Fission Resource Expansion Program Hits Wide Mineralization in all 20 Holes

- April 7th, 2021

All Holes Intersect Multiple Stacked Intervals; 13 Holes Hit High Grade Mineralization TSX SYMBOL: FCU OTCQX SYMBOL: FCUUF FRANKFURT SYMBOL: 2FU FISSION URANIUM CORP. is pleased to announce results from the first of its 2021 drill programs on the R780E zone of the high-grade Triple R deposit at its’ PLS project, in the Athabasca Basin region of Saskatchewan, Canada . Twenty holes were completed in 7,147.8m including …

All Holes Intersect Multiple Stacked Intervals;
13 Holes Hit High Grade Mineralization

TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
FRANKFURT SYMBOL: 2FU

FISSION URANIUM CORP. (” Fission ” or ” the Company “) is pleased to announce results from the first of its 2021 drill programs on the R780E zone of the high-grade Triple R deposit at its’ PLS project, in the Athabasca Basin region of Saskatchewan, Canada . Twenty holes were completed in 7,147.8m including 1 hole restarted due to excessive deviation. All twenty holes hit wide mineralization in multiple stacked intervals, with thirteen intercepting significant intervals of >10,000 cps radioactivity. The goal of the winter program was to upgrade key sections of the Triple R deposit’s R780E zone to “indicated” category by increasing drill hole density where the resource is largely classified as Inferred. These recently completed holes have the potential to increase the Indicated category resource which may positively impact the planned feasibility study. The holes include PLS21-606 (line 900E), which intersected 118.0m of total composite mineralization, including 1.35m of total composite radioactivity >10,000 cps (with a peak of 23,400 cps) and PLS21-597 (line 900E) with 92.0m total composite mineralization, including 4.80m total >10,000 cps (with a peak of 51,400 cps) .

Ross McElroy , CEO for Fission, commented, ” This is the first of our 2021 drill programs and I’m very pleased to report that we have met, and in numerous instances exceeded, our expectations on width and strength of mineralization in all 20 holes. We continue to make strong progress towards feasibility, and these results will be instrumental in delivering a key part of our deposit growth strategy.”

Drilling Highlights

  • 20 Holes Hit Significant Mineralization over wide Intervals. 21 holes were drilled ( 7,147.8m ) including 20 holes completed ( 7,046.8m ) with 1 abandoned and redrilled due to deviation from target.
  • Triple R Deposit Resource Drilling . Drilling successfully targeted an important mainly “inferred” categorized area of the eastern R780E zone between lines 900E and 1125E, using step out and infill drilling to achieve spacing of ~15m x 20m (horizontal / vertical), with the aim of conversion from Inferred to Indicated.
  • Hole PLS21-597 (line 900E)
    • 92.0m total composite mineralization over a 214m interval (between 117.0m to 331.0m ), including
      • 4.8m of total composite mineralization >10,000 cps
  • Hole PLS21-605 (line 930E)
    • 110.0m total composite mineralization over a 272.5m interval (between 105.5m to 378.0m ), including
      • 4.15m of total composite mineralization >10,000 cps
  • Hole PLS21-595 (line 1050E)
    • 46.0m total composite mineralization over a 73.5m interval (between 264.0m to 337.5m ), including
      • 4.75m of total composite mineralization >10,000 cps

Table 1: Drill Hole Summary

Hole ID

Zone

Collar

Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum)

Lake Depth (m)

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

PLS21-592

R780E

1125E

334

-66

Hole Abandoned Due to Excessive Deviation

8.3

NA

69.3

101.0

PLS21-592A

R780E

1125E

335

-67.1

190.5

192.0

1.5

8.3

NA

71.3

287.0

197.0

203.5

6.5

207.0

209.0

2.0

330 – 840

214.5

216.0

1.5

610 – 740

220.0

251.5

31.5

320 – 27300

286.5

287.0

0.5

330

PLS21-593

R780E

1050E

335

-67.4

229.0

243.0

14.0

8.2

NA

74.6

356.0

245.5

246.0

0.5

320

249.0

251.0

2.0

680 – 1200

263.5

265.0

1.5

770 – 3400

268.5

274.0

5.5

278.0

282.5

4.5

293.5

298.5

5.0

420 – 12200

299.5

302.0

2.5

420 – 1100

303.5

305.5

2.0

510 – 610

307.0

307.5

0.5

400

343.5

344.0

0.5

530

PLS21-594

R780E

1095E

337

-70.0

151.0

153.0

2.0

310 – 480

8.2

NA

68.5

281.0

155.0

156.0

1.0

950 – 2000

158.5

159.5

1.0

330 – 440

160.0

162.0

2.0

340 – 1050

164.0

165.5

1.5

330 – 1200

181.0

181.5

0.5

340

182.0

183.0

1.0

300 – 360

191.5

192.0

0.5

300

196.0

199.0

3.0

680 – 14400

202.0

204.0

2.0

360 – 1300

205.0

206.5

1.5

430 – 610

213.5

216.0

2.5

400 – 1900

216.5

217.0

0.5

460

266.5

267.5

1.0

430 – 1400

PLS21-595

R780E

1050E

337

-69

264.0

270.0

6.0

320 – 12500

7.0

NA

72.7

353.0

272.0

279.0

7.0

330 – 3700

282.0

314.0

32.0

317.0

317.5

0.5

410

337.0

337.5

0.5

1100

PLS21-596

R780E

1095E

337

-69

175.0

179.0

4.0

8.2

NA

70.8

338.0

183.0

183.5

0.5

340

186.0

199.0

13.0

203.0

207.5

4.5

214.0

227.0

13.0

231.5

236.5

5.0

276.0

277.0

1.0

310 – 720

288.5

289.0

0.5

710

296.5

302.5

6.0

310.5

313.5

3.0

322.0

322.5

0.5

370

PLS21-597

R780E

900E

335

-69.6

117.0

118.5

1.5

320 – 1100

8.2

NA

63.0

383.0

124.5

125.5

1.0

370 – 570

133.0

133.5

0.5

340

136.0

147.0

11.0

150.5

152.0

1.5

157.0

158.0

1.0

430 – 710

177.5

184.5

7.0

360 – 25100

189.0

201.0

12.0

217.0

218.0

1.0

5300 – 8000

223.0

224.0

1.0

420 – 2700

229.0

230.0

1.0

1100 – 4700

233.0

239.0

6.0

243.5

259.5

16.0

264.5

290.0

25.5

293.5

295.5

2.0

317.0

320.0

3.0

325.0

325.5

0.5

410

330.5

331.0

0.5

500

PLS21-598

R780E

1080E

337

-68

183.5

185.5

2.0

8.2

NA

68.3

359.0

191.0

199.5

8.5

204.5

205.5

1.0

310 – 1100

219.0

219.5

0.5

490

222.0

223.0

1.0

330 – 1100

273.0

283.5

10.5

294.0

295.0

1.0

890 – 1200

297.5

307.5

10.0

313.0

314.0

1.0

420 – 520

321.0

322.0

1.0

530 – 2600

348.5

351.5

3.0

330 – 780

PLS21-599

R780E

1080E

340

-71

137.0

137.5

0.5

1000

8.3

NA

68.4

326.0

166.0

173.5

7.5

176.5

179.5

3.0

182.0

184.0

2.0

188.5

191.0

2.5

197.0

214.0

17.0

221.0

224.0

3.0

410 – 2900

288.5

289.0

0.5

580

301.5

304.0

2.5

PLS21-600

R780E

900E

337

-69.9

110.5

114.0

3.5

350 – 1100

7

NA

66.3

374.0

126.5

142.5

16.0

169.5

170.0

0.5

310

172.5

174.5

2.0

350 – 670

177.0

181.0

4.0

184.0

195.0

11.0

205.0

206.5

1.5

390 – 25200

217.0

218.5

1.5

360 – 430

221.5

222.0

0.5

460

226.5

228.0

1.5

620 – 1600

231.0

232.0

1.0

3600 – 4200

236.0

239.5

3.5

259.0

271.5

12.5

274.5

295.0

20.5

297.5

300.0

2.5

310 – 850

313.0

315.0

2.0

318.0

318.5

0.5

940

347.0

350.0

3.0

330 – 650

PLS21-601

R780E

915E

336

-70.4

118.5

133.5

15.0

8.2

NA

66.8

377.0

145.5

147.5

2.0

370 – 1200

153.5

155.0

1.5

160.5

198.0

37.5

203.0

215.5

12.5

225.5

226.0

0.5

800

237.0

262.5

25.5

269.0

271.0

2.0

370 – 460

297.5

300.5

3.0

360 – 8100

305.5

308.0

2.5

317.0

320.5

3.5

331.0

331.5

0.5

490

354.5

355.5

1.0

300 – 380

375.0

376.0

1.0

460 – 800

PLS21-602

R780E

915E

337

-70.4

99.5

100.0

0.5

380

8.2

NA

69.9

382.0

108.0

108.5

0.5

480

134.5

136.0

1.5

176.0

177.5

1.5

185.5

195.0

9.5

206.5

212.5

6.0

221.5

222.5

1.0

580 – 880

228.5

242.5

14.0

246.5

251.5

5.0

264.5

280.0

15.5

65535

286.0

321.0

35.0

342.0

347.5

5.5

372.0

372.5

0.5

350

PLS21-603

R780E

915E

339

-69.9

98.0

100.5

2.5

350 – 510

8.2

NA

69.8

363.0

110.0

110.5

0.5

530

134.0

139.5

5.5

420 – 5800

148.5

154.0

5.5

156.5

160.5

4.0

165.5

166.5

1.0

380

172.0

185.5

13.5

213.0

214.0

1.0

5200 – 20000

221.0

225.0

4.0

231.0

240.5

9.5

244.5

250.0

5.5

320 – 3500

270.0

274.0

4.0

470 – 33000

279.5

288.0

8.5

390 – 13200

292.0

292.5

0.5

530

295.0

300.0

5.0

303.0

303.5

0.5

440

308.5

320.0

11.5

337.0

338.5

1.5

330 – 470

345.5

346.0

0.5

640

PLS21-604

R780E

915E

339

-69.9

131.5

132.0

0.5

480

8.2

NA

62.3

374.0

171.5

198.0

26.5

233.5

237.0

3.5

240.0

240.5

0.5

310

257.0

260.5

3.5

268.0

274.5

6.5

279.5

280.0

0.5

380

283.5

284.0

0.5

390

286.5

294.0

7.5

298.0

302.0

4.0

460 – 4700

319.0

319.5

0.5

340

323.0

329.5

6.5

332.0

338.0

6.0

PLS21-605

R780E

930E

335

-67.8

105.5

106.5

1.0

330 – 650

8.2

NA

72.1

389.0

116.0

116.5

0.5

420

136.5

142.5

6.0

145.0

147.5

2.5

150.0

159.5

9.5

163.5

183.5

20.0

205.5

207.5

2.0

210.0

212.5

2.5

410 – 700

221.0

225.5

4.5

247.5

259.5

12.0

262.5

263.5

1.0

580 – 17000

270.0

296.0

26.0

298.5

306.5

8.0

309.0

310.0

1.0

340 – 1000

313.0

318.0

5.0

320.5

321.0

0.5

480

323.5

324.0

0.5

640 – 10400

337.0

338.5

1.5

790 – 1900

353.5

355.5

2.0

361.5

362.5

1.0

620 – 680

369.5

370.5

1.0

460 – 550

373.0

374.5

1.5

330 – 650

377.5

378.0

0.5

780

PLS21-606

R780E

900E

336

-68.9

103.0

106.0

3.0

8.2

NA

62.0

371.0

118.5

122.0

3.5

141.0

168.5

27.5

173.5

198.0

24.5

203.5

205.0

1.5

310 – 2500

213.5

215.5

2.0

320 – 2100

229.0

272.5

43.5

280.0

284.0

4.0

570 – 3000

286.5

287.5

1.0

1600 – 6100

291.0

292.5

1.5

510 – 5300

295.5

296.0

0.5

330

308.5

309.0

0.5

390

316.0

317.5

1.5

320 – 860

325.0

328.5

3.5

PLS21-607

R780E

1065E

339

-75.6

190.0

195.0

5.0

8.2

NA

74.3

344.0

203.5

206.0

2.5

212.0

213.0

1.0

300 – 740

218.0

238.0

20.0

244.5

245.0

0.5

700

280.0

297.5

17.5

305.0

309.0

4.0

300 – 6700

312.0

313.0

1.0

950 – 1100

324.0

326.0

2.0

300 – 870

331.0

331.5

0.5

370

PLS21-608

R780E

900E

336

-69.9

113.0

119.5

6.5

330 – 2400

8.2

NA

66.2

363.8

175.5

183.0

7.5

185.5

187.0

1.5

190.0

198.0

8.0

201.0

210.5

9.5

218.5

220.5

2.0

223.5

225.0

1.5

420 – 470

228.5

230.5

2.0

300 – 930

234.5

239.0

4.5

245.5

258.0

12.5

275.0

304.0

29.0

318.0

329.5

11.5

344.5

346.0

1.5

600 – 1400

PLS21-609

R780E

1125E

337

-75.4

105.5

106.0

0.5

930

8.2

NA

68.7

329.0

215.0

236.5

21.5

239.0

245.0

6.0

252.5

260.5

8.0

270.0

279.0

9.0

282.5

286.5

4.0

302.0

303.0

1.0

420 – 870

306.0

321.0

15.0

PLS21-610

R780E

915E

334

-70.1

148.0

148.5

0.5

420

8.2

NA

66.2

365.0

168.0

172.0

4.0

180.0

199.0

19.0

201.5

205.5

4.0

228.0

228.5

0.5

340

231.0

231.5

0.5

7800 – 15600

235.5

241.0

5.5

245.0

247.0

2.0

252.0

261.5

9.5

283.5

305.5

22.0

308.5

321.5

13.0

300 – 3500

327.0

337.0

10.0

355.5

359.0

3.5

PLS21-611

R780E

1095E

341

-69.9

196.5

199.5

3.0

8.2

NA

68.8

332.0

207.5

209.5

2.0

320 – 980

222.0

234.5

12.5

274.5

275.0

0.5

380

286.5

291.5

5.0

294.0

295.0

1.0

420 – 640

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using either a hand-held RS-230 or RS-125 Scintillometer, both manufactured by Radiation Solutions, which are capable of discriminating readings up to 65,535 cps. Natural gamma radiation in the drill hole survey that is reported in this news release was measured in counts per second (cps) 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.  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.  All depths reported of core interval measurements including radioactivity and mineralization intervals widths are not always representative of true thickness.  The orientation of the mineralized intervals tend to follow that of lithologic contacts, and generally dip steeply to the south. Within the Triple R deposit, individual zone wireframe models constructed from assay data and used in the resource estimate indicate that all 5 zones have a complex geometry controlled by and parallel to steeply south-dipping lithological boundaries as well as a preferential sub-horizontal orientation.

Samples from the drill core will be split in half sections on site and 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 U 3 O 8 (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.

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization of the Triple R deposit at PLS occurs within the Patterson Lake Conductive Corridor and has been traced by core drilling over ~3.18 km of east-west strike length in five separated mineralized “zones” which collectively make up the Triple R deposit. From west to east, these zones are: R1515W, R840W, R00E, R780E and R1620E. Through successful exploration programs completed to date, Triple R has evolved into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit.  The discovery hole was announced on November 05, 2012 with drill hole PLS12-022, from what is now referred to as the R00E zone.

The R1515W, R840W and R00E zones make up the western region of the Triple R deposit and are located on land, where overburden thickness is generally between 55 m to 100 m .  R1515W is the western-most of the zones and is drill defined to ~90 m in strike-length, ~68 m across strike and ~220 m vertical and where mineralization remains open in several directions.  R840W is located ~515 m to the east along strike of R1515W and has a drill defined strike length of ~430 m.  R00E is located ~485 m to the east along strike of R840W and is drill defined to ~115 m in strike length.  The R780E zone and R1620E zones make up the eastern region of the Triple R deposit.  Both zones are located beneath Patterson Lake where water depth is generally less than six metres and overburden thickness is generally about 50 m .  R780E is located ~225 m to the east of R00E and has a drill defined strike length of ~945 m.  R1620E is located ~210 m along strike to the east of R780E, and is drill defined to ~185 m in strike length.

The Company completed and filed a prefeasibility “PFS” study on November 07, 2019 titled “Pre-Feasibility Study on the Patterson Lake South Property Using Underground Mining Methods, Northern Saskatchewan, Canada “.  The report summarizes the Pre-Feasibility Study (“UG PFS”), which outlines an underground-only mining scenario for PLS which to date has only considered the R00E and R780E zones.  Further work, including additional drilling may provide sufficient data for future inclusion of the R1515W, R840W and R1620E zones into the Feasibility Study mine plan.

Mineralization along the Patterson Lake Corridor trend remains prospective 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.

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 the nearby Nexgen Arrow deposit located 3km to the east and UEX-Areva Shea Creek discoveries located 50km to the north.

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 CEO 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”


Ross McElroy , President and CEO

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 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: risks related to the Offering, risks related to Fission’s limited business history, risks related to the nature of mineral exploration and development, discrepancies between actual and estimated mineral resources, risks related to uranium market price volatility, risks related to the market value of the common shares of Fission, risks related to market conditions, risks related to the novel coronavirus (COVID-19) pandemic, including disruptions to the Company’s business and operational plans, risks related to the global economic uncertainty as a result of the novel coronavirus (COVID-19) pandemic 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 disclaims 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.

SOURCE Fission Uranium Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2021/07/c0729.html

News Provided by Canada Newswire via QuoteMedia

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