EDITOR: | March 17th, 2014

Fission Hits 15.25m Total Composite “Off-Scale” (Line 690E); two More Zones Connect

| March 17, 2014 | No Comments
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March 17, 2014 (Source: Marketwired) — FISSION URANIUM CORP. (“Fission” or “the Company“) (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) is pleased to announce results from eight new holes at its PLS property in Saskatchewan’s Athabasca Basin. Of key importance is the intersection of mineralization in hole PLS14-177 on line 525E. This has closed the gap between the R390E and R585E high-grade zones to create one much larger zone, now referred to as the R390E zone. This success is an important milestone towards meeting a key objective of the Winter 2014 program: to prove, through drilling, that the zones identified along the 1.78km strike length are connected. It follows the merging of zones R780E and R945E earlier this month (see NR dated March 5, 2014).

Five of the holes returned considerable off-scale (>9999 cps) mineralization. Of particular note is hole PLS14-171 (line 690), which intersected 15.25m of total composite off-scale (>9999 cps) mineralization in 97.5m total composite mineralization at shallow depth.

Drilling Highlights include:

Hole PLS14-171 (line 690E)

  • 97.5m total composite mineralization (between 60.0m – 226.0m) including:
    • 15.25m total composite off-scale (>9999 cps) radioactivity

Hole PLS14-172 (line 825E)

  • 106.0m total composite mineralization (between 82.5m – 324.5m) including:
    • 7.14m total composite off-scale (>9999 cps) radioactivity

Hole PLS14-170 (line 915E)

  • 131.5m total composite mineralization (between 82.5m – 304.0m) including:
    • 5.85m total composite off-scale (>9999 cps) radioactivity

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

“Fission has now turned five shallow depth, high-grade zones into three much larger zones. This represents tremendous progression towards our goal of proving the discovery is actually a large connected zone of mineralization.”

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sandstone Basement Unconformity Total Drillhole
Hole ID Zone Grid Line Az Dip From (m) To (m) Width (m) CPS Peak Range From – To (m) Depth (m) Depth (m)
PLS14-169 R390E 285E 286 -90 84.0 84.5 0.5 510 NA 50.0 327.5
120.0 121.0 1.0 340 – 610
123.5 125.0 1.5 330 – 510
135.0 140.0 5.0 <300 – 510
144.5 157.0 12.5 <300 – 3600
159.5 178.5 19.0 <300 – 5100
184.5 185.0 0.5 360
191.5 192.0 0.5 380
205.5 206.5 1.0 420 – 450
PLS14-170 R780E 915E 100 -84 82.5 83.0 0.5 350 NA 62.2 347.0
107.0 110.0 3.0 <300 – 560
117.5 118.0 0.5 450
134.5 193.5 59.0 <300 – >9999
201.0 238.5 37.5 <300 – >9999
251.0 256.0 5.0 <300 – 7800
259.0 271.0 12.0 <300 – 8500
274.0 281.5 7.5 <300 – 1000
292.0 294.5 2.5 <300 – 420
300.0 304.0 4.0 <300 – 670
PLS14-171 R780E 690E 100 -86.9 60.0 94.5 34.5 <300 – >9999 NA 59.9 323.0
97.5 99.5 2.0 <300 – 330
104.0 153.5 49.5 <300 – >9999
156.5 158.5 2.0 460 – 1800
189.5 190.0 0.5 740
210.0 218.0 8.0 <300 – 1200
222.0 222.5 0.5 380
225.5 226.0 0.5 430
PLS14-172 R780E 825E 328 -83.5 82.5 114.0 31.5 <300 – >9999 NA 56.6 332.0
116.5 117.0 0.5 340
119.5 143.0 23.5 <300 – 9700
145.5 149.5 4.0 310 – 4100
152.0 156.5 4.5 <300 – 420
159.0 160.0 1.0 310
163.5 165.0 1.5 310 – 550
167.5 190.5 23.0 <300 – >9999
199.0 200.0 1.0 500 – >9999
209.0 209.5 0.5 300
224.0 238.5 14.5 <300 – >9999
324.0 324.5 0.5 410
PLS14-173 R390E 255E 001 -86.8 72.5 73.0 0.5 360 NA 54.5 257.0
150.5 151.0 0.5 360
PLS14-174 R780E 690E 300 -85.9 83.5 86.5 3.0 <300 – 2300 NA 56.0 290.0
90.5 91.5 1.0 310 – 410
96.0 104.5 8.5 <300 – 850
107.0 130.0 23.0 <300 – >9999
135.0 175.0 40.0 <300 – >9999
PLS14-175 R780E 870E 329 -87.4 84.0 84.5 0.5 480 NA 60.0 407.0
87.0 88.0 1.0 510 – 660
100.5 105.5 5.0 <300 – 510
120.0 180.5 60.5 <300 – >9999
183.5 185.5 2.0 760 – >9999
192.0 197.0 5.0 <300 – 5200
212.5 213.0 0.5 2000
222.0 225.5 3.5 <300 – 1300
229.0 230.5 1.5 360 – 1100
236.5 242.0 5.5 <300 – 4300
282.5 288.5 6.0 <300 – 1600
291.0 292.0 1.0 540 – 580
295.5 296.0 0.5 400
300.0 300.5 0.5 840
303.5 304.0 0.5 410
324.0 324.5 0.5 1100
335.5 337.0 1.5 <300 – 640
373.5 374.0 0.5 780
PLS14-177 R585E 525E 329 -81.8 101.5 104.5 3.0 <300 – 940 57.7 – 58.5 58.5 335.0
109.5 111.0 1.5 380 – 710
116.0 117.5 1.5 <300 – 350
120.5 133.5 13.0 <300 – 1200
147.5 159.5 12.0 <300 – 1200
174.0 185.5 11.5 <300 – 2800

R390E Zone (line 225E – line 615E):

The R390E zone is located approximately 135m grid east of the easternmost defined edge of the R00E zone. Presently defined by 52 holes, the R390E Zone has a strike length (grid east-west) of approximately 390m and a lateral width (grid north-south) of up to approximately 50m (line 390E).

R780E Zone (line 690E – line 990E):

The R780E zone is located approximately 75m grid east of the easternmost defined edge of the R390E zone. Presently defined by 41 holes, the R780E Zone has a strike length (grid east-west) of approximately 300m and a lateral width (grid north-south) of up to approximately 95m (line 780E).

Fission has completed 48 holes of the planned Winter 2014 delineation drill hole program. Approximately 85% of the holes are designed to assist in delineation of the main mineralized trend between lines 015E and 1080E utilizing 4 diamond drill rigs. A 5th diamond drill rig is being utilized to drill exploration holes outside of the main mineralized trend.

A $12M, 100 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://fissionuranium.com/project/pls/overview/news/.

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 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.

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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