Winter program to focus on growing the shallow, high-grade R1515W zone and accelerating progress of Triple R Deposit towards PFS
KELOWNA, BRITISH COLUMBIA--(Marketwired - Jan. 16, 2018) - FISSION URANIUM CORP. ("Fission" or "the Company") (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) is pleased to announce preparations have begun for a $9.4M winter work program at its award-winning PLS project in Canada's Athabasca Basin. The 31 hole program will focus on two core goals: growth of the recently-discovered, high-grade R1515W zone and accelerating progress towards the pre-feasibility study "PFS", which is a key milestone for potential eventual production at PLS.
Fission has retained Roscoe Postle Associated Inc. "RPA" to serve as the lead consultant for the completion of a PFS and to author a NI 43-101 Technical Report to support the disclosure of the PFS. RPA will directly carry out the mine development plan and provide overall project management services to oversee and coordinate inputs from all technical contributors to the PFS. RPA will be supported by several highly-regarded engineering and consulting firms that have relevant specialization and experience in geotechnical, metallurgical, environmental aspects of large scale uranium mining operations in northern Saskatchewan, many of which have a long-term working relationship with Fission and the PLS project.
Growing the High-Grade, Near-Surface, Land-based R1515W Zone: Eight holes (2,720m) will focus on further expansion of the recently-discovered, high-grade, shallow and land-based R1515W zone.
- The land-based R1515W is the westernmost zone on the 3.18km trend outlined by Fission as the Company pushes west from the Triple R deposit, towards the large, high-grade boulder field.
- Drill results on the R1515W zone have been very encouraging to date, and include results such as hole PLS17-564 (line 1545W), located 1.4km west of the Triple R Deposit, which intersected 128.0m of total composite mineralization, including intervals such as 7.0m @ 6.90% U3O8 in 14.50m @ 3.39% U3O8 and 7.0m @ 6.36% U3O8 in 10.50m @ 4.35% U3O8.
- The R1515W exhibits some important geological characteristics similar to the R780E zone, such as multiple stacked lenses, which can be a component of wide, high-grade mineralization
Accelerating Progress Towards Pre-Feasibility Study: 23 holes (3,840m) will continue to advance the resource development of the Triple R deposit to PFS level.
- Upgrade resource classification for important high-grade, high-impact areas of the R780E zone from inferred to indicated category (6 holes in 1,980m). The Triple R deposit as currently estimated, has 75% of its resource classified as indicated, while 25% of the resource is classified as inferred. It is it is anticipated that upgrading key areas of the resource from inferred to indicated will have a positive impact on the PFS.
- Geotechnical drilling and analysis of bedrock (3 holes in 700m)
- Geotechnical drilling of overburden (12 holes in 920m)
- Re-drill hydrogeological holes required for long-term ground-water analysis (2 holes in 240m)
- Complete the Phase 2 metallurgical study already in progress
- Continuation of data collection and analysis of the Baseline Environmental Study
- Continuation of engagement with First Nations, community and government
Ross McElroy, President, COO, and Chief Geologist for Fission, commented:
"With the PFS planned to be completed by the end of 2018, our programs are designed to advance the Triple R deposit towards that point. The uniquely near-surface, high-grade mineralization at PLS allows us to pursue multiple goals simultaneously. We will also be targeting further growth of R1515W - the exciting land-based zone, over 1.4km west of the Triple R, which has several similar characteristics to the R780E zone, and has delivered the widest intervals of mineralization outside of our deposit."
PLS Mineralized Trend & Triple R Deposit Summary
Uranium mineralization at PLS occurs within the Patterson Lake Conductive Corridor and has been traced by core drilling approximately 3.18km of east-west strike length in five separated mineralized "zones". From west to east, these zones are: R1515W, R840W, R00E, R780E and R1620E. Thus far only the R00E and R780E have been included in the Triple R deposit resource estimate, where-as the R840W and R1620E zones and the recent addition of the R1515W zone, fall outside of the current resource estimate window.
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 combined strike length validated by a resource estimate of approximately 1.05km with the R00E measuring approximately 105m in strike length and the R780E zones measuring approximately 945m 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 zone is 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 50m to 60m of overburden.
Mineralization remains open along strike in both the western and eastern directions. Basement rocks within the mineralized trend are identified primarily as mafic volcanic rocks with varying degrees of alteration. Mineralization is both located within and associated with mafic volcanic intrusives with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are, associated with the PL-3B basement Electro-Magnetic (EM) Conductor. The R840W zone, located 495m west along strike of the Triple R deposit, now has a defined strike length of 465m and is still open. The recent discovery of the high-grade R1515W zone located a further 510m to the west of the R840W zone, now has a defined strike length of 71m and an across-strike lateral width of up to 64m with vertical extension up to 171m. Mineralization is open. The R840W and R1515W zones have significantly upgraded the prospectivity for further growth on land to the west of the Triple R deposit within the Patterson Lake Corridor. The recently discovered high-grade mineralization in the R1620E zone, located 210m to the east along strike similarly has significantly upgraded the prospectivity for further growth of the PLS resource to the east of the Triple R deposit.
Updated maps and files can be found on the Company's website at https://fissionuranium.com/project/triple-r-deposit/overview/.
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 class-leading Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. Fission's 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.