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Fission Uranium (TSX: FCU) President Ross McElroy: We Have Had an Extremely Successful Summer Program at the PLS Property in the Athabasca Basin

August 23, 2017

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me once again 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 doing well, also. Thank you so much for asking, Ross. Now, you had a news release this morning, and following the theme of the summer program, once again you're hitting intercepts that are the widest outside of the Triple R Deposit on the exploration front. Can we talk a bit about today's results?

Ross McElroy: We sure can. Today's results were the final three holes of the program for the R1515 West Zone drilling that we did. If you recall, we set out to drill 7 holes on the R1515 this summer. We completed all 7 holes. 6 of them were mineralized, including some of the widest mineralization that we've seen on the project. In fact, the one hole that we announced a couple weeks ago was the widest mineralization outside of the Triple R Deposit. It's an on-land target further west of the Triple R. We're seeing some very, very impressive widths to the mineralization. That makes us pretty happy with the results overall.

What I really like is seeing the multiple stack lenses, that's what gives us width, and that's what can really build a resource. If you can continue to get multiple stack lenses, that makes it wide, and then hopefully we'll get some good strike length to the new zone. We're really happy with the results.

Gerardo Del Real: It's obviously early stage at this new shallow high-grade zone. But again, you mentioned the significance of the mineralization. How does it compare to Triple R at this early stage, Ross? Obviously you have a world-class resource already in place that you're advancing. This has got to be pretty exciting to see the multiple stack lenses and to see this wide, shallow, land-based mineralization that you're seeing here.

Ross McElroy: Yeah there's no doubt, these are very good.  There's some very impressive holes that we've seen very early on now in the R1515 West zone delineation. I think there are some good similarities to the style of mineralization and the width, and where the high-grade occurs when we compare it against some of the key areas in the Triple R Deposit, which as we know is over 2 kilometers away before you start getting into the central part of the Triple R Deposit.

There's quite a strike length that we have to this mineralized trend. We're going to have to wait three weeks before we start seeing the assays, but we do know from historic knowledge on what we drill with radioactivity, that these should be some pretty good zones that were looking at, some of the holes on the 1515 West zone.

I think it compares very well. The geology is similar, and just the style of mineralization. I'm pretty happy about that. The thing I would note is what we've been able to accomplish now with this drilling this summer. We've now expanded the strike length on the Patterson Lake Corridor to 3.18 kilometers now. Yes, this summer was successful building the 1515, but when you look at the overall package, it's now over 3 kilometers in strike length, which is pretty incredible.

It was already prior to this summer program the largest lateral footprint in the Athabasca Basin for a mineralized trend. Now it's even bigger and all of this mineralization, from the west to the east, is all shallow depth mineralization. That makes it very encouraging for us overall.

Gerardo Del Real: Excellent, excellent. I mentioned that, of course, you already have a world class resource in place. You're working towards achieving that PFS status. How are things coming along on that front, and how did this summer's program benefit that process?

Ross McElroy: Well, you're right. Focusing in on the Triple R deposit, that's where we're putting the efforts in the pre-feasibility study. We expect to have a PFS by late 2018. Part of that program this summer was to drill some metallurgical holes that we could collect a sample and do the study that we needed to for this advanced metallurgical and processing information that's required.

We drilled three holes. One on the west side of the 780, one in the central, and one on the east side. All three of those holes were very well mineralized. I would say they met, and in many cases exceeded, and very much so, exceeded our expectations of what we thought the mineralized zone would be like in that area.

Just a week ago, we announced results on one of the met holes that had 153.5 meters of mineralization with over 61 meters of that being an off-scale high-grade counts per second. It was over 10,000 and in a lot of cases our field instruments were saturated. In other words, it's as high a grade as we can even measure with the field instruments. We're expecting some nice results out of that. I think that bodes well for going forward on the PFS study.

We also, in conjunction did some geotechnical drilling, which is more for ultimate pit development, so drilling around the pit perimeter wall on land. That was where we drilled three holes this summer, just to get better information of the bedrock below, the strength of the rock, what the pit walls will look like.

Those are all factors that go into the pre-feasibility, so very successful on that level. Very successful on the growth in the new zone of the R1515, and very successful in growing the Patterson Lake Corridor to over 3.18 kilometers now. By every measure on this project, we've had an extremely successful summer program. Very happy with the results, so the program is now finished. We just wrapped it up. We'll wait for the assay results. We'll be in the planning stages for an upcoming winter program, so very happy with the results so far.

Gerardo Del Real: Excellent, excellent. Now, I happen to believe that we're definitely bottoming in the uranium space. Personally, I'm starting to allocate capital into very, very few and select uranium companies. Obviously Fission is at the top of that list.

I would love to encourage everybody to go to corebox.net. I know that's a site that Fission uses. I believe there's over 150,000 meters of drilling that are shown. I think it really speaks to the scale and continuity of the Triple R Deposit. The other thing that I'd like to note about that website is that there's also other properties that report uranium holes. There's historical comparisons such as Hathor. I think that people tend to forget how undervalued, in my opinion, Fission is right now. Corebox.net would be a great site for anybody that's curious as to the scale of the deposit.

Any comments there, Ross? Can you tell me a little bit about why Fission chooses to take the time to upload everything there?

Ross McElroy: Yeah, I think it's great. I'm glad that you mentioned the corebox.net site. It's a public site that some companies choose to put the results onto. It's a great visualization website. With all of our holes there, you can see what the mineralization is. You can see how shallow it is. And importantly, as you already mentioned, you can see the continuity. That's key.

When you want to look and compare this against any other project, particularly to say uranium projects that also post their results on corebox.net, you'll see how this really stacks up compared to all the rest. In my opinion, there really is no comparison. This does put the PLS project at the top of the list.

I think it's an excellent and easy way for anybody, basically, to go on and have a look. See what it is that we talk about and see it for yourself in three dimensions. You can turn it, spin it around, look at it from every angle. You just see how big and how continuous this mineralization is and why it is that we're so excited about it.

Gerardo Del Real: Excellent, excellent. Ross, is there anything else that you'd like to add? Congratulations on a successful program. Obviously looking forward to details of the next one, when those are available.

Ross McElroy: Well, I think we've covered pretty well what we have been able to accomplish this summer. Very happy to be able to update all your listeners. Thank you again for keeping our story out front and center. We think it's a great story and we're very happy to be able to share the results with everybody. Thank you very much.

Gerardo Del Real: Thank you for taking the time, Ross. I'll look forward to having you back on.

Ross McElroy: Very good. Thanks, Gerardo.

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