Fission Hits 99.5m Total Composite Mineralization at Line 750E, Including 6.87m Total Composite "Off-Scale" at PLS

End of Summer Lake Drilling Sees Strong Expansion of R780E Zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - Oct. 16, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to announce results for the final ten lake holes of the summer program at their Patterson Lake South (PLS) property in Canada's Athabasca Basin, all of which intersected significant mineralization. Of particular note are holes PLS13-109 (99.5m total composite mineralization, including 6.87m total composite "off-scale") and PLS13-097 (90.0m total composite mineralization, including 6.35m total composite "off-scale") in zone R780E.

Drilling Highlights include:

  • PLS13-109 (line 750E)
    • 99.5m total composite mineralization (105.5m - 334.5m)including:
      • 6.87m total composite off-scale (>9999 cps) radioactivity
         
  • PLS13-097 (line 795E)
    • 90.0m total composite mineralization (74.5m - 254.5m)including:
      • 6.48m total composite off-scale (>9999 cps) radioactivity
         
  • PLS13-108 (line 810E)
    • 103.5m total composite mineralization (80.5m - 234.5m), including:
      • 3.25m total composite off-scale (>9999 cps) radioactivity
         

Holes PLS13-101, PLS13-105, PLS13-107 (zone R780E); Holes PLS13-104 (zone R390E); Holes PLS13-106 (zone R585E); PLS13-090, PLS13-103 (zone R1155E) all intersected significant degrees of mineralization.

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

"These holes represent a strong end to the summer's hugely successful barge-based lake drilling which has seen a 100% mineralized hit rate. The lake drilling has given us 5 zones along a total strike length of 1.035km with high-grade mineralization in all 5 zones. Summer drilling has expanded the 3 previously identified zones (R00E, R390E and R780E) and discovered two new zones (R585E and R945E). The results at R1155E, has given us indications that the mineralized system remains open to the east and may extend the strike length of mineralization for at least a further 200m."

R390E Zone

The R390E zone refers to the zone of mineralization currently defined over 255m of strike length between line 225E (hole PLS13-093) and line 480E (PLS13-088). One additional hole was drilled on the R390E zone since the last update (see news release September 27, 2013). PLS13-104 was a vertical collared hole on line 465E, 15m grid west of PLS13-088. A 3.6m wide interval of Devonian sandstone (50.0m - 53.6m) overlies a basement pelitic gneiss, transitioning to semipelitic gneiss from 210.4m to the end of hole (309.2m). Several intervals of undifferentiated mylonites are present within the pelitic sequence, in intervals ranging from 1.7m to 20.6m wide. Radioactive mineralization occurs in several discrete intervals between 53.5m and 212.0m, ranging from 0.5m to 19.5m wide for a total composite of 70.0m of mineralization, including a total composite of 3.02m of off-scale radioactivity in intervals of 0.15m to 1.48m.

R390E

  Collar * Hand-held Scintillo-menter Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sand-stone   Basement Uncon-formity Total Drill-hole
Hole ID Grid Line Az Dip From (m) To (m) Width (m)   CPS Peak Range From - To (m)   Depth (m) Depth (m)
PLS13-104 465E 26 -88 53.5 73.0 19.5   <300 - 3900 50.0 - 53.6   53.6 309.2
        86.0 88.5 2.5   430 - 1300        
        95.5 112.5 17.0   <300 - >9999        
        125.5 126.5 1.0   540 - 680        
        131.0 141.5 10.5   <300 - >9999        
        146.5 163.5 17.0   <300 - 6800        
        167.5 168.0 0.5   320        
        202.0 203.5 1.5   550 - 1500        
        211.5 212.0 0.5   420        
*Scintillometer Instrument: GR-110G

R585E Zone

The R585E zone refers to the zone of mineralization currently defined on line 585E. One additional hole was drilled on the R585E zone since the last update (see news release September 23, 2013). PLS13-106 was a vertical collared hole on line 585E, 10m grid north of PLS13-098. Bedrock was encountered at 53.7m, compared to a depth of 62.4m in PLS13-098. This represents a significant 8.7m vertical off-set to the top of the basement between holes. A pelitic gneiss was intersected from 53.7m to 176.2m and a semipelitic gneiss from 176.2m to 269.6m. A wide sequence of diabase was intersected from 269.6m to 332.0m. Radioactive mineralization is broad but relatively weak to locally moderate, occurring in several intervals from 0.5m to 23.0m for a total composite of 90.5m over a 160.0m section (82.5m to 242.5m). The difference in intensity of mineralization between holes 098 and 106 may be related to the significant fault interpreted between the 2 holes. Further drilling is required to determine the nature and control of mineralization at the R585E zone.

R585E

  Collar * Hand-held Scintillo-menter Results On Mineralized Drillcore (>300 cps / >0.5M minimum)   Sand-stone   Basement Uncon-formity   Total Drill-hole
Hole ID Grid Line Az Dip From (m)   To (m) Width (m)   CPS Peak Range   From - To (m)   Depth (m)   Depth (m)
PLS13-106 585E 170 -85 82.5   83.0 0.5   370   No Sandstone   53.7   332.0
        101.0   105.0 4.0   <300 - 600            
        114.0   114.5 0.5   720            
        118.0   125.5 7.5   <300 - 1100            
        128.5   131.5 3.0   <300 - 870            
        136.0   137.5 1.5   420 - 1700            
        151.5   155.0 3.5   <300 - 1200            
        158.0   164.0 6.0   <300 - 4400            
        166.5   184.0 17.5   <300 - 2500            
        186.5   188.0 1.5   470 - 2100            
        191.5   214.5 23.0   <300 - 4500            
        218.0   220.5 2.5   <300 - 950            
        223.0   242.5 19.5   <300 - 1700            
*Scintillometer Instrument: GR-110G

R780E Zone

The R780E zone refers to the zone of mineralization currently defined over 60m of strike length between line 750E (hole PLS13-109) and line 810E (PLS13-108). Six additional holes were drilled on the R780E zone since the last update (see news release September 12, 2013), for a total of 12 holes presently defining the R780E zone.

Line 750E:

  • Drillhole PLS13-109 was collared as a vertical hole and drilled to a depth of 401.0m. The collar is located approximately 30m grid west of PLS13-060. Basement was intersected at 58.3m. A quartzitic gneiss is present from 58.3m to 109.2m. From 109.2m to 296.6m lithology is dominantly pelitic gneiss with multiple intervals of undifferentiated mylonites (from 1.8m to 9.9m wide) and cataclasites. From 337.6m to 401.0m (EOH) a semipelitic gneiss dominates. Anomalous radioactivity occurs from 105.5m coincident with the transition to pelitic gneiss. A total composite of 99.5m of mineralization within a 229.0m section (105.5m to 334.5m) occurs in several variably radioactive mineralized intervals ranging in width from 0.5m to 34.0m. A total composite of 6.87m of off-scale radioactivity occurs in several discrete intervals ranging from 0.12m to 3.28m wide.
     

Line 765E: Two vertically collared holes were drilled on line 765E

  • Drillhole PLS13-105 was collared as a vertical hole and drilled to a depth of 419.0m. The collar is located approximately 15m grid west of PLS13-080. Basement was intersected at 55.0m. A quartzitic gneiss is present from 55.0m to 109.2m. From 103.4m to 296.6m lithology is dominantly pelitic gneiss with multiple intervals of undifferentiated mylonites (from 1.3m to 13.9m wide). From 296.6m to 419.0m (EOH) a semipelitic gneiss dominates. Anomalous radioactivity occurs from 106.5m coincident with the transition to pelitic gneiss. A total composite of 46.5m of mineralization within a 224.0m section (106.5m to 330.5m) occurs in several variably radioactive mineralized intervals ranging in width from 0.5m to 18.5m. A total composite of 1.64m of off-scale radioactivity occurs in several discrete intervals ranging from 0.15m to 1.06m wide.
     
  • Drillhole PLS13-107 was collared as a vertical hole and drilled to a depth of 402.0m. The collar is located approximately 15m grid west of PLS13-060. Basement was intersected at 56.0m. A quartzitic gneiss is present from 56.0m to 183.8m, which encompasses a pelitic gneiss unit from 67.8m to 128.6m. From 183.8m to 283.0m lithology is dominantly pelitic gneiss with a 41.5m wide interval of undifferentiated mylonites (233.7m to 275.2m). From 283.0m to 402.0m (EOH) a semipelitic gneiss dominates. Anomalous radioactivity occurs from 138.5m within the pelitic gneiss. A total composite of 63.5m of mineralization within a 193.5m section (138.5m to 332.0) occurs in several variably radioactive mineralized intervals ranging in width from 0.5m to 24.5m. A total composite of 1.04m of off-scale radioactivity occurs in several discrete intervals ranging from 0.13m to 0.5m wide.
     

Line 795E:

  • Drillhole PLS13-097 was collared as a vertical hole and drilled to a depth of 356.0m. The collar is located approximately 15m grid east of PLS13-060. Basement was intersected at 55.8m. A quartzitic gneiss is present from 55.8m to 183.9m that encompasses a pelitic gneiss unit from 76.6m to 85.4m. From 183.9m to the end of hole depth of 356.0m. Anomalous radioactivity occurs from 74.5m coincident with the occurrence of the pelitic gneiss. A total composite of 90.0m of mineralization within a 180.0m section (74.5m to 254.5m) occurs in several variably radioactive mineralized intervals ranging in width from 0.5m to 58.5m. A total composite of 6.48m of off-scale radioactivity occurs in several discrete intervals ranging from 0.1m to 3.63m wide.
     

Line 810E: Two vertically collared holes were drilled on line 810E

  • Drillhole PLS13-101 was collared as a vertical hole and drilled to a depth of 350.0m. The collar is located approximately 15m grid east of PLS13-097. Basement was intersected at 67.4m, which is 11.8m deeper than the depth of basement intersected in PLS13-097. From 67.4m to 192.6m lithology is pelitic gneiss with occasional pegmatite injections up to 2.2m thick. Semipelitic gneiss was intersected from 192.6m to 275.6m, which is underlain by pelitic gneiss to 334.7m. From 334.7m to the end of hole depth of 350.0m. Anomalous radioactivity occurs from 69.5m within a pelitic gneiss. A total composite of 96.0m of mineralization within a 230.0m section (69.5m to 299.5m) occurs in several variably radioactive mineralized intervals ranging in width from 0.5m to 35.0m. A total composite of 0.51m of off-scale radioactivity occurs in several discrete narrow intervals ranging from 0.1m to 0.17m wide.
     
  • Drillhole PLS13-108 was collared as a vertical hole and drilled to a depth of 392.0m. The collar is located approximately 10m grid north of PLS13-101. Basement was intersected at 58.3m, which is 9.1m shallower than the depth of basement intersected in PLS13-101. An alternating sequence of quartzitic and pelitic gneiss was encountered from 58.3m to 206.1m, which is underlain by semipelitic gneiss to 230.3m. From 230.3m to 332.4m lithology is dominantly pelitic gneiss with occasional intervals of undifferentiated mylonites (4.1m to 11.9m wide). From 332.4m to the end of hole depth of 392.0m a semipelitic gneiss dominates. Anomalous radioactivity occurs from 80.5m coincident with the occurrence of the pelitic gneiss. A total composite of 105.5m of mineralization within a 195.5m section (80.5m to 276.0m) occurs in several variably radioactive mineralized intervals ranging in width from 0.5m to 21.5m. A total composite of 3.25m of off-scale radioactivity occurs in several discrete intervals ranging from 0.14m to 0.75m wide.
     

R780E

  Collar * Hand-held Scintillo-menter Results On Mineralized Drillcore (>300 cps / >0.5M minimum)   Sand-stone Basement Uncon-formity Total Drill-hole
Hole ID Grid Line Az Dip From (m)   To (m) Width (m)   CPS Peak Range   From - To (m) Depth (m) Depth (m)
PLS13-097 795E 351 -86 74.5   84.0 9.5   <300 - 1500   No Sandstone 55.8 356.0
        90.5   91.5 1.0   810 - 900        
        117.5   176.0 58.5   <300 - >9999        
        179.5   188.5 9.0   <300 - 9700        
        204.5   206.0 1.5   300 - 850        
        220.0   222.0 2.0   320 - 8400        
        228.5   234.5 6.0   340 - >9999        
        241.0   243.0 2.0   <300 - 560        
        254.0   254.5 0.5   820        
PLS13-101 810E 23 -87 69.5   70.5 1.0   460 - 520   No Sandstone 67.4 350.0
        78.0   84.0 6.0   <300 - 3100        
        94.5   96.0 1.5   350 - 710        
        103.0   138.0 35.0   <300 - 9200        
        141.5   159.5 18.0   <300 - 5700        
        163.0   174.5 11.5   <300 - 9900        
        179.0   196.0 17.0   <300 - >9999        
        226.0   227.0 1.0   550 - >9999        
        230.0   230.5 0.5   1100        
        251.0   251.5 0.5   470        
        290.5   292.0 1.5   640 - 1300        
        297.0   299.5 2.5   <300 - 550        
PLS13-105 765E 70 -87 106.5   110.0 3.5   <300 - 3200   No Sandstone 55.0 419.0
        113.0   131.5 18.5   <300 - >9999        
        145.5   151.5 6.0   <300 - 2000        
        189.0   192.5 3.5   <300 - >9999        
        195.0   197.5 2.5   850 - >9999        
        203.5   205.0 1.5   460 - 2000        
        210.5   211.5 1.0   1300 - 5000        
        245.0   246.0 1.0   960 - 1200        
        249.0   249.5 0.5   1100        
        252.5   253.5 1.0   380 - 860        
        263.5   264.5 1.0   730 - 3000        
        282.0   283.0 1.0   440 - 640        
        320.5   321.0 0.5   350        
        325.5   330.5 5.0   <300 - 580        
PLS13-107 765E 49 -89 138.5   163.0 24.5   <300 - 8400   No Sandstone 56.0 402.0
        166.0   167.5 1.5   <300 - 510        
        171.5   175.0 3.5   <300 - >9999        
        178.5   179.5 1.0   930 - 9200        
        192.5   199.0 6.5   <300 - 7200        
        203.5   204.0 0.5   1000        
        207.0   207.5 0.5   1200        
        221.0   221.5 0.5   410        
        251.5   265.0 13.5   <300 - 6400        
        267.5   274.5 7.0   <300 - 8000        
        289.0   290.0 1.0   1300 - 1800        
        306.5   309.5 3.0   <300 - 980        
        331.5   332.0 0.5   330        
PLS13-108 810E 271 -83 80.5   82.0 1.5   360 - 570   No Sandstone 58.3 392.0
        88.0   88.5 0.5   380        
        91.0   112.5 21.5   <300 - 1200        
        115.5   130.0 14.5   <300 - 1600        
        132.5   149.0 16.5   <300 - 2400        
        152.0   172.0 20.0   <300 - >9999        
        174.5   195.5 21.0   <300 - >9999        
        201.0   202.0 1.0   860 - 1700        
        217.0   217.5 0.5   460        
        228.0   234.5 6.5   <300 - >9999        
        256.5   257.0 0.5   370        
        268.0   269.0 1.0   1600 - 6300        
        275.5   276.0 0.5   1600        
PLS13-109 750E 309 -89 105.5   116.0 10.5   <300 - >9999   No Sandstone 56.0 401.0
        136.0   170.0 34.0   <300 - >9999        
        173.5   174.0 0.5   760        
        177.5   182.0 4.5   <300 - 4000        
        186.0   186.5 0.5   350        
        191.5   193.5 2.0   <300 - 5900        
        197.0   212.0 15.0   <300 - >9999        
        251.0   251.5 0.5   530        
        266.5   267.5 1.0   400 - 490        
        274.5   292.0 17.5   <300 - 4000        
        294.5   296.5 2.0   370 - 440        
        300.0   309.5 9.5   <300 - 5200        
        332.5   334.5 2.0   320 - 720        
*Scintillometer Instrument: GR-110G

1155E Region

The 1155E region is located ~210m grid east of the R945E zone. Drilling of two holes (PLS13-090 and 103) was a follow-up test of a subtle 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. This anomaly lies along a ENE trend, parallel to the PL-3B EM conductor and parallel to the 5 separate pods of mineralization thus far identified along a 1.035km trend of uranium mineralization. Although neither drill hole encountered strong mineralization, both encountered significant widths of anomalous radioactivity in a geologic setting similar to the high-grade zones to the west. This leads to encouragement that the mineralized system remains open to the east and that further drilling is required to evaluate the 1155E region.

  • Drillhole PLS13-090 was collared as a vertical hole and drilled to a depth of 323.0m. Basement was intersected at 62.0m. A quartzitic gneiss is present from 62.0m to 96.7m. From 96.7m to 314.3m the lithology is comprised of alternating sequences of pelitic / quartzitic / semipelitic units. A diabase unit was encountered from 314.3m to 323.0m (EOH). A weak radioactive mineralized interval is present over a continuous 12.5m interval from 189.5m to 202.0m within a semipelitic gneiss, with a high peak of 1600 cps.
     
  • Drillhole PLS13-103 was collared as a vertical hole and drilled to a depth of 427.0m. The collar was located 10m south of PLS13-090. Quartzitic gneiss was encountered from 62.4m to 111.7m a quartzitic gneiss, which was underlain by alternating pelitic gneiss, mylonite, and semipelitic gneiss units to 304.6m. From 304.6m to 427.0m (EOH) a semipelitic gneiss dominates. A total composite of 15.5m of radioactive mineralization within a 34.5m section (175.0m to 209.5m) occurs in several weakly radioactive mineralized intervals ranging in width from 1.0m to 6.5m. A deeper and narrow 1.0m weakly radioactive interval is present at 365.5m.
     

Line 1155E

  Hole Location * Hand-held Scintillo-menter Results On Mineralized Drillcore (>300 cps / >0.5M minimum)   Sand-stone Basement Uncon-formity Total Drill-hole
Hole ID Grid Line Az Dip From (m)   To (m) Width (m)   CPS Peak Range   From - To (m) Depth (m) Depth (m)
PLS13-090 1155E 180 -89 189.5   202.0 12.5   <300 - 1600   No Sandstone 62.0 323.0
PLS13-103 1155E 347 -88 175.0   177.5 2.5   360 - 550   No Sandstone 62.1 427.0
        188.0   193.5 5.5   <300 - 770        
        197.5   204.0 6.5   <300 - 560        
        208.5   209.5 1.0   420 - 570        
        365.5   366.5 1.0   320        
*Scintillometer Instrument: GR-110G

A $9.2M, 14,700m drill program and ground geophysics surveys continues at PLS. Barge-based lake drilling is now complete. The program's remaining holes will be land-based.

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 R390E, R585E, R780E & zones and R1155E area 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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