Fission Expands Footprint and High-Grade Core at R780E With Multiple Step Out Holes

Triple R's 780E Zone Increased Laterally, Vertically and On-Strike With Step Out Drilling

KELOWNA, BRITISH COLUMBIA--(Marketwired - March 23, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from nineteen holes drilled at the R780E zone of its Triple R deposit at PLS, in Canada's Athabasca Basin region. Seventeen of the nineteen angled holes are mineralized, while 2 holes intersected narrow and weakly anomalous radioactivity. Of particular note is hole PLS15-368 (line 480E), which intercepted 8.98m total composite >10,000 cps radioactivity with peaks up to 65,500 cps in a 57.0m zone of mineralization. Importantly, PLS15-368, drilled 20m down-dip of PLS15-299 adds a high-grade dimension to the significant mineralized lateral width added by holes PLS15-299 and PLS15-311 (see News Release Jan 26, 2015 and February 10, 2015 respectively). In addition, through extensive step-out drilling, the boundaries of the R780E Zone have been increased on multiple lines along strike to the east, vertically (both up and down dip) and laterally north and south. As a result of the success and speed of drilling, the winter exploration budget will expand by $3M adding approximately 28 holes.

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

"This latest round of drill results, which includes a large number of step-out holes, represents a big step forward in the continued growth of the Triple R's R780E zone. In addition to expanding the overall footprint of the zone, we have successfully targeted the on-strike extension of the high-grade domain west of line 495E. As shown by the model used for the Triple R resource estimate we released in January, 2015, each high-grade hole makes a significant impact on the size of the deposit, so continued extension of this high-grade core is a top priority."

Drilling Highlights Include:

  • R780E Zone high-grade core expanded to the west on line 480E (PLS15-368)
  • Sixteen holes intersected significant mineralization outside of the boundaries used to define the resource estimate (see News Release January 09, 2015)
  • Hole PLS15-368 (line 480E)
    • 79.5m total composite mineralization over a 162.5m section (between 66.5m - 229.0m) including:
      • 8.98m total composite mineralization of >10,000 cps radioactivity
  • Hole PLS15-325 (line 720E)
    • 47.0m total composite mineralization over a 86.0m section (between 138.0m - 224.0m) including:
      • 1.80m total composite mineralization of >10,000 cps radioactivity
  • Step-out drilling has expanded the Triple R Deposit's R780E Zone footprint vertically, laterally to the north and south and along strike to the east:
    • East (on Strike):
      • 90m (line 1245E)
      • 30m (line 1185E)
    • North:
      • 60m (line 870E)
      • 10m (line 9990E)
      • 6m (line 975E)
    • South:
      • 10m (line 705E)
    • Vertical (up-dip):
      • 20m (line 855E)
      • 30m (line 870E)
      • 60m (line 1020E)
      • 40m (line 1050E)
      • 40m (line 1080E)
      • 10m (line 1110E)
    • Vertical (down-dip)
      • 40m (line 720E)
      • 70m (line 750E)
      • 50m (line 855E)
      • 20m (line 990E)

Winter Program Expansion: As a result of highly positive drill results, together with drilling speed and efficiency and favorable winter conditions, the winter exploration budget is being expanded by an additional $3M. This equates to approximately 6,270m (28 holes) of additional drilling for a total of 26,500m in 91 holes. The additional meters will be used to test high-priority areas within the R780E Zone where specific step-out targeting of the high-grade domain is prospective. Additional drilling is also planned to further test the recent discovery of high-grade mineralization at the R600W zone, located 555m on strike to the west of the Triple R deposit.

    Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum)      
Hole ID Zone Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
  CPS
Peak
Range
Sandstone
From - To
(m)
Basement
Unconformity
Depth
(m)
Total
Drillhole
Depth
(m)
PLS15-325 R780E 720E 336 -70.3 138.0 150.5 12.5   <300 - 1200 NA 62.7 336.0
          156.5 175.0 18.5   <300 - 7000      
          183.5 184.0 0.5   870      
          191.0 191.5 0.5   350      
          194.0 199.5 5.5   <300 - 1600      
          202.5 205.0 2.5   600 - 2400      
          208.0 209.0 1.0   320 - 330      
          215.5 221.0 5.5   410 - 54000      
          223.5 224.0 0.5   1000      
PLS15-327 R780E 1185E 337 -69.7 206.0 206.5 0.5   510 NA 68.0 308.0
PLS15-330 R780E 1020E 336 -72.3 142.0 177.5 35.5   <300 - 45900 NA 67.7 386.0
          181.0 186.5 5.5   <300 - 760      
          197.5 208.5 11.0   <300 - 3000      
          211.0 216.5 5.5   520 - 5000      
          245.0 250.0 5.0   <300 - 3600      
          268.0 269.0 1.0   390 - 3800      
          281.0 282.0 1.0   1200 - 2300      
          294.0 294.5 0.5   480      
          298.5 299.0 0.5   320      
PLS15-337 R780E 1080E 339 -70.7 103.5 104.0 0.5   350 NA 60.0 407.0
          150.0 156.5 6.5   <300 - 800      
          160.5 166.5 6.0   <300 - 42300      
          175.0 175.5 0.5   350      
          182.0 189.5 7.5   <300 - 4100      
          192.5 200.5 8.0   <300 - 1800      
          208.5 211.5 3.0   350 - 6400      
          217.0 217.5 0.5   340      
          334.5 336.0 1.5   340 - 680      
PLS15-341 R780E 1050E 339 -72.3 140.5 154.5 14.0   <300 - 38400 NA 65.1 353.0
          158.5 159.0 0.5   300      
          161.5 162.0 0.5   510      
          166.5 205.0 38.5   <300 - 15800      
          250.0 250.5 0.5   330      
          255.5 258.5 3.0   <300 - 2100      
          261.5 263.5 2.0   330 - 4400      
          270.0 278.0 8.0   <300 - 3200      
          284.0 286.5 2.5   <300 - 1500      
PLS15-344 R780E 1020E 341 -70.2 122.0 139.0 17.0   <300 - 3400 NA 68.5 434.0
          141.5 145.5 4.0   400 - 1500      
          149.0 153.5 4.5   <300 - 970      
          173.0 175.0 2.0   390 - 610      
          178.0 178.5 0.5   420      
          185.0 186.5 1.5   520 - 3900      
          206.5 210.5 4.0   440 - 3200      
          248.5 254.0 5.5   <300 - 9500      
          257.0 276.5 19.5   <300 - 4600      
          279.5 285.5 6.0   <300 - 4000      
          305.0 313.0 8.0   <300 - 9500      
          318.5 319.5 1.0   470 - 1300      
          339.0 343.0 4.0   <300 - 890      
          366.5 368.0 1.5   520 - 650      
          377.5 378.5 1.0   340 - 360      
          399.0 399.5 0.5   360      
PLS15-348 R780E 1110E 338 -69.9 174.5 175.0 0.5   310 NA 67.3 341.0
          263.0 263.5 0.5   310      
PLS15-351 R780E 975E 167 -79.1 169.0 183.5 14.5   <300 - 29800 NA 64.6 407.0
          187.5 195.5 8.0   <300 - 1400      
          201.5 207.5 6.0   400 - 5200      
          247.5 248.0 0.5   360      
          256.5 272.5 16.0   <300 - 2400      
PLS15-353 R780E 705E 338 -72.0 144.0 145.0 1.0   310 - 470 NA 58.1 370.0
          150.0 162.5 12.5   <300 - 2200      
          166.0 166.5 0.5   330      
          185.5 189.0 3.5   <300 - 1200      
          201.0 202.0 1.0   400 - 440      
          369.0 369.5 0.5   940      
PLS15-354 R780E 1185E 348 -74 188.0 189.5 1.5   <300 - 1300 NA 66.3 407.0
          198.0 204.5 6.5   390 - 8600      
          209.0 211.5 2.5   340 - 1400      
          214.0 214.5 0.5   1900      
PLS15-355 R780E 990E 176 -81.1 145.5 149.0 3.5   <300 - 720 NA 65.6 341.0
          155.5 156.0 0.5   330      
          158.5 159.0 0.5   350      
          169.5 174.0 4.5   <300 - 340      
          192.0 204.5 12.5   <300 - 4100      
          209.0 224.0 15.0   <300 - 2900      
          227.5 228.0 0.5   450      
          245.5 249.0 3.5   <300 - 570      
          255.5 258.0 2.5   <300 - 37200      
          261.5 266.0 4.5   <300 - 3900      
PLS15-358 R780E 870E 347 -71.3 84.0 90.5 6.5   310 - 5100 NA 63.6 350.0
          110.5 114.0 3.5   <300 - 790      
          122.0 149.0 27.0   <300 - 6900      
          159.0 160.0 1.0   310 - 390      
          164.0 164.5 0.5   330      
          174.0 191.5 17.5   <300 - 1800      
          209.0 210.5 1.5   330 - 6700      
          272.0 274.0 2.0   480 - 1300      
PLS15-359 R780E 1110E 336 -70.3 149.0 152.0 3.0   <300 - 780 NA 64.3 347.0
          191.0 195.5 4.5   <300 - 970      
          198.0 198.5 0.5   350      
          201.5 205.5 4.0   <300 - 760      
          221.0 229.5 8.5   <300 - 5200      
          263.5 264.0 0.5   520      
          274.0 275.5 1.5   310 - 760      
          286.5 287.0 0.5   930      
          323.0 324.0 1.0   450 - 560      
PLS15-361 R780E 1245E 336 -70.3 181.0 181.5 0.5   330 NA 76.6 353.0
          184.5 186.5 2.0   360 - 720      
          191.5 193.5 2.0   <300 - 1300      
PLS15-362 R780E 750E 339 -72.2 164.5 170.5 6.0   <300 - 770 NA 59.8 467.0
          199.5 202.0 2.5   <300 - 1500      
          205.0 207.5 2.5   <300 - 730      
          211.0 215.0 4.0   <300 - 850      
          220.0 221.0 1.0   300 - 470      
          225.5 226.0 0.5   600      
          234.0 235.5 1.5   <300 - 770      
          241.5 252.5 11.0   <300 - 2900      
          255.5 256.5 1.0   350 - 470      
          279.5 290.0 10.5   <300 - 6200      
          292.5 293.0 0.5   1100      
          298.0 307.0 9.0   <300 - 9800      
          313.5 314.0 0.5   330      
          320.0 331.5 11.5   <300 - 12000      
          347.0 351.5 4.5   <300 - 500      
          381.5 382.0 0.5   330      
          427.0 427.5 0.5   2300      
PLS15-363 R780E 855E 344 -69.2 154.5 155.0 0.5   330 NA 63.3 359.0
          171.5 180.5 9.0   <300 - 1300      
          194.0 228.0 34.0   <300 - 1800      
          233.5 234.0 0.5   400      
          241.0 241.5 0.5   300      
          247.5 264.5 17.0   <300 - 14700      
          267.5 271.5 4.0   <300 - 2900      
          277.0 278.0 1.0   320 - 430      
          305.5 307.0 1.5   <300 - 3500      
          310.0 313.0 3.0   <300 - 910      
          344.5 345.0 0.5   310      
PLS15-365 R780E 855E 344 -68.3 81.0 82.5 1.5   330 - 450 NA 61.1 401.0
          95.5 113.0 17.5   <300 - 960      
          116.0 118.5 2.5   <300 - 1200      
          122.0 157.0 35.0   <300 - 65500      
          161.0 166.5 5.5   330 - 6200      
          245.5 246.0 0.5   310      
          262.0 263.0 1.0   530 - 550      
          273.0 284.0 11.0   <300 - 1700      
          300.0 301.5 1.5   350 - 530      
          320.5 322.0 1.5   1300 - 10000      
          331.5 332.0 0.5   400      
PLS15-366 R780E 870E 346 -79.2 79.0 80.0 1.0   1800 - 2800 NA 62.4 284.0
          85.0 85.5 0.5   320      
          134.5 138.5 4.0   320 - 840      
          165.5 169.5 4.0   <300 - 1300      
          176.0 176.5 0.5   430      
PLS15-368 R780E 480E 338 -72.1 66.5 123.5 57.0   <300 - 65500 57.0 - 58.0 58.0 293.0
          131.5 139.5 8.0   <300 - 5500      
          147.5 152.5 5.0   360 - 2400      
          163.5 167.5 4.0   340 - 3200      
          170.0 170.5 0.5   760      
          173.5 176.0 2.5   <300 - 490      
          178.5 179.0 0.5   380      
          191.5 192.0 0.5   370      
          207.0 207.5 0.5   550      
          228.0 229.0 1.0   570 - 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, 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, and boron.

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization at PLS has been traced by core drilling over 2.25km 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 referred to as the Triple R uranium deposit was announced on November 05, 2012 with drill hole PLS12-022, from what is considered part of the R00E zone. Through successful exploration programs completed to date, it has evolved into a large, near surface, 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. Within the deposit, 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, associated with 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.

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