triple R deposit.

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 - host to the class-leading Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. Fission's common shares are listed on the TSX 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.

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