April 4, 2017
Fission Confirms R1515W Zone with 2nd Well-Mineralized Hole: 48.0m Total Composite Mineralization, Including 4.44m Total Composite >10,000 cps
Fission’s 3rd land-based zone open in multiple directions
KELOWNA, BRITISH COLUMBIA–(Marketwired – April 4, 2017) – FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) (“Fission” or “the Company“) is pleased to announce that its exploration drilling has expanded the newly discovered R1515W high-grade, near-surface, and land-based zone at its’ PLS property, host to the Triple R deposit, in Canada’s Athabasca Basin region. Since announcement of the first high-grade mineralization on the R1515W Zone with PLS17-539 (March 20, 2017) two additional holes have been completed on line 1515W. Of particular note, hole PLS17-553, intersected 48.0m of total composite mineralization, including a 32.5m section of continuous mineralization that included total composite of 4.44m of >10,000 cps (with a peak of 43,000 cps). The mineralized section is located approximately 12m to 15m south of the mineralization in PLS17-537 and is so far the strongest mineralization encountered at R1515W. The land-based R1515W zone, which is open in several directions, is located approximately 510m to the west of the high-grade, near-surface R840W zone.
Drilling Highlights Include:
Ross McElroy, President, COO, and Chief Geologist for Fission, commented:
“We are delighted with this strong follow-up drilling on the R1515W zone. PLS17-553 is the 2nd strongly mineralized hole in the newly discovered zone and confirms the potential for significant widths and high-grade radioactivity. The R1515W is the western-most zone of high-grade mineralization on our Patterson Lake Corridor trend and expands the strike-length of our high-grade mineralized foot-print to 3.14km – the largest in the region. R1515W is shallow and represents our third land-based zone. It is open in multiple directions and we look forward to the next two holes of our follow-up drilling.”
Table 1: R1515W Zone Drilling
The R1515W zone was discovered during the winter 2017 western extension portion of the regional exploration program. As was previously announced on Mar 20th, 2017, several anomalously radioactive and altered reverse circulation and core holes, particularly those testing on line 1485W culminated in PLS17-539 intersecting a 31.0m wide mineralized interval in a 30m west step-out on line 1515W. Based on the results of PLS17-539 an additional 4 hole follow-up program was initiated. Under the assumption that similar steeply southern dipping local orientations and controls to mineralization that are present on the 4 other high-grade zones (R840W / R00E / R780E and R1620E zones), two holes were designed to test 40m up-dip (PLS17-547) and 40m down-dip (PLS17-553) of the mineralization on section 1515W.
The north-south mineralization thus far encountered on line 1515W appears at a similar elevation (approximately 185m vertical depth) and thus at this scale appears flat-lying. This relationship is also seen on other zones and it is expected that mineralization is influenced and will be controlled by steep dipping lithological contacts and parallel structural features. The two additional holes remaining in this early stage phase of drilling the R1515W, will assist in interpreting controls and orientation to the mineralization.
Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held RS-121 Scintillometer manufactured by Radiation Solutions, which is capable of discriminating readings to 65,535 cps. Natural gamma radiation in the drill hole survey that is reported in both core and reverse circulation “RC” holes this news release was measured in counts per second (cps) 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. 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 intersection measurements are down-hole. All depths reported of core interval and down-hole gamma measurements including radioactivity and mineralization intervals widths are not always representative of true thickness and true thicknesses are yet to be determined in zones outside of the Triple R deposit. Within the Triple R deposit, individual zone wireframe models constructed from assay data and used in the resource estimate indicate that both the R780E and R00E zones have a complex geometry controlled by and parallel to steeply south-dipping lithological boundaries as well as a preferential sub-horizontal orientation.
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 3.14km of east-west strike length in five separated mineralized “zones”. From west to east, these zones are: R1515W, R840W, R00E, R780E and R1620E. Thus far only the R00E and R780E have been included in the Triple R deposit resource estimate, where-as the R840W and R1620E zones and the recent addition of the R1515W zone, fall outside of the current resource estimate window.
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 in both the western and eastern directions. Basement rocks within the mineralized trend are identified primarily as mafic volcanic rocks with varying degrees of alteration. 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 recent discovery of high-grade mineralization further to the west on line 1515W (R1515W zone), located 510m to the west along strike of the R840W zone, has significantly upgraded the prospectivity for further growth to the west along the Patterson Lake Corridor. 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 and files 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
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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