KELOWNA, BRITISH COLUMBIA--(Marketwired - Jan. 20, 2014) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce that a 90 hole winter drill and geophysical program has commenced at their PLS property in Saskatchewan's Athabasca Basin. Drilling at the high-grade uranium discovery will focus on further delineating the seven shallow-depth zones identified to date while working to eliminate the gaps between the zones. In addition, 15% - 20% of the drilling will test a number of particularly high priority targets identified through geophysics and radon gas surveys. The winter program will cost $12M and is part of the overall $20M Fission currently expects to spend in 2014 on exploration at PLS.
This drill program will be the most aggressive the company has implemented. The previous two programs enjoyed a mineralization hit success ratio of over 86% with numerous high-grade assays and grew PLS from a single discovery hole to seven zones on trend along a strike length of 1.78km. All seven zones remain open in all directions.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
||"The tremendous success of PLS drilling date has not only given us seven shallow-depth mineralized zones but also a solid understanding of the project's geology. While growing and connecting the zones is our principle aim, our work with radon and geophysics has given us a number of highly promising targets that we will begin testing."
Key Technical Information
- 30,000m of drilling utilizing up to 5 diamond drill core rigs.
- 80%- 85% of the drilling will be delineation-style: multiple close-spaced drill holes testing outwards from the known locations of mineralization to establish the width and strike of the main mineralized trend, to grow the five identified high-grade zones (R00E, R390E, R585E, R780E and R945E) and eliminate the distance between them.
- 15% to 20% of the drilling will be exploration-style, testing high priority electromagnetic (EM) conductors. These conductor targets will be prioritized based on ground geophysics interpretation and results of the radon survey (see news release January 13, 2014).
- Drill targeting will also test for expansion to the east of high-grade mineralization of the R945E towards the anomalously mineralized R1155E, where mineralization is open to the east.
- The area remains highly prospective for several kilometers both in the immediate area of known mineralization and along strike in both the WSW and ENE directions.
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. An updated map showing the areas of the proposed winter drill program at PLS can be found on the Company's website at fissionuranium.com/project/pls/maps/dp/.
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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Fission Uranium Corp.