EDITOR: | June 5th, 2013

Fission, the Operator, Reports Remaining Assays on R00E, R390E and R780E Zones at PLS

| June 05, 2013 | No Comments
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June 05, 2013 — KELOWNA, BRITISH COLUMBIA (Source: Marketwired) — FISSION URANIUM CORP. (the “Company” or “Fission”) (TSX VENTURE:FCU)(FRANKFURT:2FU), the operator, and its 50% Joint Venture partner Alpha Minerals Inc., are pleased to report assay results from the remaining seventeen drill holes from the winter program at its Patterson Lake South (PLS) Property. The new results show continuous areas of broad uranium mineralization at shallow depth in all three PLS zones. Of particular note is hole PLS13-066 which returned an interval of 63.5m at 1.15% U3O8, including 2m at 9.51%.

These assays are the final results from the winter 2013 exploration program which saw a drill strike rate of 82% in the discovery of two new mineralized uranium zones (R390E, R780E), and significant growth of the R00E zone.

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

“The Winter program at PLS represents one of the most impressive uranium exploration programs I’ve ever seen or been a part of. With some huge intersections and high grades these results are a great end to the Winter program and a promising prelude to the Summer exploration program.”

Assay Highlights include:

Zone R00E

  • Hole PLS13-067 (line 045E) intersected:
    • 6.0m (61.5m-67.5m) of 4.80% U3O8 including:

Zone R390E

  • Hole PLS13-061 (line 360E) intersected:
    • 23.5m (110.0m-133.5m) of 1.39% U3O8, including:
    • 6.0m (126.0m-132.0m) of 4.34% U3O8
  • Hole PLS13-066 (Line 420E) intersected:
    • 63.5m (82.5m-145.5m) of 1.15% U3O8, including:
    • 2.0m (133.0m-135.0m) of 9.51% U3O8

Zone R780E

  • Hole PLS13-060 (Line 780E) intersected:
    • 7.0m (144.0m-1151m) of 1.22% U3O8, including:

R00E Zone

Assays reported for four vertical collared holes in this news release represent close spaced delineation drilling on lines 045E and 060E of the R00E zone. Interpretation thus far shows mineralization to be primarily focused in a footwall steeply south dipping package of E-NE trending pelitic gneiss, sandwiched between a semi-pelitic rock to the north and a quartz-feldspar gneiss to the south. Delineation drilling has also shown mineralization to cross lithological boundaries into the footwall and hanging wall adjacent the pelitic gneiss. This lithologic package appears to be parallel along strike to the ~073° oriented basement EM conductor identified from airborne and ground geophysics surveys.

As was the case with previous drill results from the R00E zone, the main mineralized horizon appears to be structurally controlled and generally flat lying within the pelitic (+/- graphite) unit, with the upper level of the mineralized zone occurring at or near the top of the Archean basement rocks, either within or immediately below a thin veneer or Devonian sandstone (see cross-sections lines 045E and 060E. Mineralization has been traced northward extending into the semi-pelitic package on sections L025W, 040W and 060W) and remains untested on the other sections.

Table 1: R00E Zone – Composited Mineralized Intervals (Down-hole measurements)
Zone Hole ID Grid
Line
From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R00E PLS13-065 060E 51.00 53.50 2.50 0.12
PLS13-067 045E 50.50 52.00 1.50 0.09
61.50 67.50 6.00 4.63
63.50 67.50 4.00 6.86
110.00 110.50 0.50 0.05
PLS13-069 045E 52.00 53.50 1.50 0.36
100.50 101.50 1.00 0.06
PLS13-071 045E No significant mineralization
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m

R390E Zone

Assays reported for eight vertical collared holes in this news release (PLS13-044, 046, 061, 062, 064, 066, 068 and 070) represent close spaced delineation drilling on lines 360E, 375E, 390 E, 405E and 420E of the R390E Zone. As is the case with the R00E zone, R390E mineralization is spatially located proximal to the north of the PL-3B basement EM conductor and situated within a well-defined resistivity low corridor. Drillhole interpretation thus far defines the area of highest grade mineralization to be associated with a steeply south dipping pelitic (+/- graphitic) lithology sandwiched between a semipelitic gneiss to the north and a quartz-feldspar gneiss to the south, where the mineralization is focused primarily near the contact between the pelitic gneiss and quartz-feldspar gneiss. Holes drilled on sections 390E have encountered weak mineralization in the footwall semipelitic rocks to the north (PLS13-068 and 070) and the hanging wall quartzitic gneiss to the south (PLS13-46). This lithologic package appears to be parallel along strike with that of the R00E Zone.

Most significant are the results of holes PLS13-061 (located 15m grid west of hole PLS13-053) and PLS13-066 (located 15m grid east of hole PLS13-066). Hole 061 (line 360E) shows the uranium to be concentrated within two zones: a) an upper 21.0m wide interval (77.0m – 88.0m) that averages 0.26% U3O8 and a higher grade lower 23.5m wide interval (110.0m – 133.5m) that averages 1.39% U3O8. Hole PLS13-066 (line 420E) shows the uranium to be concentrated in 1 continuous 63.5m interval (82.0m – 145.5m) that averages 1.15% U3O8 and includes several high-grade sub-intervals from 2.0m to 6.0m wide.

Table 2: R00E Zone – Composited Mineralized Intervals (Down-hole measurements)
Zone Hole ID Grid
Line
From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R390E PLS13-044 390E 56.00 73.00 17.00 0.24
60.00 61.00 1.00 1.24
77.00 83.00 6.00 0.32
86.00 89.50 3.50 0.38
96.50 103.50 7.00 0.46
101.00 102.50 1.50 1.36
PLS13-046 390E 96.50 98.00 1.50 0.13
127.50 129.00 1.50 0.04
206.50 207.50 1.00 0.15
239.00 240.00 1.00 0.14
243.50 244.00 0.50 0.16
PLS13-061 360E 77.00 98.00 21.00 0.26
92.50 97.50 5.00 0.75
102.50 103.50 1.00 0.25
110.00 133.50 23.50 1.39
126.00 132.00 6.00 4.34
137.50 140.00 2.50 1.17
PLS13-062 375E 51.00 55.00 4.00 0.36
86.00 98.50 12.50 0.19
PLS13-064 405E 83.50 84.50 1.00 0.29
90.50 91.50 1.00 0.11
95.00 96.00 1.00 0.06
110.50 121.00 10.50 0.08
125.50 136.00 10.50 0.43
130.00 132.00 2.00 1.37
PLS13-066 420E 82.00 145.50 63.50 1.15
88.00 90.50 2.50 4.50
101.00 107.50 6.50 2.60
122.00 124.00 2.00 2.14
133.00 135.00 2.00 9.51
PLS13-068 390E 96.00 111.00 15.00 0.26
116.00 117.00 1.00 0.10
PLS13-070 390E 85.50 89.00 3.50 0.13
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m

R780E Zone

Assays reported for three vertical collared holes in this news release (PLS13-048, 055 and 060) represent close spaced delineation drilling on line 780E. The R780E zone discovery was the result of follow-up by drilling of a radon in water anomaly identified during the January – February 2013 survey conducted by RadonEx Exploration Management. The radon anomaly is on trend to the E-NE from the R00E and R390E zones, and is situated close to the east end of the PL-3B EM conductor and associated resistivity low corridor that is inferred to be terminated by a cross cutting structure.

Similar to the R00E and R390E Zones, interpretation of mineralization in R780E, shows that mineralization is primarily focused within the graphitic pelitic rock, but in all three holes, mineralization continues across the footwall semipelite contact. The most northerly hole, PLS13-048 intersected mineralization entirely within the footwall semipelitic rocks.

The best developed mineralized zones were returned from hole PLS13-060, which had a total of 11 discontinuous intervals from 0.5m – 15.5m wide within 124.5m (133.5m – 258.0m). The strongest interval of mineralization was from a 7.0m interval (144.0m – 151.0m) that averaged 1.22% U3O8, including a higher grade 2.5m wide core (146.5m – 149.0m) at 3.0% U3O8.

Table 3: R00E Zone – Composited Mineralized Intervals (Down-hole measurements)
Zone Hole ID Grid
Line
From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R780E PLS13-048 780E 155.00 164.50 9.50 0.08
167.00 173.50 6.50 0.18
176.00 177.00 1.00 0.07
PLS13-055 780E 109.50 114.00 4.50 0.40
117.00 118.00 1.00 0.15
141.50 145.50 4.00 0.40
166.00 176.00 10.00 0.57
173.50 176.00 2.50 1.87
192.00 192.50 0.50 0.39
PLS13-060 780E 133.50 141.00 7.50 0.18
144.00 151.00 7.00 1.22
146.50 149.00 2.50 3.00
154.00 156.50 2.50 0.13
159.50 175.00 15.50 0.20
183.00 189.50 6.50 0.39
193.50 196.50 3.00 0.14
203.50 209.00 5.50 0.36
212.00 216.50 4.50 0.36
221.00 226.50 5.50 0.11
247.50 248.00 0.50 0.20
257.50 258.00 0.50 0.38
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m

Regional Tests

Two drill holes tested regional targets further along trend and on a parallel conductor to the north.

Line 2190E – PLS13-057 was targeted as a follow-up test to hole PLS13-040 (see news release March 11, 2013), which was targeted on an EM conductor and coincident intense resistivity low located ~2.2km to the east of the R00E Zone. Hole 040 was interpreted to be analogous to the northern semipelitic unit which bounds mineralization further to the west in R780E. Hole 057 was drilled to test further to the south where it was interpreted to be in the pelitic corridor. However no pelite was encountered in hole 057 and no associated mineralization. Overall uranium values are low, ranging from <2ppm to 5ppm.

Line 990E – PLS13-063 was targeted based on a limited radon anomaly coincident with one of the central EM conductors and a resistivity low. Basement rock was encountered at 54.5m. A favorable sequence of alternating pelitic and semi-pelitic gneiss was intersected from 54.5m – 163.7m (end of hole). A Diabase unit was intersected from 128.7m – 132.4m. Overall uranium values are low, ranging from <2ppm to 13 ppm.

Composited U3O8 mineralized intervals are summarized in Table 4 below.

Table 4: R00E Zone – Composited Mineralized Intervals (Down-hole measurements)
Zone Hole ID Grid
Line
From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
Regional PLS13-057 2190E No signficant mineralization
PLS13-063 990E No signficant mineralization
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m

Composited U3O8 mineralized intervals are summarized in Tables 1-4. Samples from the drill core are split in half on site. Most 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 intersections are down-hole, core interval measurements and true thickness are yet to be determined.

Split core samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which includes a 63 element ICP-OES, uranium by fluorimetry (partial digestion), and boron. Samples within mineralized intervals and any samples which return >500ppm U, are assayed for weight % U3O8, as well as fire assayed for gold. Further 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 Uranium Corp 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, (>60M lbs of U3O8 produced), 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 tables can be found on Fission Uranium Corp’s website at http://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.

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. Fission Uranium Corp’s Common Shares are listed on the TSX Venture Exchange under the symbol “FCU”.

This press release contains “forward-looking information” that is based on Fission’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission’s development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Fission’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Fission disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

ON BEHALF OF THE BOARD

Ross McElroy, President & COO

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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