Fission Uranium Corp.
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OTCQX : FCUUF
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Fission Uranium Corp.

February 10, 2015 03:00 ET

Fission Expands R780E Zone Width from 55m to 95m (line 615E); Nine New Mineralized Holes

R780E zone expands up to 40m north, 30m east and 50m vertically; 100% winter drill hit rate continues

KELOWNA, BRITISH COLUMBIA--(Marketwired - Feb. 10, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from nine step-out angled drill holes at its PLS property, host to the recently announced high-grade, near-surface Triple R deposit (see NR Jan 9, 2015), in Canada's Athabasca Basin region. All nine holes returned wide mineralization and of particular importance, on various sections the footprint of the Triple R's R780E zone has been expanded up to 40m laterally north, 30m along strike to the east and 50m up-dip vertically - representing highly significant growth.

Drilling Highlights Include:

Step-out drilling results in expansion of R780E Main Zone footprint vertically, laterally to the north and along strike to the east:

  • 40m to the North (line 615E)
  • 30m to the East (line 1185)
  • 50m vertical gap filled (between top of basement and 100m depth on line 465E)
  • 10m to the North and 35m vertically (line 1050E)
  • 10m to the North (line 480E)
  • 10m to the North (line 525E)
  • 10m to the North (line 1020E)

Hole PLS15-312 (line 1020E)

  • 73.5m total composite mineralization over a 220.5m section (between 149.0 - 369.5m) including:
    • 2.4m total composite mineralization of (>10,000 cps) radioactivity

Hole PLS15-324 (line 1050E)

  • 46.5m total composite mineralization over a 204.0m section (between 155.0m - 359.0m) including:
    • 1.6m total composite mineralization of (>10,000 cps) radioactivity

Hole PLS15-311 (line 480E)

  • 49.9m total composite mineralization over a 73.4m section (between 61.1m - 134.5m) including:
    • 1.06m total composite mineralization of (>10,000 cps) radioactivity

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

"This latest round of drill results has increased the boundaries of mineralization for the R780E in a number of areas, including laterally to the north, along strike to the east and up-dip vertically. We are extremely pleased to be seeing such strong, consistent growth as we continue our step out drilling from the Triple R deposit's largest, highest grade zone."

R780E Main Zone Expanded Laterally North, Along Strike East and Up-Dip Vertically: Step-out drilling continues to expand the R780E zone. Lateral step-outs are generally conducted at 10m width (north-south), 15m along strike (to the east) and 25m to 40m vertically up and down dip of the mineralization. The R780E zone is the largest zone of the Triple R deposit and represents approximately 96% of the indicated pounds and approximately 90% of the inferred pounds of the resource estimate. The Triple R deposit remains open in several directions, including strike, width and vertically.

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
PLS15-304 R780E 1155E 340 -70.8 142.5 144.5 2.0 <300 - 870 NA 65.8 383.0
230.5 231.5 1.0 330 - 460
279.5 281.0 1.5 400 - 1100
290.5 291.5 1.0 430 - 620
PLS15-308 R780E 615E 338 -70.4 86.5 87.0 0.5 650 NA 61.2 314.0
110.5 113.0 2.5 <300 - 650
126.0 130.5 4.5 <300 - 840
176.5 183.0 6.5 320 - 1700
186.5 218.5 32.0 <300 - 12700
222.0 222.5 0.5 330
227.5 234.0 6.5 <300 - 16300
252.0 253.5 1.5 <300 - 480
PLS15-311 R780E 480E 348 -71.9 61.1 62.5 1.4 310 - 390 NA 61.1 206.0
65.0 78.0 13.0 <300 - 3800
83.0 89.5 6.5 450 - 24900
97.5 123.5 26.0 <300 - 11100
128.0 129.0 1.0 370 - 450
132.5 134.5 2.0 <300 - 520
PLS15-312 R780E 1020E 338 -69.2 149.0 180.5 31.5 <300 - 40000 64.6 - 65.0 65.0 380.0
185.5 186.5 1.0 420 - 650
191.0 191.5 0.5 560
200.5 206.5 6.0 <300 - 3900
209.0 212.0 3.0 530 - 3400
214.5 221.5 7.0 <300 - 8200
249.5 254.0 4.5 <300 - 3800
260.5 262.5 2.0 310 - 1500
281.0 294.0 13.0 <300 - 4900
299.0 300.0 1.0 400 - 520
318.5 322.0 3.5 <300 - 2400
369.0 369.5 0.5 420
PLS15-315 R780E 465E 341 -69.3 73.0 84.5 11.5 <300 - 1900 NA 61.0 227.0
89.0 106.5 17.5 <300 - 16100
109.0 110.0 1.0 860 - 900
PLS15-318 R780E 525E 343 -69.0 80.0 83.0 3.0 330 - 690 NA 60.3 332.0
110.0 116.0 6.0 500 - 3600
212.0 216.0 4.0 <300 - 580
266.0 267.5 1.5 350 - 750
PLS15-319 R780E 1185E 337 -71.1 175.0 177.0 2.0 340 - 2900 NA 66.5 407.0
181.5 184.0 2.5 <300 - 2200
195.5 214.0 18.5 <300 - 5600
PLS15-321 R780E 450E 337 -71.3 61.5 62.5 1.0 370 - 2500 NA 59.3 251.3
92.0 99.0 7.0 <300 - 980
185.0 185.5 0.5 1100
206.0 206.5 0.5 350
PLS15-324 R780E 1050E 337 -70.5 155.0 157.5 2.5 320 - 2800 NA 65.4 425.0
160.5 174.5 14.0 <300 - 45500
183.5 199.0 15.5 <300 - 34400
202.5 209.0 6.5 <300 - 4500
268.0 269.5 1.5 1600 - 21300
275.5 280.5 5.0 <300 - 9600
285.0 285.5 0.5 340
305.5 306.0 0.5 530
358.5 359.0 0.5 420

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, which is capable of discriminating readings to 65,535 cps. 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. Individual zone wireframe models constructed from assay data 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 depths reported of core interval measurements including radioactivity and mineralization intervals widths are not always representative of true thickness and thus true thicknesses are 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, and boron.

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization at PLS has been traced by core drilling over 2.24km 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 the Triple R uranium deposit was announced on November 05, 2012 with drill hole PLS12-022, from what is now considered part of the R00E zone. Through successful exploration programs completed to date, it has evolved into a large, shallow, 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. 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, 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 - 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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