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

Fission Uranium Corp.

October 06, 2014 03:00 ET

Fission Hits 35.13% U3O8 Over 16.5M in 13.23% Over 47.5M (LINE 835E)

High-Grade Mineralization Growth Throughout Zone R780E at PLS

KELOWNA, BRITISH COLUMBIA--(Marketwired - Oct. 6, 2014) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce summer assay results from 29 holes drilled on the R780E zone at its Patterson Lake South (PLS) property in Saskatchewan's Athabasca Basin, Canada. All 29 holes returned strong to moderate mineralization at shallow depth. Of exceptional note is hole PLS14-248 (line 825E), which returned composite assay intervals including 35.13% U3O8 over 16.5m within a larger interval of 13.23% U3O8 over 47.5m. This corresponds to an interval GT value (Grade %U3O8 x Thickness in meters) of 628.5, making this the strongest discrete mineralized interval drilled at PLS to date.

Zone R780E Extended Laterally: The high grade intersections of most of the holes extend the R780E mineralized corridor further laterally north and south in addition to increased depth at several locations along the entire strike length. PLS14-237 extends the R780E corridor an additional ~77m north on line 860E and PLS14-238 extends it a further ~41m south on line 825E. The exceptional upper intersection seen in PLS14-248 (46.5m @ 13.23% U3O8) occurs within the hanging wall semipelitic gneiss pushing the high-grade mineralization of the R780E further south on line 825E than previously seen.

Assay Highlights Include:

Hole PLS14-248 (line 825E)

  • 2nd strongest mineralized hole at PLS to date with an entire hole composite GT Value of 698.4
  • Key interval: 47.5m (130.0m to 177.5m) @ 13.23% U3O8, including:
    • 16.5m (151.5m to 168.0m) @ 35.13% U3O8
  • Lower interval: 12.0m (230.0m to 242.0m) @ 5.13% U3O8, including:
    • 1.5m (230.0m - 231.5m) @ 35.30% U3O8
  • 93.0m of total composite mineralization >0.05% U3O8

Hole PLS14-247 (line 525E)

  • Key interval: 30.5m (111.0m to 141.5m) @ 2.67% U3O8, including:
    • 5.5m (118.5m to 124.0m) @ 6.84% U3O8
    • 4.5m (133.0m to 137.5m) @ 6.28% U3O8
  • 98.0m of total composite mineralization >0.05% U3O8

Hole PLS14-229 (line 330E)

  • Key interval: 27.5m (96.5m to 124.0m) @ 1.75% U3O8, including:
    • 5.0m (103.0m to 108.0m) @ 9.64% U3O8
  • 42.0m of total composite mineralization >0.05% U3O8

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

"We couldn't ask for a better start to our summer assays as we head towards our 43-101 Maiden Resource at the end of this year. Every assay result will have a direct impact on our resource size and with 29 strongly mineralized holes, we are delighted with progress so far."

More summer assays pending: To date, assay results from 29 holes of the recently completed summer program have now been released; assay results from 31 zone delineation holes and 22 exploration holes are pending.

Composited % U3O8 mineralized intervals are summarized in Table 1 below. 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. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

Zone Hole ID Grid Line Az Dip From (m) To (m) Interval (m) U3O8 (wt%)
R780E PLS14-217 600E 325 -81.0 59.00 64.00 5.00 0.10
67.00 76.00 9.00 0.08
107.50 114.50 7.00 0.12
123.00 126.50 3.50 0.16
136.00 137.50 1.50 0.19
140.50 144.00 3.50 0.95
146.50 151.00 4.50 0.50
159.50 161.50 2.00 0.56
165.50 167.50 2.00 0.19
175.50 176.00 0.50 0.29
182.00 190.00 8.00 0.24
195.00 196.00 1.00 0.07
199.00 209.50 10.50 0.24
212.00 217.50 5.50 0.39
222.50 225.00 2.50 0.18
232.00 234.00 2.00 0.12
243.00 248.00 5.00 0.13
R780E PLS14-218 465E 345 -70.0 161.00 167.00 6.00 0.10
171.00 199.00 28.00 0.13
226.00 229.50 3.50 0.08
261.00 261.50 0.50 0.09
R780E PLS14-219 300E 11 -88.0 86.50 87.50 1.00 0.17
90.50 91.50 1.00 0.08
134.00 135.00 1.00 0.06
143.00 143.50 0.50 0.05
146.00 146.50 0.50 0.08
153.50 154.00 0.50 0.08
160.50 177.00 16.50 0.24
180.50 195.00 14.50 0.30
183.50 185.00 1.50 1.90
199.00 210.00 11.00 0.08
R780E PLS14-220 540E 243 -86.6 60.50 65.50 5.00 0.05
68.00 79.00 11.00 0.32
77.00 78.00 1.00 1.79
82.50 91.00 8.50 0.20
97.00 111.50 14.50 1.11
102.50 105.50 3.00 3.48
117.50 118.00 0.50 14.70
123.50 129.00 5.50 1.50
132.00 133.50 1.50 3.80
147.00 147.50 0.50 0.33
157.50 158.50 1.00 0.35
163.50 174.00 10.50 1.22
166.50 167.50 1.00 8.70
178.00 188.00 10.00 0.08
198.00 199.50 1.50 0.08
206.00 207.00 1.00 0.07
R780E PLS14-221 735E 333 -71.7 139.00 143.00 4.00 0.09
146.50 151.00 4.50 0.05
153.50 164.00 10.50 0.08
213.50 225.50 12.00 1.88
223.00 224.50 1.50 8.17
252.50 257.50 5.00 0.05
R780E PLS14-222 375E 342 -70 99.00 101.00 2.00 0.06
102.00 103.50 1.50 0.06
105.00 105.50 0.50 0.05
112.00 112.50 0.50 0.11
117.00 125.50 8.50 0.40
129.50 133.50 4.00 0.29
137.00 149.00 12.00 0.53
145.00 146.50 1.50 2.02
R780E PLS14-223 540E 234 -88 80.00 85.00 5.00 0.13
87.50 88.00 0.50 0.13
91.50 97.50 6.00 0.36
101.50 103.00 1.50 0.05
106.00 110.00 4.00 0.42
116.00 118.00 2.00 0.73
122.00 130.00 8.00 1.69
122.00 125.00 3.00 3.60
135.00 135.50 0.50 0.08
151.00 155.00 4.00 0.20
157.50 166.00 8.50 0.27
172.50 174.00 1.50 1.33
178.00 186.00 8.00 1.43
182.00 184.00 2.00 4.75
189.00 190.00 1.00 0.10
193.50 195.00 1.50 1.20
208.00 208.50 0.50 0.09
221.00 221.50 0.50 0.64
251.00 251.50 0.50 0.43
R780E PLS14-224 870E 335 -70 92.50 95.00 2.50 0.07
97.50 122.00 24.50 0.12
130.50 148.00 17.50 1.24
140.00 141.50 1.50 10.70
150.50 161.50 11.00 0.53
244.00 250.50 6.50 0.26
269.00 270.00 1.00 0.18
273.00 274.00 1.00 0.13
276.50 277.50 1.00 0.07
280.50 283.50 3.00 0.05
312.00 316.50 4.50 0.28
342.50 343.50 1.00 0.17
R780E PLS14-225 825E 336 -69 128.00 133.50 5.50 0.18
141.00 142.50 1.50 0.12
146.00 185.00 39.00 0.61
172.50 181.00 8.50 1.97
195.00 203.50 8.50 0.42
200.50 201.50 1.00 2.07
214.50 223.50 9.00 0.93
215.50 218.00 2.50 1.84
238.00 239.50 1.50 0.27
243.00 243.50 0.50 0.05
255.00 256.50 1.50 1.48
260.00 261.50 1.50 7.53
269.50 270.00 0.50 0.11
R780E PLS14-226 510E 338 -72 105.00 105.50 0.50 0.06
116.50 120.00 3.50 0.08
125.50 129.00 3.50 0.06
132.00 132.50 0.50 0.10
136.00 137.00 1.00 0.10
151.50 153.50 2.00 0.09
156.50 160.00 3.50 0.13
176.00 181.00 5.00 1.90
177.00 178.50 1.50 5.50
192.00 202.00 10.00 1.02
192.00 194.00 2.00 4.02
227.50 228.50 1.00 0.10
R780E PLS14-227 645E 329 -69 132.00 133.50 1.50 0.58
136.50 141.50 5.00 0.17
145.00 148.50 3.50 0.33
151.00 175.50 24.50 0.16
198.50 199.50 1.00 0.07
212.50 229.00 16.50 0.52
248.50 249.00 0.50 0.05
R780E PLS14-228 660E 91 -87.6 66.00 67.50 1.50 0.05
81.50 88.50 7.00 0.10
91.00 92.00 1.00 0.14
105.00 107.50 2.50 0.06
110.00 120.00 10.00 0.20
134.50 141.00 6.50 0.06
147.00 150.00 3.00 0.06
161.50 166.00 4.50 0.07
291.00 291.50 0.50 0.07
296.50 297.50 1.00 0.12
429.50 430.00 0.50 0.08
431.00 431.50 0.50 0.08
436.00 438.00 2.00 0.20
R780E PLS14-229 330E 337 -69 80.50 92.00 11.50 0.12
96.50 124.00 27.50 1.75
103.00 108.00 5.00 9.64
131.00 133.50 2.50 0.48
136.00 136.50 0.50 0.08
R780E PLS14-230 915E 344 -71 118.00 119.50 1.50 0.06
124.00 124.50 0.50 0.07
129.50 134.00 4.50 0.09
144.00 145.00 1.00 0.12
159.50 160.00 0.50 0.06
170.50 172.00 1.50 0.06
174.00 175.00 1.00 0.07
183.50 206.50 23.00 0.66
188.00 189.00 1.00 4.99
218.50 219.50 1.00 0.09
229.00 230.50 1.50 8.61
234.00 237.00 3.00 1.23
240.00 253.00 13.00 2.16
240.00 243.00 3.00 6.58
258.00 271.00 13.00 1.46
278.00 287.50 9.50 0.25
295.50 297.50 2.00 0.06
312.50 315.00 2.50 0.11
333.00 337.00 4.00 0.15
R780E PLS14-231 420E 7 -68.7 69.50 70.50 1.00 0.06
78.00 79.50 1.50 0.23
82.50 91.00 8.50 0.31
84.00 85.00 1.00 1.40
117.00 117.50 0.50 0.08
R780E PLS14-232 285E 347 -69 133.00 136.00 3.00 0.08
145.00 155.00 10.00 0.19
163.50 167.00 3.50 0.06
170.00 176.50 6.50 0.31
279.00 281.00 2.00 0.09
R780E PLS14-233 600E 338 -71 165.00 165.50 0.50 0.07
209.00 212.00 3.00 0.14
229.50 232.00 2.50 0.14
R780E PLS14-235 555E 346 -70.9 91.00 91.50 0.50 0.05
92.50 93.00 0.50 0.05
159.00 163.00 4.00 0.07
188.00 190.50 2.50 0.06
210.00 211.00 1.00 0.06
222.00 224.00 2.00 0.16
R780E PLS14-236 960E 342 -66 118.50 128.50 10.00 0.10
139.50 142.00 2.50 0.14
171.00 171.50 0.50 0.06
177.00 180.50 3.50 0.08
188.50 189.50 1.00 0.07
191.00 191.50 0.50 0.06
201.00 201.50 0.50 0.09
205.00 224.00 19.00 0.15
232.00 237.00 5.00 0.15
246.50 247.00 0.50 3.05
271.50 287.00 15.50 0.51
291.00 306.00 15.00 0.16
309.50 310.00 0.50 0.16
R780E PLS14-237 870E 340 -69 68.50 70.00 1.50 0.08
72.50 80.00 7.50 0.06
82.50 83.00 0.50 0.06
115.00 118.00 3.00 0.14
122.00 123.50 1.50 0.29
147.50 152.50 5.00 0.06
155.50 156.00 0.50 0.05
167.00 168.00 1.00 0.08
179.00 179.50 0.50 0.05
182.00 185.00 3.00 0.05
189.00 190.50 1.50 0.06
232.50 244.00 11.50 0.66
248.00 254.50 6.50 0.11
257.50 266.50 9.00 0.10
272.00 278.00 6.00 0.20
284.50 285.00 0.50 0.07
297.00 299.50 2.50 0.06
305.00 305.50 0.50 0.07
R780E PLS14-238 825E 340 -69 133.50 142.00 8.50 0.15
145.00 151.50 6.50 0.09
184.00 197.50 13.50 0.14
209.00 219.50 10.50 0.17
243.00 244.00 1.00 0.35
250.50 253.50 3.00 2.62
252.00 253.00 1.00 7.61
300.50 301.00 0.50 0.08
304.50 307.00 2.50 0.08
397.50 398.00 0.50 0.05
R780E PLS14-240 645E 334 -70.4 80.50 81.00 0.50 0.07
83.50 125.00 41.50 0.72
116.00 125.00 9.00 2.04
142.00 143.00 1.00 0.09
145.00 145.50 0.50 0.05
149.50 150.50 1.00 0.52
157.00 158.00 1.00 2.59
164.50 171.50 7.00 0.24
179.50 180.00 0.50 0.08
183.50 184.00 0.50 0.05
204.00 218.50 14.50 0.08
228.50 230.00 1.50 0.12
R780E PLS14-241 285E 331 -71 82.50 97.50 15.00 0.31
101.50 102.00 0.50 0.08
110.00 112.00 2.00 0.40
126.00 127.00 1.00 0.13
142.50 145.00 2.50 0.14
159.00 175.00 16.00 0.36
R780E PLS14-242 870E 342 -69 131.00 134.00 3.00 0.06
143.00 148.00 5.00 0.07
151.00 156.50 5.50 0.05
163.00 163.50 0.50 0.11
182.50 185.50 3.00 0.16
189.00 190.50 1.50 1.83
209.50 212.50 3.00 0.24
215.50 222.00 6.50 0.21
249.50 250.50 1.00 0.33
261.00 263.50 2.50 0.07
274.00 275.00 1.00 0.14
302.50 303.00 0.50 0.05
306.50 307.00 0.50 0.10
310.00 310.50 0.50 0.05
312.00 312.50 0.50 0.07
321.00 321.50 0.50 0.19
337.00 337.50 0.50 0.05
340.00 340.50 0.50 0.05
R780E PLS14-243 495E 332 -66 82.50 83.00 0.50 0.07
88.00 91.50 3.50 0.08
95.50 97.50 2.00 0.17
102.50 135.00 32.50 1.05
120.50 127.50 7.00 4.85
138.00 151.00 13.00 0.20
167.00 190.00 23.00 0.23
R780E PLS14-244 660E 336 -71.7 62.00 62.50 0.50 0.05
85.50 86.00 0.50 0.05
90.50 96.00 5.50 0.11
98.50 100.00 1.50 0.08
R780E PLS14-246 690E 333 -71 60.20 68.50 8.30 0.53
60.50 62.50 2.00 1.69
95.50 97.00 1.50 0.30
99.50 105.50 6.00 0.35
102.50 103.50 1.00 1.79
108.00 114.00 6.00 0.50
112.50 113.50 1.00 2.07
130.00 130.50 0.50 0.05
138.50 139.00 0.50 0.10
142.50 143.00 0.50 0.21
148.00 153.50 5.50 0.26
165.50 168.50 3.00 0.11
R780E PLS14-247 525E 336 -70 93.50 107.00 13.50 0.79
99.50 102.50 3.00 2.17
111.00 141.50 30.50 2.67
118.50 124.00 5.50 6.84
133.00 137.50 4.50 6.28
144.50 146.50 2.00 0.24
157.50 163.50 6.00 0.14
177.50 220.00 42.50 0.26
182.00 188.50 6.50 0.87
228.00 229.00 1.00 0.12
231.50 232.00 0.50 0.05
279.00 280.50 1.50 0.06
283.00 283.50 0.50 0.05
R780E PLS14-248 835E 332 -70 109.00 110.50 1.50 0.07
115.00 126.00 11.00 0.08
130.00 177.50 47.50 13.23
151.50 168.00 16.50 35.13
176.00 177.00 1.00 14.92
183.00 199.00 16.00 0.24
206.00 206.50 0.50 0.08
209.50 210.50 1.00 2.67
220.50 222.50 2.00 0.20
230.00 242.00 12.00 5.13
230.00 231.50 1.50 35.30
251.50 252.00 0.50 0.05
263.00 263.50 0.50 0.31
333.50 334.00 0.50 0.28

Composite Parameters

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

PLS Mineralized Trend 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 line 615W (PLS13-124) to line 1620E (PLS14-196). From west to east, these zones are; R600W, R00E, R780E and R1620E. The former R390E, R585, R945E and R1155E zones have been merged into the R780E zone by successful 2014 winter and summer drilling. The R780E zone now stands at 930m of continuous strike length within a mineralized lateral corridor up to 150m wide (line 870E). 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 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"
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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