Fission and Alpha Minerals hits 4 metres of 20.73% U3O8 at the Discovery Zone (R00E) Within 22 metres of 4.8%

May 16, 2013

Fission and Alpha Minerals Hits 4 Metres of 20.73% U3O8 at the Discovery Zone (R00E) Within 22 Metres of 4.8%

Mr. Ross McElroy, President, CEO, and Chief Geologist of Fission reports

Fission Uranium Corp. (TSX.V: FCU), the operator, and its 50-per-cent joint venture partner Alpha Minerals Inc. (TSX.V: AMW), have provided assay results from another nine holes in the R00E zone at its Patterson Lake South (PLS) property. The assays show a continuous area of broad uranium mineralization at shallow depth. Of particular note is hole PLS13-043 which returned an interval of 22.0 metres at 4.8 per cent U3O8. With a grade times thickness (GT) value of 105.6, this represents the best mineralized interval result to date from the R00E zone.

These results are part of the recently completed winter drill program at PLS. They expand upon and delineate the R00E assay results previously reported (see news release dated April 10, 2013) that outline a broad zone of uranium found at shallow depth.

Highlights include the following.

• Hole PLS13-043 (line 045W) intersected:

22.0m of 4.8% U3O8, including 4.0m of 20.73% U3O8

• Hole PLS13-052 (line 015E) intersected:

UPPER ZONE of 10.5m of 0.87% U3O8, including 3.5m of 2.01% U3O8

LOWER ZONE of 18.0m of 3.56% U3O8, including 4.5m of 11.95% U3O8

• Hole PLS13-049 (Line 060W) intersected:

18.5m of 1.93% U3O8, including 2.5m of 8.04% U3O8

18.5m of 1.93% U3O8, including 2.5m of 8.04% U3O8

Ross McElroy, president, chief operating officer and chief geologist for Fission, commented:

"Twenty-two metres at 4.8 per cent ... four m at 20.73 per cent ... these are superb intersections and are similar to some of the results we've seen at R390. They make it very clear that R00E is a high-grade zone. R00E is the shallowest of our three discovery zones and it remains open in all directions. Great results and a big step forward for PLS."

R00E zone

Assays reported for the nine holes in this news release represent close-spaced delineation drilling on lines 045W, 060W and 015E of the R00E zone. Interpretation thus far shows mineralization to be primarily focused in a footwall steeply south-dipping package of east-northeast-trending pelitic gneiss, sandwiched between a semi-pelitic rock to the north and a quartz-feldspar gneiss to the south. Delineation drilling has also shown mineralization to cross lithological boundaries into the footwall and hangingwall adjacent the pelitic gneiss. This lithologic package appears to be parallel along strike to the approximately 73 degrees oriented basement EM conductor identified from airborne and ground geophysics surveys.

As was the case with previous drill results from the R00E zone, the main mineralized horizon appears to be structurally controlled and generally flat lying within the pelitic (and/or graphite) unit, with the upper level of the mineralized zone occurring at or near the top of the Archean basement rocks, either within or immediately below a thin veneer or Devonian sandstone (see cross-sections L060W, L040W and L015E). Mineralization has been traced northward extending into the semi-pelitic package on sections L025W, 040W and 060W) and remains untested on the other sections.

Composited U3O8 mineralized intervals are summarized in the attached table. Samples from the drill core are split in half on site. Most samples are standardized at 0.5 m down-hole intervals. One-half of the split sample is sent to the laboratory for analysis and the other half remains on site for reference. All intersections are down-hole, core interval measurements and true thickness are yet to be determined.

Table 1

 

Zone	Hole ID	Grid Line	From (m)	To (m)	Interval (m)	U3O8 (wt%)
R00E	PLS13-039	045W	75.50	76.00	0.50	0.06
			125.50	128.50	3.00	0.10
			161.50	162.00	0.50	0.12
			223.00	223.50	0.50	0.05
			224.00	224.50	0.50	0.07
	PLS13-043	045W	63.50	65.00	1.50	0.99
			67.50	89.50	22.00	4.80
		Incl.	83.50	87.50	4.00	20.73
	PLS13-045	045W	64.00	85.00	21.00	0.23
			88.00	89.00	1.00	0.07
	PLS13-047	060W	64.50	68.00	3.50	0.18
			105.00	105.50	0.50	0.12
	PLS13-049	060W	64.50	83.00	18.50	1.93
		Incl.	70.00	72.50	2.50	8.04
	PLS13-050	060W	63.50	65.00	1.50	0.07
	PLS13-052	015E	62.00	72.50	10.50	0.87
		Incl.	62.50	66.00	3.50	2.01
			75.50	93.50	18.00	3.56
		Incl.	84.00	88.50	4.50	11.95
	PLS13-054	015E	68.00	79.50	11.50	0.28
	PLS13-056	015E	62.50	71.50	9.00	0.16

 

 

Description of assay drill results by section line

Line 040W

Four drill holes (PLS13-039, 041, 043 and 045) successfully delineated the width of mineralization over 30 m. The drill holes were all collared vertical on a 10 m spacing. Several assay results from hole PLS13-041 are still has outstanding and have yet to be received from the lab, and will be reported once received. The best results were returned from hole PLS13-043, which intersected a narrow upper zone (63.5 m to 65.0 m) and a wider lower zone (67.5 m to 89.5 m) which returned intervals grading 0.99 per cent U3O8 over 1.5 m and 4.8 per cent U3O8 over 22.0 m respectively, including a high-grade section of 4.0 m at 20.73 per cent U3O8.

Line 060W

Three drill holes (PLS13-047, 049 and 050) successfully delineated the width of mineralization over 20 m. The drill holes were all collared vertical on a 10 m spacing. The best results were returned from hole PLS13-049, which intersected a wide interval (64.5 m to 83.0 m) grading 1.93 per cent U3O8 over 18.5 m. Holes PLS13-047 and 050 drilled 10 m south and 10 m north of 049 respectively, intersected narrow weakly mineralized zones, but still show the system to be open both to the south and to the north.

Line 015E

Three drill holes (PLS13-052, 054 and 056) successfully delineated the width of mineralization over 20 m. All three holes were collared at angles of minus 71 degrees to minus 72 degrees at azimuths to the north-northeast. All three holes intersected well-developed zones of mineralization over several metres width, with the best results returned from hole PLS13-052. Hole 052 intersected an upper zone (62.0 m to 72.5 m) grading 0.87 per cent U3O8 over 10.5 m and a lower zone (75.5 m to 93.5 m) grading 3.56 per cent U3O8 over 18.0 m, including a high-grade core of 4.5 m at 11.95 per cent U3O8.

The 46-hole 2013 winter drill program is now complete, and further assays will be released as received.

The R00E zone is open in all directions and additional drilling is required to continue to delineate the mineralized area.

Split core samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025:2005 accredited facility) of Saskatoon for assay analysis, which includes a 63-element ICP-OES, uranium by fluorimetry (partial digestion), and boron. Samples within mineralized intervals and any samples which return greater than 500 parts per million U, are assayed for weight per cent U3O8, as well as fire assayed for gold. Further assay results will be released when received.

Patterson Lake South property

The 31,039-hectare PLS project is a 50-per-cent/50-per-cent joint venture held by Fission Uranium Corp. and Alpha Minerals Inc. (AMW). Fission Uranium is the operator. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine (greater than 60 million pounds of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50 kilometres to the north, currently under active exploration and development. Updated maps and assay table for the R00E zone Fission Uranium's website.

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, PGeol, president and chief operating officer for Fission Uranium, a qualified person.

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