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

Fission Uranium Corp.

January 26, 2015 03:00 ET

Fission's First Five Holes Widen R780E Main Zone; 100% Hit Rate at Shallow Depth

All five step out holes hit intervals of greater than 10,000 cps Radioactivity

KELOWNA, BRITISH COLUMBIA--(Marketwired - Jan. 26, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from the first five step-out angled drill holes of the winter drill program at its PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region. All five holes returned wide mineralization, including variable intervals of >10,000 cps radioactivity and were drilled in the R780E zone, part of the recently announced high-grade, near-surface Triple R deposit (see NR Jan 9, 2015). Of particular note is PLS15-299 (line 480E), with a continuous mineralized interval of 92.0m at shallow depth, including 3.44m total composite >10,000 cps radioactivity with peaks up to 52,000 cps.

Drilling Highlights Include:

Widening of R780E Main Zone 25m to the North (line 480E), 10m to the south (line 720E) and 45m vertically (line 465E).

Hole PLS15-299 (line 480E)

  • 92.0m mineralized section (between 60.0m - 152.0m) including:
    • 3.44m total composite mineralization of (>10,000 cps) radioactivity

Hole PLS15-303 (line 465E)

  • 16m total composite mineralization over a 33.5m section (between 56.0m - 89.5m) including:
    • 4.05m total composite mineralization of (>10,000 cps) radioactivity

Hole PLS15-302 (line 720E)

  • 44.0m total composite mineralization over a 96.5m section (between 131.5m - 228.0m) including:
    • 2.45m total composite mineralization of (>10,000 cps) radioactivity

R780E Main Zone Widened: Hole PLS15-299 has extended the lateral width of mineralization of the R780E Main zone by approximately 25m to the north on line 480E, while PLS15-302 has extended the mineralization of the R780E Main zone by approximately 10m to the south on line 720E. In addition, PLS15-303 has extended the vertical extent of high-grade R780E mineralization by approximately 45m upwards on line 465E. The R780E Main zone is the R780E is the largest zone of the Triple R deposit and represents approximately 92% of the indicated pounds and approximately 56% of the inferred pounds of the resource estimate. The Triple R deposit remains open in several directions, including strike, width and vertically.

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

"The winter drill program is off to a superb start. Strong, near-surface mineralization, 100% hit rate on the new Triple R deposit and the widening of the R780E Main zone in different directions on three lines."
Hole ID Zone Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sand-
stone
From
-
To
(m)
Base-
ment
Uncon-
formity
Depth
(m)
Total
Drill-
hole
Depth
(m)
Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
PLS15-299 R780E 480E 227 -71.7 60.0 152.0 92.0 <300 - 52000 N/A 56.9 263.0
PLS15-300 R780E 1020E 336 -71.7 179.0 185.0 6.0 660 - 1210 N/A 68.1 395.0
191.0 195.5 4.5 <300 - 11100
204.0 205.5 1.5 360 - 1500
216.5 226.5 10.0 <300 - 4800
268.5 269.0 0.5 440
283.0 283.5 0.5 430
320.5 323.0 2.5 <300 - 1200
329.5 331.5 2.0 420 - 780
PLS15-301 R780E 885E 339 -71.2 99.5 101.5 2.0 860 - 2400 N/A 65.7 371.0
115.0 120.0 5.0 <300 - 740
124.0 124.5 0.5 500
128.0 129.5 1.5 450 - 620
135.0 135.5 0.5 340
141.5 147.5 6.0 <300 - 610
150.5 151.0 0.5 500
156.0 180.0 24.0 <300 - 10100
184.5 186.0 1.5 630 - 1800
216.5 238.5 22.0 <300 - 2500
244.5 245.5 1.0 460 - 670
253.5 255.0 1.5 440 - 4700
260.0 262.5 2.5 <300 - 1200
270.5 272.0 1.5 480 - 7700
282.5 294.0 11.5 370 - 3200
304.0 305.0 1.0 2800
310.0 311.5 1.5 <300 - 340
315.0 315.5 0.5 1500
PLS15-302 R780E 720E 344 -70.8 131.5 170.0 38.5 <300 - 45400 N/A 59.1 281.0
176.0 176.5 0.5 980
180.0 183.5 3.5 <300 - 1800
195.5 196.5 1.0 360 - 9500
227.5 228.0 0.5 1000
PLS15-303 R780E 465E 330 -70.1 56.0 68.0 12.0 350 - 53000 53.0 - 56.9 56.9 200.0
85.5 89.5 4.0 <300 - 2800

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, uranium by fluorimetry and boron.

PLS Mineralized Trend & Triple R Deposit 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 west to east, these zones are; R600W, R00E, R780E and R1620E.

The discovery hole of what is now the Triple R uranium deposit was announced on November 05, 2012 with drill hole PLS12-022, from what is now considered part of the R00E zone. Through successful exploration programs completed to date, it has evolved into a large, shallow, 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. 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, 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 - 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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