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Fission Uranium (TSX: FCU) President Ross McElroy on Latest Drill Results: 1.5km Step Out of Wide, High-Grade Mineralization

July 31, 2017

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is President, COO, and Chief Geologist for Fission Uranium (TSX: FCU)(OTC: FCUUF), Mr. Ross McElroy. Ross, how are you this morning?

Ross McElroy: I'm doing well, Gerardo. How are you doing?

Gerardo Del Real: I'm well as well. Thank you for asking. I'm happy to have you back on, more good news this morning. The headline reads, "Fission Hits Widest Mineralization to Date Outside of the R780E Zone With 1.5 Kilometer Step Out from the Triple R Deposit." A lot of good nuggets in the news release. Could you give us some of the details, there, Ross?

Ross McElroy: I sure can. We're very excited with the latest two holes that have come out of the R1515 West drilling, and as you mentioned, and as we say in the title, it's a full kilometer and a half step out, along trend of the Patterson Lake corridor. It's a kilometer and a half away from the Triple R Deposit. That really does put a significant footprint to this incredibly prolific mineralized trend that holds the Triple R Deposit, and now the growing R1515 West zone, which is on land.

Gerardo Del Real: Excellent. Now another main takeaway, I think, is the fact that you're finding multiple stacked lenses. Can you give some context there and why that's important, Ross?

Ross McElroy: Yeah. We've started to make a note of that in the first two holes, that we released a week ago, noticing that as we stepped out further to the south to hit the mineralization that we already knew about at depth, we were hitting a parallel lens and then another parallel lens, so that's why we see a series of stacked vertical lenses. And now with these latest holes we're not only seeing the same lenses, but even stronger and better mineralization, so high-grade in those stacked lenses.

Now what that does is it really widens out the zone laterally speaking. So within the same strike distance, if I can get multiple lenses, I can start building a resource even quicker than I could if it was a single lens, for example. So it's as significant or maybe even more so than extending a deposit on strike, to be able to widen it out laterally in the same given area. I think it's quite significant.

This is something that we saw developing on several sections in the R780E zone, which is the main part of the Triple R Deposit, and that was what started building those pounds quite significantly in the central part of the deposit, was seeing these multiple, stacked, high-grade lenses. If this has some similarities, it does give us reason to be quite optimistic of what's happening out in this new zone.

Gerardo Del Real: Absolutely. I imagine you have to be happy to have this kind of success early in this drill program, just because of the fact that you mentioned, that you can add to the resource base pretty quickly. Is that something that you have in mind here, for the next 6-12 months, as you work behind the scenes with some of the other more technical studies?

Ross McElroy: Well, there has to be more holes drilled into this zone before we can start to contemplate a resource update, but I would say that if we continued drilling our 7 holes, between our 7 holes that we're doing this summer, we have a winter program that will absolutely focus more attention on the R1515 West zone. As long as that success continues, then you're going to be fairly quickly looking at trying to add those resources into the overall resource estimate.

And I think significantly this plays an important part because it is on land, it's the type of zone that we can access 12 months of the year. It's just really helps the overall development of the project, if we can continue to develop these on land, high-grade lenses. And I think that the R1515 West zone is looking pretty encouraging to me. It's really something that I can hardly wait to get back in, start putting more drill holes into it to understand it.

Similar to the other zones, we're seeing mineralization is, again, shallow. It starts up at the top of the bedrock. So 100 meters below the surface. We have the overburden sitting on top, and right away into the bedrock, you're seeing mineralization. And that's something that we've seen in all of the zones as we've marched along this entire 3.18 kilometer trend of high-grade mineralization on our property on the Patterson Lake corridor.

Gerardo Del Real: Excellent. In the meantime, I know we have results pending, I believe, for three more holes. Is that accurate, Ross?

Ross McElroy: We have moved the drill to do the drilling on the metallurgical holes on the 780 zone, and also we're working on the geotechnical drilling on the perimeter wall, so that's all work that's happening for the pre-feasibility study, of which we want to get out by the end of 2018. So I would say the next two weeks or so of the program we're going to be focused on continuing with that work on the PFS, and then we're going to move the drill back to the R1515 West zone, and continue drilling and complete at least another three holes on the project. So we'll probably take a little bit of a break from the 1515 now, as we are working on other aspects of the program, but we'll be right back to it shortly.

Gerardo Del Real: Excellent. Ross, is there anything else that you'd like to add? Let me thank you for your time, first off, but is there anything else that you'd like to add?

Ross McElroy: Well, I just think that the strength of mineralization that we're really quite pleased with, on the whole, particularly hole 564. When we use our very detailed scintillometer readings with this very sensitive instrument, the R121, it saturates at over 65,000 counts per second, and so we had a number of intervals in this hole where basically we buried the needle and it saturated, which means it's extremely strong radioactivity. Generally that bodes well for what the assays will look like, at least in those super high-grade radioactive zones. So it's something that we're looking forward to seeing what the results are going to be. And generally our turnaround time on the assays is about 6 weeks to about 8 weeks.

Gerardo Del Real: Excellent. Well, hopefully I can have you back on as those start coming in, and of course as you continue to develop the already world-class project. Thank you so much for your time today, Ross.

Ross McElroy: Thank you very much, Gerardo. It was great talking to you again.

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