EDITOR: | October 17th, 2013

Fission JV Hits 14m @15.63% U3O8 in 43m @6.93% U3O8 at R780E Zone

| October 17, 2013 | No Comments
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October 17, 2013 (Source: Marketwired) — FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) (“Fission” or “the Company“) the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to report assay results from hole PLS13-080 on line 780E of Zone R780E, at their Patterson Lake South (PLS) property, Saskatchewan. The hole returned nine mineralized intervals, including a continuous high-grade sub-interval of 14.0m @15.63% U3O8 in 43.0m @6.93% U3O8. Of additional note is an interval of 2.0m @ 26.73%. With a Grade x Thickness (GT) value of 298.1 for this main mineralized interval, this is now the best mineralized hole to date at R780E and shows the Zone is delivering the same level of high-grade results as R390E zone.

Assay Highlights

  • 43.0m (130.0m to 173.0m) @6.93% U3O8, including:
    • 2.0m (144.0m to 146.0m) @26.73% U308
    • 14.0m (155.0m to 169.0m) @15.63% U3O8
    • Highest assay: 49.8% U3O8 over 0.5m (145.0m – 145.5m)

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

This is a superb result that shows very high grades and particularly shallow depths. It’s clear that R780E is delivering the same level of very-high grades that R390E has become known for which speaks volumes for the potential of the R780E zone and of the PLS discovery as a whole.”

Composited U3O8 mineralized intervals are summarized in Table 1 below. Samples from the drill core are split in half on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to the laboratory for analysis and the other half remains on site for reference. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

Composited Mineralized Intervals (Down-hole measurements)

Zone Hole ID Grid Line From (m) To (m) Interval (m) U3O8 (wt%)
R780E PLS13-080 780E 125.00 127.00 2.00 0.14
130.00 173.00 43.00 6.93
144.00 146.00 2.00 26.73
155.00 169.00 14.00 15.63
175.50 180.50 5.00 0.28
201.50 202.00 0.50 0.39
230.50 231.00 0.50 0.37
236.50 242.50 6.00 0.48
245.00 247.50 2.50 1.98
290.00 301.00 11.00 0.16
318.00 319.00 1.00 0.09

Composite Parameters

  1. Minimum Thickness: 0.50m
  2. Grade Cut-off: 0.05 U3O8 (wt%)
  3. Maximum Internal Dilution: 2.00m

Drillhole PLS13-080 was collared as a vertical hole and was completed at a depth of 347.0m. Mineralized zones as defined by assays of >0.05% U3O8 over >0.5m are present in discrete intervals over a 194.0m wide section (125.0m – 319.0m) each ranging in width from 0.5m to 43.0m wide. The main mineralized horizon was encountered from 130.0m – 173.0m and returned a composited interval of 6.93% U3O8 over 43.0m, including two high-grade cores (144.0m – 146.0m and 155.0m – 169.0m) that returned 26.73% U3O8 over 2.0m and 15.63% U3O8 over 14.0m respectively. Basement bedrock was encountered at 54.0m depth, immediately below the overburden with no Devonian sandstone encountered above the basement. From 54.0m to 170.6m basement lithology consists predominantly a quartzitic gneiss with sequences of moderate-to-steeply dipping mylonites. Below 170.6m, the basement transitions to a pelitic gneiss with alternating sequences of undifferentiated mylonites.

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 assay table for the R780E zone can be found on the Company’s website at https://www.fissionuranium.com/projects/patterson-lake-south-sk/.

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 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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