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

Fission Uranium Corp.

November 27, 2013 04:00 ET

Fission Expands New Zone (R600W) to 30m

Current drilling ends with 1.76km strike length of mineralized trend and six zones along trend

KELOWNA, BRITISH COLUMBIA--(Marketwired - Nov. 27, 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 the final eleven holes of the current program at their Patterson Lake South (PLS) property in Canada's Athabasca Basin. The holes tested land-based targets west of the initial discovery zone. Holes PLS13-123 and PLS13-124 at the recently discovered sixth zone - R600W - returned significant radioactivity. Their location confirms continuity of this newest zone over a 30m strike length (585W to 615W). The zone remains open in all directions. Assays for 40 holes from the summer program are still pending.

Drilling Highlights include:

  • PLS13-124 (line 615W)
    • 37.0m total composite mineralization (97.5m - 208.5m)
  • PLS13-123 (line 585W)
    • 32.5m total composite mineralization (95.0m - 163.5m)

Nine additional regional holes were drilled along the PL-3B resistivity corridor, west of the R00E zone, between lines 150W and 840W; PLS13-110, PLS13-111, PLS13-112, PLS13-113, PLS13-114, PLS13-115, PLS13-117, PLS13-119 and PLS13-120. Drill hole PLS13-110 (line 405W) intersected anomalous radioactivity up to 1,227 cps from 96.6m to 98.6m as observed with the down hole triple gamma probe (2GHF-1000), however, drill core was not recovered to confirm whether the radioactivity was within the overburden or bedrock. Although none of these holes intersected anomalous radioactivity, the data we have analyzed is positive. Specifically, a prospective pelitic gneiss rock unit with associated varying degrees of localized hydrothermal alteration were encountered. Particularly in light of the results of the newly discovered R600W zone, further drilling is warranted to evaluate the area for additional mineralization.

Summer Drilling Highlights to date include:

  • 16,485m drilled and 53 completed drill holes (assays from 40 drill holes still pending and to be announced)
  • Strike length of mineralized trend: 1.76km with 6 zones along trend
    • 1.76km from PLS13-124 (line 615W) to PLS13-103 (line 1155E)
  • 38 holes, primarily lake-based barge collared holes along the 1,140m trend from lines 075W to 1155E:
    • 100% mineralization hit rate
    • Expansion of the three known high-grade zones (R00E, R390E and R780E)
    • Discovery of two new high-grade zones (R585E and R945E) and one area of potential continuation of the mineralization system at line 1155E
  • 15 x land-based holes including discovery of a new zone R600W
    • 9 regional holes testing geophysics corridor
    • 6 holes delineating R600W

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

"It is highly encouraging to see our sixth zone already delineated by six mineralized holes. These results conclude our summer drilling which has been nothing less than tremendous. With the discovery of three new zones, one new area of potential mineralization and a total 1.76km strike length of mineralized trend, that remains open in all directions, we are in a very strong position as we start work towards a winter program starting early January, 2014."

R600W Zone

The R600W zone discovery was the result of follow-up by drilling of a radon in sediment anomaly identified during the summer program. The radon anomaly is located between 540W and 630W and may be associated with inferred north-south cross cutting structures. This anomaly lies along an ENE trend, parallel and just north of the PL-3B EM conductor.

PLS13-123 (line 585W) was collared as a vertical hole and completed to a depth of 260.0m. Five intervals of weak to locally moderate radioactivity were encountered ranging in width from 1.0m to 20.0m wide, for a total composite of 32.5m of mineralization over a 68.5m section (95.0m to 163.5m). Basement rock was encountered at 100.0m depth, directly below a 9.3m wide horizon of Devonian sandstone. Pelitic gneiss was encountered from 100.0m to 179.8m transitioning to a semipelitic gneiss from 179.8m to 260.0m (EOH). Sulphide mineralization was present from 132.8m to 165.4m.

PLS13-124 (line 615W) was collared as a vertical hole and completed to a depth of 257.0m. A total composite of 37.5m of mineralization within 8 discrete intervals of variably weak to moderate radioactive mineralization was intersected from 97.5m to 208.5m, in interval widths ranging from 0.5m to 11.5m. The upper part of the basement lithologic sequence (99.0m to 213.5m) is comprised primarily of pelitic gneiss with several intervals of mylonites from approximately 2m to 5m wide. From 213.5m to 257.0m, basement is predominantly a semipelitic gneiss.

R600W

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sand-
stone
Base-
ment
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)
PLS13-123 585W 83 -87 95.0 115.0 20.0 <300 - 1200 90.7 - 100.0 100.0 260.0
132.5 140.0 7.5 <300 - 5100
142.5 145.0 2.5 320 - 2300
158.5 160.0 1.5 350 - 980
162.5 163.5 1.0 340 - 360
PLS13-124 615W 200 -89 97.5 104.0 6.5 450 - 5500 97.5 - 99.0 99.0 257.0
107.0 109.0 2.0 700 - 2000
114.0 121.5 7.5 <300 - 1300
139.0 144.5 5.5 <300 - 1000
147.5 150.0 2.5 <300 - 700
184.5 185.0 0.5 470
187.5 188.5 1.0 360 - 460
197.0 208.5 11.5 <300 - 2500
*Scintillometer Instrument: GR-110G

Regional Holes

Nine land-based drill holes (PLS13-110, 111, 112, 113, 114, 115, 117, 119 and 120) were drilled west of the R00E zone, along the same geophysics defined lithologic corridor which hosts the R00E, R390E, R585E, R780E and R945E zones, between lines 150W and 840W. The holes were targeted to test the east-northeast trending corridor in conjunction with interpreted intersecting cross-faults, in particular where radon anomalies were returned. All holes with the exception of PLS13-110 intersected varying amounts of pelitic gneiss, with associated localized development of weak to moderate clay alteration, overlying a semipelitic gneiss. In addition, a common feature to most holes was an intersection of a diabase dyke, ranging in widths from 2.1m to 17.1m wide. Although no mineralization was encountered, varying degrees of secondary hydrothermal alteration were present in all holes, thus providing encouragement for the prospectivity of the western strike extension of the PL-3B corridor.

PLS13-120 (line 150W) was collared as s steeply dipping north oriented hole, completed to 161.0m. Bedrock was encountered at 66.8m depth and consisted of a pelitic gneiss to 118.3m transitioning to a semipelitic gneiss from 118.3m to 150.3m. Diabase was encountered from 150.3m to 161.0m (EOH). Weak clay alteration was encountered throughout.

PLS13-119 (line 195W) was collared as a steeply dipping north oriented hole, completed to 227.0m. Bedrock was encountered at 62.7m and consisted of a pelitic gneiss to 193.7m, transitioning to a semipelitic gneiss from 193.7m to 227.0m (EOH). Weak to locally moderate clay alteration was encountered throughout.

PLS13-115 (line 360W) was collared as a steep dipping east oriented hole, completed to a depth of 251.0m. Bedrock was encountered at 81.7m and consisted of a quartzitic gneiss to 119.3m, overlying a dominantly pelitic gneiss to 226.4m. Diabase was encountered from 226.4m to 230.6m, overlying a semipelitic gneiss from 230.6m to 251.0m (EOH). Moderate to locally strong clay alteration was present from 81.7m to 145.1m. Sulphide mineralization was present from 156.7m to 224.2m.

PLS13-117 (line 360W) was collared 10m grid north of PLS13-115 as a steep dipping north oriented hole, completed to a depth of 221.0m. Bedrock was intersected at 83.1m and consisted of a pelitic gneiss to 160.1m. Diabase was intersected from 160.1m to 167.5m, overlying a semipelitic gneiss from 167.5m to 221.0m (EOH). Moderate to strong clay alteration was present from 83.1m to 111.6m.

PLS13-110 (line 405W) was collared as a steep dipping east oriented, completed to a depth of 251.0m. Bedrock was anticipated at a down hole depth ranging between 80.0m to 90.0m, and instead was encountered at 116.6m as a narrow 0.3m pelitic gneiss interval overlying semipelitic gneiss from 116.9m to 223.7m. A wide intersection of Diabase was encountered from 223.7m to 240.8m, which was underlain by semipelitic gneiss to the end of hole depth of 251.0m. Weak pervasive clay alteration was encountered from 122.0m to 251.0m.

PLS13-111 (line 405W) was collared 20m grid south of PLS13-110 as a steep dipping north oriented hole, completed to a depth of 254.0m. Bedrock was intersected at 101.0m and consisted of pelitic gneiss to 219.6m transitioning to a semipelitic gneiss to 254.0m (EOH). Diabase was intersected from 221.8m to 226.8m. Weak pervasive clay alteration, locally hematized was present throughout. An interval with sulphide mineralization was encountered from 134.6m to 164.7m.

PLS13-113 (line 405W) was collared 20m grid south of PLS13-111 as a steep north-east oriented hole, completed to a depth of 272.8m. Bedrock was intersected at 85.0m and consisted of a quartzitic gneiss to 102.3m overlying a pelitic gneiss from 102.3m to 264.4m. A semipelitic gneiss was intersected from 264.4m to 272.8m (EOH). Weak pervasive clay alteration is present throughout most of the basement. Local intervals with sulphide mineralization were intersected between 215.8m and 254.7m.

PLS13-114 (line 705W) was collared as a steep dipping northwest oriented hole completed to a depth of 206.0m. Bedrock was intersected at 104.2m and consisted of pelitic gneiss to 124.9m. From 124.9m to 206.0m (EOH) basement lithology is primarily a semipelitic gneiss with localized quartzitic granofels. Diabase was intersected from 142.7m to 154.3m. Moderate to strong clay alteration, locally hematitic, is present from 104.2m to 124.9m.

PLS13-112 (line 840W) was collared as a steep dipping north-east oriented hole completed to a depth of 248.0m. Basement was intersected at 104.1m and consisted of pelitic gneiss to 145.1m, with a mylonitic interval from 119.5m to 122.4m. From 145.1m to 234.7m the basement consists of primarily a semipelitic gneiss with a 5.1m mylonitic interval from 190.4m to 195.5m. Diabase was encountered from 234.7m to 236.8m. From 236.8m to 248.0m the basement was comprised of a quartz-feldspar gneiss. Moderate to locally strong clay alteration was present from 100.9m to 223.0m.

Regional West

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sand-
stone
Base-
ment
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)
PLS13-110 405W 352 -83 No Significant Radioactivity No Sandstone 116.6 251.0
PLS13-111 405W 18 -87 No Significant Radioactivity No Sandstone 101.0 254.0
PLS13-112 840W 315 -68 No Significant Radioactivity 100.9 - 104.1 104.1 248.0
PLS13-113 405W 49 -84 No Significant Radioactivity No Sandstone 85.0 272.8
PLS13-114 705W 332 -73 No Significant Radioactivity 104.1 - 104.2 104.2 206.0
PLS13-115 360W 356 -81 No Significant Radioactivity No Sandstone 81.7 251.0
PLS13-117 360W 338 -74 No Significant Radioactivity 80.0 - 83.1 83.1 221.0
PLS13-119 195W 334 -79 No Significant Radioactivity 59.7 - 62.7 62.7 227.0
PLS13-120 150W 334 -78 No Significant Radioactivity No Sandstone 66.8 161.0
*Scintillometer Instrument: GR-110G

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, cross sections, gamma logs and scintillometer table for the R600W zone and Regional West targets can be found on the Company's website at http://www.fissionuranium.com/projects/pls/overview/news/.

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.

To view the PLS Summer 2013 Drill Program R600W to R390E, please visit the following link: http://media3.marketwire.com/docs/914102a.jpg.

To view the R600W Hand-held Scint, please visit the following link: http://media3.marketwire.com/docs/904102_fig_b.pdf.

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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