Fission Uranium Corp.
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Fission Uranium Corp.

June 15, 2015 03:15 ET

Fission Expands R600W Zone and Discovers New High-Grade Mineralization 25m North of R600W

High-grade holes also expand the Triple R's shallow-depth R780E zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - June 15, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce assays from nine angled holes drilled on the R600W, R780E and R1620E zones at its' PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region. Of exceptional note, the large high-grade area of the Triple R's R780E zone has grown on multiple lines. In addition, the shallow, high-grade R600W zone has been confirmed with a strike length of 60m, with strong mineralization on both the east and western sides of the zone. In addition, a new potential parallel high-grade area has been discovered 25m north of the R600W zone on line 585W. All nine holes are mineralized, with seven holes returning large, high-grade intervals. In particular, hole PLS15-375 (line 480E), returned a key interval of 11.91% U3O8 over 8.0m in 3.33% U3O8 over 30.5m.

News Highlights Include:

  • New high-grade interval discovered north of R600W: High-grade mineralization returning 2.5m @ 3.26% U3O8 (PLS15-372) intercepted 25m north of the main R600W zone, interpreted to be a parallel zone, indicative of a larger system than presently outlined from drilling.
  • R600W zone grows: high-grade, shallow, land-based R600W zone, 555m west of the Triple R deposit, expanded by winter drilling to 60m strike length. All assays from the seven holes drilled during the winter program have now been reported.
  • Gap narrows: Distance between R1620E zone and R780E zone reduced by to 330m, demonstrating the incredible strength of the mineralized trend and increasing the potential to connect these two zones with further drilling.
  • Triple R deposit's R780E High-Grade Zone Grows:
    • PLS15-369 (870E) - 15m down-dip extension of high-grade mineralization from PLS14-175
    • PLS15-371 (315E) - High-grade mineralization 10m south of PLS13-083
    • PLS15-374 (435E) - High-grade zone where previously mineralized zones (holes PLS13-073 and PLS13-078) did not encounter high-grade
    • PLS15-375 (480E) - 10m down-dip extension of high-grade from PLS15-368 (31m @ 3.5% U3O8)
    • PLS15-376 (315E) - 15m down-dip extension of high-grade interval from PLS15-371
    • PLS15-377 (450E) - High-grade mineralization 15m south of PLS13-100, where previously no high-grade was encountered before
  • PLS15-375 (line 480E) key interval:
    • 30.5m (91.5m to 122.0m) @ 3.33% U3O8, including:
      • 8.0m (110.0m to 118.0m) @ 11.91% U3O8
  • PLS15-369 (line 870E) key interval:
    • 7.5m (152.0m to 169.5m) @ 3.68% U3O8, including:
      • 4.0m (157.5m to 161.5m) @ 14.72% U3O8

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

"We're now seeing multiple developments at PLS: the emergence of a new high-grade zone parallel to R600W, continued high-grade intercepts within R600W itself, further strong growth at the Triple R's R780E zone and a narrowing of the gap between R780E and the R1620E zone - with the potential to connect those zones. The summer drill program could well be one of our most exciting to date."

Table 1:

Zone Hole ID Grid
Line
Az Dip From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R600W PLS15-367 645W 337 -78.5 101.00 146.50 45.50 0.98
109.00 113.00 4.00 3.53
126.50 129.00 2.50 3.75
PLS15-372 585W 340 -77.4 105.00 120.50 15.50 0.39
123.00 125.00 2.00 0.06
139.50 144.00 4.50 0.20
151.50 153.00 1.50 0.05
154.50 155.50 1.00 0.10
269.50 270.00 0.50 0.06
295.50 301.00 5.50 0.16
307.00 309.50 2.50 3.26

Composite Parameters

  1. Minimum Thickness: 0.50m
  2. Grade Cut-Off: 0.05 U3O8 (wt%)
  3. Maximum Internal Dilution: 2.00m

Table 2:

Zone Hole ID Grid
Line
Az Dip From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R780E PLS15-369 870E 334 -70.1 120.50 121.00 0.50 0.07
128.00 129.00 1.00 0.08
152.00 169.50 17.50 3.68
157.50 161.50 4.00 14.72
175.50 178.50 3.00 1.53
184.00 188.50 4.50 0.12
191.50 194.00 2.50 0.12
199.00 200.00 1.00 0.05
203.00 207.00 4.00 1.00
205.50 206.00 0.50 6.65
213.00 214.00 1.00 0.24
224.00 226.00 2.00 0.14
231.00 232.50 1.50 0.07
239.50 242.50 3.00 0.10
247.50 248.00 0.50 0.06
312.00 313.00 1.00 0.14
PLS15-371 315E 338 -71.3 60.50 79.50 19.00 0.92
70.50 74.00 3.50 3.65
82.50 88.00 5.50 0.52
84.00 84.50 0.50 4.25
97.50 106.50 9.00 0.32
120.00 120.50 0.50 0.07
137.00 137.50 0.50 0.06
PLS15-374 435E 337 -74.0 104.50 110.00 5.50 0.22
113.50 123.00 9.50 5.22
117.00 120.00 3.00 15.33
126.50 140.00 13.50 0.47
127.00 128.00 1.00 2.61
PLS15-375 480E 337 -70.2 75.50 76.00 0.50 0.06
91.50 122.00 30.50 3.33
110.00 118.00 8.00 11.91
124.50 143.00 18.50 0.24
158.00 163.00 5.00 0.16
PLS15-376 315E 336 -69.1 88.50 93.50 5.00 4.85
91.00 92.00 1.00 20.50
96.50 99.50 3.00 0.15
108.00 116.00 8.00 0.15
120.00 122.50 2.50 0.05
126.00 133.50 7.50 0.07
148.00 150.00 2.00 0.12
PLS15-377 450E 340 -70.7 110.50 129.00 18.50 1.48
117.00 123.00 6.00 3.45
132.00 134.50 2.50 0.09

Composite Parameters

  1. Minimum Thickness: 0.50m
  2. Grade Cut-Off: 0.05 U3O8 (wt%)
  3. Maximum Internal Dilution: 2.00m

Table 3:

Zone Hole ID Grid
Line
Az Dip From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R1620E PLS15-357 1575E 347 -68.5 107.50 111.00 3.50 0.23
113.50 114.00 0.50 0.10
120.50 122.00 1.50 0.07
124.00 124.50 0.50 0.05
127.00 127.50 0.50 0.08

Composite Parameters

  1. Minimum Thickness: 0.50m
  2. Grade Cut-Off: 0.05 U3O8 (wt%)
  3. Maximum Internal Dilution: 2.00m

Composited % U3O8 mineralized intervals are summarized in Tables 1, 2 and 3. 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. Individual zone wireframe models constructed from assay data and used in the resource estimate indicate that both the R780E and R00E zones have a complex geometry controlled by and parallel to steeply south-dipping lithological boundaries as well as a preferential sub-horizontal orientation. 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 & Triple R Deposit Summary

Uranium mineralization at PLS has been traced by core drilling over 2.27km of east-west strike length in four separate mineralized "zones". From west to east, these zones are; R600W, R00E, R780E and R1620E.

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 strike length of approximately 1.2km with the R00E measuring approximately 125m in strike length and the R780E zones measuring approximately 900m 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 zones are 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 50 m of overburden.

Mineralization remains open along strike both to the western and eastern extents. Mineralization is both located within and associated with a metasedimentary lithologic corridor, associated with the PL-3B basement Electro-Magnetic (EM) Conductor. Recent very positive drill results returning wide and strongly mineralized intersections approximately 555m west of the Triple R deposit, have significantly upgraded the R600W zone to a very prospective area for further growth of the PLS resource.

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 world-class Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. 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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