Fission Hits 6.1m Total Composite "Off-Scale" In 134m Total Composite Mineralization (Line 780E)

Feb 10, 2014

Fission Hits 6.1m Total Composite "Off-Scale" In 134m Total Composite Mineralization (Line 780E)

 

Strong, wide mineralization; 100% drill success rate continues at PLS

KELOWNA, BRITISH COLUMBIA--(Marketwired - Feb. 10, 2014) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from the latest seven holes of the winter program at its PLS property in Saskatchewan's Athabasca Basin, Canada. All seven holes returned strong, wide intervals of mineralization. Of particular note is hole PLS14-132 (line 780E), which intersected 6.1m Total Composite "Off-Scale" in 134m Total Composite Mineralization.

Drilling Highlights include:

• PLS14-132 (line 780E)
  • 134.0m total composite mineralization in a 191.5m section (71.5m - 263.0m)including:
    • 6.1m total composite off-scale (>9999 cps) radioactivity 
       
• PLS14-131 (line 780E)
  • 125.5m total composite mineralization in a 275.0m section (145.0m - 420.0m) including:
    • 1.90m total composite off-scale (>9999 cps) radioactivity 
       
• PLS14-136 (line 585E)
  • 49.5m total composite mineralization in a 198.0m section (86.5m - 284.5m) including:
    • 2.26m total composite off-scale (>9999 cps) radioactivity 
       

In addition to thick intervals of mineralization, six of the seven holes intersected off-scale radioactivity. Altogether, the holes have doubled the lateral width (north-south) from 10m to approximately 20m on section lines of zones R390E (line 465E), R585E (line 600E) and R945E (line 960E). In addition, the width of zone R780E has increased to approximately 70m north-south on line 780E and approximately 30m on line 810E.

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

"We are very pleased with the strength and width of mineralization from the latest batch of holes at PLS. Equally promising is the expanding width of delineated mineralization and the continued 100% hit rate of the drill program."

 

Line 315E:

• Drillhole PLS14-133 was collared as a vertical hole and drilled to a depth of 401.0m. The collar is located approximately 10m grid south of PLS13-083. Basement was intersected at 50.4m. A quartzitic gneiss is present from 50.4m to 105.6m. From 105.6m to 364.3m lithology is dominantly pelitic gneiss (alternating intervals if graphitic/sulphides and garnetiferous) with several intervals of undifferentiated mylonite (from 1.7mto 6.1m wide). A Diabase unit was intersected from 364.3m to 379.1m. From 379.1m to 401.0m (EOH) a semipelitic gneiss dominates. Anomalous radioactivity occurs from 63.0m within the quartzitic gneiss. A total composite of 77.0m of mineralization within a 255.0m section (63.0m to 318.0m) occurs in fifteen variably radioactive mineralized intervals ranging in width from 0.5m to 22.0m, separated by unmineralized intervals ranging in width from 2.5m to 41.5m. A total composite of 0.92m of off-scale radioactivity occurs in three discrete intervals ranging from 0.16m to 0.59m wide.

Line 345E:

• Drillhole PLS14-130 was collared as a vertical hole and drilled to a depth of 317.0m. The collar is located approximately 10m grid south of PLS13-072. A narrow 0.4m wide layer of Devonian sandstone was intersected at 49.9m. Basement was intersected at 50.3m. A quartzitic gneiss is present from 50.3m to 71.3m. From 71.3m to 229.5m lithology is dominantly pelitic gneiss (locally graphitic with sulphides) with an interval of undifferentiated mylonite (from 154.9m to 156.7m). From 229.5m to 317.0m (EOH) a semipelitic gneiss dominates. Anomalous radioactivity occurs from 67.0m coincident with the transition to pelitic gneiss. A total composite of 72.5m of mineralization within a 130.5m section (67.0m to 197.5m) occurs in nine variably radioactive mineralized intervals ranging in width from 2.0m to 31.5m, separated by unmineralized intervals ranging in width from 2.5m to 18.5m. A total composite of 1.04m of off-scale radioactivity occurs in four discrete intervals ranging from 0.12m to 0.6m wide.

Line 465E:

• Drillhole PLS14-134 was collared as a vertical hole and drilled to a depth of 320.0m. The collar is located approximately 10m grid south of PLS13-104. A narrow 0.6m wide layer of Devonian sandstone was intersected at 52.8m. Basement was intersected at 53.4m. A pelitic gneiss was intersected from 53.4m to 104.0m followed by a relatively narrow quartzitic gneiss 104.3m to 116.8m. From 116.8m to 237.2m lithology is dominantly pelitic gneiss. From 237.2m to 320.0m (EOH) a semipelitic gneiss dominates, intruded by a 27.1m wide diabase dyke from 270.2m to 297.3m. Anomalous radioactivity occurs from the top of the basement at 54.5m coincident with the pelitic gneiss. A total composite of 38.0m of mineralization within a 133.0m section (54.5m to 187.5m) occurs in four variably radioactive mineralized intervals ranging in width from 0.5m to 19.5m, separated by unmineralized intervals ranging in width from 2.5m to 88.0m.

Line 600E:

• Drillhole PLS14-136 was collared as a vertical hole and drilled to a depth of 317.0m. The collar is located approximately 10m grid south of PLS14-129. A narrow 0.8m wide layer of Devonian sandstone was intersected at 54.2m. Basement was intersected at 55.0m. A quartzitic gneiss is present from 55.0m to 63.2m. From 63.2m to 130.3m alternating sequences of semipelitic an pelitic gneiss occur. From 130.3m to 287.9m the basement is predominantly a pelitic gneiss with occasional narrow quartzitic gneiss intervals. A graphite-rich interval is present from 231.6m to 269.3m followed immediately by an undifferentiated mylonite from 269.3m to 278.0m. From 287.9m to 317.0m (EOH) a semipelitic gneiss dominates. Anomalous radioactivity occurs from 86.5m. A total composite of 49.5m of mineralization within a 198.0m section (86.5m to 284.5m) occurs in nine variably radioactive mineralized intervals ranging in width from 0.5m to 41.0m, separated by unmineralized intervals ranging in width from 4.0m to 62.5m. A total composite of 2.26m of off-scale radioactivity occurs in several discrete intervals ranging from 0.1m to 0.6m wide.

Line 780E:

• Drillhole PLS14-131 was collared as a vertical hole and drilled to a depth of 494.0m. The collar is located approximately 10m grid south of PLS14-126. Basement was intersected at 55.5m. From 55.5m to 366.0m the basement lithology consists of alternating sequences of pelitic gneiss, semipelitic gneiss and quartzitic gneiss. From 366.0m to 489.7m the lithology is dominantly a pelitic gneiss. Occassional undifferentiated mylonitic intervals from 4.4m to 5.0m wide are present between 366.0m and 463.3m. From 489.7m to 494.0m (EOH) a semipelitic gneiss dominates. Anomalous radioactivity occurs from 145.0m. A total composite of 125.5m of mineralization within a 275.0m section (145.0m to 420.0m) occurs in twenty variably radioactive mineralized intervals ranging in width from 0.5m to 65.5m, separated by unmineralized intervals ranging in width from 2.5m to 25.0m. A total composite of 1.90m of off-scale radioactivity occurs in several discrete intervals ranging from 0.1m to 0.3m wide.

Line 810E:

• Drillhole PLS14-132 was collared as a vertical hole and drilled to a depth of 437.0m. The collar is located approximately 10m grid south of PLS13-101. Basement was intersected at 55.5m. From 55.5m to 236.0m the basement lithology consists of alternating sequences of pelitic gneiss and quartzitic gneiss. From 236.0m to 279.7m the lithology is dominantly a graphitic pelitic gneiss with occasional mylonitic sequences up to 2.0m wide. From 279.7m to 437.0m (EOH) a semipelitic gneiss dominates. Two intrusions of diabase dyke are present (397.0m to 410.6m and 435.8m to 437.0m respectively). Anomalous radioactivity occurs from 71.5m. A total composite of 134.0m of mineralization within a 191.5m section (71.5m to 263.0m) occurs in nine variably radioactive mineralized intervals ranging in width from 1.5m to 48.0m, separated by unmineralized intervals ranging in width from 2.5m to 23.5m. A total composite of 6.10m of off-scale radioactivity occurs in several discrete intervals ranging from 0.1m to 0.7m wide.

Line 960E:

• Drillhole PLS14-135 was collared as a vertical hole and drilled to a depth of 386.0m. The collar is located approximately 10m grid south of PLS13-099. Basement was intersected at 58.5m. A quartzitic gneiss was intersected from 58.5m to 194.5m. From 194.5m to 310.2m the basement lithology consists of alternating sequences of pelitic gneiss and semipelitic gneiss. From 310.2m to 386.0m (EOH) a semipelitic gneiss dominates. Anomalous radioactivity occurs from 104.5m. A total composite of 81.5m of mineralization within a 248.0m section (104.5m to 352.5m) occurs in twenty two variably radioactive mineralized intervals ranging in width from 0.5m to 39.0m, separated by unmineralized intervals ranging in width from 2.5m to 27.0m. A total of 0.2m of off-scale radioactivity occurs in a discrete interval at 189.3m.

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.

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