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Fission Uranium reports assay results for two zones at PLS property in Canada

Published 26 September 2016

Fission Uranium announce that assay results confirm new high grade mineralization at two zones presently outside of the Triple R resource area (R840W, R1620E) at its PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region.

The assay results include hole PLS16-485 on zone R1620E (line 1515E) with 7.5m @ 12.90% U3O8 within a larger interval of 17.0m 5.76% U3O8. The wide, high-grade mineralization encountered at both zones, highlights the strength of 2.63km mineralized trend at PLS - the largest in the Athabasca Basin region.

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

"These shallow mineralized results on the R840W and R1620E zones include wide, high-grade assays that confirm strong growth at both ends of our 2.63km mineralized trend -- the longest lateral footprint in the Athabasca Basin. Importantly, both the R840W and R1620E zones are outside of the current resource estimate for the Triple R and thus represent areas of possible expansion to the deposit."

Assay Highlights Include:

R1620E zone (high-grade, shallow zone at eastern end of mineralized trend)

PLS16-485 (line 1515E) key interval:

17.0m @ 5.76% U3O8 (84.0 to 101.0m), including:

7.5m @ 12.90% U3O8 (92.0m to 99.5m)

PLS16-489 (line 1455E) key interval:

14.0m @ 1.98% U3O8 (68.5m to 82.5m), including:

4.5m @ 5.00% U3O8 (74.0m to 78.5m)

R840W Zone (high-grade, shallow land-based zone recently merged with R600W zone)

PLS16-493 (line 885W) key interval:

18.0m @ 2.01% U3O8 (169.5m to 187.5m), including:

2.0m @ 5.77% U3O8 (177.0m to 179.0m)

1.5m @ 5.39% U3O8 (186.0m to 187.5m)

Composite Parameters

Minimum Thickness: 0.50m

Grade Cut-Off: 0.05 U3O8 (wt%)

Maximum Internal Dilution: 2.00m

Composited % U3O8 mineralized intervals are summarized in Tables 1 and 2. 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 includes a 63 element ICP-OES, uranium by fluorimetry and boron. Individual zone wireframe models constructed from assay data and used in the resource estimate indicate that both the R780E and R00E zones have a complex geometry controlled by and parallel to steeply south-dipping lithological boundaries as well as a preferential sub-horizontal orientation. Similar geometrical relationships appear to be the case with the R840W and R1620E zones as well. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

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 2.63km of east-west strike length in four separated mineralized "zones". From west to east, these zones are: 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 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. Previous logging of drill core interpreted sequences of basement rocks to be meta-sedimentary (meta-pelitic and meta-semi-pelitic gneiss) but recent observations have changed this interpretation to represent varying degrees of altered mafic volcanic rocks. 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. Recent very positive drill results returning wide and strongly mineralized intersections from the R840W zone, has allowed interpretation to merge the previously described R600W zone into the R840W zone. 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. Drill results within the R840W zone have significantly upgraded the prospectivity of these areas for further growth of the PLS resource on land to the west of the Triple R deposit. The recently discovered high-grade mineralization in the R1620E zone, located 270m to the east along strike has significantly upgraded the prospectivity for further growth of the PLS resource to the east of the Triple R deposit.

Updated maps, cross sections and assay tables 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.



Source: Company Press Release