EDITOR: | November 12th, 2013

Fission Confirms 6th Zone with 16.8m Total Composite Mineralization at R600W

| November 12, 2013 | No Comments
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November 12, 2013 (Source: Marketwired) — FISSION URANIUM CORP. (“Fission” or “the Company“) (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to announce results from two additional holes drilled on the R600W Zone at its Patterson Lake South (PLS) property in Canada’s Athabasca Basin; PLS13-121 and PLS13-122. The holes expand the new zone by 10m north and 15m east respectively. Of note is hole PLS13-121, which intersected 16.8m total composite mineralization, at a more shallow depth than hole PLS13-118 (see news release Nov 4th, 2013) and includes a 0.05m horizontal vein of semi-massive pitchblende with accompanying off-scale (>9999 cps) radioactivity.

Drilling Highlights include:

Hole PLS13-121 (line 600W)

  • 16.8m of total composite mineralization between 98.7m to 196.0m
  • Mineralization encountered up dip of hole PLS13-118, with stronger radioactivity and a 0.05m horizontal semi-massive pitchblende vein with off-scale radioactivity
  • Expands Zone R600W by 10m north

Hole PLS13-121 (line 585W)

  • 8.0m of total composite mineralization between 101.5m to 220.0m
  • Expands Zone R600W by 15m east

Ross McElroy, President, COO, and Chief Geologist for Fission, commented, “Having discovered the sixth zone at PLS just one week ago, we’re delighted to see R600W already expanding. It is also very encouraging to find substantial mineralization with stronger radioactivity, and at a more shallow depth, than the zone discovery hole for this zone.”

R600W Zone:

The R600W zone discovery was the result of follow-up by drilling of a radon in soil gas anomaly identified during the summer program. The radon anomaly is located between 540W and 630W and may be associated with inferred north-south cross cutting structures. This anomaly lies along an ENE trend, parallel and just north of the PL-3B EM conductor.

Hole PLS13-121 (line 600W) was collared as a vertical hole and completed to a depth of 248.0m. The hole was drilled 10m grid north of PLS13-118 (see news release November 04, 2013). A narrow 0.3m wide horizon of Devonian sandstone directly overlies the basement from 98.7m to 99.0m. Basement was encountered at a depth of 99.0m. A total composite of 16.8m of mineralization within 6 discrete intervals of variably weak to moderately radioactive mineralization was intersected from 98.7m to 196.0m, in interval widths ranging from 0.5m to 11.3m. A 0.05m horizontal vein of semi-massive pitchblende with off-scale (>9999 cps) radioactivity was intersected from 106.35m to 106.4m. The upper part of the basement lithologic sequence (99.0m to 231.8m) is comprised dominantly of pelitic gneiss, often graphitic, with occasional intervals of undifferentiated mylonites and cataclasites ranging from 1.6m to 10.3m wide. A diabase dyke is present from 231.8m to 234.1m. From 234.1m to 248.0m (EOH) a semipelitic pelitic gneiss dominates. Moderate clay alteration (locally hematitic) is present throughout from 99.0m to 185.5m. A sulphide-rich section is present from 144.0m to 174.2m.

Hole PLS13-122 (line 585W) was collared as a vertical hole and completed to a depth of 332.0m. The hole was drilled 15m grid east of PLS13-118. Basement was encountered at a depth of 100.0m. A total composite of 8.0m of mineralization within 5 discrete intervals of variably weak to moderately radioactive mineralization was intersected between 101.5m to 220.0m, in interval widths ranging from 0.5m to 4.0m. The upper part of the basement lithologic sequence (100.0m to 149.2m) is comprised of a quartzitic gneiss. From 149.2m to 332.0m (EOH) a pelitic gneiss dominates. Local narrow intervals (1.6m to 3.8m wide) of moderate to steeply dipping mylonites and cataclasites are present between 209m to 275m.

R600W

Collar * Hand-held Scintillomenter Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sandstone Basement
Unconformity
Total Drillhole
Hole ID Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS Peak
Range
From – To
(m)
Depth
(m)
Depth
(m)
PLS13-121 600W 281 -89 98.7 110.0 11.3 <300 – >9999 98.7 – 99.0 99.0 248.0
141.0 144.5 3.5 <300 – 600
150.0 150.5 0.5 530
162.0 162.5 0.5 300
182.5 183.0 0.5 380
195.5 196.0 0.5 790
PLS13-122 585W 197 -86 101.5 103.5 2.0 <300 – 800 No Sandstone 100.0 332.0
106.0 110.0 4.0 <300 – 510
116.0 116.5 0.5 370
158.5 159.5 1.0 430 – 1900
219.5 220.0 0.5 400

*Scintillometer Instrument: GR-110G

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 a 50%/50% Joint Venture held by Fission Uranium Corp. and Alpha Minerals Inc (AMW). Fission is the Operator. 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. Updated maps and scintillometer table for the R600W zone can be found on the Company’s website at www.fissionuranium.com/projects/pls/overview/news/.

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 acquisition, exploration and development of uranium properties 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 potential spin-out and listing of Fission Uranium and 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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