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

Fission Uranium Corp.

July 18, 2016 03:00 ET

Fission Hits 7.1m of >10,000 cps at R1620E; Narrows Gap Between Zones

First holes of Summer program grow R840W and R1620E zones

KELOWNA, BRITISH COLUMBIA--(Marketwired - July 18, 2016) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from six holes at its' award-winning PLS project, host to the shallow, high-grade Triple R deposit, in Canada's Athabasca Basin region: three holes drilled on the R840W zone and three drilled on the R1620E zone. Of key importance, wide, high-grade mineralization has been drilled at R1620E - the easternmost zone on Fission's 2.58km trend - expanding the zone 15m west towards the Triple R deposit and expanding the strike length of the high-grade core to 60m. The gap between the Triple R's R780E zone and the R1620E zone is 270m. The new holes, all of which intersected shallow, wide mineralization, include hole PLS16-485, which intersected 35.0m total composite mineralization, including 7.1m of >10,000 cps.

The high-grade R840W and R1620E zones have the potential to add to the Triple R deposit resource estimate.

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

"The eastern end of our 2.58km trend is continuing the transformation we saw over the winter - growing this shallow mineralization in both size and strength. These first holes have not only expanded the strike length of the R-1620E's high-grade core to 60m but they have also increased the continuity within the zone which now has a strike length of 180m. Overall, this is a great start to the program and we are looking forward to the next batch of holes."

Drilling Highlights Include:

R1620E Zone

  • PLS16-485 (line 1515E)
    • 35.0m total composite mineralization over a 55.5m section (between 84.0 to 139.5m), including
    • 7.1m of total composite >10,000 cps
  • PLS16-489 (line 1455E)
    • 14.5m total composite mineralization (between 68.0m to 82.5m), including
    • 1.88m of total composite >10,000 cps

R840W

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Basement Total
Hole ID Zone Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
Lake
Depth
(m)
Sandstone
From - To
(m)
Unconformity
Depth
(m)
Drillhole
Depth
(m)
PLS16-483 R840W 825W 354 -83 139.5 141.0 1.5 <300 - 310 NA 96.3 - 99.4 99.4 335.0
150.0 150.5 0.5 450
153.0 155.5 2.5 <300 - 610
167.0 168.0 1.0 430 - 530
173.5 174.0 0.5 310
207.5 216.5 9.0 330 - 4500
PLS16-484 R840W 915W 347 -78.6 185.5 189.0 3.5 320 - 2400 NA NA 100.0 302.0
PLS16-488 R840W 960W 340 -79.6 147.5 148.0 0.5 310 NA NA 97.5 362.0
153.5 154.0 0.5 390
158.5 160.5 2.0 440 - 720
163.0 164.5 1.5 <300 - 340
171.0 173.0 2.0 <300 - 310
176.5 178.5 2.0 <300 - 2800
185.0 191.5 6.5 <300 - 1300
194.0 198.5 4.5 <300 - 3400
207.5 208.0 0.5 420
287.0 289.0 2.0 490 - 1300

R1620E

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Basement Total
Hole ID Zone Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
Lake
Depth
(m)
Sandstone
From - To
(m)
Unconformity
Depth
(m)
Drillhole
Depth
(m)
PLS16-485 R1620E 1515E 326 -71.6 84.0 113.0 29.0 <300 - 61300 8.0 NA 64.8 239.0
121.0 125.0 4.0 <300 - 580
128.0 129.5 1.5 360 - 1200
139.0 139.5 0.5 510
PLS16-487 R1620E 1485E 343 -70.1 81.5 127.0 45.5 <300 - 9400 7.3 NA 64.7 209.0
131.5 132.5 1.0 400 - 680
135.5 137.5 2.0 <300 - 840
PLS16-489 R1620E 1455E 331 -67.3 68.0 82.5 14.5 <300 - 32700 7.4 NA 66.6 221.0

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. Natural gamma radiation in the drill hole survey that is reported in this news release was measured in counts per second (cps) 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. 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. All depths reported of core interval measurements including radioactivity and mineralization intervals widths are not always representative of true thickness and true thicknesses are yet to be determined in zones outside of the Triple R deposit. Within the Triple R deposit, 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.

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization at PLS occurs within the Patterson Lake Conductive Corridor and has been traced by core drilling approximately 2.58km of east-west strike length in five separated mineralized "zones". From west to east, these zones are: R840W, R600W, R00E, R780E and R1620E. Thus far only the R00E and R780E have been included in the Triple R deposit resource estimate.

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 combined strike length validated by a resource estimate of approximately 1.05km with the R00E measuring approximately 105m in strike length and the R780E zones measuring approximately 945m 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 zone is 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 50m to 60m 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 from the R600W zone and the R840W zone, located 480m and 765m respectively to the west along strike have significantly upgraded the prospectivity of these areas for further growth of the PLS resource on land to the west of the Triple R deposit. The recently discovered high-grade mineralization in the R1620E zone, located 270m to the east along strike has significantly upgraded the prospectivity for further growth of the PLS resource to the east of the Triple R deposit.

Updated maps 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 class-leading Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. Fission's 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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