Fission Uranium Corp.
TSX VENTURE : FCU

Fission Uranium Corp.

October 09, 2013 03:00 ET

Fission hits 144m Total Composite Mineralization With 8m Total Composite Off-scale at PLS 945E Zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - Oct. 9, 2013) - FISSION URANIUM CORP. ("Fission" or "the Company") (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to announce results for hole PLS13-099 - the easternmost hole of R945E Zone. With 144.0m total composite mineralization, including 8.0m total composite off-scale radioactivity, the new hole represents the largest accumulation of mineralized intervals in any drill hole at PLS to date. Of additional note, the PLS discovery now has high-grade mineralization on trend, along a strike length of 1.035km.

PLS13-099 Drilling Highlights include:

  • 144.0m total composite mineralization in 180.0m section (101.0m - 281.0m)
  • 8.0m of total composite off-scale (>9999 cps) radioactivity in several discrete intervals ranging from 0.1m to 1.7m each (169.5m - 257.0m)
  • Extends on trend strike length of PLS discovery to 1.035km

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

"Hole PLS13-099 has delivered mineralization of incredible width and in a location that extends our confirmed strike length of on trend mineralization to 1.03km. Results include substantial off-scale radioactivity and represent impressive growth for both the zone and the PLS discovery as a whole."

Composited U3O8 mineralized intervals are summarized in Table 1 below. Samples from the drill core are split in half on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to the laboratory for analysis and the other half remains on site for reference. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

R945E Zone:

The R945E zone discovery was the result of follow-up by drilling of a radon in water anomaly identified during the Phase 2 EIC Radon In Water and Radon in Sediment Survey Program completed during April 2013. The radon anomaly is the strongest radon in water anomaly to date at (13.3 pCl/L (see News Release May 6, 2013). This anomaly lies along an ENE trend, parallel to the PL-3B EM conductor. To date, four holes have been drilled into the R945E zone, including PLS13-099 and all four holes have been well mineralized over significant widths. With 144.0m of total composite mineralization, PLS13-099 represents the widest accumulation of mineralization in the R945E zone.

Hole PLS13-099 (line 960E) was collared as a vertical hole and completed to a depth of 368.0m. The hole is located approximately 15m grid east of hole PLS13-084 (18.0m of radioactive mineralization with 2.7m total composite off-scale…see news release August 15, 2013). A total of 5 discrete intervals of variably weak to strongly radioactive mineralization occurred within a 180.0m section (101.0m to 281.0m) in widths ranging from 1.0m to 105.0m. Three of these intervals contain discrete intervals of off-scale (>9999 cps) radioactivity from 0.1m to 1.7m wide, for a total measured composite of 8.00m of off-scale radioactivity. Basement bedrock was encountered at 59.8m below the surface. The upper part of the lithologic sequence (59.8m to 105.4m) is comprised of a quartzitic gneiss. From 105.4m to 270.1m a pelitic gneiss dominates with local narrow intervals (up to 7.4m wide) of undifferentiated mylonites, transitioning to a semi-pelitic gneiss from 270.1m to 368.0m (EOH). Moderate chlorite alteration is present throughout the hole, with hematitic clay dominating from 175.9m to 230.7m. Sulphide bearing intervals occur from 213.5m to 221.0m.

Table 1
R945E
** Hole Location * Hand-held Scintillomenter Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sandstone Basement Unconformity Total Drillhole
Hole ID Grid Line Az Dip From (m) To (m) Width (m) CPS Peak Range From - To (m) Depth (m) Depth (m)
PLS13-099 960E 196 -88 101.0 105.5 4.5 <300 - 640 No Sandstone 59.8 368.0
108.5 213.5 105.0 <300 - >9999
222.5 253.0 30.5 <300 - >9999
256.5 257.5 1.0 500 - >9999
278.0 281.0 3.0 <300 - 1000
* Scintillometer Instrument: GR-110G

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 and scintillometer table for the R945E zone can be found on the Company's website at https://www.fissionuranium.com/projects/patterson-lake-south-sk/.

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.

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