Fission Uranium Corp.

TSX VENTURE : FCU
OTCQX : FCUUF
FRANKFURT : 2FU


Fission Uranium Corp.

April 24, 2014 03:00 ET

Fission Hits 24.05m Total Composite "Off-Scale" in 119.5m Total Composite Mineralization (Line 660E) Seven New Holes With "Off-Scale" Mineralization

KELOWNA, BRITISH COLUMBIA--(Marketwired - April 24, 2014) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from twelve new holes at its PLS property in Saskatchewan's Athabasca Basin, Canada. Of particular note are holes PLS14-215 (line 660E) and PLS14-214 (line 645E). These holes returned 24.05m total composite "Off-scale" (>9999 cps) in 119.5m total composite mineralization and 23.0m total composite "Off-scale" (>9999 cps) in 153.5m total composite mineralization respectively. All twelve holes returned mineralization, with seven holes returning substantial intervals of "off-scale."

Drilling Highlights include:

Hole PLS14-215 (line 660E)

  • 119.5m total composite mineralization (between 65.0m - 218.5m) including:
    • 24.05m total composite off-scale (>9999 cps) radioactivity

Hole PLS14-214 (line 645E)

  • 153.5m total composite mineralization (between 58.5m - 239.5m) including:
    • 23.0m total composite off-scale (>9999 cps) radioactivity

Hole PLS14-209 (line 510E)

  • 96.0m total composite mineralization (between 53.5m - 193.0m) including:
    • 14.21m total composite off-scale (>9999 cps) radioactivity

Hole PLS14-213 (line 810E)

  • 74.0m total composite mineralization (between 117.0m - 272.0m) including:
    • 7.74m total composite off-scale (>9999 cps) radioactivity

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

"Ten holes drilled in the R780E zone and ten hits. We are particularly pleased by the shallow depth, strength and width of mineralization encountered in many of the holes. In addition, a second mineralized hole in the new R1620E zone, makes this a promising new target that will require further follow-up. A remarkably strong set of drill results overall and another big step forward for PLS."

The twelve holes announced today represent the completion of the delineation drill program, which consisted of 82 drill holes: 1 hole testing the R00E zone, 1 hole in-between the R00E and R780E zone, 77 holes testing the R780E zone, 1 hole testing the R1155E zone and 2 holes into a new discovery, the R1620E zone.

Important milestones achieved by the Winter 2014 delineation drill program include:

  • Merging of R390E, R585E, R780E and R945E zones into a single zone referred to as R780E
  • Expansion of R780E zone along strike to the east by 135m (from line 945E to line 1080E)
  • Net increase of >135% in strike length of the R780E zone to 855m from the length defined in 2013
  • Increase in north-south lateral width of the R780E zone up to 90m on line 780E (from ~40m on line 780E defined in 2013)
  • Expansion of lateral north-south width of the R1155E zone to ~20m wide
  • Discovery of a new mineralized zone R1620E with 2 holes located 465m to the east of R1155E zone
Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sand-
stone
Base-
ment
Uncon-
formity
Total
Drill-
hole
Hole ID Zone Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
From
-
To
(m)
Depth
(m)
Depth
(m)
PLS14-203 R780E 705E 172 -87 103.5 156.0 52.5 <300 - >9999 NA 59.0 305.0
161.5 166.0 4.5 <300 - >9999
179.0 182.5 3.5 <300 - 640
PLS14-204 R00E 135E 330 -87 127.0 127.5 0.5 490 NA 51.7 299.0
PLS14-205 R780E 900E 323 -88 100.0 118.5 18.5 <300 - 820 NA 60.6 421.0
131.5 175.5 44.0 <300 - >9999
179.5 192.0 12.5 <300 - 8100
199.0 204.0 5.0 <300 - 880
213.0 213.5 0.5 540
219.0 224.0 5.0 490 - >9999
229.0 235.5 6.5 740 - >9999
237.9 243.0 5.1 <300 - >9999
247.5 287.5 40.0 <300 - >9999
293.0 309.5 16.5 <300 - 1300
314.0 319.0 5.0 <300 - 560
342.5 343.5 1.0 420 - 580
346.5 349.0 2.5 <300 - 1200
380.5 381.0 0.5 580
PLS14-207 R780E 750E 328 -81 159.5 169.5 10.0 <300 - 1800 NA 55.5 455.0
172.0 173.5 1.5 370 - 590
185.0 204.5 19.5 <300 - 2500
207.0 208.0 1.0 310 - 340
229.5 230.5 1.0 320 - 440
234.5 239.5 5.0 <300 - 710
248.5 249.5 1.0 400 - 640
274.5 276.0 1.5 340 - 650
281.0 288.5 7.5 <300 - 1600
302.0 303.5 1.5 <300 - 2100
307.0 314.0 7.0 <300 - 3200
325.5 328.0 2.5 410 - 3100
345.5 348.5 3.0 <300 - 970
354.0 355.5 1.5 520 - 1200
384.0 384.5 0.5 470
387.0 388.0 1.0 430 - 530
419.5 420.0 0.5 730
425.5 426.0 0.5 980
431.5 432.0 0.5 580
453.5 454.0 0.5 680
PLS14-208 R1620E 1620E 241 -89 78.0 116.5 38.5 <300 - 3500 NA 58.8 407.0
133.0 134.5 1.5 310 - 2500
305.0 305.5 0.5 310
PLS14-209 R780E 510E 338 -82 53.5 55.0 1.5 310 - 1000 NA 52.8 272.0
62.0 63.0 1.0 460 - 690
74.0 77.5 3.5 <300 - 790
81.5 147.0 65.5 <300 - >9999
149.5 160.5 11.0 <300 - >9999
167.0 174.5 7.5 <300 - 4200
178.5 182.0 3.5 <300 - 3500
190.5 193.0 2.5 <300 - 1200
PLS14-210 R780E 630E 333 -81 96.0 97.0 1.0 310 - 460 NA 60.6 299.0
100.0 104.5 4.5 <300 - 430
107.0 121.5 14.5 <300 - 1600
131.0 136.5 5.5 <300 - 560
140.0 151.0 11.0 <300 - 1400
155.0 160.0 5.0 <300 - 1200
167.5 169.0 1.5 <300 - 370
181.0 181.5 0.5 300
184.0 185.5 1.5 330 - 1200
190.5 191.5 1.0 390 - 590
197.0 198.0 1.0 330 - 420
205.0 215.0 10.0 <300 - 7800
219.0 222.5 3.5 <300 - 3300
226.0 232.0 6.0 460 - 8200
235.5 237.0 1.5 <300 - 430
249.0 249.5 0.5 300
PLS14-211 R780E 870E 341 -88 70.0 76.0 6.0 <300 - 960 NA 59.0 413.0
79.5 108.0 28.5 <300 - 1100
111.5 121.0 9.5 <300 - 1200
123.5 140.5 17.0 <300 - 3000
143.5 150.0 6.5 <300 - 1400
155.0 190.0 35.0 <300 - 6400
194.0 196.5 2.5 300 - 3100
200.0 208.0 8.0 400 - >9999
212.5 214.5 2.0 540 - 740
217.0 220.0 3.0 <300 - 3700
225.5 229.5 4.0 <300 - 680
233.0 236.0 3.0 <300 - 870
258.0 259.0 1.0 400 - 500
269.0 269.5 0.5 600
286.0 287.0 1.0 330 - 400
290.0 290.5 0.5 350
294.0 297.0 3.0 <300 - 570
PLS14-213 R780E 810E 334 -76 117.0 126.5 9.5 <300 - 3900 NA 56.0 311.0
147.0 181.5 34.5 <300 - >9999
185.5 189.0 3.5 <300 - 5400
197.0 200.5 3.5 350 - 5400
212.0 215.5 3.5 <300 - 4100
221.0 221.5 0.5 5900
229.5 232.5 3.0 <300 - 1500
236.5 240.5 4.0 <300 - >9999
251.0 254.5 3.5 <300 - 1100
260.0 261.0 1.0 740 - 1100
264.5 272.0 7.5 <300 - 1100
PLS14-214 R780E 645E 193 -87 58.5 64.0 5.5 <300 - 330 NA 57.0 413.0
66.5 177.0 110.5 <300 - >9999
179.5 184.0 4.5 <300 - 1200
189.5 210.5 21.0 <300 - >9999
215.5 224.0 8.5 <300 - 1000
236.0 239.5 3.5 <300 - 540
PLS14-215 R780E 660E 321 -79 65.0 143.0 78.0 <300 - >9999 NA 65.0 299.0
145.5 155.5 10.0 <300 - >9999
160.5 165.5 5.0 <300 - >9999
172.5 181.5 9.0 <300 - 1900
185.5 196.0 10.5 <300 - >9999
202.5 206.0 3.5 <300 - 840
215.0 218.5 3.5 <300 - 850
PLS14-216 R780E 690E 328 -84 217.0 225.5 8.5 <300 - 9900 NA 58.0 347.0

It should be noted that the downhole gamma log in hole PLS14-213 was completed only to 169.7m, within the main mineralized interval. Post completion of the hole, drill rods were stuck in the hole blocking further progress of the probe. However hand scintillometer radioactivity measurements were taken throughout and as is standard practice, assays will confirm the grade of the mineralization.

PLS Mineralized Trend Summary

Uranium mineralization at PLS has been traced by core drilling over 2.24km of east-west strike length in five separate mineralized "zones" from line 615W (PLS13-124) to line 1620E (PLS14-196). From west to east, these zones are: R600W, R00E, R780E, R1155E and R1620E. The former R390E, R585 and R945E zones have been merged into the R780E zone by successful winter drilling. 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, and now in addition associated with the eastern PL-3C conductor.

R600W Zone (line 615W - 585W)

The R600W zone is located approximately 510m grid west of the westernmost defined edge of the R00E Zone. Presently defined by 5 holes, the R600W zone has a strike length (grid east-west) of 30m and a lateral width of 30m.

R00E Zone (line 075W - line 090E):

The R00E zone is the discovery zone at PLS. Presently defined by 32 holes, the R00E zone has a strike length (grid east-west) of approximately 165m and a lateral width (grid north-south) of up to approximately 45m (line 030W).

R780E Zone (line 225E - line 1080E):

The R780E zone is located approximately 135m grid east of the easternmost defined edge of the R00E zone. Presently defined by 124 holes, the R780E zone has a strike length (grid east-west) of approximately 855m and a lateral width (grid north-south) of up to approximately 95m (line 780E).

R1155E Zone (line 1155E):

The R1155E zone is located approximately 75m grid east of the easternmost defined edge of the R780E zone. Presently the R1155E zone is defined by 3 mineralized holes, the strongest being the most recent hole, PLS14-190.

R1620E Zone (line 1620E):

The R1620E zone is located approximately 465m grid east of the easternmost defined edge of the R780E zone and is associated with the PL-3C conductor. As defined by ground Small Loop Time Domain Electromagnetic (SMLTDEM) geophysics survey, there is a ~250m gap between the eastern terminous of the PL-3B conductor on line 1200E and the western terminous of the PL-3C conductor on line 1450E. Presently the R1620E zone is defined by two mineralized holes both drilled on line 1620E. PLS14-208 was collared 10m south of PLS14-196. PLN14-196 targeted conductor PL-3C, the suspected 1.3km-long strike extension of the mineralized PL-3B conductor, at an interpreted NNE-SSW trending cross-fault located near its western end. This target was upgraded due to the presence of a coincident subtle single point radon in water anomaly.

Fission has completed the Winter 2014 delineation drill program with a total of 82 holes. Approximately 85% of the holes drilled this winter were designed to assist in delineation of the main mineralized trend between lines 015E and 1155E utilizing 4 diamond drill rigs.

Updated maps and files can be found on the Company's website at http://fissionuranium.com/project/pls/overview/.

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 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 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 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.

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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