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Property map of Fission Uranium's Patterson Lake South (PLS) project

Fission Uranium Expanding the PLS Discovery in Saskatchewan

Uranium prices dropped below $30 per pound towards the end of April and that dip took a lot of the uranium explorers with it. Only in the past month has the price begun a recovery. Promising drill results followed up with a compliant mineral resource estimate may help Fission weather this rough patch in the uranium market.

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KELOWNA, BRITISH COLUMBIA–(Marketwired – Sept. 8, 2014) – FISSION URANIUM CORP. (“Fission” or “the Company“) (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) is pleased to announce results from eleven new angled drill holes of the summer drill program at its PLS property in Canada’s Athabasca Basin. Of particular note is PLS14-286 (line 495E), with a total of 97.2m composite mineralization at shallow depth, including 9.31m total composite >10,000 cps radioactivity. All eleven holes returned wide mineralization, with eight returning intervals of >10,000 cps radioactivity. Fission has hit mineralization on every one of the 54 R780E zone summer program holes drilled to date.

Fission Uranium’s Patterson Lake high-grade uranium discovery is located in the prolific Athabasca basin in northern, Saskatchewan. The property has been one of the few good news exploration stories of the past few years and we’ve covered their exploration activities a few times before.  The company is currently carrying out a 20,000 m summer drill program on the property to define the extent of their potential deposit. This release is reporting the latest results from eleven drill holes added to the program. Fission Uranium plans on compiling all the data collected and produce a 43-101 compliant resource estimate by the end of this year. 

Zone R780E, which has a strike length of 930m, continues to widen: with the results of PLS14-282, the lateral horizontal width of the R780E mineralized corridor has expanded to greater than 164m on line 885E. Of additional note, holes PLS14-274 (line 1125E) and PLS14-285 (line 1095E) have further solidified the connection between the recently merged R780E and R1155E zones, with stronger mineralization than previously encountered.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented, “We are seeing yet more lateral widening on multiple section lines of the high-grade R780E zone with this new round of excellent drill results. We remain impressed by the progress of the summer program which continues to enjoy a 100% mineralization hit rate with holes drilled so far.”

As per news release July 28, 2014 Fission has replaced the GR-110 scintillometer, which measured a maximum of 9,999 cps (referred to as off-scale in all previous PLS drill programs) with the RS-121 scintillometer, which measures up to 65,535 cps for higher resolution readings of strongly anomalous radioactivity.

Hole ID Zone Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sandstone
From
– To
(m)
Basement
Unconformity
Depth
(m)
Total
Drillhole
Depth
(m)
Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
PLS14-273 R780E 885E 328 -69.0 133.5 148.5 15.0 <300 – 8400 NA 61.0 452.0
152.0 155.0 3.0 <300 – 1700
166.5 168.0 1.5 <300 – 360
176.0 199.0 23.0 <300 – 7000
208.5 209.5 1.0 360 – 860
224.5 231.5 7.0 <300 – 540
235.5 243.0 7.5 <300 – 4400
246.0 250.5 4.5 <300 – 1200
270.0 270.5 0.5 350
273.5 277.5 4.0 <300 – 1800
315.0 317.5 2.5 340 – 770
332.0 332.5 0.5 760
354.0 354.5 0.5 420
407.0 407.5 0.5 390
PLS14-274 R780E 1125E 335 -65 198.0 199.5 1.5 330 – 600 NA 69.9 417.0
202.0 224.5 22.5 <300 – 19100
232.0 233.0 1.0 550 – 740
238.0 240.5 2.5 <300 – 420
278.5 280.0 1.5 320 – 700
PLS14-275 R780E 1005E 335 -69 130.5 133.0 2.5 <300 – 480 na 65.1 434.0
137.0 167.0 30.0 <300 – 9400
172.5 181.5 9.0 360 – 19600
205.0 216.0 11.0 <300 – 1800
222.5 225.0 2.5 <300 – 2400
246.0 250.0 4.0 350 – 11800
263.0 264.0 1.0 350 – 390
304.0 305.0 1.0 340 – 780
309.5 320.5 11.0 <300 – 4600
372.0 373.0 1.0 390 – 450
PLS14-276 R780E 570E 338 -73 69.5 82.0 12.5 410 – 53900 NA 59.8 338.0
94.5 95.0 0.5 320
98.5 100.5 2.0 330 – 27300
103.5 112.0 8.5 <300 – 7000
115.0 118.0 3.0 420 – 8100
130.0 132.0 2.0 310 – 5200
134.5 138.0 3.5 <300 – 5100
160.0 174.5 14.5 <300 – 1700
188.0 202.0 14.0 <300 – 2900
210.0 222.5 12.5 <300 – 1100
239.0 240.0 1.0 5700 – 9000
252.0 252.5 0.5 390
279.0 279.5 0.5 520
PLS14-278 R780E 825E 331 -67 68.5 79.0 10.5 <300 – 20900 NA 59.5 344.0
89.0 91.0 2.0 <300 – 580
102.0 108.5 6.5 <300 – 490
111.0 111.5 0.5 440
114.5 130.5 16.0 <300 – 8800
230.5 234.5 4.0 370 – 2000
288.0 288.5 0.5 390
PLS14-279 R780E 705E 339 -70 130.5 161.0 30.5 <300 – 48000 NA 59.3 371.0
163.5 170.0 6.5 <300 – 32000
172.5 181.5 9.0 <300 – 14800
188.5 190.5 2.0 1000 – 6100
PLS14-282 R780E 885E 344 -71 71.0 76.0 5.0 <300 – 1400 NA 62.3 569.0
81.0 82.0 1.0 390
89.5 94.5 5.0 <300 – 820
149.5 151.5 2.0 320 – 490
157.5 162.5 5.0 <300 – 5200
168.0 168.5 0.5 370
172.5 174.5 2.0 400 – 1600
181.0 192.5 11.5 <300 – 1100
214.0 219.0 5.0 310 – 6200
223.0 226.0 3.0 450 – 1900
238.0 242.5 4.5 <300 – 820
247.0 266.0 19.0 <300 – 19300
282.0 283.5 1.5 <300 – 470
300.0 301.5 1.5 <300 – 470
313.0 313.5 0.5 560
334.5 336.0 1.5 380 – 610
371.0 374.0 3.0 <300 – 430
397.0 398.5 1.5 <300 – 490
469.5 470.0 0.5 330
492.5 493.0 0.5 370
496.5 497.0 0.5 340
518.0 518.5 0.5 320
PLS14-283 R780E 840E 334 -70 115.0 115.5 0.5 360 NA 63.0 389.0
129.0 137.0 8.0 <300 – 1100
140.5 143.5 3.0 <300 – 460
146.5 189.5 43.0 <300 – 15600
192.5 198.5 6.0 <300 – 15400
212.5 213.0 0.5 460
225.0 226.5 1.5 410 – 33000
229.5 234.0 4.5 <300 – 850
257.0 269.0 12.0 <300 – 61700
297.5 298.5 1.0 330 – 430
310.5 312.0 1.5 610 – 1200
354.5 355.0 0.5 350
PLS14-285 R780E 1095E 314 -70 257.0 264.0 7.0 320 – 4700 NA 66.2 500.0
268.0 279.5 11.5 <300 – 10600
283.5 284.5 1.0 1600 – 17400
287.5 314.0 26.5 <300 – 16700
327.0 328.5 1.5 <300 – 810
331.5 334.0 2.5 <300 – 690
346.5 347.5 1.0 760 – 810
372.0 376.0 4.0 <300 – 720
387.5 388.0 0.5 340
425.5 426.0 0.5 2300
PLS14-286 R780E 495E 336 -71 60.8 117.5 56.7 <300 – 54700 60.8 – 61.1 61.1 293.0
120.0 122.0 2.0 <300 – 510
127.0 165.0 38.0 <300 – 8100
172.5 173.0 0.5 390
PLS14-287 R780E 855E 332 -71 149.0 174.5 25.5 <300 – 3800 NA 60.3 413.0
179.5 182.5 3.0 <300 – 410
198.5 201.5 3.0 <300 – 840
221.5 227.0 5.5 <300 – 3800
240.0 241.0 1.0 570 – 1200
244.0 248.0 4.0 <300 – 2800
284.0 284.5 0.5 1000
287.0 289.0 2.0 440 – 1900
361.0 361.5 0.5 360
377.0 377.5 0.5 490

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held RS-121 Scintillometer manufactured by Radiation Solutions. 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.

A radiation scintillometer is an instrument used to measure the radioactivity in materials. Pitchblende is a mixture of uranium oxides that can be detected by this device. The device measures radioactivity in counts per second (cps) as reported in these drill results . These results show areas of elevated radioactivity that imply uranium mineralization, but only an assay will determine the actual uranium content.  Scintillometer readings cannot be used for resource estimates, but are useful for identifying target intervals for assay.

Samples from the drill core will be split in half sections on site. Where possible, samples will be standardized at 0.5m down-hole intervals. One-half of the split sample will be 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 will remain on site for reference. Analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron.

Diamond drill core is split in half, with one half being kept on site (or in a storage facility) for future reference while the other half is shipped to be assayed and for geochemical analysis. Depending on the drill program and budget, geologists sample where the mineralization begins and ends. Fission uranium has decided to standardize the sampling procedures by sampling every 0.5m throughout the drill hole. This prevents any missed mineralized intervals and the geochemical data can be used for correlating geologic units and interpreting the formation of the deposit.  

All depth measurements reported, including radioactivity and mineralization interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

The results reported are only the drill intercepts and do not reflect the true thickness of mineralization.

PLS Mineralized Trend Summary

Uranium mineralization at PLS has been traced by core drilling over 2.24km of east-west strike length in four separate mineralized “zones” from line 615W (PLS13-124) to line 1620E (PLS14-196). From west to east, these zones are; R600W, R00E, R780E and R1620E. The former R390E, R585, R945E and R1155E zones have been merged into the R780E zone by successful 2014 winter and summer drilling. The R780E zone now stands at 930m of continuous strike length within a mineralized lateral corridor up to 150m wide (line 870E). 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.

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.

Infrastructure can make or break a mining discovery, especially when working in remote areas. To Fission Uranium’s benefit, the company has full access to the PLS property via an all-weather highway. With all the recent activity happening in the area due to the PLS discovery, will allow for continual upkeep of the area.

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 is currently trading at $1.14. The 52-week range is between $0.975 and $1.73. Like many uranium explorers, their stock price has been roughly tracking uranium prices.

Uranium prices dropped below $30 per pound towards the end of April and that dip took a lot of the uranium explorers with it. Only in the past month has the price begun a recovery. Promising drill results followed up with a compliant mineral resource estimate may help Fission weather this rough patch in the uranium market. 

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.”

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