Fission JV Discovers 6th Zone 530m West of Discovery Zone R00E

Discovery Hole Hits 21.5m of Composite Mineralization

KELOWNA, BRITISH COLUMBIA--(Marketwired - Nov. 4, 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 the discovery of a sixth mineralized zone (R600W), following the results of two holes drilled on line 600W on its' PLS property in the Athabasca Basin, Saskatchewan. Of note is hole PLS13-118, which intersected 21.5m total composite mineralization 530 grid west of the initial discovery zone R00E. The new zone is considered a substantial achievement and a high priority for follow up. Additional drilling, part of the ongoing $9.2M, 49 hole, 14,700m drilling and ground geophysics survey program will therefore focus on this new zone.

Drilling Highlights include:

  • 6th Mineralized Zone; discovered 525m west of the R00E Zone
  • PLS13-118 intersected 21.5m of mineralization over 80.5m section (174.5m - 255.0m) including sections of moderate mineralization (R600W Zone)
  • R600W Zone is on a 1755m trend with all five high-grade zones to the east, R00E, R390E, R585, R780, R945E and with mineralization on Line 1155E

Holes PLS13-116 and PLS13-118 were drilled on line 600W targeting a subtle radon anomaly identified north of the PL-3B EM Conductor between lines 540W to 630W that may be associated with inferred north-south cross cutting structures (see news release Oct 7, 2013).

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

"The discovery of this new zone is a tremendous mark of progress for PLS. 530m is a particularly large step-out and a successful hit of this size not only highlights the continued success of Fission exploration methodology but confirms the ongoing growth of project's potential. It's important to note that R600W is wide open for further exploration and our team is planning a strong follow up."

R600W Zone:

The R600W zone discovery was the result of follow-up by drilling of a radon in sediment anomaly identified during the summer program. The radon anomaly is located between 540W and 630W and may be associated with inferred north-south cross cutting structures. This anomaly lies along an ENE trend, parallel and just north of the PL-3B EM conductor.

Hole PLS13-116 (line 600W) was collared as an angled drilled at an azimuth of 336 and a dip of -74 and completed to a depth of 323.0m. A narrow interval of weakly anomalous radioactivity was intersected from 143.0m to 144.0m within a chlorite altered semipelitic gneiss. Basement bedrock was encountered at 106.4m below the surface. The basement lithology is comprised predominantly of semipelitic gneiss with alternating narrow sequences of pelitic gneiss. Interpretation suggested that the stratigraphic sequence encountered was north of the desired dominantly pelitic sequence, which is associated with high-grade mineralization further to the east.

Hole PLS13-118 (line 600W) was collared as a vertical hole and completed to a depth of 314.0m. The hole was drilled from the same collar location as hole PLS13-116. Basement was encountered at a depth of 97.2m, which is substantially higher than in hole PLS13-116 (106.4m), possibly suggesting structural faulted off-set between the holes. Mineralization encountered in PLS13-118 is approximately 50m south of the hole trace of PLS13-116. A total composite of 21.5m of mineralization within 5 discrete intervals of variably weak to moderately radioactive mineralization was intersected from 174.5m to 255.0m, in interval widths ranging from 0.5m to 9.0m. The upper part of the lithologic sequence (97.2m to 154.5m) is comprised of a quartzitic gneiss. From 154.5m to 297.9m a pelitic gneiss dominates, transitioning to a semi-pelitic gneiss from 297.9m to 314.0m (EOH). A diabase dyke is present from 287.3m to 294.5m. Local narrow intervals (2.1m to 3.6m wide) of moderate to steeply dipping mylonites and cataclasites are present between 166.6m to 265.9m. Moderate clay alteration (locally hematitic) is present throughout from 154 to 212m.

R600W
  Collar * Hand-held Scintillomenter Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sandstone Basement
Unconformity
Total
Drillhole
Hole ID Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS Peak Range From -
To (m)
Depth
(m)
Depth
(m)
PLS13-116 600W 336 -74 143 144 1.0 300 - 310 No Sandstone 106.4 323.0
PLS13-118 600W 007 -88 174.5 183.5 9.0 <300 - 680 No Sandstone 97.2 314.0
        186.0 189.0 3.0 <300 - 750      
        191.5 199.5 8.0 314 - 5500      
        222.0 223.0 1.0 650 - 880      
        254.5 255.0 0.5 380      

* Scintillometer Instrument: GR-110G

The Companies also correct a small error from the news release reported on October 29, 2013 changing the high-grade intersection for drill hole PLS13-079 from 5.5m (91.5m - 97.0m) to 5.0m (92.0m - 97.0m). The grade remains the same at 19.51% U3O8 for this intersection.

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 R600W 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.

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