Fission Hits >9000 cps 30m West of R840W; Drills New Area Beneath Triple R

Exploration drilling also hits anomalous radioactivity in new area 600m west of R840W

KELOWNA, BRITISH COLUMBIA–(Marketwired – Aug. 24, 2016) – FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) (“Fission” or “the Company“) is pleased to announce results from the summer drill program for the final 11 exploration drill holes (7 core holes and 4 Reverse Circulation (RC) holes) at its PLS property, host to the Triple R deposit, in Canada’s Athabasca Basin region. Three results are of particular importance:

  1. Approximately 600m west on strike from the R840W zone, exploration hole PLS16-490 (1665W) returned anomalous pathfinder geochemistry including uranium (up to 115 ppm) and boron up to 115 ppm and 775 ppm respectively.
  2. Step out drilling 30m west of the R840W zone, RC hole PLCRC16-010 encountered anomalous radioactivity in rock chips, corresponding to a peak of 9,308 cps in down-hole gamma probe.
  3. Probing deeper below the R780E zone, exploration hole PLS16-503 intersected anomalous radioactivity representing the deepest mineralization on the Triple R zone to date and potentially opening up an entirely new area.

The company considers all three discoveries a high priority for follow up.

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

“We are highly encouraged by the exploration drilling 600m west of the R840W zone. The discovery of uranium pathfinder elements in this area highlights the strong potential for mineralization as we push towards the high-grade boulder field, approximately 2.5km west of our 2.63km mineralized trend. We are also very pleased with the successful, high-grade step out, 30m west of the R840W zone, which confirms that the zone is wide open to the west. Finally, it is important to mention the discovery of mineralization at depth beneath the Triple R deposit. This is a virtually uncharted area for us and illustrates the potential to expand the Triple R resource at depth. All three areas warrant aggressive follow up in the next drill program.”

Additional Exploration Results Detail

  • Uranium Pathfinder elements drilled 600m west of R840W
    • PLS16-490 (1665W) returned anomalous boron (up to 775 ppm) and uranium (up to 115 ppm) pathfinder geochemistry approximately 600m west on strike from the R840W zone.
  • 30m west step-out RC hole shows potential to expands R840W zone
    • Hole PLSRC16-010 has intercepted anomalous radioactivity up to 460 cps in rock chips over 3.05m (156.97m to 160.02m) corresponding to a peak of 9,308 cps in down hole gamma survey, on line 1050W, 30m west of the high-grade, shallow and land-based R840W zone. Successful drilling recently merged the R600W zone into the R840W zone.
  • New mineralization discovered at depth beneath Triple R deposit
    • Hole PLS16-503 (line 780E) intersected 74.0m of total composite mineralization, including 0.68m total composite of >10,000 cps, over a 425.5m section (135.5m to 561.0m). In particular a 46.0m section between 515.0m and 561.0m, which includes a total composite mineralization of 6.0m with radiometric peaks up to 3400 cps, represents the deepest mineralization encountered to date beneath the R780E zone and reflects the potential to grow the deposit at depth

As part of the activity towards the pre-feasibility study, the four soil overburdern geotechnical holes and five regional hydrogeology monitoring wells were completed successfully. The 2D marine seismic survey is expected to begin in late August.

PATTERSON LAKE CORRIDOR

Core Holes

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Basement Total
Hole ID Conductor Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
Lake
Depth
(m)
Sandstone
From – To
(m)
Unconformity
Depth
(m)
Drillhole
Depth
(m)
PLS16-486 PLG-3B 780W 351 -77.8 No Significant Radioactivity NA NA 99.0 345.5
PLS16-490 NA 1665W 340 -80.8 No Significant Radioactivity NA NA 111.0 629.0
PLS16-492 PLG-1B 2010E 332 -78.4 No Significant Radioactivity 7.9 NA 56.5 332.0
PLS16-503 PLG-3B 780E 157 -80.7 135.5 139.0 3.5 350 – 530 6.6 NA 62.8 845.0
142.0 164.5 22.5 <300 – 16000
206.5 207.5 1.0 450 – 790
211.0 213.0 2.0 <300 – 7600
230.0 230.5 0.5 710
234.0 248.0 14.0 <300 – 5100
259.0 262.5 3.5 <300 – 1000
278.5 289.0 10.5 <300 – 1600
365.0 365.5 0.5 560
403.5 408.0 4.5 <300 – 2000
415.0 415.5 0.5 3100
459.0 460.0 1.0 310 – 340
515.0 515.5 0.5 530
518.5 524.5 6.0 <300 – 3400
540.5 541.0 0.5 350
554.5 557.5 3.0 <300 – 490
560.5 561.0 0.5 830
PLS16-511 PLV-3C 3165E 338 -70 No Significant Radioactivity NA 64.9 – 65.1 65.1 323.0

PLG-3B Conductor Trend

PLS16-486 (line 780W) was planned to test a short 2016 TDEM infill conductor identified north of R600W. This new TDEM conductor was thought to possibly represent the same structure that hosts the deep R600W mineralization and the hole attempted to intersect the structure up-dip. PLS16-486 cored the north side quartz-feldspar-biotite-garnet gneiss over its entire length and no prospective lithologies or structures were intersected.
PLS16-503 (line 780E) was drilled to test for deep mineralization below the currently defined R780E zone of the Triple R deposit. Uranium mineralization was intersected to a depth of approximately 515 m below surface which represents the deepest mineralization encountered at Triple R to date. The bottom of the mineralized zone likely corresponds with the base of the silicified south side quartz-feldspar-biotite-garnet gneiss.

PLS16-490 (line 1665W) was planned to test the interpreted western extension of the PLG-3B EM conductor identified by the 2016 TDEM survey where it was cross cut by several interpreted NE striking faults. The drill hole cored a thick sequence of strongly bleached, clay and hematite altered mafic and quartzofeldspathic gneisses. A zone of general boron enrichment was encountered from 390m to 550m, with a peak of 775 ppm at 379.5m. A peak of 116 ppm uranium was encountered at 182m. Concentrations of anomalous boron and uranium were found to occur within the altered mafics. Based on geochemistry and alteration this area remains highly prospective and warrants follow-up.

PLG-1B Conductor Trend

PLS16-492 (line 2010E) tested the PLG-1B EM conductor on a prospective left stepping bend near hole PLS14-206. PLS14-206 cored an apparently thick graphitic fault zone with highly anomalous boron and uranium, up to 593 and 93 ppm (TD), respectively. PLS16-492 intersected only weak to moderately altered quartzofeldspathic and mafic gneisses with no significant structures as seen in PLS14-206.

PLG-3C Conductor Trend

PLS16-511 (line 3165E) tested the interpreted eastern extension of the PLG-3C EM conductor which was identified by the 2016 TDEM survey. The drill hole cored the same sequence of quartzofeldspathic and mafic gneisses seen in the main Triple R deposit, although less altered. Encouraging alteration and lithographic sequence make this an analogue to early drilling at R840W and represents a target which warrants further follow-up.

RC Holes

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Basement Total
Hole ID Conductor Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
Lake
Depth
(m)
Sandstone
From – To
(m)
Unconformity
Depth
(m)
Drillhole
Depth
(m)
PLSRC16-007 NA 1275W 343 -84.2 No Significant Radioactivity NA NA 115.8 365.2
PLSRC16-008 NA 2085W 332 -80.1 No Significant Radioactivity NA NA 109.7 274.3
PLSRC16-009 NA 2085W 306 -82.2 No Significant Radioactivity NA NA 108.2 300.2
PLS16RC-010 PLV-3B 1050W 349 -80 156.97 160.02 3.1 330 – 460 NA NA 109.7 237.7

PLSRC16-007 (line 1275W) tested for the main graphitic corridor which hosts the Triple R deposit north of PLS12-017. PLS12-017 intersected strong alteration and anomalous B and U, up to 174 and 27 ppm (TD), respectively. Despite intersecting the graphitic corridor from 181 – 201m no uranium mineralization was detected. Due to the discreet nature of the mineralization at R840W however there is still scope for further drilling in this area.

PLSRC16-008 / 009 (line 2085W) were drilled on the interpreted western extension of the PLG-3B EM 2016 infill TDEM conductor along a left stepping bend. The graphitic corridor was not intersected in either drill hole, and both were relatively unaltered.

PLSRC16-010 (line 1050W) was drilled to determine the location of the graphitic corridor to the west of R840W. The typical sequence of lithologies intersected at the Triple R deposit were cut, with the graphitic corridor occurring from approximately 150 – 160m down hole. Moderate uranium mineralization, up to 9,307.7 cps (2GHF-1000 gamma probe) was intersected within the graphitic corridor. This mineralization may represent an area for further growth of the R840W zone to the west. Further follow up with a core drill is highly recommended.

FOREST LAKE CORRIDOR

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Basement Total
Hole ID Conductor Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
Lake
Depth
(m)
Sandstone
From – To
(m)
Unconformity
Depth
(m)
Drillhole
Depth
(m)
PLS16-497 PLV-41D 2910W 344 -78.0 No Significant Radioactivity NA NA 116.1 287.0
PLS16-509 PLV-19C 2085W 320 -85.4 No Significant Radioactivity NA NA 103.5 375.5

PLV-41D Conductor Trend

PLS16-497 (line 2910W) was designed to test the intersection of a thick graphitic fault zone cored in hole PLS16-478 near the top of bedrock. The fault zone was overshot however, and the drill hole only cut a weakly altered sequence of mafic gneiss, quartzofeldspathic gneiss and pegmatite.

PLV-19C Conductor Trend

PLS16-509 (line 2085W) tested a VTEM conductor break with coincident gravity low along strike from hole PLS15-349 which returned anomalous uranium up to 60 ppm (TD). The hole cored weakly to moderately quartzofeldspathic gneiss and mafic gneiss with minor graphitic fault zones.

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization at PLS occurs within the Patterson Lake Conductive Corridor and has been traced by core drilling approximately 2.63km of east-west strike length in four separated mineralized “zones”. From west to east, these zones are: R840W, R00E, R780E and R1620E. Thus far only the R00E and R780E have been included in the Triple R deposit resource estimate.

The discovery hole of what is now referred to as the Triple R uranium deposit was announced on November 05, 2012 with drill hole PLS12-022, from what is considered part of the R00E zone. Through successful exploration programs completed to date, it has evolved into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit.

The Triple R deposit consists of the R00E zone on the western side and the much larger R780E zone further on strike to the east. Within the deposit, the R00E and R780E zones have an overall combined strike length validated by a resource estimate of approximately 1.05km with the R00E measuring approximately 105m in strike length and the R780E zones measuring approximately 945m in strike length. A 225m gap separates the R00E zone to the west and the R780E zones to the east, though sporadic narrow, weakly mineralized intervals from drill holes within this gap suggest the potential for further significant mineralization in this area. The R780E zone is located beneath Patterson Lake which is approximately six metres deep in the area of the deposit. The entire Triple R deposit is covered by approximately 50m to 60m of overburden.

Mineralization remains open along strike both to the western and eastern extents. Previous logging of drill core interpreted sequences of basement rocks to be meta-sedimentary (meta-pelitic and meta-semi-pelitic gneiss) but recent observations have changed this interpretation to represent varying degrees of altered mafic volcanic rocks. Mineralization is both located within and associated with mafic volcanic intrusives with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are, associated with the PL-3B basement Electro-Magnetic (EM) Conductor. Recent very positive drill results returning wide and strongly mineralized intersections from the R840W zone, has allowed interpretation to merge the previously described R600W zone into the R840W zone. The R840W zone, located 495m west along strike of the Triple R deposit, now has a defined strike length of 465m and is still open. Drill results within the R840W zone have significantly upgraded the prospectivity of these areas for further growth of the PLS resource on land to the west of the Triple R deposit. The recently discovered high-grade mineralization in the R1620E zone, located 270m to the east along strike has significantly upgraded the prospectivity for further growth of the PLS resource to the east of the Triple R deposit.

Updated maps can be found on the Company’s website at http://fissionuranium.com/project/pls/.

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 – host to the class-leading Triple R uranium deposit – and is headquartered in Kelowna, British Columbia. Fission’s common shares are listed on the TSX 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.

Fission Uranium Corp.
Rich Matthews
Investor Relations
TF: 877-868-8140
[email protected]
www.fissionuranium.com

 

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