Subject: MINING EXPLORATION UPDATE
Fission Expands Winter Program; Doubles Exploration Drilling
KELOWNA, BRITISH COLUMBIA--(Marketwired - Feb. 16, 2017) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce that the winter exploration drill program at its PLS property in Canada's Athabasca Basin, will be expanded to include a further 29 new drill holes, for a total of 63 holes (19,020m). PLS hosts the Triple R - the only major deposit in the Basin with a high-grade core starting at 50m from surface, as well as two additional, similarly shallow and high-grade zones. The majority of the additional holes will focus on high-priority regional exploration targets with the objective of making a new, near-surface, high-grade discovery at PLS. Drilling, which has now begun, will also seek to grow the new shallow, high-grade zones (R840W and R1620E) at each end of the 2.63km mineralized trend, for potential inclusion in the future resource estimate update.
Newly Expanded Exploration Drill Program Highlights
The addition of 29 holes brings the total number of Winter drill holes to 63 holes, including:
- 37 holes, including 23 core and 14 reverse circulation (RC) holes, focusing on key regional exploration targets for potential new discovery. These target areas include:
- An area of interest approximately 600m west of the R840W zone
- Untested areas to the west along the Patterson Lake Corridor, near the High-Grade uranium boulder field
- Carter Corridor - a parallel conductive trend to the Patterson Lake Corridor located approximately 4km north of the Triple R deposit
- EM conductors located between Patterson Lake and Forest Lake Corridors
- Eastern and western ends of the Patterson Lake Corridor
- 26 holes focused on expansion of the new recently discovered high-grade R840W and R1620E zones located on the western and eastern ends of 2.63km mineralized trend. These zones have the potential to be included in a future Triple R resource estimate update
- 28.5 line-km of ground-based Small Moving Loop Time Domain Electromagnetic (SMLTEM) survey aimed at identifying areas of stronger, wider mineralization
- Land Based Acoustic Survey to obtain detailed information of overburden and, importantly, maps out the overburden / bedrock interface and any subtle faulting and offsets at the bedrock and shallow basement penetration
Total winter exploration budget is $9.6M Ross McElroy, President, COO, and Chief Geologist for Fission, commented,
"The expansion of the winter program will allow us to focus to a much greater degree on the numerous regional exploration targets. PLS hosts the world's only major, shallow uranium deposit, where the high-grade mineralization starts at just 50m below the surface. With the recent discoveries of the R840W and R1620E zones, we know that the near-surface, high-grade mineralization at PLS extends along strike well beyond the current defined Triple R deposit resource estimate. In addition, not only does the Patterson Lake Corridor remain very prospective far beyond the 2.63 km mineralized trend but the parallel conductive corridors we've identified are also are very encouraging."
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. 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. 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.
An updated map 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.
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, President and COO
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 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 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.
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