Fission Hits Composite Gt of 992.8; 100m Composite Mineralization Includes 38.49% U3O8 Over 10.5m

Feb 19, 2014

Fission Hits Composite Gt of 992.8; 100m Composite Mineralization Includes 38.49% U3O8 Over 10.5m

 

Best hole to date at Patterson Lake South (PLS)

KELOWNA, BRITISH COLUMBIA--(Marketwired - Feb. 19, 2014) - FISSION URANIUM CORP.("Fission" or "the Company") (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) is pleased to announce assay results from hole PLS14-129 at its Patterson Lake South (PLS) property in Saskatchewan's Athabasca Basin, Canada. The hole returned a number of wide and particularly high-grade intervals in 100.0m of total composite mineralization. These include: 38.49% U3O8 over 10.5m in 13.66% U308 over 38.0m and 27.57% U3O8 over 12.0m in 11.19% U3O8 over 31.5m. With a composite Grade %U3O8 x Thickness in meters (GT) value of 992.8 for this drill hole, this is now the strongest mineralized hole to date at PLS.

The GT value of hole PLS14-129 is almost double that of the previous lead hole at PLS, PLS13-075 (Composite GT value of 501.4) - see NR Sept. 4, 2013) which included assay highlights such as 21.76% U3O8 over 21.5m in 9.08% U3O8 over 54.5m.

Assay Highlights

• 38.0m (56.0m to 94.0m) @ 13.66% U3O8, including: 
  10.5m (63.0m to 73.5m) @ 38.49% U3O8

• 31.5m (108.5m to 140.0m) @ 11.19% U3O8, including:
  12.0m (123.5m to 135.5m) @ 27.57% U3O8

• 11.5m (145.5m to 157.0m) @ 6.82% U3O8, including:
  2.5m (146.0m to 148.5m) @ 20.28% U3O8

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

"With a GT (grade% U3O8 x thickness in meters) value that is nothing less than phenomenal, these results far surpass our previous top holes. PLS has already grabbed world attention with the quality and quantity of its high-grades and hole PLS14-129 is another big step forward."

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.

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 5 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
Composited Mineralized Intervals (Down-hole measurements)
Zone	Hole ID	Grid Line	From (m)	To (m)	Interval (m)	U3O8 (wt%)
R585E	PLS14-129	600E	56.00	94.00	38.00	13.66
			63.00	73.50	10.50	38.49
			101.00	102.50	1.50	0.12
			108.50	140.00	31.50	11.19
			123.50	135.50	12.00	27.57
			145.50	157.00	11.50	6.82
			146.00	148.50	2.50	20.28
			160.00	172.50	12.50	3.37
			167.50	171.50	4.00	9.57
			191.50	192.00	0.50	0.14
			196.50	200.50	4.00	0.12
			221.00	221.50	0.50	0.06

 

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

Line 600E:

• Drillhole PLS14-129 was collared as a vertical hole and was completed at a depth of 344.0m. The collar is located approximately 15m grid east of PLS13-106. A total composite sum of 100.0m of mineralization as defined by 8 discrete mineralized intervals grading greater than 0.05% U3O8 and ranging in width from 0.5m to 38.0m and separated by unmineralized sections ranging from 3.0m - 20.5m wide, were intersected over a 165.5m section (56.0m - 221.5m) (see Table 1).

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/.

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.