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

Fission Uranium Corp.

September 29, 2014 03:00 ET

Fission Widens Zone R780E; Hits Six New Holes With >10,000 CPS Radioactivity

Continued 100% Drill Hit Success Rate at PLS' R780E Zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - Sept. 29, 2014) - FISSION URANIUM CORP. ("Fission" or "the Company") is pleased to announce results from the final seven angled drill holes of the summer drill program, which have widened and strengthened zone R780E at its PLS property in Canada's Athabasca Basin. All seven holes returned wide mineralization, with six returning intervals of >10,000 cps radioactivity. Of particular note is PLS14-290 (line 735E), with a total of 97.5m composite mineralization at shallow depth, including 7.44m total composite >10,000 cps radioactivity with peaks up to 61,800 cps. Fission has hit mineralization on every one of the 61 "R780E zone" summer program holes drilled to date.

Zone R780E, which has a continuous strike length of 930m (measured from lines 225E to 1155E), continues to strengthen in the eastern region of the R780E zone. Angle drilling from the 2014 program has traced a mineralized lateral corridor with a horizontal width of up to approximately 164m (line 885E), and remains open along strike and laterally.

Drilling Highlights Include:

Hole PLS14-290 (line 735E)

  • 97.5m total composite mineralization over a 173.0m section (between 113.5m - 286.5m) including:
    • 7.44m total composite mineralization of (>10,000 cps) radioactivity
  • Designed as a scissor hole on line 735E (see note on Scissor Holes)

Hole PLS14-298 (line 840E)

  • 84.0m total composite mineralization over a 240.5m section (between 146.5m - 387.0m) including:
    • 2.24m total composite mineralization of (>10,000 cps) radioactivity

Hole PLS14-296 (line 915E)

  • 94.5m total composite mineralization over a 367.0m section (between 96.0m - 463.0m) including:
    • 2.08m total composite mineralization of (>10,000 cps) radioactivity

Scissor hole drilling leads to vastly improved strength of mineralization on section 735E: Holes PLS14-290, 296 and 297 were designed as scissor holes drilling grid north to south on lines 735E, 915E and 945E respectively. Scissor holes are oriented opposite azimuth to the standard south to north angled hole and are designed to provide geometry control and confirmation on the mineralization. Of particular note, PLS14-290 intersected well developed mineralization over a 65.5m (133.0m to 198.5m), including 7.9m of very strong mineralization (7.44m of >10,000 cps), in an area that had previously only seen moderate results with hole PLS14-193, 253 and 221, thus vastly improving the strength of mineralization on section 735E.

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

"These results represent the final summer program holes which have been nothing less than spectacular. Zone drilling has hit with every single hole without fail, connected two zones and widened the high-grade R780E zone on multiple lines. R780E, which now has a strike length of 930m, is still open in every direction. At the same time, as per news release September 25, the exploration drilling intercepted anomalous radioactivity on three conductors elsewhere on the property."

As per news release July 28, 2014 Fission has replaced the GR-110 scintillometer, which measured a maximum of 9,999 cps (referred to as off-scale in all previous PLS drill programs) with the RS-121 scintillometer, which measures up to 65,535 cps for higher resolution readings of strongly anomalous radioactivity.

Hole ID Zone Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) 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
PLS14-289 R780E 255E 338 -70.0 95.5 97.0 1.5 410 - 500 NA 54.0 347.0
117.5 118.0 0.5 440
154.0 154.5 0.5 970
158.0 158.5 0.5 310
239.0 239.5 0.5 710
276.5 280.0 3.5 <300 - 1200
PLS14-290 R780E 735E 156 -71 113.5 115.0 1.5 540 - 1100 NA 58.0 452.0
119.0 121.5 2.5 1300 - 4200
130.0 130.5 0.5 370
133.0 198.5 65.5 <300 - 61800
235.0 235.5 0.5 360
239.0 256.0 17.0 <300 - 12400
263.5 266.0 2.5 370 - 1000
270.0 270.5 0.5 490
275.5 281.5 6.0 <300 - 4800
285.5 286.5 1.0 310 - 490
427.0 428.0 1.0 390 - 400
PLS14-293 R780E 855E 336 -70 122.5 130.5 8.0 <300 - 6100 NA 61.2 383.0
134.0 135.0 1.0 560 - 770
137.5 146.0 8.5 <300 - 1500
168.0 196.0 28.0 <300 - 15000
198.5 209.5 11.0 <300 - 59700
212.0 214.0 2.0 <300 - 570
216.5 220.0 3.5 <300 - 890
286.0 287.0 1.0 400 - 540
305.0 305.5 0.5 1000
313.0 313.5 0.5 450
322.5 323.0 0.5 830
329.5 330.0 0.5 430
334.5 335.0 0.5 620
PLS14-294 R780E 525E 335 -70 60.5 107.0 46.5 <300 - 24000 59.9 - 60.7 60.7 356.0
110.0 133.5 23.5 <300 - 5900
146.5 147.5 1.0 380 - 490
152.0 153.0 1.0 340 - 350
171.0 174.0 3.0 300 - 720
177.0 178.5 1.5 <300 - 530
184.0 190.5 6.5 <300 - 720
195.5 202.0 6.5 <300 - 2100
239.0 239.5 0.5 420
PLS14-296 R780E 915E 157 -69 96.0 99.5 3.5 320 - 1900 NA 59.5 494.0
103.0 106.0 3.0 300 - 1700
115.5 121.0 5.5 <300 - 2600
137.0 153.5 16.5 <300 - 1600
161.0 164.0 3.0 330 - 1600
175.5 207.0 31.5 <300 - 30000
218.0 222.0 4.0 <300 - 540
231.0 249.0 18.0 <300 - 20600
264.5 265.5 1.0 420 - 830
317.5 318.5 1.0 310 - 330
385.5 390.0 4.5 <300 - 3600
405.0 406.0 1.0 400 - 790
461.0 463.0 2.0 490 - 1100
PLS14-297 R780E 945E 158 -68 83.0 83.5 0.5 340 NA 61.4 476.0
95.0 100.0 5.0 <300 - 3300
125.5 128.0 2.5 450 - 6700
133.0 134.0 1.0 360 - 380
146.5 156.0 9.5 <300 - 3000
162.0 179.5 17.5 <300 - 4300
183.0 215.5 32.5 <300 - 33700
227.5 229.0 1.5 <300 - 380
241.0 241.5 0.5 620
248.5 250.0 1.5 310 - 710
254.5 260.5 6.0 <300 - 420
266.5 270.5 4.0 <300 - 2300
286.0 288.0 2.0 370 - 800
383.5 384.0 0.5 780
398.5 399.0 0.5 360
401.5 403.5 2.0 410 - 1300
419.5 421.5 2.0 <300 - 2200
PLS14-298 R780E 840E 332 -68 146.5 149.0 2.5 <300 - 410 NA 60.7 389.0
155.0 156.5 1.5 <300 - 370
159.0 161.5 2.5 <300 - 400
190.0 205.0 15.0 <300 - 7700
207.5 216.5 9.0 <300 - 3500
219.5 231.5 12.0 <300 - 5900
237.5 266.0 28.5 <300 - 37200
268.5 269.0 0.5 330
298.0 308.5 10.5 <300 - 1200
312.5 313.0 0.5 680
354.5 355.0 0.5 440
386.0 387.0 1.0 1200 - 1300

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. 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.

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, uranium by fluorimetry and boron.

All depth measurements reported, including radioactivity and mineralization interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

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.

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.

Contact Information