EDITOR: | August 5th, 2014

Fission: 7 Summer Angle Holes Hit Off Scale Widening Zone R780E North and South

| August 05, 2014 | No Comments
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August 5, 2014 (Source: Marketwired) — FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) (“Fission” or “the Company“) is pleased to announce results from twelve new angled drill holes of the summer drill program at its PLS property in Canada’s Athabasca Basin. Of particular note, the drill hole results show further widening of the main PLS discovery to the north and south, east of line 780E. With PLS14-248 (line 825E) significantly expanding the high grade area approximately 40m to the south and PLS14-237 (line 870E) and PLS14-236 (line 960E) expanding the mineralized corridor approximately 50m the north, the potential of growth at PLS is highly prospective.

All twelve holes returned wide mineralization, with seven holes returning substantial intervals of >10,000 cps radioactivity.

Of additional note is PLS14-248 (line 825E), an angled hole with a total of 106.2m composite mineralization, including 18.2m total composite “off-scale” (>10,000 cps) radioactivity within a 21.5m interval (146.5m – 168.0m). The hole has a total composite “off-scale” (>10,000 cps) of 21.1m.

Drilling Highlights Include:

Hole PLS14-248 (line 825E)

  • 106.2m total composite mineralization (between 108.0m – 264.0m) including:
    • 21.2m total composite mineralization of (>10,000 cps) radioactivity

Hole PLS14-243 (line 495E)

  • 77.0m total composite mineralization (between 82.0m – 240.0m) including:
    • 1.9m total composite mineralization of >10,000 cps radioactivity

Hole PLS14-240 (line 645E)

  • 77.0m total composite mineralization (between 81.5m – 230.0m) including:
    • 1.7m total composite mineralization of >10,000 cps radioactivity

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

“Today’s results confirm a widening to the north and south in the eastern half of the R780E zone – evidence of the continued strong growth and potential of PLS.”

As per news release July 28, 2014 Fission has replaced the GR-110 scintillometer, which measured a maximum of 9,999 cps (referred to as off-scale in all previous PLS drill programs) with the RS-121 scintillometer, which measures up to 65,535 cps for higher resolution readings of strongly anomalous radioactivity.

Hole
ID
Zone Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sand-
stone
From –
To
(m)
Base-
ment
Uncon-
for-
mity
Depth
(m)
Total
Drill-
hole
Depth
(m)
Grid Line Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
PLS14-231 R780E 420E 367 -68.7 69.0 71.0 2.0 380 – 510 55.8 – 56.8 56.8 275.0
76.0 92.0 16.0 <300 – 9600
116.5 120.0 3.5 320 – 800
198.0 199.0 1.0 300 – 600
PLS14-232 R780E 285E 347 -69 133.0 139.0 6.0 <300 – 1900 NA 51.1 345.0
142.5 155.0 12.5 <300 – 14000
162.5 167.0 4.5 <300 – 1900
169.5 177.0 7.5 <300 – 8100
192.0 192.5 0.5 360
279.0 281.0 2.0 320 – 940
PLS14-233 R780E 600E 338 -71 165.0 165.5 0.5 420 NA 61.0 343.0
168.0 168.5 0.5 310
209.0 212.5 3.5 <300 – 1600
229.5 232.0 2.5 410 – 1200
237.5 238.0 0.5 320
PLS14-235 R780E 555E 346 -70.9 91.0 91.5 0.5 490 58.4 – 58.8 58.8 302.3
105.0 105.5 0.5 380
135.5 136.0 0.5 330
158.5 163.0 4.5 390 – 890
165.5 166.5 1.0 350 – 380
187.0 190.5 3.5 <300 – 660
210.0 212.5 2.5 <300 – 400
222.0 226.0 4.0 <300 – 1500
228.5 229.0 0.5 360
260.0 260.5 0.5 310
PLS14-236 R780E 960E 342 -66 110.5 112.5 2.0 <300 – 460 NA 65.2 407.0
116.5 129.0 12.5 <300 – 4000
139.5 142.5 3.0 340 – 1000
170.5 172.0 1.5 350 – 490
176.5 184.0 7.5 <300 – 1900
188.5 192.0 3.5 <300 – 780
199.0 224.5 25.5 <300 – 7700
231.0 237.5 6.5 <300 – 5000
246.0 247.5 1.5 360 – 40000
262.0 262.5 0.5 320
271.5 288.0 16.5 <300 – 11000
290.5 299.0 8.5 <300 – 5400
302.5 310.5 8.0 <300 – 1100
323.0 323.5 0.5 640
PLS14-237 R780E 870E 340 -69 68.5 84.0 15.5 <300 – 2400 NA 63.3 377.0
115.0 124.0 9.0 <300 – 3000
142.5 152.5 10.0 <300 – 1000
155.0 156.0 1.0 460 – 600
165.5 168.5 3.0 <300 – 700
179.0 186.5 7.5 <300 – 730
189.0 191.5 2.5 <300 – 680
231.0 255.0 24.0 <300 – 15000
257.5 268.5 11.0 <300 – 6800
272.0 279.5 7.5 <300 – 7500
284.5 288.0 3.5 <300 – 520
292.0 292.5 0.5 450
295.5 300.0 4.5 <300 – 610
305.0 306.0 1.0 320 – 460
PLS14-238 R780E 825E 340 -69 129.5 147.5 18.0 <300 – 3200 NA 59.2 431.0
150.5 151.5 1.0 500 – 820
176.0 177.0 1.0 300 – 490
180.0 180.5 0.5 310
184.0 197.5 13.5 <300 – 2900
200.0 221.0 21.0 <300 – 7400
234.5 236.5 2.0 <300 – 700
243.0 245.0 2.0 <300 – 3000
250.5 254.0 3.5 <300 – 40000
290.0 290.5 0.5 370
299.5 301.0 1.5 330 – 500
304.0 307.0 3.0 <300 – 470
397.5 398.0 0.5 390
PLS14-240 R780E 645E 334 -70.4 81.5 126.5 45.0 <300 – 36000 58.0 – 58.7 58.7 326.0
142.0 145.0 3.0 <300 – 430
150.0 151.0 1.0 1900 – 3900
157.0 159.0 2.0 460 – 33000
164.5 167.0 2.5 <300 – 2700
169.0 172.0 3.0 <300 – 5100
178.5 180.0 1.5 <300 – 370
183.0 185.5 2.5 <300 – 340
204.0 219.0 15.0 <300 – 7400
228.5 230.0 1.5 600 – 1000
PLS14-242 R780E 870E 342 -69 96.0 96.5 0.5 370 NA 55.9 395.0
119.0 119.5 0.5 360
125.0 126.5 1.5 320 – 400
131.0 134.5 3.5 350 – 670
143.0 156.5 13.5 <300 – 700
161.5 164.5 3.0 <300 – 1200
171.0 171.5 0.5 460
181.0 193.0 12.0 <300 – 16000
196.0 196.5 0.5 310
200.5 201.5 1.0 320 – 330
209.5 212.5 3.0 <300 – 5900
215.5 222.0 6.5 <300 – 5200
249.0 252.5 3.5 <300 – 2300
261.0 265.0 4.0 <300 – 1200
273.5 275.0 1.5 380 – 1000
278.0 278.5 0.5 360
302.0 303.0 1.0 310 – 500
306.5 307.0 0.5 490
310.0 312.5 2.5 <300 – 1200
321.0 322.0 1.0 490 – 1400
337.0 337.5 0.5 450
342.0 342.5 0.5 350
PLS14-243 R780E 495E 332 -66 82.0 83.0 1.0 330 – 350 56.4 – 57.1 57.1 356.0
86.5 91.5 5.0 <300 – 910
94.5 97.5 3.0 <300 – 1400
101.5 122.0 20.5 <300 – 54000
125.0 135.0 10.0 <300 – 27300
137.5 151.0 13.5 <300 – 6900
166.5 178.5 12.0 390 – 9200
179.0 190.0 11.0 350 – 5600
236.0 236.5 0.5 490
239.5 240.0 0.5 600
PLS14-244 R780E 660E 336 -71.7 62.0 62.5 0.5 330 60.5 – 61.0 61.0 275.0
85.0 86.0 1.0 380 – 480
90.5 93.5 3.0 440 – 4600
99.0 102.0 3.0 <300 – 590
131.5 132.0 0.5 310
PLS14-248 R780E 825E 332 -70 108.0 177.5 69.5 <300 – 62800 NA 59.4 452.0
183.0 199.0 16.0 <300 – 8300
202.0 206.5 4.5 <300 – 1200
209.8 210.5 0.7 540 – 27100
220.5 222.5 2.0 320 – 4000
230.0 242.0 12.0 <300 – 62300
251.5 252.0 0.5 350
263.5 264.0 0.5 3900
271.5 272.0 0.5 350

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. 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.

Samples from the drill core will be split in half sections on site. Where possible, samples will be standardized at 0.5m down-hole intervals. One-half of the split sample will be 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 will remain on site for reference. Analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron.

All depth measurements reported, including radioactivity and mineralization interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

PLS Mineralized Trend Summary

Uranium mineralization at PLS has been traced by core drilling over 2.24km of east-west strike length in five separate mineralized “zones” from line 615W (PLS13-124) to line 1620E (PLS14-196). From west to east, these zones are; R600W, R00E, R780E, R1155E and R1620E. The former R390E, R585 and R945E zones have been merged into the R780E zone by successful winter drilling. Mineralization remains open along strike both to the western and eastern extents. Mineralization is both located within and associated with a metasedimentary lithologic corridor, bounded to the south by the PL-3B basement Electro-Magnetic (EM) Conductor.

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 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”
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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


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