Fission Step Out Holes Hit High Grades; Expand Zone at R600W

High-Grade, Shallow Mineralization Grows at Land-based R600W Zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - March 18, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from four angled holes drilled at the R600W zone - over half a kilometer west of its Triple R deposit at PLS, in Canada's Athabasca Basin region. All four angled holes, PLS15-346, PLS15-352, PLS15-360 and PLS15-364 are mineralized. Of particular note are step out holes PLS15-352 (line 615W) and PLS15-360 (line 630W), both strongly mineralized, with considerable high-grade, near surface mineralization. Recent drilling has expanded the R600W zone strike length to 45m, representing an increase of 50%.

Drilling Highlights Include:

  • Strike length of mineralized trend discovered on the PL-3B conductor, which hosts the Triple R deposit, R600W and R1620E zones, increased to 2.25km
  • Step out holes, shallow depth mineralization hosted in basement rock
  • Hole PLS15-364 (line 630W)
    • 45.5m total composite mineralization over a 61.0m section (between 107.0m - 168.0m) including:
      • 6.44m total composite mineralization of (>10,000 cps) radioactivity
    • located 570m west of the Triple R deposit
  • Hole PLS15-352 (line 615W)
    • 56.5m mineralized zone (between 102.5m - 159.0m) including:
      • 12.11m total composite mineralization of (>10,000 cps) radioactivity, including
      • 11.77m continuous mineralization of (>10,000 cps) radioactivity

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

"We recently intersected high-grade mineralization at zone R600W - a full 555m west of the Triple R deposit. A few step out holes later and we have expanded the footprint of the R600W zone to the north and west and substantially increased our understanding of the geometry and tenure of the mineralization. These latest results are a clear indication that R600W is shaping up to be an important zone."

R600W Zone

The R600W zone discovery was the result of follow-up by drilling of a radon in sediment anomaly identified during the summer 2013 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, where-as mineralization so far has been found south of the conductor. The R600W zone presently has a currently defined strike length of 45m (line 630W to line 585W) and a lateral grid north-south width of up to approximately 30m, as defined by 10 holes. In 2013, 5 holes into the R600W intersected only low grade mineralization. In 2015 5 additional holes have intersected mineralization with 3 of those encountering significant widths of high-grade radioactivity. Additional drilling is required to further outline and advance the R600W zone.

R600W High-Grade Zone:

PLS15-346 (line 615W) was an angled hole collared from the same location as PLS15-343, with the head steepened to -76.5°. At 100m the hole had flattened to -70.3°. Glacial till overburden was encountered to 84.5m, and a mudstone (possible Cretaceous) encountered to 90.0m, followed by sandstone (possible Devonian) to a depth of 98.0m which overlies basement rock. The basement lithologic sequence from 98m to 257m is comprised primarily of pelitic gneiss becoming graphitic from 151m to 179m. From 257m to 369.5m, basement lithology is predominantly a semi-pelitic gneiss. A total composite of 11.5m of weakly radioactive mineralization within 3 discrete intervals was intersected from 99.0m to 341.0m. The abrupt termination of the high-grade radioactivity seen immediately to the north in PLS15-343, may be indicative of a faulted contact.

PLS15-352 (line 615W) is collared as an angled hole 10m north of PLS15-343 and completed to a depth of 272.0m. Overburden continues to 101.1m, immediately underlain by a mudstone (possible Cretaceous) to 101.5m, followed by a sandstone (possible Devonian) to a depth of 104.0m which overlies basement rock. The basement lithologic sequence from 104.0m to 159m is comprised primarily of pelitic gneiss becoming graphitic from 139m to 150m. From 156m to 263m, basement lithology is predominantly a semi-pelitic gneiss. A 56.5m wide mineralized interval of variably weak to strong radioactive mineralization is present from 102.5m to 159.0m. Weak mineralization extends into the overlying sandstone. The strongest mineralization is present from 115.0m - 131.5m which includes 12.11m of >10,000 cps, including 11.77m of continuous >10,000 cps with peaks up to 54,900 cps. A lower zone of strong mineralization is present from 146.0m - 149.05m which includes 0.34m of >10,000 cps in 2 narrow discrete intervals. Downhole deviation surveys show that the hole deviation trajectory did not behave as expected and thus the separation of mineralization between hole PLS15-343 appears to be within 3m - 10m.

PLS15-360 (line 585W) is collared as an angled hole 40m south of PLS13-123 and completed to a depth of 257.5m. Overburden continues to 110.3m, immediately underlain by a mudstone (possibly altered basement) to 111.0m which overlies basement rock. The basement lithologic sequence from 111m to 141m is predominantly a pelitic gneiss. From 141m to 257.5m, basement lithology is predominated a semi-pelitic gneiss, with occasional narrow sequences of mafic gneiss. A 25m wide mineralized interval of variably weak to moderate radioactive mineralization is present from 111.0m to 136.0m. Weak mineralization extends upwards into the altered mudstone. The mineralized interval extends the lateral width of mineralization on line 585E to approximately 30m, with that seen in PLS15-360 the strongest to date on like 585E.

PLS15-364 (line 630W) is collared as an angled hole 15m west of PLS15-343 and completed to a depth of 251.0m. Overburden extends to 106.7m, immediately underlain by a mudstone (possibly altered basement) to 107.4m which overlies basement rock. The basement lithologic sequence from 106.7m to 166m is comprised primarily of pelitic gneiss generally graphitic throughout. From 166m to 204m, basement lithology is predominantly a semi-pelitic gneiss, again alternating to graphitic pelitic gneiss from 204m to 225m, and then semi-pelitic to the end of the hole. A 40.5m wide mineralized interval of variably weak to strong radioactive mineralization is present from 107.0m to 147.5m. Strongly radioactive mineralization is in several discrete intervals of 0.1m to 2.5m wide, throughtout the interval which includes total composite of 6.44m of >10,000 cps with peaks up to 53,800 cps.

    Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum)   Basement Total
Hole ID Zone Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
  CPS Peak
Range
Sandstone
From - To (m)
Unconformity
Depth (m)
Drillhole
Depth (m)
PLS15-346 R600W 615W 338 -70.3 99.0 101.0 2.0   400 90.0 - 98.0 98.0 369.5
          151.0 156.5 5.5   <300 - 2600      
          337.0 341.0 4.0   <300 - 530      
PLS15-352 R600W 615W 349 -73 102.5 159.0 56.5   <300 - 54900 101.5 - 104.0 104.0 272.0
PLS15-360 R600W 585W 342 -63.9 111.0 136.0 25.0   <300 - 7000 NA 111.0 257.5
PLS15-364 R600W 630W 346 -79.2 107.0 147.5 40.5   420 - 53800 NA 107.4 251.0
          163.0 168.0 5.0   <300 - 940      

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. 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.

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization at PLS has been traced by core drilling over 2.25km 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 the Triple R uranium deposit was announced on November 05, 2012 with drill hole PLS12-022, from what is now considered part of the R00E zone. Through successful exploration programs completed to date, it has evolved into a large, shallow, 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. 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, bounded to the south by 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