Aggressive drilling to be accompanied by radon survey targeting the key EM conductor from Triple R deposit to the high-grade boulder field
KELOWNA, BRITISH COLUMBIA--(Marketwired - June 18, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce that site preparation is underway for an aggressive 60 hole (20,000m), summer drill program at its PLS property in Canada's Athabasca Basin. The program will follow up on the hugely successful winter program, which discovered near-surface, high-grades at R600W, greatly expanded the Triple R deposit's footprint and high-grade area and also identified multiple prospective regional targets. Radon surveys, which were instrumental in the early success of the Triple R and R600W exploration, will be used in conjunction with gravity surveys to prioritize regional targets. Drilling is expected to begin in the first week of July and will focus on the following:
- R600W Expansion: 20 holes (~33% of the drill budget) will aggressively target the near-surface, high-grade R600W zone - discovered over half a kilometer west of the Triple R deposit
- R780E Expansion: 15 holes (~25% of the drill budget) are aimed at expanding the high-grade domain of the Triple R deposit's R780E zone as well as extending mineralization along strike to the east
- R1620E Expansion: 5 holes (~8% of the drill budget) will target the expansion of the R1620E zone, including testing for the potential to connect the zone to the Triple R deposit's R780E zone
- Regional Exploration: 20 holes (~33% of the drill budget) will test a series of high priority regional targets elsewhere on the property. Ground gravity geophysics and radon will assist in drill targeting. It is important to note that the R600W zone, along with several key areas of what is now the Triple R deposit, were first drill tested due to radon anomalies coinciding with geophysics EM and resistivity anomaly features.
- Survey Activity between Triple R Deposit and Boulder Field: A radon survey will focus on the area along the main PL3-B conductor between R00E zone all the way west to the Boulder field, to help prioritize targets along this extremely prospective trend that hosts the Triple R deposit and R600W zone.
Ross McElroy, President, COO, and Chief Geologist for Fission, remarked,
"The extremely shallow nature of the mineralization at PLS means we can drill a particularly large number of holes. This is unusual in the Athabasca Basin region as deposits are typically far deeper. This advantage allows us to aggressively pursue four distinct goals at the same time: building on the incredible winter success at the high-grade, near-surface R600W zone, further expansion of the enormous high-grade Triple R deposit, growing the R1620 goal at the eastern end of our 2.27km trend and following up on a series of key regional targets that have shown very similar geology to R600W."
Commenting on Fission's technical achievements to date, McElroy added,
"What our technical team has accomplished at PLS is unprecedented. In two years we have gone from a discovery hole to a shallow, high-grade deposit that is not only the largest undeveloped deposit in the Athabasca Basin region but one that has over 75% of its contained metal in the 'Indicated' category - the hallmark of a genuine world-class asset. With what will now be our fifth drilling program at PLS, we are excited by the Triple R's potential for continued expansion and the chance for new high-grade discoveries like the R600W zone."
For the survey and geophysics activity, a total of 19 grids will include a 16.625 line-km ground gravity geophysics survey and supportive 6148 station land-based radon survey.
For the drilling, up to four drill rigs will be utilized. The diamond drill coring contract has been awarded to Bryson Drilling, of Archeville, SK. RC Drilling, used for precollaring, has been awarded to Northspan Explorations Ltd. of Kelowna, BC. The summer drill program follows five prior programs that have seen unprecedented success in the uranium sector and delivered a giant shallow depth, high-grade uranium deposit, the largest undeveloped resource in the Athabasca Basin, known as the Triple R deposit.
PLS Mineralized Trend & Triple R Deposit Summary
Uranium mineralization at PLS has been traced by core drilling over 2.27km 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, it has evolved into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit.
The Triple R deposit consists of 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 is covered by approximately 50 m 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 555m west of the Triple R deposit, have significantly upgraded the R600W zone to a very prospective area for further growth of the PLS resource.
Updated maps and files 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.