Fission Hits 11.10% U3O8 Over 3m In 4.22% U3O8 Over 8m; Wraps Up Summer Assay

Fission Hits 11.10% U3O8 Over 3m In 4.22% U3O8 Over 8m; Wraps Up Summer Assay

KELOWNA, BRITISH COLUMBIA--(Marketwired - Feb. 5, 2014) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce assays for the final twenty holes of the summer 2013 drill program at its Patterson Lake South (PLS) property in Canada's Athabasca Basin. Of particular note is hole PLS13-109 (line 750E) which returned 4.22% U3O8 over 8.0m including a higher grade interval of 11.10% U3O8 over 3.0m. Of additional note is the broad mineralization returned by the recently discovered R600W zone, the land-based westernmost zone of the PLS drill-hole discoveries. This highlights the prolific and highly prospective nature of the PL-3B corridor which hosts the 1.78km strike length identified so far.

All five lake-based holes and five of the six holes on R600W returned considerable mineralization. Nine additional regional holes were unmineralized, however, the data provided by these holes has contributed significantly to Fission's understanding of the geological setting and controls of mineralization at PLS.

Assay Highlights include:

PLS13-109 (line 750E)

• 8.0m (108.0m to 116.0m) @ 4.22% U3O8, including
• 3.0m (108.0m to 111.0m) @ 11.1% U3O8
• Best Assay in hole: 0.5m (110.5m to 111.0m) @ 24.6% U3O8

PLS13-108 (line 810E)

• 19.5m (152.5m to 172.0m) @ 0.99% U3O8, including
• 1.5m (188.5m to 190.0m) @ 6.52% U3O8

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

"We are very encouraged by the highly successful summer 2013 program which showed the continued overall growth of high grades at PLS as well as the multiple and thick intervals returned by holes at the western end of the strike length. The evidence that PLS is host to a large-scale mineralized system continues to build rapidly."

Composited % U3O8 mineralized intervals are summarized in Tables 1, 2, 3 and 4 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.

R585E Zone:

The R585E zone is located approximately 90m grid east of the easternmost defined edge of the R390E zone (defined by PLS13-088 on line 480E) and presently has a defined strike length of 30m (line 570E to line 600E) and a lateral grid north-south width of up to approximately 10m, as defined by 4 holes. The R585E discovery hole (PLS13-098) was targeted along the northern edge of the low resistivity feature, which is associated with the mineralized east-northeast trending pelitic corridor and a coincident radon in water anomaly. The geologic setting of the R585E zone is similar to other zones, consisting of mineralization primarily associated with sequences of steeply south dipping pelitic lithology with localized mylonites and cataclasites.

Table 1

Composite Parameters

1. Minimum Thickness: 0.50m
2. Grade Cut-off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m

Line 585E:

• Drillhole PLS13-106 was collared as a vertical hole and was completed at a depth of 332.0m. The collar is located approximately 10m grid north of PLS13-098. A total of 16 discrete mineralized intervals grading >0.05% U3O8 and ranging in width from 0.5m to 17.0m and separated by unmineralized sections ranging from 2.5m - 15.0m wide, were intersected over a 141.0m section (101.5m - 242.5m) (see Table 1).

R780E Zone:

The R780E zone is located approximately 150m grid east of the easternmost defined edge of the R585E zone (defined by PLS13-129 on line 600E) and presently has a defined strike length of 75m (line 750E to line 825E) and a lateral grid north-south width of up to approximately 60m, as defined by 14 holes. The discovery hole (PLS13-048) was targeted in the middle of an identified radon in water anomaly. The geologic setting of the R780E zone is similar to other zones, consisting of mineralization primarily associated with sequences of steeply south dipping pelitic lithology with localized mylonites and cataclasites.

Table 2

Composite Parameters

1. Minimum thickness: 0.50m
2. Grade Cut-off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m

Line 750E:

• Drillhole PLS13-109 was collared as a vertical hole and was completed at a depth of 401.0m. The collar is located 15m grid west of PLS13-107. A total of 16 discrete mineralized intervals grading >0.05% U3O8 and ranging in width from 0.5m to 17.5m and separated by unmineralized intervals ranging from 2.5m to 55.0m wide, were intersected over a 225.5m span (108.0m - 333.5m) (see Table 2). The strongest mineralized interval returned a value of 4.22% U3O8 over 8.0m (108.0m - 116.0m) including a higher grade interval returning 11.1% U3O8 over 3.0m (108.0m - 111.0m) and a second interval of 5.89% U3O8 over 6.0m (205.5m - 211.5m) including a higher grade interval returning 14.57% U3O8 over 1.5m (209.0m - 210.5m).

Line 765E:

• Drillhole PLS13-105 was collared as a vertical hole and was completed at a depth of 419.0m. The collar is located 10m grid south of PLS13-107. Hole deviation migrated grid east thus causing the interception of mineralization up to 15m grid east off section line. A total of 15 discrete mineralized intervals grading >0.05% U3O8 and ranging in width from 0.5m to 9.5m and separated by unmineralized intervals ranging from 2.0m to 62.0m wide, were intersected over a 223.5m span (107.0m - 330.5m) (see Table 2).
   
• Drillhole PLS13-107 was collared as a vertical hole and was completed at a depth of 402.0m. The collar is located 15m grid west of PLS13-080. A total of 10 discrete mineralized intervals grading >0.05% U3O8 and ranging in width from 0.5m to 29.0m and separated by unmineralized intervals ranging from 4.0m to 44.0m wide, were intersected over a 172.0m span (137.5m - 309.5m) (see Table 2).
   

Line 810E:

• Drillhole PLS13-108 was collared as a vertical hole and was completed at a depth of 392.0m. The collar is located 10m grid north of PLS13-101. A total of 18 discrete mineralized intervals grading >0.05% U3O8 and ranging in width from 0.5m to 19.5m and separated by unmineralized intervals ranging from 2.5m to 35.5m wide, were intersected over a 195.0m span (81.0m - 276.0m) (see Table 2). The strongest mineralized interval returned a value of 0.99% U3O8 over 19.5m (152.5m - 172.0m) and a second interval of 1.33% U3O8 over 11.0m (184.5m - 195.5m) including a higher grade interval returning 6.52% U3O8 over 1.5m (188.5m - 190.0m).

R600W Zone

The R600W zone discovery was the result of follow-up by drilling of a radon in sediment anomaly identified during the summer 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 5 holes.

Table 3