Fission Uranium Corp. (FCUUF: OTCQX International) | Fission Widens High-Grade R780E Zone; Hits Eight New Holes With >10,000 cps Radioactivity Starting at 60.8m Depth

OTC

KELOWNA, BRITISH COLUMBIA–(Marketwired – Sep 8, 2014) – FISSION URANIUM CORP. (“Fission” or “the Company“) (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) is pleased to announce results from eleven new angled drill holes of the summer drill program at its PLS property in Canada’s Athabasca Basin. Of particular note is PLS14-286 (line 495E), with a total of 97.2m composite mineralization at shallow depth, including 9.31m total composite 10,000 cps radioactivity. All eleven holes returned wide mineralization, with eight returning intervals of 10,000 cps radioactivity. Fission has hit mineralization on every one of the 54 R780E zone summer program holes drilled to date.

Zone R780E, which has a strike length of 930m, continues to widen: with the results of PLS14-282, the lateral horizontal width of the R780E mineralized corridor has expanded to greater than 164m on line 885E. Of additional note, holes PLS14-274 (line 1125E) and PLS14-285 (line 1095E) have further solidified the connection between the recently merged R780E and R1155E zones, with stronger mineralization than previously encountered.

Drilling Highlights Include:

Hole PLS14-286 (line 495E)

  • 97.2m total composite mineralization over a 112.2m section (between 60.8m – 173.0m) including:
    • 9.31m total composite mineralization of (10,000 cps) radioactivity

Hole PLS14-276 (line 570E)

  • 75.0m total composite mineralization over a 210.0m section (between 69.5m – 279.5m) including:
    • 5.36m total composite mineralization of (10,000 cps) radioactivity

Hole PLS14-283 (line 840E)

  • 82.0m total composite mineralization over a 240.0m section (between 115.0m – 355.0m) including:
    • 2.92m total composite mineralization of (10,000 cps) radioactivity

Ross McElroy, President, COO, and Chief Geologist for Fission, commented, “We are seeing yet more lateral widening on multiple section lines of the high-grade R780E zone with this new round of excellent drill results. We remain impressed by the progress of the summer program which continues to enjoy a 100% mineralization hit rate with holes drilled so far.”

As per news release July 28, 2014 Fission has replaced the GR-110 scintillometer, which measured a maximum of 9,999 cps (referred to as off-scale in all previous PLS drill programs) with the RS-121 scintillometer, which measures up to 65,535 cps for higher resolution readings of strongly anomalous radioactivity.

Hole ID
Zone
Collar
* Hand-held Scintillometer Results On Mineralized Drillcore (300 cps / 0.5M minimum)
Sandstone
From
– To
(m)

Basement
Unconformity
Depth
(m)

Total
Drillhole
Depth
(m)

Grid
Line

Az
Dip
From
(m)

To
(m)

Width
(m)

CPS
Peak
Range

PLS14-273
R780E
885E
328
-69.0
133.5
148.5
15.0
300 – 8400
NA
61.0
452.0

152.0
155.0
3.0
300 – 1700

166.5
168.0
1.5
300 – 360

176.0
199.0
23.0
300 – 7000

208.5
209.5
1.0
360 – 860

224.5
231.5
7.0
300 – 540

235.5
243.0
7.5
300 – 4400

246.0
250.5
4.5
300 – 1200

270.0
270.5
0.5
350

273.5
277.5
4.0
300 – 1800

315.0
317.5
2.5
340 – 770

332.0
332.5
0.5
760

354.0
354.5
0.5
420

407.0
407.5
0.5
390

PLS14-274
R780E
1125E
335
-65
198.0
199.5
1.5
330 – 600
NA
69.9
417.0

202.0
224.5
22.5
300 – 19100

232.0
233.0
1.0
550 – 740

238.0
240.5
2.5
300 – 420

278.5
280.0
1.5
320 – 700

PLS14-275
R780E
1005E
335
-69
130.5
133.0
2.5
300 – 480
na
65.1
434.0

137.0
167.0
30.0
300 – 9400

172.5
181.5
9.0
360 – 19600

205.0
216.0
11.0
300 – 1800

222.5
225.0
2.5
300 – 2400

246.0
250.0
4.0
350 – 11800

263.0
264.0
1.0
350 – 390

304.0
305.0
1.0
340 – 780

309.5
320.5
11.0
300 – 4600

372.0
373.0
1.0
390 – 450

PLS14-276
R780E
570E
338
-73
69.5
82.0
12.5
410 – 53900
NA
59.8
338.0

94.5
95.0
0.5
320

98.5
100.5
2.0
330 – 27300

103.5
112.0
8.5
300 – 7000

115.0
118.0
3.0
420 – 8100

130.0
132.0
2.0
310 – 5200

134.5
138.0
3.5
300 – 5100

160.0
174.5
14.5
300 – 1700

188.0
202.0
14.0
300 – 2900

210.0
222.5
12.5
300 – 1100

239.0
240.0
1.0
5700 – 9000

252.0
252.5
0.5
390

279.0
279.5
0.5
520

PLS14-278
R780E
825E
331
-67
68.5
79.0
10.5
300 – 20900
NA
59.5
344.0

89.0
91.0
2.0
300 – 580

102.0
108.5
6.5
300 – 490

111.0
111.5
0.5
440

114.5
130.5
16.0
300 – 8800

230.5
234.5
4.0
370 – 2000

288.0
288.5
0.5
390

PLS14-279
R780E
705E
339
-70
130.5
161.0
30.5
300 – 48000
NA
59.3
371.0

163.5
170.0
6.5
300 – 32000

172.5
181.5
9.0
300 – 14800

188.5
190.5
2.0
1000 – 6100

PLS14-282
R780E
885E
344
-71
71.0
76.0
5.0
300 – 1400
NA
62.3
569.0

81.0
82.0
1.0
390

89.5
94.5
5.0
300 – 820

149.5
151.5
2.0
320 – 490

157.5
162.5
5.0
300 – 5200

168.0
168.5
0.5
370

172.5
174.5
2.0
400 – 1600

181.0
192.5
11.5
300 – 1100

214.0
219.0
5.0
310 – 6200

223.0
226.0
3.0
450 – 1900

238.0
242.5
4.5
300 – 820

247.0
266.0
19.0
300 – 19300

282.0
283.5
1.5
300 – 470

300.0
301.5
1.5
300 – 470

313.0
313.5
0.5
560

334.5
336.0
1.5
380 – 610

371.0
374.0
3.0
300 – 430

397.0
398.5
1.5
300 – 490

469.5
470.0
0.5
330

492.5
493.0
0.5
370

496.5
497.0
0.5
340

518.0
518.5
0.5
320

PLS14-283
R780E
840E
334
-70
115.0
115.5
0.5
360
NA
63.0
389.0

129.0
137.0
8.0
300 – 1100

140.5
143.5
3.0
300 – 460

146.5
189.5
43.0
300 – 15600

192.5
198.5
6.0
300 – 15400

212.5
213.0
0.5
460

225.0
226.5
1.5
410 – 33000

229.5
234.0
4.5
300 – 850

257.0
269.0
12.0
300 – 61700

297.5
298.5
1.0
330 – 430

310.5
312.0
1.5
610 – 1200

354.5
355.0
0.5
350

PLS14-285
R780E
1095E
314
-70
257.0
264.0
7.0
320 – 4700
NA
66.2
500.0

268.0
279.5
11.5
300 – 10600

283.5
284.5
1.0
1600 – 17400

287.5
314.0
26.5
300 – 16700

327.0
328.5
1.5
300 – 810

331.5
334.0
2.5
300 – 690

346.5
347.5
1.0
760 – 810

372.0
376.0
4.0
300 – 720

387.5
388.0
0.5
340

425.5
426.0
0.5
2300

PLS14-286
R780E
495E
336
-71
60.8
117.5
56.7
300 – 54700
60.8 – 61.1
61.1
293.0

120.0
122.0
2.0
300 – 510

127.0
165.0
38.0
300 – 8100

172.5
173.0
0.5
390

PLS14-287
R780E
855E
332
-71
149.0
174.5
25.5
300 – 3800
NA
60.3
413.0

179.5
182.5
3.0
300 – 410

198.5
201.5
3.0
300 – 840

221.5
227.0
5.5
300 – 3800

240.0
241.0
1.0
570 – 1200

244.0
248.0
4.0
300 – 2800

284.0
284.5
0.5
1000

287.0
289.0
2.0
440 – 1900

361.0
361.5
0.5
360

377.0
377.5
0.5
490

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. 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.

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, uranium by fluorimetry and boron.

All depth measurements reported, including radioactivity and mineralization interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

PLS Mineralized Trend Summary

Uranium mineralization at PLS has been traced by core drilling over 2.24km of east-west strike length in four separate mineralized “zones” from line 615W (PLS13-124) to line 1620E (PLS14-196). From west to east, these zones are; R600W, R00E, R780E and R1620E. The former R390E, R585, R945E and R1155E zones have been merged into the R780E zone by successful 2014 winter and summer drilling. The R780E zone now stands at 930m of continuous strike length within a mineralized lateral corridor up to 150m wide (line 870E). 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.

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 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 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

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