Fission Uranium Corp.: 18.5m Mineralization Including a Total Composite of 4.94m "Off-Scale" as Fission Expands R00E Zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - Aug. 8, 2013) - FISSION URANIUM CORP. ("Fission" or "the Company") (TSX VENTURE:FCU) (OTCQX:FCUUF) (FRANKFURT:2FU) the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to announce results for an additional four holes drilled on the R00E Zone. PLS13-079 is of particular note. With an 18.5m wide mineralized zone with a total of 4.94m composite "off-scale", including a continuous 4.63m interval of continuous "off-scale", it surpasses hole 054 to the north on line 015E and is further evidence of the high-grade potential of the zone.

Hole PLS13-074 tested the western extent of R00E while PLS13-076, PLS13-077 and PLS13-079 tested the central area of the zone. All four holes intersected varying degrees of mineralization.

Drilling Highlights include:

  • PLS13-079 (line 015E) intersected 18.5m of mineralization (82.5m - 101.0m) with a composite total of 4.94m "off-scale" radioactivity including a 4.63m section of continuous off-scale radioactivity
  • PLS13-077 (line 000W) intersected two wide mineralized intervals (59.0m - 70.5m and 73.5m - 88.5m) of weak-to-moderate radioactivity separated by just 3m of barren rock

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

"We are pleased with the further expansion of R00E zone, which still remains open. Hole 079 is a particular highlight as its results are the strongest yet on line 015E and the quantity of off-scale is very encouraging."

R00E Zone: Four close space holes were completed on lines 075W, 030W, 000W and 015E of the R00E zone. Interpretation so far shows mineralization to be focused in a footwall steeply south dipping package of E-NE trending pelitic gneiss sandwiched between a semi-pelitic rock to the north and a quartz-feldspar gneiss to the south. This lithologic package appears to be parallel along strike to the ~073° oriented basement EM conductor identified from airborne and ground geophysics surveys.

As was the case with previous drill results from the R00E zone, the main mineralized horizon appears to be structurally controlled and generally flat lying within the pelitic (+/- graphite) unit, with the upper level of the mineralized zone occurring at or near the top of the Archean basement rocks, either within or immediately below a thin veneer or Devonian sandstone.

This mineralization in the Devonian sandstone veneer appears to be part of a debris flow or turbidite sediment with angular clasts of uranium that may have been derived from a high energy erosion of mineralization exposed at the top of a body of basement mineralization on the floor of the Devonian sea. It does not have the characteristics of hydrothermal mineralization such as is seen in the basement mineralization elsewhere.

Mineralization has been traced along strike from line 075W to line 060E. The zone remains open along strike both to the west and east and width (north-south).

Line 075W

One vertical drill hole (PLS13-074) was collared 15m grid west of PLS13-049 (1.93% U3O8 over 18.5m) and intersected two narrow weakly mineralized intervals (65.0m - 66.0m and 105.0m to 106.0m). Further drilling on this line is required to determine if the high-grade mineralization seen in PLS13-049 continues to line 075W.

Line 030W

One vertical drill hole (PLS13-076) was collared 10m south of PLS13-037 (7.25m @ 2.25% U3O8). The hole intersected a 14.0m wide zone of weak to moderate radioactivity (177.5m - 191.5m) relatively deep in the hole. The location of this mineralization fits with the model showing a steep dip to the mineralization in the southern-most hanging wall, paralleling the lithologic contact between the pelitic gneiss and the quartz feldspar gneiss.

Line 000W

Angle hole PLS13-077 was collared at 338° azimuth and a dip of -84° designed to test for the continuation of mineralization 15m north of PLS12-023 (0.27% U3O8 over 9.5m). The hole intersected two zones of weak to moderate radioactive mineralization: an 11.5m wide upper zone (59.0m - 70.5m) and a 15.0m wide lower zone (73.5m - 88.5m). Lithology consists of a 5.4m veneer of Devonian sandstone (56.0m - 61.4m) directly overlying a pelitic gneiss. Pelitic gneiss was encountered from 61.4m to 80.1m and a the footwall semipelitic gneiss from 80.1m to 259.5m (EOH). Mineralization is dominantly hosted within the pelitic gneiss but continues into the footwall semipelitic gneiss.

Line 015E

Angle hole PLS13-079 was collared at an 028° azimuth and a dip of -75° to test for mineralization on line 015E, approximately 10m south of PLS13-054 (11.5m @ 0.28% U3O8). The hole intersected a 18.5m interval of weak to strong radioactive mineralization (82.5m - 101.0m) including two discrete intervals of "off-scale" (>9999 cps) radioactivity totaling a composite of 4.94m. This high-grade mineralization extends the high-grade intersection intersected in hole PLS13-059 a further 8m to 15m to the south, and continues to open up the potential of this area.

Table 1

R00E
Collar * Hand-held Scintillometer Results On Mineralized Drillcore
(>300 cps / >1.0M minimum)
Hole ID Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
Sandstone
From - To
(m)
Basement
Unconformity
Depth (m)
Total
Drillhole
Depth (m)
PLS13-074 075W 76 -89 65.0 66.0 1.0 550 - 1050 60.9 - 66.0 66.0 203.0
105.0 106.0 1.0 370
PLS13-076 030W 61 -89 177.5 191.5 14.0 <300 - 2700 54.0 - 61.4 61.4 267.0
PLS13-077 000W 338 -84 59.0 70.5 11.5 340 - 7500 56.0 - 61.4 61.4 259.5
73.5 88.5 15.0 <300 - 4000
PLS13-079 015E 28 -75 82.5 101.0 18.5 330 - >9999 No Sandstone 59.0 218.0
91.0 97.5 6.5 5700 - >9999
119.0 121.0 2.0 300 - 490
* Scintillometer Instrument: GR-110G

A $6.95M, 44 hole, 11,000m drill program and ground geophysics surveys continues at 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 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 R00E 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.

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