Fission Resource Upgrade Drilling Successful; High-Grade Hits in Multiple Areas

- July 13th, 2021

TSX SYMBOL: FCU OTCQX SYMBOL: FCUUF FRANKFURT SYMBOL: 2FU All 20 holes of Winter program intersect wide mineralization Fission Uranium Corp. is pleased to announce that assays from its winter 2021, resource expansion drill program have confirmed high-grade mineralization on multiple lines between line 900E and line 1125E. All 20 holes returned wide intercepts in multiple stacked intervals in each hole, with 15 holes …

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

All 20 holes of Winter program intersect wide mineralization

Fission Uranium Corp. (” Fission ” or ” the Company “) is pleased to announce that assays from its winter 2021, resource expansion drill program have confirmed high-grade mineralization on multiple lines between line 900E and line 1125E. All 20 holes returned wide intercepts in multiple stacked intervals in each hole, with 15 holes hitting high-grade intervals. The program targeted areas of inferred category mineralization with the goal of upgrading to indicated category for inclusion in the upcoming feasibility study. Of particular note, hole PLS21-602 (line 915E) intersected 69.5m of total composite uranium mineralization in multiple stacked intervals, including intervals such as 4.5m @ 18.63% U 3 O 8 in 14.5m @ 6.11% U 3 O 8 .

Ross McElroy , President and CEO for Fission, commented, “These successful, robust drill results are a strong validation of our growth strategy for the deposit. Specifically, they have the potential to expand the size and quality of the resource from the R780E zone to be used in our upcoming feasibility study.

Program Details and Assay Highlights Include:

PLS21-602 (line 915E)

  • 69.5m of total composite uranium mineralization with key Intercepts including:
    • 14.5m @ 6.11% U 3 O 8 (265.0 to 279.5m ), including:
      • 4.5m @ 18.63% U 3 O 8 (271.5 to 276.0m )

PLS21-600 (line 900E)

  • 62.5m of total composite uranium mineralization with key Intercepts including:
    • 11.5m @ 4.62% U 3 O 8 ( 259.5m to 271.0m ), including:
      • 5.0m @ 9.27% U 3 O 8 ( 263.5m to 268.5m )

PLS21-597 (line 900E)

  • 70.0m of total composite uranium mineralization with key Intercepts including:
    • 16.0m @ 1.12% U 3 O 8 ( 243.5m to 259.5m ), including:
      • 1.0m @ 7.53% U 3 O 8 ( 248.5m to 249.5m )

PLS21-607 (line 1065E)

  • 40.0m of total composite uranium mineralization with key Intercepts including:
    • 17.0m @ 2.97% U 3 O 8 ( 220.5m to 237.5m ), including:
      • 2.5m @ 14.67% U 3 O 8 ( 224.5m to 227.0m )

R780E Winter 2021 Infill Drilling: In addition to its major, Indicated category resource, the R780E zone has, at a cut-off of 0.25% U 3 O 8 , an Inferred resource of 10.1 Million lbs U 3 O 8 in 549,000 tonnes.  A large portion of this Inferred resource is situated east of line 900E between a vertical depth of 200m to 350m below surface in the hanging wall and footwall of the mineralized zone. This area was prioritized for the winter drill campaign of infill and step-out drilling.

Twenty holes in 7,147.8m targeted lenses between lines 900E and 1125E, ensuring intersection spacing is less than 15m x 20m (horizontal / vertical), which is required for Indicated classification. Drilling in this area was assumed to have the additional benefit of intersecting multiple, stacked, subvertical mineralized lenses, which allows for multiple intersections with a single drill hole, and the drill campaign did in fact confirm this.

All twenty holes successfully intersected their targets and data will be used to remodel this area of the R780E resource, potentially increasing the amount of Indicated classified resource.   The remodeled resource will be used for the feasibility study.

Table 1: R780E Zone – Composited Mineralized Intervals from Drill Holes

Zone

Hole ID

Grid
Line

Azimuth

Dip

From (m)

To (m)

Interval
(m)

U3O8
(wt%)

R780E

PLS21-592A

1125E

335

-67.1

197.50

198.50

1.00

0.18

215.50

216.00

0.50

0.06

220.50

251.00

30.50

0.95

220.50

231.50

11.00

1.76

239.00

241.00

2.00

2.81

PLS21-593

1050E

335

-67.4

230.50

243.00

12.50

0.14

249.00

251.00

2.00

0.11

263.50

265.00

1.50

0.53

269.50

273.00

3.50

0.06

278.00

279.00

1.00

0.14

293.50

305.50

12.00

0.23

295.00

295.50

0.50

1.93

343.50

344.00

0.50

0.10

PLS21-594

1095E

337

-70.0

155.00

156.00

1.00

0.23

158.50

159.50

1.00

0.06

160.50

161.50

1.00

0.06

165.00

165.50

0.50

0.18

196.00

198.50

2.50

1.12

202.50

203.50

1.00

0.12

214.00

215.00

1.00

0.17

266.50

267.00

0.50

0.11

PLS21-595

1050E

337

-69.0

264.00

270.00

6.00

0.54

272.50

279.00

6.50

0.15

282.50

298.00

15.50

2.82

288.50

294.00

5.50

6.69

305.50

314.00

8.50

0.26

337.00

339.00

2.00

0.10

PLS21-596

1095E

337

-69.0

186.50

192.50

6.00

0.10

195.00

195.50

0.50

0.06

198.00

198.50

0.50

0.06

207.00

207.50

0.50

0.09

214.00

226.50

12.50

0.14

231.50

236.00

4.50

0.20

276.00

276.50

0.50

0.10

288.50

289.00

0.50

0.08

299.50

301.00

1.50

0.06

302.00

302.50

0.50

0.06

310.00

311.50

1.50

0.05

313.00

313.50

0.50

0.06

PLS21-597

900E

335

-69.6

117.00

118.50

1.50

0.10

124.50

125.50

1.00

0.10

137.50

146.00

8.50

0.14

151.50

152.00

0.50

0.06

157.00

157.50

0.50

0.13

177.50

183.50

6.00

0.89

181.00

183.50

2.50

1.89

190.50

197.50

7.00

4.79

194.50

197.00

2.50

12.23

200.00

200.50

0.50

0.07

217.00

218.00

1.00

3.58

223.00

224.00

1.00

0.22

229.00

230.00

1.00

0.40

235.00

239.00

4.00

0.79

235.00

236.00

1.00

1.84

243.50

259.50

16.00

1.12

248.50

249.50

1.00

7.53

264.50

270.00

5.50

0.10

272.50

273.00

0.50

1.39

275.50

290.00

14.50

0.32

277.00

278.00

1.00

1.31

318.00

318.50

0.50

0.34

330.50

331.00

0.50

0.06

PLS21-598

1080E

337

-68.0

191.00

191.50

0.50

0.05

192.50

193.00

0.50

0.06

196.00

197.00

1.00

0.08

205.00

205.50

0.50

0.10

219.00

219.50

0.50

0.07

222.00

222.50

0.50

0.06

279.50

280.00

0.50

0.05

294.00

295.00

1.00

0.10

298.00

302.00

4.00

0.09

306.50

307.00

0.50

0.07

321.50

322.00

0.50

0.10

348.50

351.50

3.00

0.06

PLS21-599

1080E

340

-71.0

166.00

172.50

6.50

0.08

177.00

177.50

0.50

0.07

182.00

183.00

1.00

0.07

199.50

205.00

5.50

0.15

207.50

213.50

6.00

0.09

221.00

222.50

1.50

0.11

288.50

289.00

0.50

0.08

301.50

303.50

2.00

0.09

PLS21-600

900E

337

-69.9

110.50

113.50

3.00

0.10

126.50

142.00

15.50

0.11

145.00

145.50

0.50

0.24

173.00

174.50

1.50

0.13

178.50

181.50

3.00

0.14

186.00

186.50

0.50

0.05

190.00

190.50

0.50

0.05

194.00

195.00

1.00

4.73

205.50

206.50

1.00

2.30

218.00

218.50

0.50

0.07

227.00

228.00

1.00

0.22

231.00

232.00

1.00

0.50

236.00

239.50

3.50

0.16

259.50

271.00

11.50

4.62

263.50

268.50

5.00

9.27

274.50

288.50

14.00

0.88

291.00

293.50

2.50

0.45

298.00

299.00

1.00

0.29

313.00

313.50

0.50

0.07

318.00

318.50

0.50

0.11

PLS21-601

915E

336

-70.4

119.00

120.00

1.00

0.07

123.00

123.50

0.50

0.07

125.50

126.00

0.50

0.09

128.50

133.00

4.50

0.10

146.00

147.00

1.00

0.09

164.00

183.50

19.50

1.84

164.50

168.00

3.50

3.32

179.50

180.50

1.00

16.64

186.00

197.50

11.50

0.18

193.00

193.50

0.50

1.09

204.00

213.00

9.00

0.21

238.50

258.50

20.00

0.20

261.00

262.00

1.00

0.21

269.50

271.00

1.50

0.06

297.50

300.00

2.50

0.33

305.00

305.50

0.50

0.06

317.00

320.50

3.50

0.07

375.00

376.00

1.00

0.05

PLS21-602

915E

337

-70.4

191.50

192.00

0.50

0.25

194.50

195.00

0.50

0.09

207.50

212.50

5.00

0.07

221.50

222.50

1.00

0.13

228.50

240.50

12.00

0.42

239.00

240.00

1.00

2.34

246.50

251.50

5.00

0.11

265.00

279.50

14.50

6.11

271.50

276.00

4.50

18.63

286.50

293.00

6.50

0.56

296.50

307.00

10.50

0.28

299.00

300.00

1.00

1.47

309.50

321.00

11.50

0.08

342.50

344.00

1.50

0.06

346.50

347.50

1.00

0.22

PLS21-603

915E

339

-69.9

99.50

100.00

0.50

0.06

135.50

139.50

4.00

0.26

166.00

166.50

0.50

0.11

177.50

178.50

1.00

0.26

183.00

185.00

2.00

0.12

213.00

214.00

1.00

1.22

221.00

221.50

0.50

0.06

231.00

235.00

4.00

0.10

240.00

240.50

0.50

0.17

245.50

249.50

4.00

0.21

270.00

274.00

4.00

1.37

270.00

270.50

0.50

6.38

279.50

288.00

8.50

0.24

283.00

283.50

0.50

2.16

292.00

292.50

0.50

0.05

295.00

297.50

2.50

0.12

299.50

300.00

0.50

0.39

303.00

303.50

0.50

0.08

311.00

318.00

7.00

0.10

345.50

346.00

0.50

0.13

PLS21-604

915E

339

-69.9

172.00

186.50

14.50

0.07

189.00

190.00

1.00

0.14

193.00

193.50

0.50

0.11

235.50

237.00

1.50

0.08

259.50

260.50

1.00

0.12

273.00

273.50

0.50

0.11

283.50

284.00

0.50

0.05

287.50

294.00

6.50

0.07

298.00

302.00

4.00

0.31

323.00

324.00

1.00

0.16

326.50

327.00

0.50

0.13

332.00

333.50

1.50

0.17

336.50

337.50

1.00

0.11

PLS21-605

930E

335

-67.8

147.00

147.50

0.50

0.09

150.50

151.00

0.50

0.09

152.00

152.50

0.50

0.07

155.50

156.50

1.00

0.11

163.50

183.00

19.50

0.07

207.00

207.50

0.50

0.14

210.50

212.00

1.50

0.07

221.00

224.00

3.00

0.11

247.50

257.00

9.50

0.64

248.50

249.50

1.00

4.43

262.50

263.50

1.00

1.62

270.50

278.00

7.50

3.54

282.00

284.50

2.50

0.21

287.00

293.50

6.50

0.56

287.00

288.00

1.00

2.63

299.50

303.50

4.00

0.14

309.00

309.50

0.50

0.10

313.00

313.50

0.50

0.06

320.50

321.00

0.50

0.06

323.50

324.00

0.50

0.95

337.00

338.50

1.50

0.21

377.50

378.00

0.50

0.07

PLS21-606

900E

336

-68.9

103.00

104.00

1.00

0.14

118.50

119.50

1.00

0.07

141.50

142.00

0.50

0.10

146.00

168.00

22.00

0.67

150.50

157.00

6.50

1.88

178.50

198.00

19.50

0.17

190.50

191.00

0.50

1.46

203.50

205.00

1.50

0.08

214.50

215.00

0.50

0.28

230.00

235.00

5.00

0.17

237.50

238.00

0.50

0.13

240.50

272.50

32.00

0.37

262.00

264.50

2.50

0.92

280.00

284.00

4.00

0.33

286.50

287.50

1.00

0.52

291.00

292.50

1.50

0.31

316.00

317.00

1.00

0.17

327.00

328.50

1.50

0.14

PLS21-607

1065E

339

-75.6

190.50

194.50

4.00

0.18

204.50

205.50

1.00

0.23

212.00

212.50

0.50

0.13

220.50

237.50

17.00

2.97

224.50

227.00

2.50

14.67

244.50

245.00

0.50

0.13

280.00

287.00

7.00

0.19

291.50

295.50

4.00

0.33

305.50

309.00

3.50

0.49

312.00

313.00

1.00

0.16

324.00

325.50

1.50

0.08

PLS21-608

900E

336

-69.9

113.50

114.50

1.00

0.08

117.00

119.00

2.00

0.08

176.50

181.00

4.50

0.13

190.50

191.00

0.50

0.06

193.50

195.00

1.50

0.06

201.00

208.00

7.00

0.08

218.50

219.50

1.00

0.08

224.00

224.50

0.50

0.05

229.00

230.00

1.00

0.10

235.50

238.50

3.00

0.44

248.50

254.50

6.00

1.64

253.50

254.50

1.00

8.66

257.00

257.50

0.50

17.90

275.50

288.00

12.50

0.68

275.50

277.00

1.50

1.80

279.50

281.00

1.50

2.59

290.50

292.50

2.00

0.07

295.00

299.00

4.00

0.06

302.50

304.00

1.50

0.10

320.00

329.00

9.00

0.08

344.50

345.50

1.00

0.18

PLS21-609

1125E

337

-75.4

215.50

219.50

4.00

0.19

224.00

236.00

12.00

0.29

226.50

228.00

1.50

1.52

240.50

241.50

1.00

0.06

243.00

245.00

2.00

0.05

253.00

254.00

1.00

0.08

256.00

257.00

1.00

0.06

270.00

272.00

2.00

0.09

284.50

286.00

1.50

0.06

307.50

308.50

1.00

0.11

311.50

312.00

0.50

0.07

316.50

317.00

0.50

0.30

PLS21-610

915E

334

-70.1

171.00

171.50

0.50

0.06

181.50

183.50

2.00

0.09

187.00

189.50

2.50

0.07

192.00

199.00

7.00

0.11

202.00

204.00

2.00

0.07

231.00

231.50

0.50

1.21

237.50

239.00

1.50

1.98

245.00

246.50

1.50

0.08

252.50

253.50

1.00

0.06

255.50

261.00

5.50

0.05

283.50

293.50

10.00

0.32

286.00

286.50

0.50

4.02

296.00

303.00

7.00

0.25

309.00

316.50

7.50

0.12

319.50

321.00

1.50

0.14

327.50

336.50

9.00

0.08

357.00

357.50

0.50

0.05

PLS21-611

1095E

341

-69.9

197.00

199.50

2.50

0.09

208.00

209.00

1.00

0.14

222.00

234.50

12.50

0.90

224.50

227.50

3.00

1.53

230.50

233.00

2.50

1.96

290.50

291.50

1.00

0.11

294.00

295.00

1.00

0.09

Composite Parameters

  1. Minimum Thickness: 0.50m
  2. Grade Cut-Off: 0.05m U 3 O 8 (wt%)
  3. Maximum Internal Dilution: 2: 00m

Composited % U 3 O 8 mineralized intervals are summarized in Table 1. 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 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 analysis and boron.  All analysis includes a 63 element ICP-OES, uranium by fluorimetry and boron. All depths reported of core interval measurements including sample and interval widths are down-hole and 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.

PLS Mineralized Trend & Triple R Deposit Summar

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.

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