Fission Hits 10.35% U3O8 Over 14.0m (Line 705E); Potential to Connect Zones Increases
July 21 2014 - 2:00AM
Marketwired Canada
FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission"
or "the Company") is pleased to announce assay results from eight holes drilled
at its Patterson Lake South (PLS) property in Saskatchewan's Athabasca Basin,
Canada. Of particular note are holes PLS14-200 (line 675E), which returned
composited assay intervals including 9.34% U3O8 over 10.0m and 26.32% U3O8 over
1.0m within an interval of 3.78% U3O8 over 49.0m and PLS14-198 (line 705E),
which returned composited assay intervals of 10.35% U3O8 over 14.0m within a
larger interval of 3.96% U3O8 over 40.0m. Six holes of the eight holes returned
substantial high-grade assays and all eight holes intersected wide
mineralization.
Eastern Extent of the R780E zone and Growth Potential: PLS14-199 and PLS14-189
(15.0m @ 1.93% U3O8 - see news release July 14, 2014) represent the current
easternmost defined mineralization of the R780E zone. With multiple mineralized
intervals in both holes and the substantial widths and grades encountered, the
potential growth of the R780E zone east of line 1080E, is strong. R780E
currently has a strike length of approximately 855m. Viewed in the context of
mineralization reported from hole PLS14-190 from the R1155E zone (see news
release July 14, 2014), this opens up the potential to discover mineralization
within the 75m gap separating the R780E and R1155E thus possibly connecting the
two zones.
Assay Highlights
PLS14-200 (Line 675E)
-- 49.0m (109.5m to 158.5m) @ 3.78% U3O8, including:
-- 10.0m (116.5m to 126.5m) @ 9.34% U3O8
-- 1.0m (130.5m to 131.5m) @ 26.32% U3O8
-- 3.5m (135.5m to 139.0m) @ 9.0% U3O8
PLS14-197 (Line 675E)
-- 25.5m (102.5m to 128.0m) @ 5.34% U3O8, including:
-- 5.0m (111.0m to 116.0m) @ 15.81% U3O8
-- 4.0m (121.0m to 125.0m) @ 8.40% U3O8
-- 13.0m (157.0m to 170.0m) @ 2.61% U3O8, including:
-- 1.5m (164.0m to 165.5m) @ 20.04% U3O8
PLS14-198 (Line 705E)
-- 40.0m (95.0m to 135.0m) @ 3.96% U3O8, including:
-- 14.0m (113.0m to 127.0m) @ 10.35% U3O8
More winter assays pending: To date, assay results from 68 holes of the recent
winter program have now been released; results from 24 holes are pending.
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"We continue to see strong grades and widths from the eastern section of the
R780E zone - similar to prior results from the central and western sections. The
eastern boundary of the R780E zone is just 75m along strike from the R1155E
zone. In the same way that the winter program succeeded in merging four
high-grade zones into one, so we are now seeing increased potential for
connecting R780E with R1155E."
Composited % U3O8 mineralized intervals are summarized in Table 1 below. 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. All depth
measurements reported, including sample and interval widths are down-hole, core
interval measurements and true thickness are yet to be determined.
Table 1: R780E Zone
Composited Mineralized Intervals (Down-hole measurements)
----------------------------------------------------------------------------
Grid From To Interval U3O8
Zone Hole ID Line Az Dip (m) (m) (m) (wt%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
R780E PLS14-192 630E 399 -82.0 94.00 102.50 8.50 0.09
105.00 107.00 2.00 0.07
110.00 161.00 51.00 0.53
138.00 143.50 5.50 2.36
166.50 169.50 3.00 0.06
173.00 174.00 1.00 0.06
178.00 178.50 0.50 0.08
191.50 204.00 12.50 0.48
195.50 199.50 4.00 1.27
207.00 209.50 2.50 0.15
214.00 219.50 5.50 0.19
----------------------------------------------------------------------
R780E PLS14-193 735E 310 -86.5 126.00 132.00 6.00 0.28
135.00 140.00 5.00 0.11
162.00 164.00 2.00 1.62
166.50 167.50 1.00 0.07
170.50 171.50 1.00 0.45
175.00 176.00 1.00 0.12
179.00 179.50 0.50 0.15
186.00 186.50 0.50 0.66
----------------------------------------------------------------------
R780E PLS14-194 1005E 358 -82.4 187.00 189.50 2.50 0.86
247.50 258.50 11.00 0.34
262.00 262.50 0.50 0.06
304.00 304.50 0.50 0.05
309.00 311.00 2.00 0.10
335.50 336.00 0.50 0.12
----------------------------------------------------------------------
R780E PLS14-195 1005E 325 -83.0 90.50 92.50 2.00 0.22
117.50 118.00 0.50 0.06
120.00 120.50 0.50 0.06
124.00 124.50 0.50 0.06
141.50 142.00 0.50 0.16
151.00 155.00 4.00 0.05
159.50 160.00 0.50 0.06
201.00 206.00 5.00 0.20
210.50 214.00 3.50 0.07
244.00 248.50 4.50 0.64
247.50 248.50 1.00 2.81
266.00 277.00 11.00 0.09
283.00 284.50 1.50 0.07
293.00 293.50 0.50 0.06
298.50 299.00 0.50 0.10
301.50 303.00 1.50 0.18
354.50 355.00 0.50 0.05
----------------------------------------------------------------------
R780E PLS14-197 675E 333 -82.8 87.50 95.50 8.00 0.81
93.50 95.00 1.50 3.65
102.50 128.00 25.50 5.34
111.00 116.00 5.00 15.81
121.00 125.00 4.00 8.40
151.00 154.50 3.50 1.24
157.00 170.00 13.00 2.61
164.00 165.50 1.50 20.04
175.50 178.00 2.50 2.17
182.50 183.00 0.50 0.22
197.00 197.50 0.50 0.07
198.50 199.00 0.50 0.05
----------------------------------------------------------------------
R780E PLS14-198 705E 218 -90.0 83.50 85.50 2.00 0.19
95.00 135.00 40.00 3.96
113.00 127.00 14.00 10.35
147.00 148.50 1.50 0.08
153.00 156.00 3.00 0.51
163.00 163.50 0.50 0.06
173.50 177.00 3.50 0.12
239.50 240.00 0.50 0.05
374.00 375.00 1.00 0.26
----------------------------------------------------------------------
R780E PLS14-199 1080E 320 -82.7 209.00 215.50 6.50 0.11
218.00 224.50 6.50 0.13
233.50 244.00 10.50 0.42
241.00 242.00 1.00 3.07
247.00 249.00 2.00 0.13
255.50 257.00 1.50 0.09
267.00 267.50 0.50 0.18
282.50 291.50 9.00 0.22
295.50 300.50 5.00 0.16
334.00 338.00 4.00 0.09
380.50 382.00 1.50 0.19
414.00 415.00 1.00 0.09
----------------------------------------------------------------------
R780E PLS14-200 675E 227 -90.0 74.00 78.00 4.00 0.11
109.50 158.50 49.00 3.78
116.50 126.50 10.00 9.34
130.50 131.50 1.00 26.32
135.50 139.00 3.50 9.00
170.50 171.00 0.50 0.15
178.50 184.00 5.50 0.06
193.00 194.50 1.50 0.11
197.50 206.00 8.50 0.21
208.50 211.50 3.00 0.22
215.50 217.00 1.50 0.20
221.00 226.00 5.00 1.16
----------------------------------------------------------------------------
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m
PLS Mineralized Trend Summary
Uranium mineralization at PLS has been traced by core drilling over 2.24km of
east-west strike length in five separate mineralized "zones" from line 615W
(PLS13-124) to line 1620E (PLS14-196). From west to east, these zones are;
R600W, R00E, R780E, R1155E and R1620E. The former R390E, R585 and R945E zones
have been merged into the R780E zone by successful winter drilling.
Mineralization remains open along strike both to the western and eastern
extents. Mineralization is both located within and associated with a
metasedimentary lithologic corridor, bounded to the south by the PL-3B basement
Electro-Magnetic (EM) Conductor.
Fission has received and released assay results on 68 holes from its winter 2014
drill program at PLS. 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 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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Fission Uranium Corp.
Rich Matthews
Investor Relations
TF: 877-868-8140
rich@fissionuranium.com
www.fissionuranium.com
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