Fission Uranium Corp.: Step-Out Hits 85.5m of Mineralization Including 18.93m of Off-Scale Radioactivity at R390 Zone

July 18, 2013

KELOWNA, BRITISH COLUMBIA--(Marketwired - July 18, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to announce partial results of its first hole of the summer drill season, testing the western extension of R390E zone. Hole PLS13-072 (drilling still in progress), has so far returned a broad 85.5m interval (62.0m - 147.5m) of variably radioactive mineralization including a total of 18.93m of off-scale (>9999 cps) radioactivity in numerous narrower intervals throughout.

The hole is located 15m grid west of hole PLS13-061, previously the western-most hole testing the R390E zone. Scintilometer results for hole PLS13-072 overall are stronger, wider, more continuous and contain significantly more off-scale radioactivity than PLS13-061 (see news release dated April 3, 2013). Drilling of hole PLS13-072 is still in progress at a depth of 185.1m, but temporarily on-hold for mechanical reasons and is awaiting replacement.

PLS13-072 Highlights:

  • 85.5m (62.0m - 147.5m) wide main zone containing total of 18.93m of off-scale (>9999 cps) radioactivity.
    • Main zone characterized by variable radioactivity from weak-to-very strong throughout.
    • Off-scale mineralization comprised of multiple narrower intervals of off-scale (>9999 cps) radioactivity ranging in width from 0.1m to 4.6m wide each, totaling 18.93m.
  • Expands the western boundary of the R390E zone by 15m
  • Main wide zone of variably radioactive mineralization starts at shallow depth, and two narrower intervals of weak-to-moderate radioactivity as measured with a GR-110 hand held scintillometer.

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

"With 18.93m total off-scale radioactivity, within a broad 85.5m wide interval, hole 072 represents the most abundant off-scale mineralization of any hole drilled on the property. Importantly, to have mineralization of this magnitude expanding the western boundary of the R390E zone speaks well for its potential."

Key Technical Details

  • Hole PLS13-072 (R390E Zone line 345E) was collared as a vertical hole and is still in progress at a depth of 185.1m. The collar is located 15m grid west of PLS13-061 (23.5m @ 1.39% U3O8 including 6.0m @ 4.34% U3O8 (see news release June 5, 2013), and represents a significant intersection at R390E.
  • The new Hole represents a shallow, very broad interval of almost continuous radioactivity and, importantly, extends the R390E Zone an additional 15m west from previous delineation. The relevant geological features of the hole are as follows:
  • Basement bedrock was encountered at 55.7m depth, immediately below the overburden with no Devonian sandstone encountered above the basement.
  • From 55.7m to 163.0m basement lithology consists of alternating sequences of moderate-to-steeply dipping pelitic gneiss and mylonites. Below 163.0m, is found semi-pelitic gneiss.
  • Moderate-to-locally-strong clay alteration is present throughout the pelitic gneiss/mylonite package.
  • Radioactive mineralization (62.0m - 147.5m) starts 6.3m below the overburden - basement unconformity and is dominantly constrained within the pelitic gneiss/mylonite rocks, though weak mineralization continues below within the semi-pelitic gneiss. The upper 5.0m of mineralization being very weakly radioactive while more intense mineralization begins at 67.0m and continues to 108.0m, consisting of weak-to-strong radioactivity including numerous narrower intervals of off-scale (>9999 cps) radioactivity each ranging in width from 0.1m to 4.6m wide.
  • From 108.0m to 125.0m, mineralization is weak-to-moderately radioactive and increasing to moderate-to-locally-strong from 125.0m to 147.5m.
Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >1.0M minimum) Sand-
From -
Hole ID Grid Line Az Dip From
CPS Peak Range
PLS13-072 345E 0 -89 62.0 147.5 85.5 <300 - >9999 N / A 55.7 180.0
69.0 85.5 16.5 1100 - >9999
92.6 99.5 6.9 5000 - >9999
157.5 162.5 5.0 <300 - 8600
169.5 172.0 2.5 <300 - 720

A $6.95M, 44 hole, 11,000m drill program and ground geophysics surveys continues at PLS.

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 a 50%/50% Joint Venture held by Fission Uranium Corp. and Alpha Minerals Inc (AMW). Fission 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 and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development. Updated maps and scintillometer table for the R390 zone can be found on the Company's website at https://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.

About Fission Uranium Corp.

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. 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."

"Ross McElroy"
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 potential spin-out and listing of Fission Uranium and 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.

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.