All four new holes intersect mineralization
KELOWNA, BRITISH COLUMBIA--(Marketwired - March 10, 2014) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from four new holes at its PLS property in Saskatchewan's Athabasca Basin. Of exceptional note is hole PLS14-164 (line 810). With 30.08m of total composite off-scale (>9999 cps) mineralization in 136.0m total composite mineralization at shallow depth, the hole has returned the second strongest off-scale results recorded at PLS to date, placing it amongst the best holes drilled in the Athabasca Basin. The 100% mineralization hit rate continues at PLS.
The results from hole PLS14-164 are exceeded only by hole PLS13-129 (line 600E) which intersected 36.72m total composite off-scale and later assayed at 38.49% U3O8 over 10.5m in 13.66% U308 over 38.0m and 27.57% U3O8 over 12.0m in 11.19% U3O8 over 31.5m (see NR dated Feb. 19, 2014).
Holes PLS14-164 (line 810E), PLS14-165 (line 540E), PLS14-166 (line 960E) and PLS14-167 (line 360E) all intersected considerable mineralization. The location of hole PLS14-165 has narrowed the distance between zones R390E and R585E to approximately 60m. The location of hole PLS14-164 has widened R780E zone on line 810E by an additional 10m to approximately 40m lateral north-south width.
Drilling Highlights include:
Hole PLS14-164 (line 810E)
- 136.0m total composite mineralization (83.5m - 380.5m) including:
- 30.08m total composite off-scale (>9999 cps) radioactivity
Hole PLS14-167 (line 360E)
- 69.0m total composite mineralization (56.0m - 197.5m) including:
- 2.1m total composite off-scale (>9999 cps) radioactivity
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"We are maintaining our 100% hit rate and, with hole PLS14-164, we see yet another stunning example of the mineralization present at PLS. In fact, the amount of off-scale radioactivity is second only to the amount intersected by our top hole (PLS14-129). This has us very excited indeed because that hole went on to deliver assays that put it in the elite status of holes drilled in the Athabasca Basin."
R390E Zone (line 225E - line 480E):
The R390E zone is located approximately 135m grid east of the easternmost defined edge of the R00E zone. Presently defined by 38 holes, the R390E Zone has a strike length (grid east-west) of approximately 255m and a lateral width (grid north-south) of up to approximately 50m (line 390E).
R585E Zone (line 540E - line 615E):
The R585E zone is located approximately 60m grid east of the easternmost defined edge of the R390E zone. Presently defined by 11 holes, the R585E Zone has a strike length (grid east-west) of approximately 75m and a lateral width (grid north-south) of up to approximately 20m.
R780E Zone (line 720E - line 990E):
The R780E zone is located approximately 105m grid east of the easternmost defined edge of the R585E zone. Presently defined by 36 holes, the R780E Zone has a strike length (grid east-west) of approximately 270m and a lateral width (grid north-south) of up to approximately 95m (line 780E).
Fission has completed 40 holes of the planned Winter 2014 program. Approximately 85% of the holes are designed to assist in delineation of the main mineralized trend between lines 015E and 1080E utilizing 4 diamond drill rigs. A 5th diamond drill rig is being utilized to drill exploration holes outside of the main mineralized trend.
|Collar||* Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum)||Sand-stone||Base-ment Uncon-formity||Total Drill-hole|
|Hole ID||Zone||Grid Line||Az||Dip||From (m)||To (m)||Width (m)||CPS Peak Range||From - To (m)||Depth (m)||Depth (m)|
|PLS14-164||R780E||810E||12||-90||83.5||87.0||3.5||<300 - 1700||NA||55.4||452.0|
|95.5||192.0||96.5||<300 - >9999|
|215.5||217.0||1.5||340 - 5000|
|219.5||230.5||11.0||<300 - >9999|
|236.5||242.5||6.0||<300 - 4900|
|327.5||334.5||7.0||<300 - 1200|
|341.5||342.5||1.0||360 - 400|
|350.5||353.0||2.5||300 - 1900|
|356.0||357.5||1.5||300 - 600|
|368.5||371.5||3.0||<300 - 2300|
|PLS14-165||R585E||540E||60.5||-90||117.5||118.5||1.0||330||60.8 - 62.5||62.5||362.5|
|122.0||146.5||24.5||<300 - 3300|
|149.5||152.0||2.5||300 - 2500|
|159.0||167.0||8.0||<300 - >9999|
|170.5||184.5||14.0||<300 - 2300|
|191.5||196.0||4.5||<300 - 680|
|244.0||248.5||4.5||<300 - 5400|
|PLS14-166||R780E||960E||82||-90||110.5||124.5||14.0||<300 - 3000||NA||60.4||374.0|
|127.0||128.5||1.5||<300 - 420|
|133.5||178.0||44.5||<300 - 4700|
|187.0||195.5||8.5||<300 - 1200|
|219.5||227.5||8.0||<300 - 2700|
|250.5||254.5||4.0||<300 - >9999|
|PLS14-167||R390E||360E||185||-85||56.0||56.5||0.5||340||53.5 - 56.3||56.3||308.0|
|62.5||65.0||2.5||<300 - 390|
|77.5||139.0||61.5||<300 - >9999|
|142.0||143.0||1.0||880 - 1200|
|160.5||161.5||1.0||330 - 420|
|165.5||167.0||1.5||<300 - 320|
A $12M, 100 hole, 30,000m drill program and ground geophysics surveys continues at PLS. Updated maps and files can be found on the Company's website at http://fissionuranium.com/project/pls/overview/news/.
Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.
All holes are planned to be radiometrically surveyed using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for more accurate measurements in high grade mineralized zones. The Triple Gamma probe is preferred in zones of high grade mineralization.
Split core samples from the mineralized section of core will be taken continuously through the mineralized intervals and submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes U3O8 (wt %) and fire assay for gold. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron. Assay results will be released when received.
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 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 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.
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