Fission Step Out Hits 14.09% U3O8 Over 3.5M in 1.91% U3O8 Over 33.5m; 16 Holes Expand R780E Zone

Multiple Step Outs Grow Footprint Size of Triple R Deposit's Largest Zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - April 6, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce assays from sixteen holes at the R780E zone at its' PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region. All sixteen angled holes intersected mineralization. Of particular note are step out holes PLS15-299, PLS15-325 and PLS15-303, which hit large, particularly high-grade intercepts, including 14.09% U3O8 over 3.5M in 1.91% U3O8 over 33.5m (PLS15-299). The footprint of the R780E Zone has increased on multiple lines along strike, laterally and vertically.

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

"These results show just how robust the continued growth of the Triple R Deposit's R780E zone is, with a substantially increased footprint, strong grades and shallow depth to mineralization. We're very pleased with progress and are looking forward to the next batch of assays from our highly successful winter program."

Assay Highlights Include:

  • Expands R780E Zone of Triple R Deposit along strike, laterally and at depth
  • 16 out of 16 step-out holes intersected mineralization
  • PLS15-299 (line 480E) key interval:
    • 33.5m (60.5m to 94.0m) @ 1.91% U3O8, including:
      • 3.5m (67.5m to 71.0m) @ 14.09% U3O8
  • PLS15-325 (line 720E) key interval:
    • 6.0m (215.0m to 221.0m) @ 8.14% U3O8, including:
      • 2.0m (217.0m to 219.0m) @ 21.18% U3O8
  • PLS15-303 (line 465E) key interval:
    • 13.5m (56.5m to 70.0m) @ 3.13% U3O8, including:
      • 5.0m (60.0m to 65.0m) @ 8.14% U3O8

R780E Zone (line 265E - line 1165E):

The R780E zone was discovered during the winter 2013 drill program with drill hole PLS13-038. PLS13-038 targeted an intense radon-in-water anomaly occurring along the PLG-3B conductor, approximately 390m east of the PLS discovery hole. Drill hole PLS13-038 intersected a 34.0 m wide zone of very strong uranium mineralization, beginning at 87.0m, averaging 4.9% U3O8. The R780E zone mineral resource is currently defined by 194 drill holes over a grid east-west strike length of 900 m and a maximum grid north-south width of 93 m. Similar to R00E, R780E mineralization trends approximately northeast, in line with the corridor of variably graphitic pelitic gneiss. A very high grade spine of uranium mineralization occurs within the main zone and has been traced as a series of lenses across almost the entire strike length of the R780E zone. The high grade spine occurs along the contact between the variably graphitic pelitic gneiss and silicified semipelite.

The holes reported in this news release represent assay results from the first 16 step-out holes drilled during the 2015 winter drill campaign, of which 40 holes for scintillometer and down-hole gamma have already been reported in previous news releases. These angle holes have tested the R780E zone for expansion along strike to the east, vertical both up and down dip and laterally north and south.

Table 1:

Zone Hole ID Grid
Line
Az Dip From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R780E PLS15-299 480E 339 -71.6 60.50 94.00 33.50 1.91
67.50 71.00 3.50 14.09
99.00 110.50 11.50 0.19
115.50 152.00 36.50 0.22
PLS15-300 1020E 336 -71.70 178.50 185.00 6.50 0.74
179.50 181.00 1.50 1.78
191.00 195.00 4.00 0.39
204.00 204.50 0.50 0.05
217.00 226.50 9.50 0.20
283.00 283.50 0.50 0.09
319.00 319.50 0.50 0.11
322.00 322.50 0.50 0.13
330.00 330.50 0.50 0.15
PLS15-301 885E 339 -71.20 99.50 101.50 2.00 0.21
116.00 117.00 1.00 0.07
128.00 129.50 1.50 0.08
141.50 146.00 4.50 0.06
150.50 152.50 2.00 0.06
156.00 172.00 16.00 0.15
174.50 178.50 4.00 0.25
184.50 186.00 1.50 0.14
217.50 218.00 0.50 0.07
221.00 229.00 8.00 0.11
234.00 238.50 4.50 0.14
244.50 245.00 0.50 0.08
254.00 254.50 0.50 0.97
260.00 260.50 0.50 0.07
261.50 262.00 0.50 0.09
270.50 272.00 1.50 0.41
276.00 277.50 1.50 0.08
283.00 293.50 10.50 0.18
304.00 305.00 1.00 0.29
315.00 315.50 0.50 0.07
PLS15-302 720E 344 -70.80 134.00 140.00 6.00 0.07
143.50 144.00 0.50 0.07
147.50 170.00 22.50 1.41
162.00 164.00 2.00 12.03
176.00 176.50 0.50 0.16
180.00 183.00 3.00 0.07
195.50 196.00 0.50 0.42
227.50 228.00 0.50 0.06
PLS15-303 465E 330 -70.10 56.50 70.00 13.50 3.13
60.00 65.00 5.00 8.14
86.50 89.00 2.50 0.10
PLS15-304 1155E 340 -70.80 142.50 144.00 1.50 0.06
212.50 213.00 0.50 0.06
279.50 280.50 1.00 0.07
290.50 291.50 1.00 0.06
PLS15-308 615E 338 -70.40 111.00 112.50 1.50 0.15
126.50 127.00 0.50 0.12
130.00 130.50 0.50 0.07
177.00 182.00 5.00 0.16
189.50 195.50 6.00 0.06
198.00 199.50 1.50 0.14
202.00 209.50 7.50 0.31
213.00 218.00 5.00 0.10
229.50 233.50 4.00 0.38
252.00 252.50 0.50 0.05
PLS15-311 480E 348 -71.90 66.00 78.00 12.00 0.12
83.50 89.00 5.50 0.92
85.50 87.50 2.00 2.29
97.50 123.50 26.00 0.20
PLS15-312 1020E 338 -69.20 149.50 176.50 27.00 0.53
160.50 161.50 1.00 4.31
167.00 169.50 2.50 2.42
179.50 180.50 1.00 0.06
201.50 206.00 4.50 0.17
209.00 212.00 3.00 0.18
214.50 221.00 6.50 0.22
250.00 254.00 4.00 0.21
261.00 262.50 1.50 0.22
281.00 281.50 0.50 0.13
284.00 285.50 1.50 0.69
290.00 291.50 1.50 0.10
320.50 322.00 1.50 0.07
PLS15-315 465E 341 -69.3 73.00 83.00 10.00 0.10
89.50 106.50 17.00 0.26
109.00 110.00 1.00 0.13
PLS15-318 525E 343 -69.0 82.00 82.50 0.50 0.07
110.50 116.00 5.50 0.21
214.50 215.50 1.00 0.07
266.00 267.00 1.00 0.17
PLS15-319 1185E 337 -71.1 176.50 177.00 0.50 0.31
179.00 180.00 1.00 0.14
183.50 184.00 0.50 0.22
196.50 212.50 16.00 0.12
275.00 275.50 0.50 0.11
PLS15-321 450E 370 -71.3 62.00 62.50 0.50 0.21
92.00 95.50 3.50 0.08
98.00 98.50 0.50 0.08
PLS15-324 1050E 337 -70.50 155.00 157.00 2.00 0.28
160.50 167.00 6.50 1.30
163.00 164.00 1.00 7.74
169.50 174.50 5.00 0.30
183.50 199.00 15.50 0.55
189.50 191.00 1.50 3.99
203.50 208.50 5.00 0.12
268.00 269.50 1.50 1.86
276.00 280.50 4.50 0.42
290.50 291.00 0.50 0.07
297.00 297.50 0.50 0.11
PLS15-325 720E 336 -70.30 144.50 145.50 1.00 0.07
157.00 163.50 6.50 0.11
171.50 173.00 1.50 0.43
183.50 184.00 0.50 0.07
191.00 191.50 0.50 0.05
196.50 199.00 2.50 0.12
202.50 205.00 2.50 0.13
215.00 221.00 6.00 8.14
217.00 219.00 2.00 21.18
223.50 224.00 0.50 0.23
PLS15-327 1185E 337 -69.70 206.00 206.50 0.50 0.06

Composited % U3O8 mineralized intervals are summarized in Table 1. 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. Analysis also includes a 63 element ICP-OES, 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 depths reported of core interval measurements are measured down-hole and mineralization intervals widths are not always representative of true thickness and thus true thicknesses 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