Fission Step-Out Drilling Expands R600W and R780E Zones; Seven New High-Grade Holes

PLS Continues Rapid Growth; First High-Grade Mineralization Discovered at R1620E Zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - July 28, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from an additional ten holes of the 20,000m 60-hole summer drill program at its PLS property in Canada's Athabasca Basin region: two holes drilled on the R600W zone, six drilled on the R780E zone and two holes on the R1620E. All ten holes returned mineralization, with seven holes returning strongly radioactive mineralized intervals measuring >10,000 cps. Of particular note, step out drilling has expanded the high-grade footprint of R600W and R7680E zones.

Drilling Highlights Include:

R600W Zone

  • Expanded R600W zone an additional 15m west to line 660W by high-grade hole PLS15-395
  • R600W zone now extended to a strike length of 75m

R780E Zone

  • Line 1125E - zone expanded a further 10m south (hole PLS15-393)
  • Line 540E - PLS15-397 expands high-grade zone 10m down-dip from PLS15-379 and a further 20m north
  • Line 555E - PLS15-402 expands high-grade zone 20m up-dip from PLS14-181 and extends mineralization a further 20m north

R1620E Zone

  • First high-grade mineralization discovered at R1620E zone on line 1620E (hole PLS15-394)

Intersection Highlights Include:

  • Hole PLS15-402 (line 555E)
    • 102.5m total composite mineralization over a 140.5m section (between 104.5m - 245.0m) including:
      • 5.11m total composite mineralization of >10,000 cps radioactivity
  • Hole PLS15-397 (line 540E)
    • 85.0m total composite mineralization over a 188.5m section (between 86.5m - 275.0m) including:
      • 5.70m total composite mineralization of >10,000 cps radioactivity
  • Hole PLS15-395 (line 660W)
    • 50.0m total composite mineralization over a 60.0m section (between 101.0m - 161.0m) including:
      • 4.18m total composite mineralization of >10,000 cps radioactivity

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

"Our zone growth drilling continues to deliver excellent results, expanding the footprints of the shallow, high-grade R600W and R780E zones. We are also very pleased to have encountered the first high-grade mineralization at R1620E zone."

R600W

    Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Lake Sandstone Basement
Unconformity
Total
Drillhole
Hole ID Zone Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak Range
Depth
(m)
From - To
(m)
Depth
(m)
Depth
(m)
PLS15-395 R600W 660W 4.5 -75.2 101.0 149.5 48.5 <300 - 39000 NA 95.2 - 103.8 103.8 192.2
          157.0 157.5 0.5 370        
          160.0 161.0 1.0 400 - 820        
PLS15-398 R600W 645W 349 -77.7 118.5 125.0 6.5 370 - 6200 NA 102.5 - 102.8 102.8 430.2
          127.5 128.0 0.5 560        
          313.0 319.5 6.5 <300 - 720        
          337.0 339.0 2.0 <300 - 550        
          350.0 352.0 2.0 <300 - 1800        

R780E

    Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Lake Sandstone Basement
Unconformity
Total
Drillhole
Hole ID Zone Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak Range
Depth
(m)
From - To
(m)
Depth
(m)
Depth
(m)
PLS15-391A R780E 480E 328 -71.3 96.5 97.0 0.5 560 5.6 55.1 - 58.1 58.1 296.0
          138.0 139.5 1.5 <300 - 400        
          142.0 160.0 18.0 <300 - 12700        
          165.0 165.5 0.5 340        
          184.5 185.0 0.5 420        
PLS15-393 R780E 1125E 329 -67.7 185.0 188.0 3.0 <300 - 480 7.6 NA 67.3 395.0
          194.5 198.5 4.0 <300 - 6500        
          207.0 207.5 0.5 420        
          212.0 241.5 29.5 <300 - 24300        
          308.5 313.5 5.0 <300 - 560        
PLS15-397 R780E 540E 326 -69.7 86.5 87.0 0.5 340 5.6 NA 60.3 356.0
          110.5 112.0 1.5 420 - 2400        
          122.5 137.0 14.5 <300 - 1100        
          142.5 150.0 7.5 <300 - >65535        
          161.0 165.5 4.5 <300 - 10100        
          172.5 178.5 6.0 <300 - 4200        
          182.0 226.5 44.5 <300 - 30600        
          229.5 234.5 5.0 <300 - 390        
          265.0 265.5 0.5 460        
          274.5 275.0 0.5 460        
PLS15-399 R780E 1050E 313 -68 169.5 174.5 5.0 340 - 2100 7.6 NA 67.2 392.0
          273.0 275.0 2.0 <300 - 330        
          281.0 284.5 3.5 470 - 4000        
          288.5 289.0 0.5 320        
          293.0 304.5 11.5 <300 - 4800        
          317.0 322.5 5.5 <300 - 2700        
PLS15-402 R780E 555E 329 -73.9 104.5 116.0 11.5 470 - 22200 6.7 55.5 - 55.8 55.8 362.0
          119.0 139.0 20.0 <300 - >65535        
          142.0 145.0 3.0 <300 - 10900        
          157.5 172.5 15.0 <300 - 15500        
          175.5 179.5 4.0 <300 - 4600        
          187.0 205.0 18.0 <300 - 3400        
          208.5 224.0 15.5 <300 - 16100        
          226.5 230.0 3.5 <300 - 830        
          233.0 245.0 12.0 <300 - 1500        
PLS15-403 R780E 315E 334.5 -69.3 83.0 83.5 0.5 380 5.9 NA 69.0 335.0
          87.5 88.0 0.5 360        
          101.0 103.5 2.5 <300 - 610        
          112.0 125.5 13.5 <300 - 3600        
          132.0 149.0 17.0 <300 - 11200        
          153.0 156.0 3.0 490 - 11000        

R1620E

    Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Lake Sandstone Basement
Unconformity
Total
Drillhole
Hole ID Zone Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak Range
Depth
(m)
From - To
(m)
Depth
(m)
Depth
(m)
PLS15-394 R1620E 1620E 342 -70.3 120.0 127.0 7.0 <300 - 15200 6.5 NA 58.1 320.0
PLS15-400 R1620E 1620E 344 -66.4 90.5 91.5 1.0 510 - 610 6.6 NA 53.9 278.0
          97.5 98.0 0.5 330        

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization at PLS has been traced by core drilling over 2.28km 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. Recent very positive drill results returning wide and strongly mineralized intersections approximately 555m west of the Triple R deposit, have significantly upgraded the R600W zone to a very prospective area for further growth of the PLS resource.

Updated maps and files can be found on the Company's website at http://fissionuranium.com/project/pls/.

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.

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