4th Zone Discovered as First Hole in R945E Zone Hits Off-scale Amongst Wide Mineralization

KELOWNA, BRITISH COLUMBIA--(Marketwired - Aug. 15, 2013) - FISSION URANIUM CORP. ("Fission" or "the Company") (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to announce the discovery of a fourth zone of uranium mineralization and off-scale radioactivity located 165m grid-east of Zone R780E on its Patterson Lake South (PLS) property in the Athabasca Basin, Saskatchewan. This fourth zone is referred to as the R945E zone. There are now 4 mineralized zones on strike with each other along a 1.05km trend.

Hole PLS13-084, drilled on section line 945E, has returned 2.7m total composite off-scale (>9999 cps) mineralization, in 18.0m mineralization. The hole is still in progress at a depth of 302.0m and further material information as warranted will be provided.

PLS13-084 Drilling Highlights so far include:

  • 165m grid east step out testing a radon in water anomaly along strike of other zones on the property
  • Anomalous radioactivity present in multiple discrete intervals up to 35.5m wide each from 159.5m - 255.5m depth
  • 18.0m wide interval (234.0m - 252.0m) with 2.7m wide composite total off-scale (>9999 cps) radioactivity in several discrete intervals including a 1.0m wide interval of continuous off-scale radioactivity (247.0m - 248.0m)

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

"With the discovery of this mineralization at section 945E, we have now identified a 4th separate mineralized zone along a strike length of just over 1km. The significant breadth of mineralization in this drill hole will be aggressively followed up. Taken as a whole, this is further evidence that PLS is host to an extensive mineralized system."

The recently released drill hole PLS13-80 (48m of nearly continuous radioactivity, mineralization and alteration) was the fourth and by far the strongest drill hole of a four-hole drill fence at the R780E Zone. Similarly, the full potential of the mineralization described in this news release will not be fully realized until a complete fence of holes is completed across this anomaly at 945E. Implementing a drill hole fence on the R945E zone is a high priority.

R945E Zone:

The R945E zone discovery was the result of follow-up by drilling of a radon in water anomaly identified during the Phase 2 EIC Radon In Water and Radon in Sediment Survey Program completed during April 2013, by RadonEx Exploration Management of St. Lazare, QU. The radon anomaly is the strongest radon in water anomaly to date at (13.3 pCl/L (see News Release May 6, 2013). This anomaly lies along a ENE trend, parallel to the PL-3B EM conductor.

Hole PLS13-084 was collared as a vertical hole and tested the center of the 945E radon in water anomaly. Weakly anomalous and intermittent radioactivity was encountered from 104.5m to 139.5m in intervals up to 7.0m wide. From 159.5m to 255.5m anomalous radioactivity is more persistent occurring in discrete intervals of weak to moderate to locally strong radioactivity ranging in width from 0.5m to 35.5m each. The most robust radioactivity is present in an 18.0m interval from 234.0m to 252.0m which is variably weak to strongly radioactive throughout including several narrow intervals from 0.1m to 1.0m wide of off-scale (>9999 cps) totaling a composite of 2.7m. Basement bedrock was encountered at 59.0m below the surface. The upper part of the lithologic sequence (59.0m to 132.4m) is comprised of alternating quartzitic and pelitic gneiss transitioning to a more pelitic gneiss dominated sequence from 132.4m to 221.8m. Below 221.8m the package is comprised of alternating pelitic, semipelitic and quartzitic gneiss. The hole is presently at 302.0m and drilling is still in progress.

Table 1 (results to date)
R945E
Collar * Hand-held Scintillomenter Results On Mineralized Drillcore (>300 cps / >1.0M minimum) Sandstone
From - To
(m)
Basement
Unconformity
Depth (m)
Total
Drillhole
Depth (m)
Hole ID Grid Line Az Dip From (m) To (m) Width (m) CPS Peak Range
PLS13-084 945E 0 -90 104.5 108.5 4.0 <300 - 800 N / A 59.0 302.0
119.0 119.5 0.5 360
132.5 139.5 7.0 <300 - 1500
159.5 195.0 35.5 <300 - 3700
198.0 205.0 7.0 <300 - 5100
209.5 222.0 12.5 <300 - 4500
225.0 225.5 0.5 750
228.5 229.5 1.0 550 - 880
234.0 252.0 18.0 <300 - 9999
237.7 248.0 10.3 <300 - >9999
255.0 255.5 0.5 650
* Scintillometer Instrument: GR-110G

Fission recognizes the radon in water and radon in sediment surveys as an effective tool to help prioritize targets along a prospective trend, but also notes that not all well mineralized holes have a radon anomaly immediately above. Additional drilling will help establish this relationship.

A $6.95M, 44 hole, 11,000m drill program and ground geophysics surveys continues at PLS.

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 a 50%/50% Joint Venture held by Fission Uranium Corp. and Alpha Minerals Inc (AMW). Fission is the Operator. 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. Updated maps and scintillometer table for the R945E zone can be found on the Company's website at https://www.fissionuranium.com/projects/patterson-lake-south-sk/.

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 acquisition, exploration and development of uranium properties 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 potential spin-out and listing of Fission Uranium and 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.

Fission Uranium Corp.
Rich Matthews
Investor Relations
TF: 877-868-8140
rich@fissionuranium.com
www.fissionuranium.com