Fission Discovers New Zone With 465m Step-out; More Off-Scale in
Multiple Holes
New R1620E zone increases PLS on-trend strike length to
2.24km
KELOWNA, BRITISH COLUMBIA--(Marketwired - Mar 31, 2014) -
FISSION URANIUM CORP. (TSX-VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU)
("Fission" or "the Company") is pleased to announce results from
six new holes at its PLS property in Saskatchewan's Athabasca
Basin. All six holes intersected considerable mineralization. Of
particular note and importance is hole PLS14-196 on line 1620E. The
hole intersected total composite mineralization of 30.5m on line
1620E, approximately 465m east of PLS14-190. Its location marks a
new mineralized zone (R1620E) and increases the PLS discovery's
on-trend strike length from 1.78km to 2.24km. Hole PLS14-196 is
still in progress.
Further step out success: Of additional significance is the
location and mineralization of two other step out holes. PLS14-189
(line 1080E) is a 75m grid east step-out from PLS14-185 (1005E) and
shows multiple, well-developed zones similar to other holes to the
west of it. Also significant, PLS14-190 (line 1155E) located
approximately 15m grid south of PLS13-103 is locally well
mineralized. This increase in strength and width of mineralization
to the south on the R1155E zone suggests that further step-outs to
the south may be prospective.
Drilling Highlights include:
New zone and further expansion of existing zones
- Zone R1620E identified 465m east of zone R1155E
- PLS on-trend strike length increased from 1.78km to 2.24km
- Zone 1155E expanding with stronger mineralization to the
south
Hole PLS14-189 (line 1080E)
- 82.5m total composite mineralization (between 221.0m - 469.0m)
including:
- 4.2m total composite off-scale (>9999 cps)
radioactivity
Hole PLS14-192 (line 630E)
- 99.0m total composite mineralization (between 94.0m - 220.0m)
including:
- 1.1m total composite off-scale (>9999 cps)
radioactivity
Ross McElroy, President, COO, and Chief Geologist for Fission,
commented,
"PLS has advanced in scale by a considerable degree with the
latest step-outs to the east, which come soon after winter
drilling has successfully merged four high-grade zones into one.
Successfully tracing high-grade mineralization in a 75m grid east
step-out and the discovery of a new zone of mineralization a
further 485m east along strike trend speak to the tremendous upside
of this mineralized system."
|
|
Collar |
* Hand-held Scintillometer Results On Mineralized
Drillcore (>300 cps / >0.5M minimum) |
Sand- stone |
Base- ment Uncon- formity |
Total Drill- hole |
Hole ID |
Zone |
Grid Line |
Az |
Dip |
From (m) |
To (m) |
|
Width (m) |
CPS Peak Range |
From- To (m) |
Depth (m) |
Depth (m) |
PLS14-189 |
R780E |
1080E |
299 |
-87 |
221.0 |
226.0 |
|
5.0 |
<300 - 590 |
NA |
64.2 |
500.0 |
|
|
|
|
|
229.5 |
243.0 |
|
13.5 |
<300 - 6600 |
|
|
|
|
|
|
|
|
256.0 |
294.0 |
|
38.0 |
<300 - >9999 |
|
|
|
|
|
|
|
|
300.0 |
305.5 |
|
5.5 |
<300 - 2600 |
|
|
|
|
|
|
|
|
309.5 |
310.0 |
|
0.5 |
650 |
|
|
|
|
|
|
|
|
313.5 |
315.0 |
|
1.5 |
330 - 400 |
|
|
|
|
|
|
|
|
321.5 |
322.0 |
|
0.5 |
1600 |
|
|
|
|
|
|
|
|
324.5 |
326.0 |
|
1.5 |
380 - 1100 |
|
|
|
|
|
|
|
|
329.0 |
329.5 |
|
0.5 |
2500 |
|
|
|
|
|
|
|
|
334.0 |
340.5 |
|
6.5 |
<300 - 730 |
|
|
|
|
|
|
|
|
343.0 |
343.5 |
|
0.5 |
420 |
|
|
|
|
|
|
|
|
353.0 |
353.5 |
|
0.5 |
300 |
|
|
|
|
|
|
|
|
361.5 |
363.0 |
|
1.5 |
<300 - 400 |
|
|
|
|
|
|
|
|
366.0 |
366.5 |
|
0.5 |
650 |
|
|
|
|
|
|
|
|
386.5 |
387.0 |
|
0.5 |
360 |
|
|
|
|
|
|
|
|
402.5 |
405.5 |
|
3.0 |
<300 - 400 |
|
|
|
|
|
|
|
|
429.5 |
430.5 |
|
1.0 |
590 - 3200 |
|
|
|
|
|
|
|
|
441.0 |
441.5 |
|
0.5 |
620 |
|
|
|
|
|
|
|
|
455.0 |
455.5 |
|
0.5 |
300 |
|
|
|
|
|
|
|
|
468.0 |
469.0 |
|
1.0 |
690 - 1000 |
|
|
|
PLS14-190 |
R1155E |
1155E |
320 |
-90 |
184.0 |
184.5 |
|
0.5 |
3300 |
NA |
63.4 |
431.5 |
|
|
|
|
|
192.0 |
194.0 |
|
2.0 |
<300 - 440 |
|
|
|
|
|
|
|
|
197.0 |
207.5 |
|
10.5 |
<300 - 6200 |
|
|
|
|
|
|
|
|
211.0 |
215.0 |
|
4.0 |
330 - 5600 |
|
|
|
|
|
|
|
|
347.5 |
351.0 |
|
3.5 |
<300 - 930 |
|
|
|
|
|
|
|
|
358.5 |
368.0 |
|
9.5 |
<300 - 1300 |
|
|
|
PLS14-191 |
R780E |
720E |
344 |
-80 |
99.5 |
105.5 |
|
6.0 |
500 - 6600 |
NA |
58.2 |
316.0 |
|
|
|
|
|
109.0 |
112.5 |
|
3.5 |
<300 - 490 |
|
|
|
|
|
|
|
|
122.0 |
130.5 |
|
8.5 |
<300 - >9999 |
|
|
|
|
|
|
|
|
144.0 |
144.5 |
|
0.5 |
510 |
|
|
|
|
|
|
|
|
152.5 |
156.5 |
|
4.0 |
310 - >9999 |
|
|
|
PLS14-192 |
R780E |
630E |
339 |
-82 |
94.0 |
161.0 |
|
67.0 |
<300 - >9999 |
56.3 - 57.5 |
57.5 |
320.0 |
|
|
|
|
|
166.5 |
169.5 |
|
3.0 |
340 - 480 |
|
|
|
|
|
|
|
|
178.0 |
178.5 |
|
0.5 |
340 |
|
|
|
|
|
|
|
|
188.5 |
210.0 |
|
21.5 |
<300 - >9999 |
|
|
|
|
|
|
|
|
213.0 |
220.0 |
|
7.0 |
<300 - 1800 |
|
|
|
PLS14-193 |
R780E |
735E |
310 |
-86.5 |
124.0 |
140.0 |
|
16.0 |
<300 - 6500 |
NA |
57.5 |
302.0 |
|
|
|
|
|
162.0 |
176.0 |
|
14.0 |
<300 - >9999 |
|
|
|
|
|
|
|
|
186.0 |
186.5 |
|
0.5 |
6500 |
|
|
|
PLS14-196 |
R1620 |
1620E |
0 |
-90 |
99.0 |
129.0 |
|
30.0 |
300 - 6100 |
NA |
54.7 |
302.0 |
|
|
|
|
|
137.0 |
137.5 |
|
0.5 |
400 |
|
|
|
PLS Mineralized Trend
Summary
Uranium mineralization at PLS has been traced by core drilling
over 2.24km of east-west strike length in five separate mineralized
"zones" from line 615W (PLS13-124) to line 1620E (PLS14-196). From
west to east, these zones are; R600W, R00E, R780E, R1155E and
R1620E. The former R390E, R585 and R945E zones have been merged
into the R780E zone by successful winter drilling. 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.
R600W Zone (line 615W -
585W)
The R600W zone is located approximately 510m grid west of the
westernmost defined edge of the R00E Zone. Presently defined by 5
holes, the R600W zone has a strike length (grid east-west) of 30m
and a lateral width of 30m.
R00E Zone (line 075W -
line 090E):
The R00E zone is the discovery zone at PLS. Presently defined by
31 holes, the R00E zone has a strike length (grid east-west) of
approximately 165m and a lateral width (grid north-south) of up to
approximately 45m (line 030W).
R780E Zone (line 225E -
line 1080E):
The R780E zone is located approximately 135m grid east of the
easternmost defined edge of the R00E zone. Presently defined by 107
holes, the R780E zone has a strike length (grid east-west) of
approximately 855m and a lateral width (grid north-south) of up to
approximately 95m (line 780E).
R1155E Zone (line
1155E):
The R1155E zone is located approximately 75m grid east of the
easternmost defined edge of the R780E zone. Presently the R1155E
zone is defined by 3 mineralized holes, the strongest being the
most recent hole, PLS14-190.
R1620E Zone (line
1620E):
The R1620E zone is located approximately 465m grid east of the
easternmost defined edge of the R780E zone and is associated with
the PL-3C conductor. As defined by ground Small Loop Time Domain
Electromagnetic (SMLTDEM) geophysics survey, there is a ~250m gap
between the eastern terminous of the PL-3B conductor on line 1200E
and the western terminous of the PL-3C conductor on line 1450E.
Presently the R1620E zone is defined by a single mineralized hole,
PLS14-196. PLN14-196 targeted conductor PL-3C, the suspected
1.3km-long strike extension of the mineralized PL-3B conductor, at
an interpreted NNE-SSW trending cross-fault located near its
western end. This target was upgraded due to the presence of a
coincident subtle single point radon in water anomaly.
Fission has completed 63 holes of the planned Winter 2014
delineation drill hole program. Approximately 85% of the holes are
designed to assist in delineation of the main mineralized trend
between lines 015E and 1080E utilizing 4 diamond drill rigs. A 5th
diamond drill rig is being utilized to drill exploration holes
outside of the main mineralized trend.
A $12M, 100 hole, 30,000m drill program and ground geophysics
surveys continues at PLS. Updated maps and files can be found on
the Company's website at
http://fissionuranium.com/project/pls/overview/news/.
Natural gamma radiation in drill core that is reported in this
news release was measured in counts per second (cps) using a hand
held Exploranium GR-110G total count gamma-ray scintillometer. The
reader is cautioned that scintillometer readings are not directly
or uniformly related to uranium grades of the rock sample measured,
and should be used only as a preliminary indication of the presence
of radioactive materials. The degree of radioactivity within the
mineralized intervals is highly variable and associated with
visible pitchblende mineralization. All intersections are
down-hole, core interval measurements and true thickness is yet to
be determined.
All holes are planned to be radiometrically surveyed using a
Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for more
accurate measurements in high grade mineralized zones. The Triple
Gamma probe is preferred in zones of high grade mineralization.
Split core samples from the mineralized section of core will be
taken continuously through the mineralized intervals and submitted
to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005
Accredited Facility) of Saskatoon for analysis, which includes U3O8
(wt %) and fire assay for gold. All samples sent for analysis will
include a 63 element ICP-OES, uranium by fluorimetry and boron.
Assay results will be released when received.
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."
ON BEHALF OF THE BOARD |
|
"Ross McElroy" |
|
|
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.
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.
Investor RelationsRich MatthewsTF:
877-868-8140rich@fissionuranium.comwww.fissionuranium.com
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