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Fission Hits >9000 cps 30m West of R840W; Drills New Area Beneath Triple R

Exploration drilling also hits anomalous radioactivity in new area 600m west of R840W

KELOWNA, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from the summer drill program for the final 11 exploration drill holes (7 core holes and 4 Reverse Circulation (RC) holes) at its PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region. Three results are of particular importance:

  1. Approximately 600m west on strike from the R840W zone, exploration hole PLS16-490 (1665W) returned anomalous pathfinder geochemistry including uranium (up to 115 ppm) and boron up to 115 ppm and 775 ppm respectively.
  2. Step out drilling 30m west of the R840W zone, RC hole PLCRC16-010 encountered anomalous radioactivity in rock chips, corresponding to a peak of 9,308 cps in down-hole gamma probe.
  3. Probing deeper below the R780E zone, exploration hole PLS16-503 intersected anomalous radioactivity representing the deepest mineralization on the Triple R zone to date and potentially opening up an entirely new area.

The company considers all three discoveries a high priority for follow up.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented,

"We are highly encouraged by the exploration drilling 600m west of the R840W zone. The discovery of uranium pathfinder elements in this area highlights the strong potential for mineralization as we push towards the high-grade boulder field, approximately 2.5km west of our 2.63km mineralized trend. We are also very pleased with the successful, high-grade step out, 30m west of the R840W zone, which confirms that the zone is wide open to the west. Finally, it is important to mention the discovery of mineralization at depth beneath the Triple R deposit. This is a virtually uncharted area for us and illustrates the potential to expand the Triple R resource at depth. All three areas warrant aggressive follow up in the next drill program."

Additional Exploration Results Detail

  • Uranium Pathfinder elements drilled 600m west of R840W
    • PLS16-490 (1665W) returned anomalous boron (up to 775 ppm) and uranium (up to 115 ppm) pathfinder geochemistry approximately 600m west on strike from the R840W zone.
  • 30m west step-out RC hole shows potential to expands R840W zone
    • Hole PLSRC16-010 has intercepted anomalous radioactivity up to 460 cps in rock chips over 3.05m (156.97m to 160.02m) corresponding to a peak of 9,308 cps in down hole gamma survey, on line 1050W, 30m west of the high-grade, shallow and land-based R840W zone. Successful drilling recently merged the R600W zone into the R840W zone.
  • New mineralization discovered at depth beneath Triple R deposit
    • Hole PLS16-503 (line 780E) intersected 74.0m of total composite mineralization, including 0.68m total composite of >10,000 cps, over a 425.5m section (135.5m to 561.0m). In particular a 46.0m section between 515.0m and 561.0m, which includes a total composite mineralization of 6.0m with radiometric peaks up to 3400 cps, represents the deepest mineralization encountered to date beneath the R780E zone and reflects the potential to grow the deposit at depth

As part of the activity towards the pre-feasibility study, the four soil overburdern geotechnical holes and five regional hydrogeology monitoring wells were completed successfully. The 2D marine seismic survey is expected to begin in late August.

PATTERSON LAKE CORRIDOR

Core Holes

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MARKET SUMMARY

INDICES

      Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum)     Basement Total
Hole ID Conductor Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
Lake
Depth
(m)
Sandstone
From - To
(m)
Unconformity
Depth
(m)
Drillhole
Depth
(m)
PLS16-486 PLG-3B 780W 351 -77.8 No Significant Radioactivity NA NA
Name Last Change
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Resource Commodities

Name Last Change
Gold 1298.30 0.25%
Silver 16.46 0.30%
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Natural Gas 2.94
Uranium 22.80 0.00%
Zinc 1.38 0.00%

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