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KELOWNA, BRITISH COLUMBIA–(Marketwired – March 25, 2015) – FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) (“Fission” or “the Company“) is pleased to announce assays from hole PLS15-343 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 Triple R deposit, the angled hole returned high-grade, shallow depth mineralization including 14.74% U3O8 Over 9.0M within a larger interval of 3.36% U3O8 over 44.0m. Hole PLS15-343 was the first hole at the land-based R600W zone to encounter large amounts of strong anomalous radioactivity. Follow-up holes at the 600W zone, including PLS15-352 (line 615W) and PLS15-360 (line 630W), also hit similarly wide intercepts of strong radioactivity in addition to expanding the footprint of the zone. Assays for these holes are pending.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
“The R600W zone is emerging as an impressive high-grade zone and importantly, it is open in all directions. Encountering this grade and width 555m from the Triple R deposit is tremendously exciting and we are looking forward to receiving the assays from our follow up holes at the zone. Just as importantly, this hole has very similar geology to the Triple R deposit and our recently announced winter program expansion will focus on the R600W.”
Assay 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, where-as mineralization so far has been found south of the conductor. The R600W zone at present has a 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.
Table 1
| Zone | Hole ID | Grid Line |
Az | Dip | From (m) |
To (m) |
Interval (m) |
U3O8 (wt%) |
| R600W | PLS15-343 | 615W | 349 | -64.7 | 107.00 | 151.00 | 44.00 | 3.36 |
| 121.00 | 130.00 | 9.00 | 14.74 | |||||
| 153.50 | 156.50 | 3.00 | 0.19 | |||||
| 162.00 | 164.00 | 2.00 | 0.07 | |||||
| 170.00 | 170.50 | 0.50 | 0.06 | |||||
| 345.50 | 346.00 | 0.50 | 0.05 |
| Composite Parameters | ||
| 1. | Minimum Thickness: 0.50m | |
| 2. | Grade Cut-Off: 0.05 U3O8 (wt%) | |
| 3. | Maximum Internal Dilution: 2.00m | |
Composited % U3O8 mineralized intervals are summarized in Table 1 below. 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. All analysis include a 63 element ICP-OES, uranium by fluorimetry and boron. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.
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 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.
