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KELOWNA, BRITISH COLUMBIA–(Marketwired – March 2, 2015) – FISSION URANIUM CORP. (“Fission” or “the Company“) (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) is pleased to announce results from hole PLS15-343 and the discovery of new high-grade at the R600W zone at its PLS property, host to the Triple R deposit, in Canada’s Athabasca Basin region. Located on line 615W, 555m west of the R00E zone of the Triple R deposit, and 10m south of hole PLS13-124, the land-based hole returned 9.31m of >10,000 cps radioactivity over a 65.5m mineralized interval, including a continuous 8.85m mineralized interval of >10,000 cps radioactivity with peaks up to 52,900 cps at shallow depth. Due to technical problems, the hole was terminated at 368m in moderately altered semi-pelitic gneiss. A down-hole gamma log survey was able to be completed to 129.7m before being terminated within a strongly mineralized interval.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
“This is an absolutely tremendous result that gives us high grade mineralization over half a kilometer west of Triple R deposit, which is wide open in all directions. It immediately puts the R600W zone into an elite class, hosting significant high-grade uranium mineralization, similar to that seen in the Triple R deposit to the east.”
Hole PLS15-343 (line 615W) Highlights Include:
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. The R600W zone presently has a defined strike length of 30m (line 615W to line 585W) and a lateral grid north-south width of up to approximately 20m, as defined by 6 holes. The previous 5 holes into the R600W intersected only low grade mineralization. Additional winter drilling is planned for the R600W zone.
R600W High-Grade Zone:
PLS15-343 (line 615W) is the 6th hole defining the R600W zone and represents a very significant upgrade to the strength and width of mineralization of the R600W zone. The hole was collared as an angled hole collared 10m south of PLS13-124 (strongest interval returning 0.29% U3O8 over 6.5m, see new release Feb 05, 2014). Due to technical difficulties completing the hole, the hole was terminated at 368.0m. A down-hole gamma survey could only be completed to 129.7m depth, ending within a strongly mineralized interval. Overburden continues to 99.2m, immediately underlain by Devonian sandstone to a depth of 108.6m which overlies basement rock. The basement lithologic sequence from 108.6m to 156.0m is comprised primarily of pelitic gneiss becoming graphitic from 142m to 156m. From 156m to 368m, basement lithology is predominantly a semi-pelitic gneiss. A total composite of 69.5m of mineralization within 2 discrete intervals of variably weak to strong radioactive mineralization was intersected from 105.5m to 346.0m. Weak mineralization extends into the overlying Devonian sandstone. The strongest mineralization is present from 118.0m – 134.0m which includes 9.31m of >10,000 cps, including 8.85m of continuous >10,000 cps with peaks up to 52,900 cps. A lower zone of strong mineralization is present from 141.5m – 150.5m which includes 0.46m of >10,000 cps in 4 narrow discrete intervals.
| 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 | |||||
| PLS15-343 | R600W | 615W | 349 | -64.7 | 105.5 | 171.0 | 65.5 | <300 – 52900 | 99.2 – 108.6 | 108.6 | 368.0 |
| 342.5 | 346.5 | 4.0 | <300 – 550 | ||||||||
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 2.24km 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.
