111.5m total composite mineralization
KELOWNA, BRITISH COLUMBIA--(Marketwired - Jan. 27, 2014) - FISSION URANIUM CORP. ("Fission" or "the Company") (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) is pleased to announce results from the first five holes of the winter program at its PLS property in Saskatchewan's Athabasca Basin. Of exceptional note is hole PLS14-129 (line 600E). With 36.72m of total composite off-scale (>9999 cps) mineralization at shallow depth, including a discrete interval of 9.5m continuous off-scale, the hole has returned the widest, strongest off-scale results recorded at PLS to date. It far exceeds hole PLS13-075 (line 330E) which intersected 21.65m total composite off-scale and later assayed at 21.76% U3O8 over 21.5m in 9.08% U3O8 over 54.5m (see NR dated Sept. 4, 2013).
All five holes intersected off-scale radioactivity and have further narrowed the gaps between zones R390E to R945E. In total, the distance between the mineralized zones has been reduced by approximately 45m (12%).
Drilling Highlights include:
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"PLS14-129 is the strongest hole to date at PLS, exceeding the total composite off-scale from hole PLS13-075 by well over 50%. Considering drill-hole PLS13-075 is on a level with the very best holes in the Athabasca Basin district, this is an incredible start to the winter program. Today's results also narrow the gaps between the zones substantially… further evidence that the system consists of one very large zone."
|Collar||* Hand-held Scintillomenter Results On Mineralized Drillcore (>300 cps / >0.5M minimum)||Sandstone||Basement
- To (m)
|89.0||91.5||2.5||510 - 670|
|115.0||144.5||29.5||220 - >9999|
|148.0||167.0||19.0||250 - >9999|
|169.5||176.0||6.5||160 - 970|
|181.5||184.0||2.5||200 - 380|
|187.0||201.5||14.5||130 - 400|
|225.0||237.5||12.5||120 - 5400|
|PLS14-126||R780E||L780E||131.0||161.0||30.0||<300 - >9999||NA||54.7||443.0|
|164.0||169.5||5.5||<300 - >9999|
|178.0||184.5||6.5||400 - >9999|
|189.0||192.0||3.0||<300 - 1400|
|224.0||227.0||3.0||<300 - 830|
|230.0||235.5||5.5||330 - >9999|
|242.5||243.5||1.0||470 - 1100|
|289.5||296.0||6.5||<300 - 4400|
|298.5||300.0||1.5||240 - 4300|
|372.5||374.0||1.5||<300 - 2700|
|PLS14-127||R780E||L825E||35.7||-84.6||63.0||74.5||11.5||<300 - 1200||NA||59.2||350.0|
|77.0||80.5||3.5||<300 - 590|
|95.5||120.0||24.5||<300 - 4200|
|123.0||134.0||11.0||<300 - 1300|
|137.5||143.5||6.0||<300 - 1100|
|146.0||161.5||15.5||<300 - >9999|
|166.0||176.5||10.5||<300 - >9999|
|185.5||189.0||3.5||320 - 6600|
|196.5||200.5||4.0||300 - >9999|
|212.0||213.5||1.5||<300 - >9999|
|298.5||299.5||1.0||370 - 440|
|PLS14-128||R945E||L945E||104.5||117.0||12.5||<300 - 1200||NA||56.5||464.0|
|134.0||135.0||1.0||340 - 400|
|140.0||182.5||42.5||<300 - >9999|
|216.0||220.5||4.5||320 - >9999|
|425.5||427.0||1.5||400 - 580|
|PLS14-129||R585E||L600E||56.0||94.0||38.0||310 - >9999||NA||55.9||344.0|
|100.0||102.5||2.5||310 - 1500|
|107.0||141.5||34.5||<300 - >9999|
|144.5||175.0||30.5||330 - >9999|
|196.5||200.5||4.0||310 - 1400|
A $12M, 90 hole, 30,000m drill program and ground geophysics surveys continues at PLS. Updated maps and files can be found on the Company's website at http://www.fissionuranium.com/projects/patterson-lake-south-sk/.
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 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.