TSX: FCUOTCQX: FCUUFFSE: 2FU

Patterson Lake South (PLS) - Exploration History

October 31, 2013

Summer 2014 Drill Program Completed

In September, Fission completed an expanded 28,328m summer drill program, budgeted at $15 million. The program was expanded due to the drilling success achieved early into the program. A total of 60 drill holes were completed in the R780E Zone. In addition, 22 regional exploration drill holes were also completed, resulting in the discovery of anomalous radioactivity on three new conductors in the PL Corridor and Far East target areas of the property.

All 60 drill holes completed at the R780E Zone intersected mineralization for a 100% drilling success rate, including 42 drill holes, which intersected mineralized intervals with >10,000 cps radioactivity. Assays from the first 29 holes were reported during the first week of October, confirming significant expansion of the R780E Zone laterally north-south along the entire strike length. Included in these results was the second best hole drilled to date at the PLS property. Hole PLS14-248 (composite grade-thickness of 698) returned 16.5m of 35.13% U3O8 within 47.5m grading 13.23% U3O8. Assays from an additional 13 holes, including 7.5m grading 24.87% U308 within 24m of 8.53% U3O8 were subsequently announced late in October.

The final 18 R780E Zone delineation holes were announced on December 1st. All eighteen holes returned strong mineralization at shallow depth, with fourteen returning substantial high-grade intervals. Hole PLS14-290 (line 735E), which was drilled in an area that previously returned modest results, returned strong composite assay intervals including 32.53% U3O8 over 6.5M within a significantly larger 64.5m interval grading 3.72% U3O8 .

Overall, the program significantly widened the high-grade R780E Zone on multiple lines, and increased the strike length to 905m (between lines 255E and 1155E) within a mineralized lateral corridor up to 164m wide (line 885E) as infill drilling successfully connected the former R1155E Zone to the east. Mineralization remains open in all directions. The R00E zone has been defined by drilling over a strike length of 165m (between lines 075W to 090E) and a lateral width up to 40m (line 030W).

All geochemical assay data required for the completion of a NI 43-101 compliant Maiden Resource for the R00E and R780E zones has been received. Fission expects to release preliminary results by early 2015. Planning is underway for a winter 2015 drilling and regional exploration program.

Highlights of the Recent 2014 Summer Drill Program:

  • 100% drilling success rate: All 60 drill holes completed during the summer 2014 exploration program at the R780E Zone hit mineralization, with 42 holes intersecting >10,000 cps radioactivity;
  • The R780E and R1155E zones were successfully connected with Holes PLS-274 (Line 1125E) and PLS-285 (Line 1095E) intersecting stronger mineralization than previously encountered. The newly enlarged R780E Zone’s strike length increased   from 855m to 905m (between Lines 225E and 1155E);
  • Lateral step-out drilling significantly widened the R780E Zone to the north and south. Exceptionally wide high-grade mineralization was demonstrated by Hole PLS14-248 (Line 825E), the second best hole drilled to date at the PLS property, returning 16.5m of 35.13% U3O8 within 47.5m grading 13.23% U3O8;
  • Regional exploration discovered significant anomalous radioactivity 17km southeast of the PLS discovery (Hole PLS14-255) near the property boundary with Fission 3.0 Corp.

Winter 2014 Drill Program Summary

Fission Uranium recently successfully completed its 2014 winter drill program, which totaled 35,198m in 92 drill holes. Eighty holes were completed on the main mineralized trend between lines 015E and 1155E (See Map), with the remaining 12 holes testing new regional exploration targets. Fission's technical team achieved a >97% mineralization intersection success rate (78 of the 80 holes intersecting uranium mineralization >0.05% U3O8 over > 0.5m) and merging of four previously defined separate zones ( R390E, R585E, R780E and R945E) into one continuous zone, now known as the R780E Zone, which has strike length of ~825m.

2014 Winter Drill Program Milestones  

  • >97% drilling success ratio resulting in the merging of mineralized zones R390E, R585E, R780E and R945E zones into a single large contiguous zone, now known as the R780E Zone;
  • Expansion of R780E zone along strike to the east by 135m (from line 945E to line 1080E)
  • Increased the strike length of the R780E Zone to 855m or by 135% as compared to the previously known strike length defined by earlier drilling in 2013 (from line 225E to line 1080E)
  • Increased the north-south lateral width of the R780E Zone by up to 95m on line 780E from ~40m as previously defined  by earlier drilling in 2013;
  • Expanded the lateral north-south width of the R1155E zone to ~20m wide
  • Discovery of a new mineralized zone named the R1620E Zone, with 2 holes located 465m to the east of R1155E Zone:

Assays demonstrated continuity of high-grade mineralization over exceptional widths including the two most strongly mineralized holes drilled to date: 

  • Hole PLS14-129 (Zone R585E; now part of Zone 780E): 38.0m (56.0m to 94.0m) @ 13.66% U3O8, including: 10.5m (63.0m to 73.5m) @ 38.49% U3O8; 31.5m (108.5m to 140.0m) @ 11.19% U3O8, including:12.0m (123.5m to 135.5m) @ 27.57% U3O8;11.5m (145.5m to 157.0m) @ 6.82% U3O8, including: 2.5m (146.0m to 148.5m) @ 20.28% U3O8;
  • Hole PLS 14-187 (Zone R780E): 102.5m (63.0m to 165.5m) @ 5.98% U3O8, including: 3.0m (68.0m to 71.0) @ 27.20% U3O8, and 10.5m (78.0m to 88.5m) @ 12.93% U3O8, and 6.0m (108.5m to 114.5m) @ 14.12% U3O8, and 2.5m (143.5m to 146.0m) @ 16.92% U3O8, and 4.5m (152.5m to 157.0m) @ 16.14% U3O8; 15.0m (216.5m to 231.5m) @ 1.63% U3O8, including 9.0m (218.5m to 227.5m) @ 2.59% U3O8.

Plans are underway for a summer 2014 drill program, which is expected to begin during July. Fission plans to prepare an NI 43-101 resource calculation after the completion of drilling and the return of geochemical assays from the summer 2014 delineation drill program. For a complete summary of the PLS project since inception, please refer to Fission Uranium Corp’s Management & Discussion Analysis for the nine months ended March 31, 2014, posted on the Company’s SEDAR profile at www.sedar.com.

Exploration History for the PLS project

Technical Report and Qualified Person: An independent  NI 43-101 compliant technical report for the PLS Property was prepared by GeoVector Management Inc. in March 2013. It is available for viewing on this website or by visiting the Company’s SEDAR profile at www.sedar.com  The technical information in this website has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed by Ross McElroy, P.Geol., President and COO of Fission Uranium Corp., a Qualified Person.

2013 Winter Exploration Program:
The Winter 2013 drill program included combined reverse circulation and cord drilling totaling 10,182.6m in 46 drill-holes. Mineralization was intersected in 37 holes for an overall 80% drilling success rate.  Three separate uranium zones spanning an overall strike length of  ~850m within a 3-km long anomalous resistivity-low corridor coincident with the PL-3B EM conductor were discovered and partially delineated.

Composited Mineralized Intervals Highlights

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
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
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

2012 Fall Exploration Program
The high-grade uranium boulder field discovered in 2011 was significantly expanded in size to approximately 7.35km in length and up to 1km in width.  Seventeen of 40 radioactive boulder samples demonstrated “off-scale” radioactivity (> 9,999 cps).

A high resolution radiometric / magnetic airborne survey covering additional ground staked in late 2011 was completed. Ground resistivity and time domain EM surveys were performed on the ’2012-A’ grid, to verify results from previous airborne coverage over the western extension of the PL-3B EM conductor.

Twelve rotary holes totalling 1541 meters were drilled at PLS during October and November, 2012. A 9-hole 1632 core drilling program (PLS12-017 to PLS12-025) was subsequently completed in November 2012

November, 2012: PLS Discovery Hole (PLS12-022)
Located approximately 3.8 km northeast of the high grade uranium boulder field, Discovery Hole PLS12-022 intersected a 6.0 m wide interval of high-grade mineralization at a shallow depth in the basement rocks. This drill hole was characterized by massive visible pitchblende in veins (up to 21cm wide), with blebs and flecks.  Step-out hole PLS12-044 intersected a 13.0m wide interval of strong mineralization, including intermittent intervals totaling 2.14m of off-scale (>9999 cps) radioactivity. PLS12-025, collared 10m north of hole PLS12-024, intersected a 22.5m wide interval of strong mineralization including a narrow band of off-scale (>9999 cps) radioactivity. In each case, the mineralization occurs at shallow depth in basement rocks. The PLS Discovery was made.

Composited drill hole mineralized intersections included:

  • Hole PLS12-024: 18.0m @ 1.78% U3O8 from 65.0m to 83.0m
    • including 12.5m @ 2.49% U3O8
    • including 3.5m @ 4.33% U3O8
    • including 0.50m @ 11.1% U3O8
  • Hole PLS12-022: 8.5m @ 1.07% U3O8 from 70.5m to 79m
    • including 2.5m @ 2.63% U3O8
  • Hole PLS12-025: 22.5m @ 0.4% U3O8 from 60.5m to 83.0m
    • including 4.03m @ 0.85% U3O8
  • Hole PLS12-023: 9.5m @ 0.27% U3O8 from 66.5m to 76.0m

2012 Winter Exploration Program
Fission Energy Corp. became Operator of the PLS project on January 1st, 2012. An expanded $2.76 million 16-hole Winter 2012 exploratory drill program commenced in February, 2012.  Drilling identified broad anomalous geochemistry signatures coincident with EM (electromagnetic) conductors. In particular, the final four drill holes, PLS12-013 to PLS12-016, located 3.0km east of the high grade uranium boulder field and drilled along the Patterson Lake Conductor, intersected strong alteration below the unconformity and continuous wide intervals of anomalous low grade uranium basement mineralization as well as associated boron, cobalt, nickel, molybdenum and lead.  Drill hole PLS-016 returned results that provided a meaningful indicator for identifying the potential high-grade mineralized source of the uranium boulder field.

A property-scale airborne VTEM magnetic and electromagnetic survey was completed during the Winter 2012 program.

Ground resistivity and time domain EM surveys were extended on the ‘Main’ grid which covers the conductors of interest up-ice from the high grade uranium boulder field. The DC Resistivity was successful in defining a number of potential targets based on conductivity, changes in the width of conductive packages and more subtle features indicating possible cross structures. The Resistivity and VTEM were initially used for drill targeting with a limited amount of ground SQUID-EM used to follow up and truth some of the VTEM picks. The SQUID EM survey was successful at resolving basement conductor positions, apparent dips and conductivities.

2011 Fall Exploration Program
Trenching, expanded the a north-south length of the boulder field of  to approximately 5 km X up to 0.9 km wide.  An additional 49 radioactive boulders were found, including 19 which produced “off-scale “radioactive readings.  Samples graded up to 31.4% U308.

A diamond drill program, completed in November 2011, tested thicknesses of 75 to 108 meters of overburden through to the basement rocks up-ice of the high-grade uranium boulder field discovered in June 2011. Seven vertical drill diamond holes (PDD11-01 to 07) totalling 838m were completed. Drill holes PDD11-06 and 07 showed anomalous radioactivity in overburden intersections from 64.4m to 70.0m (maximum peak of 400 cps) and from 49.6m to 58.2m (maximum peak of 90 cps), respectively. Hole PDD11-003 intersected graphitic metapelitic basement rocks and appeared to have intersected a fault.

An additional six claims totaling ~8170 ha were staked in late 2011 to cover possible south-trending extensions of the high-grade uranium boulder field.

2011 Summer High-Grade Uranium Boulder Field Discovery
In June 2011, field activities resulted in the discovery of a high-grade uranium boulder field. A total of 74 radioactive boulders were discovered, including 42 (57%) which produced “off-scale” (>9,999 counts per second [cps]) radioactive readings.

Boulder Assay Results:

  • 25 high grade boulders with grades over 10% U3O8 were reported with highest assaying at 39.6% U3O8. The largest boulder sampled assayed 25.7% U3O8.
  • 23 boulders assayed 1.0% U3O8 to 10% U3O8.
  • Nine samples returned anomalous gold values ranging from 0.101 g/t gold to 2.43 g/t gold, corresponding with elevated gold values from uranium deposits found within the western part of the Athabasca Basin, most notably from the Shea Creek deposits and the former producing Cluff Lake Mine to the north of the Patterson Lake South Property.
  • An additional four claims comprising 12,214 ha were subsequently acquired by staking.

2009  Patterson Lake South Property (“PLS Property”)Exploration Program and 2008 Joint Venture Agreement
In December 2009, a MEGATEM Magnetic-EM airborne survey was completed for identifying ground targets for further work by the Joint Venture. A detailed radiometric and magnetometer airborne survey followed in October 2009, resulting in new staking which added approximately 1004 hectares to the claim block.

On January 17, 2008, Fission Energy (Now Fission Uranium Corp.) and ESO Uranium Corp. (later changed to Alpha Minerals Inc.) formed the 50/50 Patterson Lake South Joint Venture (also known as the PLS Joint Venture)

X