Fission Uranium Corp.

TSX VENTURE : FCU
OTCQX : FCUUF
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Fission Uranium Corp.

March 05, 2014 03:00 ET

Fission Merges Zones with More Off-scale Drilling

R780E and R945E now one zone; off-scale drilling and 100% drill success rate continues at PLS

KELOWNA, BRITISH COLUMBIA--(Marketwired - March 5, 2014) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from the latest twenty holes of the winter program at its PLS property in Saskatchewan's Athabasca Basin, Canada. All twenty holes returned strong, wide intervals of mineralization; 65% of holes included significant amounts of off-scale (as defined by greater than 9999 cps) mineralization.

Of key significance is that the location of these holes has merged the R780E and R945E shallow-depth, high-grade zones into one much larger zone. This is an important milestone towards proving that all zones identified along the 1.78km strike length are in fact connected.

Of additional note is the location of hole PLS14-158, which returned the highest results of the 20 holes. As the eastermost hole in the now merged R780E/R945E zone, the location and strength of mineralization bodes extremely well for high-grade expansion to the east.

Drilling Highlights include:

  • PLS14-158 (line 990E)
    • 86.0m total composite mineralization in a 205.0m section (107.0m - 312.0m) including:
      • 10.86m total composite off-scale (greater than 9999 cps) radioactivity

  • PLS14-146 (line 915E)
    • 99.5m total composite mineralization in a 269.0m section (101.0m - 370.0m) including:
      • 7.35m total composite off-scale (greater than 9999 cps) radioactivity

  • PLS14-156 (line 720E)
    • 78.0m total composite mineralization in a 242.5m section (63.5m - 306.0m) including:
      • 7.20m total composite off-scale (greater than 9999 cps) radioactivity

In addition to wide intervals of mineralization, 13 of the 20 holes intersected off-scale radioactivity.

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

"Twenty drill holes, twenty strong hits. The winter program at PLS continues to deliver a 100% hit rate as we progress towards showing our multiple high-grade zones are all part of a single very large zone. The evidence is mounting that we are dealing with a mineralized system of substantial size and it's our belief that our work at PLS has only just begun to uncover it."

R780E Zone:

The R780E zone is located approximately 105m grid east of the easternmost defined edge of the R585E zone (defined by PLS14-151 on line 615E) and presently has a defined strike length of 270m (line 720E to line 990E) and a lateral grid north-south width of up to approximately 95m (line 780E), as defined by 31 holes. With the results of holes PLS14-153 (line 870E) and PLS14-146 (line 915E) the gap between the R780E and R945E has been eliminated and now is considered one zone (R780E Zone). The discovery hole (PLS13-048) was targeted in the middle of an identified radon in water anomaly. The geologic setting of the R780E zone is similar to other zones, consisting of mineralization primarily associated with sequences of steeply south dipping pelitic lithology with localized mylonites and cataclasites.

To date, Fission has completed 32 of the planned 85 holes designed to assist in delineation of the main mineralized trend between lines 015E and 1080E utilizing 4 diamond drill rigs. A 5th diamond drill rig is being utilized to drill exploration holes outside of the main mineralized trend.

Table 1

Collar * Hand-held Scintillomenter Results
On Mineralized Drillcore
(greater than 300 cps /
greater than 0.5M minimum)
Sandstone Basement
Unconformity
Total
Drillhole
Hole ID Zone Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
From -
To
(m)
Depth
(m)
Depth
(m)
PLS14-137 R390E 390E 186 -87.2 194.5 195.5 1.0 350 - 420 51.0 - 51.5 51.5 335.0
199.5 200.0 0.5 330
PLS14-138 R390E 285E 205 -86.2 56.5 58.5 2.0 less than
300 - 400
NA 52.5 305.0
72.5 110.5 38.0 less than
300 - 5200
113.0 116.0 3.0 330 - 1900
120.5 128.0 7.5 less than
300 - 3100
131.5 141.0 9.5 less than
300 - 5000
164.0 167.5 3.5 320 - 3100
170.0 187.5 17.5 less than 300 -
greater
than 9999
PLS14-139 R585E 585E 227 -86.8 54.5 55.5 1.0 370 - 2200 54.0 - 54.8 54.8 425.0
65.5 68.0 2.5 310 - 610
119.5 160.0 40.5 less than
300 - 4900
197.0 208.0 11.0 less than
300 - 6600
PLS14-140 R780E 780E 319 -88.6 184.5 211.5 27.0 less than
300 - 4900
NA 57.5 527.0
225.0 245.0 20.0 less than 300 -
greater
than 9999
249.0 251.0 2.0 320 - 4900
254.5 269.5 15.0 less than
300 - 7200
284.5 285.0 0.5 370
292.0 292.5 0.5 320
302.0 304.5 2.5 390 - 2200
339.0 339.5 0.5 510
358.5 359.0 0.5 340
366.0 366.5 0.5 320
374.5 382.0 7.5 less than
300 - 900
408.0 415.0 7.0 less than
300 - 5800
423.5 424.0 0.5 340
PLS14-141 R780E 975E 173 -88.8 120.0 130.0 10.0 less than
300 - 580
NA 60.7 351.8
134.0 135.0 1.0 470
139.5 149.5 10.0 300 - 2400
152.0 152.5 0.5 420
159.0 159.5 0.5 1000
163.0 174.0 11.0 390 - greater
than 9999
177.0 193.5 16.5 less than
300 - greater
than 9999
196.0 196.5 0.5 500
232.5 233.0 0.5 320
236.5 237.5 1.0 320 - 410
248.0 248.5 0.5 520
251.5 255.5 4.0 less than
300 - 1400
261.0 263.5 2.5 less than
300 - 620
267.5 268.5 1.0 300 - 500
274.5 275.0 0.5 490
280.0 280.5 0.5 710
283.0 286.0 3.0 less than
300 - 1500
349.0 350.0 1.0 470 - 630
PLS14-142 R390E 480E 126 -87.7 72.5 73.0 0.5 390 51.5 - 54.1 54.1 353.0
87.5 90.0 2.5 410 - 590
131.5 141.0 9.5 less than
300 - 1900
145.5 151.5 6.0 less than
300 - 760
154.5 180.0 25.5 less than
300 - 4000
216.5 218.5 2.0 less than
300 - 320
306.5 307.0 0.5 350
PLS14-143 R585E 570E 210 -85.2 54.0 54.5 0.5 840 NA 53.7 368.0
122.0 141.5 19.5 less than
300 - 2500
145.0 161.0 16.0 less than
300 - 5200
184.0 189.5 5.5 less than
300 - 1200
205.0 206.0 1.0 300 - 650
209.5 212.0 2.5 320 - 380
248.0 253.0 5.0 less than
300 - 6900
262.0 262.5 0.5 340
PLS14-144 R780E 750E 315 -87.4 127.5 159.0 31.5 less than
300 - greater
than 9999
NA 55.3 404.0
161.5 163.0 1.5 540 - 3600
168.0 169.5 1.5 450 - greater
than 9999
176.0 179.5 3.5 less than
300 - greater
than 9999
185.5 189.0 3.5 less than
300 - 1100
196.0 204.5 8.5 less than
300 - greater
than 9999
208.0 211.0 3.0 less than
300 - greater
than 9999
232.5 233.5 1.0 1100
264.5 269.5 5.0 less than
300 - 2300
277.0 277.5 0.5 900
288.5 291.0 2.5 less than
300 - 2400
339.5 344.0 4.5 320 - 1800
PLS14-145 R780E 825E 76 -87.9 76.5 80.0 3.5 less than
300 - 810
NA 56.9 422.0
89.0 156.5 67.5 less than
300 - greater
than 9999
159.0 161.5 2.5 less than
300 - 2900
170.5 173.0 2.5 320 - 9500
178.0 181.0 3.0 330 - greater
than 9999
183.5 184.5 1.0 780 - 1400
188.5 189.0 0.5 570
192.0 193.0 1.0 470 - 780
197.5 199.5 2.0 less than
300 - 1700
203.5 211.0 7.5 less than
300 - greater
than 9999
216.0 227.0 11.0 less than
300 - 5100
279.0 279.5 0.5 1200
282.5 286.5 4.0 less than
300 - 3800
291.5 294.5 3.0 less than
300 - 630
308.5 309.0 0.5 360
315.5 320.0 4.5 less than
300 - 1700
330.0 333.5 3.5 less than
300 - 630
346.5 348.5 2.0 less than
300 - 1000
PLS14-146 R780E 915E 220 -85 101.0 102.5 1.5 less than
300 - 330
NA 59.0 416.0
116.5 117.0 0.5 330
122.0 129.0 7.0 less than
300 - 1500
131.5 185.0 53.5 less than
300 - greater
than 9999
202.5 203.5 1.0 400 - 880
211.0 213.5 2.5 300 - 680
216.0 219.0 3.0 less than
300 - 3300
222.0 226.0 4.0 320 - 6600
233.5 242.0 8.5 less than
300 - greater
than 9999
254.0 256.0 2.0 540 - greater than 9999
259.0 265.5 6.5 330 - 1300
272.0 274.0 2.0 310 - 1400
362.5 370.0 7.5 330 - 2600
PLS14-147 R585E 615E 86 -85.5 61.5 62.0 0.5 360 55.1 - 55.9 55.9 359.0
115.0 143.5 28.5 less than
300 - 6800
146.0 151.0 5.0 less than
300 - 1400
154.0 161.5 7.5 less than
300 - 2600
164.5 165.0 0.5 380
197.0 201.5 4.5 less than
300 - 720
208.5 213.0 4.5 less than
300 - 430
221.0 223.0 2.0 320 - 980
PLS14-148 R780E 765E 76 -88 148.0 148.5 0.5 640 56.0 - 56.5 56.5 296.0
154.5 158.5 4.0 320 - greater
than 9999
164.0 166.0 2.0 less than
300 - 570
179.0 183.5 4.5 less than
300 - 460
192.5 197.5 5.0 420 - greater
than 9999
203.5 208.5 5.0 less than
300 - 4700
234.5 235.5 1.0 900 - 1300
PLS14-149 R390E 405E 196 -86.3 108.5 114.0 5.5 less than
300 - 750
51.1 - 52.2 52.2 319.1
117.5 134.5 17.0 less than
300 - greater
than 9999
PLS14-150 R780E 915E 304 -86.6 105.0 107.0 2.0 less than
300 - 370
NA 57.7 374.0
113.0 113.5 0.5 410
121.0 121.5 0.5 480
124.5 125.5 1.0 310 - 570
142.5 152.5 10.0 less than
300 - 580
155.0 159.5 4.5 less than
300 - 2000
177.0 177.5 0.5 430
181.5 183.5 2.0 410 - 740
191.0 192.0 1.0 360 - 1200
204.0 205.0 1.0 740 - 1300
213.0 213.5 0.5 1300
216.5 226.0 9.5 less than
300 - greater
than 9999
228.5 232.5 4.0 less than
300 - 870
236.5 242.0 5.5 less than
300 - 3400
248.0 251.5 3.5 less than
300 - 2100
268.5 274.0 5.5 less than
300 - 430
285.5 305.0 19.5 less than
300 - 5000
PLS14-151 R585E 615E 38 -90 116.5 122.0 5.5 less than
300 - 1500
NA 56.1 332.0
125.0 131.5 6.5 320 - 3200
137.0 140.5 3.5 320 - 1500
143.5 149.0 5.5 less than
300 - 2000
213.0 215.5 2.5 1900 - greater
than 9999
219.0 220.0 1.0 330 - 640
222.5 225.5 3.0 less than
300 - 2400
PLS14-153 R780E 870E 248 -90 81.0 83.0 2.0 less than
300 - 600
NA 55.8 382.0
91.0 93.5 2.5 330 - 670
104.0 109.0 5.0 less than
300 - 800
112.0 135.0 23.0 less than
300 - 6600
160.5 163.0 2.5 310 - 800
165.5 186.5 21.0 less than
300 - greater
than 9999
191.5 194.0 2.5 less than
300 - greater
than 9999
197.0 200.5 3.5 400 - greater
than 9999
203.0 208.5 5.5 300 - greater
than 9999
213.5 225.5 12.0 less than
300 - greater
than 9999
246.5 247.0 0.5 520
255.5 260.5 5.0 less than
300 - 1900
271.0 275.0 4.0 430 - 1400
285.0 292.0 7.0 less than
300 - 1600
313.0 318.0 5.0 less than
300 - 1800
PLS14-155 R780E 780E 228 -87 138.0 141.0 3.0 less than
300 - 320
NA 55.4 542.0
144.5 160.0 15.5 less than
300 - 1800
163.0 169.5 6.5 less than
300 - 680
176.5 185.0 8.5 less than
300 - 1000
203.0 205.0 2.0 less than
300 - 350
214.5 218.0 3.5 less than
300 - 350
234.5 242.5 8.0 less than
300 - 410
254.5 269.5 15.0 less than
300 - 670
277.0 282.0 5.0 less than
300 - 570
288.5 300.5 12.0 less than
300 - 910
329.0 331.5 2.5 less than
300 - 630
340.0 343.0 3.0 310 - 620
414.0 424.0 10.0 less than
300 - 2400
427.0 428.5 1.5 less than
300 - 340
459.0 459.5 0.5 310
PLS14-156 R780E 720E -339 -90 63.5 67.5 4.0 less than
300 - 1300
NA 56.9 377.0
71.0 72.5 1.5 320 - 420
87.0 88.0 1.0 330 - 530
103.0 160.0 57.0 less than
300 - greater
than 9999
166.5 169.0 2.5 less than
300 - 1800
175.5 176.5 1.0 1600 - 1900
182.0 185.5 3.5 less than
300 - greater
than 9999
193.5 194.0 0.5 430
201.5 207.0 5.5 300 - greater
than 9999
211.0 212.0 1.0 310 - 590
305.5 306.0 0.5 310
PLS14-157 R390E 285E 341 -90 83.5 87.5 4.0 less than
300 - 360
NA 48.5 305.0
96.0 113.0 17.0 less than
300 - 2500
119.0 121.5 2.5 less than
300 - 640
124.5 131.5 7.0 330 - 7700
135.5 148.0 12.5 less than
300 - 3100
156.0 183.5 27.5 less than
300 - 9900
PLS14-158 R780E 990E 4 -86.6 107.0 107.5 0.5 690 58.0 - 59.1 59.1 374.0
125.0 125.5 0.5 990
137.5 138.5 1.0 380 - 400
141.0 149.5 8.5 340 - greater
than 9999
152.0 182.0 30.0 320 - greater than 9999
185.5 190.0 4.5 370 - 2700
231.0 261.5 30.5 less than
300 - greater
than 9999
295.5 305.0 9.5 less than
300 - 1700
311.0 312.0 1.0 470 - 1000

A $12M, 90 hole, 30,000m drill program and ground geophysics surveys continues at PLS. Updated maps and files can be found on the Company's website at http://www.fissionuranium.com/project/pls/overview/news/.

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.

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