KELOWNA, BRITISH COLUMBIA — (Marketwired) — 10/06/14 — FISSION URANIUM CORP. (TSX VENTURE: FCU)(OTCQX: FCUUF)(FRANKFURT: 2FU) („Fission“ or „the Company“) is pleased to announce summer assay results from 29 holes drilled on the R780E zone at its Patterson Lake South (PLS) property in Saskatchewan–s Athabasca Basin, Canada. All 29 holes returned strong to moderate mineralization at shallow depth. Of exceptional note is hole PLS14-248 (line 825E), which returned composite assay intervals including 35.13% U3O8 over 16.5m within a larger interval of 13.23% U3O8 over 47.5m. This corresponds to an interval GT value (Grade %U3O8 x Thickness in meters) of 628.5, making this the strongest discrete mineralized interval drilled at PLS to date.
Zone R780E Extended Laterally: The high grade intersections of most of the holes extend the R780E mineralized corridor further laterally north and south in addition to increased depth at several locations along the entire strike length. PLS14-237 extends the R780E corridor an additional approx. 77m north on line 860E and PLS14-238 extends it a further approx. 41m south on line 825E. The exceptional upper intersection seen in PLS14-248 (46.5m @ 13.23% U3O8) occurs within the hanging wall semipelitic gneiss pushing the high-grade mineralization of the R780E further south on line 825E than previously seen.
Assay Highlights Include:
Hole PLS14-248 (line 825E)
Hole PLS14-247 (line 525E)
Hole PLS14-229 (line 330E)
Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
More summer assays pending: To date, assay results from 29 holes of the recently completed summer program have now been released; assay results from 31 zone delineation holes and 22 exploration holes are pending.
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.
Composite Parameters
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.
Updated maps and files can be found on the Company–s website at .
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.“
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 . 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.
Contacts: Investor Relations Rich Matthews TF: 877-868-8140
Only registered users can comment.
