Fission Hits 28.32% U3O8 Over 12.0M at R600W Zone

PLS15-352 returns one of the top five strongest mineralized holes at PLS and continues the strong, high-grade growth of shallow, land-based R600W

KELOWNA, BRITISH COLUMBIA--(Marketwired - May 4, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce assays from ten angled holes drilled on the R600W, R00E and R780E zones at its' PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region. Of exceptional note is the continued strong growth of the land-based R600W zone. Located half a kilometer west of the Triple R deposit, this zone is an important and extremely prospective area with world-class grades and near-surface mineralization similar to the Triple R deposit. Drilled at this zone, hole PLS15-352 (line 615W) returned high-grade, shallow depth mineralization including 28.32% U3O8 Over 12.0M within a larger interval of 11.09% U3O8 over 31.5m. With a grade x thickness (GT) value of 349.5, this exceptional intersection places PLS15-352 as one of the top five strongest mineralized holes at PLS and is further validation of the potential and importance of the high-grade discovery of the R600W zone.

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

"We are continuing to see spectacular high-grade growth at R600W. With high-grade mineralization very near to surface, this land-based zone is located half a kilometer on trend from the Triple R deposit and remains open in all directions. The strength of the assays and robustness and style of the intersection show remarkable similarities to the Triple R deposit and continue to impress us. The addition of the spectacular mineralized intersection in PLS15-352, significantly upgrades the potential of the R600W zone. We are also very pleased to see further R780E zone growth on multiple lines."

News Highlights Include:

  • High-grade, shallow depth growth of R600W zone, 555m west of the Triple R deposit
  • PLS15-352 (line 615W) key interval:
    • 31.5 (102.5m to 134.0m) @ 11.09% U3O8, including:
      • 12.0m (117.0m to 129.0m) @ 28.32% U3O8
  • PLS15-351 (line 975E) key interval:
    • 10.5m (172.5m to 183.0m) @ 1.11% U3O8, including:
      • 2.0m (180.0m to 182.0m) @ 4.47% U3O8

Table 1:

Zone Hole ID Grid Azimuth Dip From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R600W PLS15-346 615W 338 -70.3 98.00 101.00 3.00 0.26
          151.00 153.00 2.00 0.19
          339.50 340.00 0.50 0.08
  PLS15-352 615W 349 -73.0 102.50 134.00 31.50 11.09
          117.00 129.00 12.00 28.32
          137.00 149.00 12.00 0.38
          146.50 148.00 1.50 2.09
          157.00 158.00 1.00 0.06
          189.00 189.50 0.50 0.55

Composite Parameters

  1. Minimum Thickness: 0.50m
  2. Grade Cut-Off: 0.05 U3O8 (wt%)
  3. Maximum Internal Dilution: 2.00m

Table 2:

Zone Hole ID Grid
Line
Azimuth Dip From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R00E PLS15-356 150E 343 -62.6 No Significant Mineralization

Composite Parameters

  1. Minimum Thickness: 0.50m
  2. Grade Cut-Off: 0.05 U3O8 (wt%)
  3. Maximum Internal Dilution: 2.00m

Table 3:

Zone Hole ID Grid
Line
Azimuth Dip From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R780E PLS15-348 1110E 338 -69.9 No Significant Mineralization
  PLS15-351 975E 167 -79.1 169.00 170.00 1.00 0.08
          172.50 183.00 10.50 1.11
          180.00 182.00 2.00 4.47
          188.50 193.50 5.00 0.06
          201.50 207.00 5.50 0.21
          256.50 258.00 1.50 0.05
          261.00 261.50 0.50 0.06
          266.00 275.00 9.00 0.05
  PLS15-353 705E 338 -72.0 150.00 151.00 1.00 0.07
          156.00 161.50 5.50 0.08
          185.50 187.50 2.00 0.06
  PLS15-354 1185E 348 -74.0 188.00 189.50 1.50 0.09
          198.00 204.00 6.00 0.30
          209.00 211.50 2.50 0.11
          214.00 214.50 0.50 0.13
  PLS15-355 990E 176 -81.1 148.00 148.50 0.50 0.13
          197.50 204.50 7.00 0.08
          215.50 219.00 3.50 0.08
          221.50 223.50 2.00 0.18
          227.50 228.00 0.50 0.06
          255.50 258.00 2.50 1.71
          261.50 265.50 4.00 0.08
  PLS15-358 870E 347 -71.3 84.00 90.00 6.00 0.13
          113.00 113.50 0.50 0.07
          126.50 130.00 3.50 0.11
          134.50 142.50 8.00 0.14
          145.50 149.00 3.50 0.12
          175.50 176.00 0.50 0.05
          179.50 191.00 11.50 0.09
          209.50 210.50 1.00 0.25
          272.00 273.50 1.50 0.07
  PLS15-359 1110E 336 -70.3 151.50 152.00 0.50 0.13
          192.50 193.50 1.00 0.09
          202.50 203.00 0.50 0.07
          223.50 228.00 4.50 0.09
          286.50 287.00 0.50 0.07
          323.00 324.00 1.00 0.06

Composite Parameters

  1. Minimum Thickness: 0.50m
  2. Grade Cut-Off: 0.05 U3O8 (wt%)
  3. Maximum Internal Dilution: 2.00m

As reported in a previous news release (Mar 18, 2015) downhole deviation surveys show that the hole deviation trajectory of PLS15-353 did not behave as expected and thus the separation of mineralization between hole PLS15-343 (3.36% U3O8 over 44.0m) appears to be within 3m - 10m.

Composited % U3O8 mineralized intervals are summarized in Tables 1, 2 and 3. Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is 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 remains on site for reference. All analysis include a 63 element ICP-OES, uranium by fluorimetry and boron. Individual zone wireframe models constructed from assay data and used in the resource estimate 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 depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization at PLS has been traced by core drilling over 2.27km 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