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

Fission Uranium Corp.

April 08, 2015 03:00 ET

Fission Hits 8.01m Total Composite Greater Than 10,000 cps Radioactivity in 105.0m Total Composite Mineralization; 8 New High-Grade Holes

Eleven new holes increase deposit size and definition

KELOWNA, BRITISH COLUMBIA--(Marketwired - April 8, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from eleven angled holes drilled on the R780E at its PLS property, in Canada's Athabasca Basin region. All eleven holes are mineralized over significant widths, with eight holes returning strongly radioactive mineralized intervals measuring >10,000 cps. Of particular importance, six holes have successfully extended the zone's large, high-grade area (44.3M lbs U3O8 @ 18.21% Indicated and 13.9M lbs U3O8 @ 26.35% Inferred - see NR dated January 9, 2015). Of note is hole PLS15-379 (line 540E), which intercepted 8.01m total composite >10,000 cps radioactivity, with peaks up to 61,100 cps, in 105.0m total composite mineralization. In addition, five holes have improved the definition of the zone in areas previously with very little drilling, considerably increasing the extent of known mineralization.

Drilling Highlights Include:

  • High-grade mineralization expanded on the western portion of the R780E zone on lines 300E, 315E, 450E, 465E, 510E and 540E
  • Substantial high-grade intercepts in eight holes, including:
    • Hole PLS15-379 (line 540E)
      • 105.0m total composite mineralization over a 166.0m section (between 67.0m - 233.0m) including:
        • 8.01m total composite mineralization of >10,000 cps radioactivity
    • Hole PLS15-377 (line 450E)
      • 24.0m total composite mineralization (between 110.5m - 134.5m) including:
        • 2.30m total composite mineralization of >10,000 cps radioactivity
    • Hole PLS15-385 (line 1005E)
      • 60.0m total composite mineralization over a 170.5m section (between 156.5m - 327.0m) including:
        • 1.70m total composite mineralization of >10,000 cps radioactivity

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

"These eleven holes represent the end of Winter drilling at the R780E zone, which has been nothing short of a resounding success. We've accomplished all three of our goals: expanding the overall footprint, expanding the already large high-grade core and increasing the definition of mineralization in areas that were under-drilled prior to the release of our 43-101 maiden resource estimate."

R780E Zone (line 265E - line 1165E):

The R780E zone was discovered during the winter 2013 drill program with drill hole PLS13-038. PLS13-038 targeted an intense radon-in-water anomaly occurring along the PLG-3B conductor, approximately 390m east of the PLS discovery hole. Drill hole PLS13-038 intersected a 34.0 m wide zone of very strong uranium mineralization, beginning at 87.0m, averaging 4.9% U3O8. The R780E zone mineral resource is currently defined by 194 drill holes over a grid east-west strike length of 900m and a maximum grid north-south width of 93m. Similar to R00E, R780E mineralization trends approximately northeast, in line with the corridor of variably graphitic pelitic gneiss. A very high grade spine of uranium mineralization occurs within the main zone and has been traced as a series of lenses across almost the entire strike length of the R780E zone. The high grade spine occurs along the contact between the variably graphitic pelitic gneiss and silicified semipelite.

An additional 51 holes drilled during the winter 2015 program (40 holes already reported on in previous news releases) have tested the R780E zone for expansion along strike to the east, vertical both up and down dip and laterally north and south as well as targeting the expansion of the high-grade domain within the R780E Main zone. The eleven additional holes have all intersected significant widths of variably radioactive mineralization, with 8 of those intersecting varying degrees of strongly radioactive mineralization of >10,000 cps.

Of the eleven holes, six holes have targeted expansion of the high-grade domain, while five have focused on volume expansion where previously very little drilling had been conducted.

  • High Grade Expansion
    • PLS15-376 (line 315E)
    • PLS15-377 (line 450E)
    • PLS15-379 (line 540E)
    • PLS15-380 (line 300E)
    • PLS15-382 (line 510E)
    • PLS15-384 (line 465E)
  • R780E Zone Expansion
    • PLS15-378 (line 900E)
    • PLS15-381 (line 975E)
    • PLS15-383 (line 885E)
    • PLS15-385 (line 1005E)
    • PLS15-386 (line 840E)
Hole ID Zone Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Lake
Depth
(m)
Sandstone
From - To
(m)
Basement
Unconformity
Depth
(m)
Total
Drillhole
Depth
(m)
Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
PLS15-376 R780E 315E 336 -69.1 67.5 69.5 2.0 <300 - 380 5.0 NA 56.9 323.0
85.0 85.5 0.5 390
88.0 93.5 5.5 390 - 40600
96.5 99.5 3.0 <300 - 4400
107.5 117.0 9.5 <300 - 4300
120.0 134.0 14.0 <300 - 2100
148.0 152.5 4.5 <300 - 1700
167.0 167.5 0.5 380
198.5 199.0 0.5 340
249.5 250.0 0.5 350
258.5 259.5 1.0 340
PLS15-377 R780E 450E 340 -70.7 110.5 134.5 24.0 <300 - 32100 6.0 56.3 - 56.5 56.5 246.7
PLS15-378 R780E 900E 336 -70.8 105.5 117.5 12.0 <300 - 9900 5.8 NA 61.2 387.0
121.5 125.5 4.0 340 - 2600
133.0 138.0 5.0 320 - 830
146.0 160.0 14.0 <300 - 3200
162.5 184.5 22.0 <300 - 3800
187.0 200.0 13.0 <300 - 3400
222.5 253.0 30.5 <300 - 4700
255.5 257.5 2.0 300 - 4300
269.5 275.0 5.5 <300 - 4000
280.0 289.0 9.0 <300 - 8000
293.5 297.0 3.5 <300 - 1800
310.0 311.5 1.5 450 - 2400
320.5 321.5 1.0 300 - 310
337.5 338.0 0.5 330
349.5 350.0 0.5 820
PLS15-379 R780E 540E 340 -71.9 67.0 67.5 0.5 310 5.8 56.5 - 56.8 56.8 332.0
87.5 137.0 49.5 <300 - 61100
143.5 144.5 1.0 1400 - 3000
151.5 154.0 2.5 <300 - 4500
158.0 159.5 1.5 450 - 2800
164.0 165.5 1.5 440 - 1300
177.5 178.5 1.0 350 - 970
181.5 209.5 28.0 <300 - 7200
213.5 233.0 19.5 <300 - 12000
PLS15-380 R780E 300E 336 -79 73.0 90.0 17.0 <300 - 8700 4.6 NA 53.7 335.0
99.0 107.0 8.0 <300 - 2200
110.0 111.0 1.0 390
114.5 130.0 15.5 <300 - 2500
135.5 151.5 16.0 <300 - 4400
157.5 158.5 1.0 430 - 780
173.0 173.5 0.5 360
179.0 179.5 0.5 320
250.0 250.5 0.5 320
263.5 264.0 0.5 470
298.0 298.5 0.5 390
PLS15-381 R780E 975E 337 -71.2 120.0 130.5 10.5 <300 - 650 7.8 NA 65.7 380.0
135.0 168.0 33.0 <300 - 8000
172.0 177.0 5.0 430 - 4200
181.5 189.0 7.5 310 - 17400
196.5 197.0 0.5 330
200.5 203.5 3.0 <300 - 650
208.0 212.0 4.0 <300 - 1200
215.0 216.5 1.5 <300 - 710
221.5 222.0 0.5 590
226.5 227.0 0.5 320
231.0 232.0 1.0 420 - 440
237.5 247.5 10.0 <300 - 32200
272.0 283.0 11.0 <300 - 1400
306.5 308.0 1.5 3300 - 23600
320.5 322.5 2.0 470 - 1700
330.0 330.5 0.5 400
339.5 351.5 12.0 <300 - 1700
PLS15-382 R780E 510E 339 -66.7 82.0 82.5 0.5 390 5.7 NA 61.2 281.0
107.5 113.5 6.0 <300 - 1300
139.5 140.0 0.5 340
237.0 238.5 1.5 320 - 440
248.5 249.5 1.0 580 - 640
PLS15-383 R780E 885E 336 -72.4 117.5 118.0 0.5 330 7.7 NA 62.6 414.0
126.0 135.5 9.5 <300 - 4900
147.0 148.5 1.5 <300 - 480
155.0 170.0 15.0 <300 - 3900
187.5 191.0 3.5 <300 - 2500
193.5 195.0 1.5 340 - 21100
204.5 223.0 18.5 <300 - 1100
227.0 231.5 4.5 <300 - 460
258.0 261.0 3.0 320 - 17200
267.0 289.5 22.5 <300 - 5500
307.0 307.5 0.5 450
314.0 323.0 9.0 <300 - 1200
340.0 341.5 1.5 450 - 680
352.5 354.0 1.5 <300 - 730
363.0 363.5 0.5 450
PLS15-384 R780E 465E 348 -68.3 89.0 91.0 2.0 <300 - 380 5.7 54.2 - 56.8 56.8 230.0
96.0 96.5 0.5 1000
105.5 138.0 32.5 <300 - 31100
163.0 165.5 2.5 <300 - 490
PLS15-385 R780E 1005E 336 -69.1 156.5 164.0 7.5 <300 - 940 7.0 NA 67.3 373.0
170.0 202.5 32.5 <300 - 32500
220.0 234.5 14.5 <300 - 25400
251.0 254.0 3.0 490 - 9900
281.0 282.5 1.5 330 - 530
317.0 317.5 0.5 680
326.5 327.0 0.5 480
PLS15-386 R780E 840E 334 -70.2 68.5 76.0 7.5 <300 - 2900 7.0 NA 59.9 341.0
78.5 80.0 1.5 300 - 510
83.0 92.5 9.5 <300 - 1100
102.5 107.0 4.5 360 - 940
109.5 142.0 32.5 <300 - 7300
144.5 148.5 4.0 <300 - 2200
159.0 163.5 4.5 <300 - 1800
290.5 292.0 1.5 420 - 1300
324.0 324.5 0.5 330

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 2.27km 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 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 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, associated with 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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