KELOWNA, BRITISH COLUMBIA--(Marketwired - Nov. 25, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce assays from the final seventeen resource expansion angled holes of the 2015 summer exploration program: thirteen holes drilled on the R600W zone and four on the R780E zone at its' PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region. Of key importance, the R600W zone, for which a resource estimate has yet to be determined and thus was not included in the recent preliminary economic assessment "PEA" technical report, has returned very strong, high-grade intervals, including hole PLS15-439 (line 615W), which intersected very-high-grade sections such as 26.03% U3O8 Over 6.0M in 11.02% U3O8 Over 25.5M.
Sixteen of the seventeen holes were mineralized. These results comprise the final assays from the resource expansion summer drilling program and preparations are underway for a fully-funded 11,000m winter drilling program budgeted at approximately $7M, with details to follow shortly.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"This final set of summer assays from the resource expansion drilling is a very strong finish to the program and once again highlights the significance of the shallow, high-grade R600W zone, which remains open in all directions. Further growth of this zone will be a core focus for the 2016 winter program and it's also worth bearing in mind that regional drilling 470m north of R600W intercepted anomalous radioactivity in the downhole gamma probe. A resource estimate for the R600W zone has yet to be conducted and every successful winter hole has the potential to add substantial lbs to a future resource estimate and potentially impact the already robust preliminary economic assessment of the Triple R deposit."
View the latest R600W zone, Triple R and R1620E zone drilling by visiting http://fissionuranium.com/project/pls/maps/ and clicking on the "PLS Summer 2015 DDH Zoomed in Inset R600W to R1620" map.
Drilling Highlights Include:
Assay Highlights Include:
|PLS15-443||570W||356||-79.0||No Significant Mineralization|
Composited % U3O8 mineralized intervals are summarized in Tables 1 and 2. Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK for analysis which includes U3O8 (wt %) and fire assay for gold, while the other half remains on site for reference. All analysis include a 63 element ICP-OES, uranium by fluorimetry and boron. Individual zone wireframe models constructed from assay data and used in the resource estimate indicate that both the R780E and R00E zones have a complex geometry controlled by and parallel to steeply south-dipping lithological boundaries as well as a preferential sub-horizontal orientation. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are variable, but generally average approximately 70 - 85% of reported width.
PLS Mineralized Trend & Triple R Deposit Summary
Uranium mineralization at PLS has been traced by core drilling along a mineralized trend approximately 2.33km of east-west strike length in four separate mineralized "zones". From west to east, these zones are: R600W, R00E, R780E and R1620E.
The discovery hole of what is now referred to as the Triple R uranium deposit was announced on November 05, 2012 with drill hole PLS12-022, from what is considered part of the R00E zone. Through successful exploration programs completed to date, the Triple R has evolved into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit.
The Triple R deposit resource estimate currently consists of only the R00E zone on the western side and the much larger R780E zone further on strike to the east. Within the deposit, the R00E and R780E zones have an overall strike length of approximately 1.2km with the R00E measuring approximately 125m in strike length and the R780E zones measuring approximately 900m in strike length. A 225m gap separates the R00E zone to the west and the R780E zones to the east, though sporadic narrow, weakly mineralized intervals from drill holes within this gap suggest the potential for further significant mineralization in this area. The R780E zones are located beneath Patterson Lake which is approximately six metres deep in the area of the deposit. The entire Triple R deposit area is covered by approximately 50m to 100m of overburden.
Mineralization remains open along strike both to the western and eastern extents. Mineralization is both located within and associated with a metasedimentary lithologic corridor, associated with the PL-3B basement Electro-Magnetic (EM) Conductor. Recent very positive drill results returning wide and strongly mineralized intersections approximately 495m west of the Triple R deposit, have significantly upgraded the R600W zone to a very prospective area for further growth of the PLS resource. The R600W zone has been defined by 30 mineralized drill holes (out of 34 holes) and consists of a series of parallel steeply dipping mineralized lenses within a mineralized corridor traced up to 80m wide laterally. Mineralization has been traced over a strike length of 145m.
Updated maps, assay tables and cross sections can be found on the Company's website at http://fissionuranium.com/project/pls/.
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 - host to the world-class Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX 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
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.
Fission Uranium Corp.