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Fission Resource Expansion Program Hits Wide Mineralization in all 20 Holes

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FISSION URANIUM CORP. (TSX: FCU) (OTCQX: FCUUF) (FRA: 2FU) is pleased to announce results from the first of its 2021 drill programs on the R780E zone of the high-grade Triple R deposit at its’ PLS project, in the Athabasca Basin region of Saskatchewan, Canada. Twenty holes were completed in 7,147.8m, including 1 hole restarted due to excessive deviation. All twenty holes hit wide mineralization in multiple stacked intervals, with thirteen intercepting significant intervals of >10,000 cps radioactivity. The goal of the winter program was to upgrade key sections of the Triple R deposit’s R780E zone to “indicated” category by increasing drill hole density where the resource is largely classified as Inferred. These recently completed holes have the potential to increase the Indicated category resource which may positively impact the planned feasibility study. The holes include PLS21-606 (line 900E), which intersected 118.0m of total composite mineralization, including 1.35m of total composite radioactivity >10,000 cps (with a peak of 23,400 cps) and PLS21-597 (line 900E) with 92.0m total composite mineralization, including 4.80m total >10,000 cps (with a peak of 51,400 cps).

 

Ross McElroy, CEO for Fission, commented, “This is the first of our 2021 drill programs and I’m very pleased to report that we have met, and in numerous instances exceeded, our expectations on width and strength of mineralization in all 20 holes. We continue to make strong progress towards feasibility, and these results will be instrumental in delivering a key part of our deposit growth strategy.” 

 

Drilling Highlights

 

  • 20 Holes Hit Significant Mineralization over wide Intervals. 21 holes were drilled (7,147.8m) including 20 holes completed (7,046.8m) with 1 abandoned and redrilled due to deviation from target.
  • Triple R Deposit Resource Drilling. Drilling successfully targeted an important mainly “inferred” categorized area of the eastern R780E zone between lines 900E and 1125E, using step out and infill drilling to achieve spacing of ~15m x 20m (horizontal / vertical), with the aim of conversion from Inferred to Indicated.
  • Hole PLS21-597 (line 900E)
    • 92.0m total composite mineralization over a 214m interval (between 117.0m to 331.0m), including
      • 4.8m of total composite mineralization >10,000 cps
  • Hole PLS21-605 (line 930E)
    • 110.0m total composite mineralization over a 272.5m interval (between 105.5m to 378.0m), including
      • 4.15m of total composite mineralization >10,000 cps
  • Hole PLS21-595 (line 1050E)
    • 46.0m total composite mineralization over a 73.5m interval (between 264.0m to 337.5m), including
      • 4.75m of total composite mineralization >10,000 cps

 

 

Table 1: Drill Hole Summary

 

Hole ID Zone Collar Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Lake Depth (m) Sandstone From –
To (m)
Basement Unconformity
Depth (m)
Total Drillhole
Depth (m)
Grid Line Az Dip From
(m)
To
(m)
Width
(m)
CPS Peak
Range
PLS21-592 R780E 1125E 334 -66 Hole Abandoned Due to Excessive Deviation 8.3 NA 69.3 101.0
PLS21-592A R780E 1125E 335 -67.1 190.5 192.0 1.5 8.3 NA 71.3 287.0
197.0 203.5 6.5
207.0 209.0 2.0 330 – 840
214.5 216.0 1.5 610 – 740
220.0 251.5 31.5 320 – 27300
286.5 287.0 0.5 330
PLS21-593 R780E 1050E 335 -67.4 229.0 243.0 14.0 8.2 NA 74.6 356.0
245.5 246.0 0.5 320
249.0 251.0 2.0 680 – 1200
263.5 265.0 1.5 770 – 3400
268.5 274.0 5.5
278.0 282.5 4.5
293.5 298.5 5.0 420 – 12200
299.5 302.0 2.5 420 – 1100
303.5 305.5 2.0 510 – 610
307.0 307.5 0.5 400
343.5 344.0 0.5 530
PLS21-594 R780E 1095E 337 -70.0 151.0 153.0 2.0 310 – 480 8.2 NA 68.5 281.0
155.0 156.0 1.0 950 – 2000
158.5 159.5 1.0 330 – 440
160.0 162.0 2.0 340 – 1050
164.0 165.5 1.5 330 – 1200
181.0 181.5 0.5 340
182.0 183.0 1.0 300 – 360
191.5 192.0 0.5 300
196.0 199.0 3.0 680 – 14400
202.0 204.0 2.0 360 – 1300
205.0 206.5 1.5 430 – 610
213.5 216.0 2.5 400 – 1900
216.5 217.0 0.5 460
266.5 267.5 1.0 430 – 1400
PLS21-595 R780E 1050E 337 -69 264.0 270.0 6.0 320 – 12500 7.0 NA 72.7 353.0
272.0 279.0 7.0 330 – 3700
282.0 314.0 32.0
317.0 317.5 0.5 410
337.0 337.5 0.5 1100
PLS21-596 R780E 1095E 337 -69 175.0 179.0 4.0 8.2 NA 70.8 338.0
183.0 183.5 0.5 340
186.0 199.0 13.0
203.0 207.5 4.5
214.0 227.0 13.0
231.5 236.5 5.0
276.0 277.0 1.0 310 – 720
288.5 289.0 0.5 710
296.5 302.5 6.0
310.5 313.5 3.0
322.0 322.5 0.5 370
PLS21-597 R780E 900E 335 -69.6 117.0 118.5 1.5 320 – 1100 8.2 NA 63.0 383.0
124.5 125.5 1.0 370 – 570
133.0 133.5 0.5 340
136.0 147.0 11.0
150.5 152.0 1.5
157.0 158.0 1.0 430 – 710
177.5 184.5 7.0 360 – 25100
189.0 201.0 12.0
217.0 218.0 1.0 5300 – 8000
223.0 224.0 1.0 420 – 2700
229.0 230.0 1.0 1100 – 4700
233.0 239.0 6.0
243.5 259.5 16.0
264.5 290.0 25.5
293.5 295.5 2.0
317.0 320.0 3.0
325.0 325.5 0.5 410
330.5 331.0 0.5 500
PLS21-598 R780E 1080E 337 -68 183.5 185.5 2.0 8.2 NA 68.3 359.0
191.0 199.5 8.5
204.5 205.5 1.0 310 – 1100
219.0 219.5 0.5 490
222.0 223.0 1.0 330 – 1100
273.0 283.5 10.5
294.0 295.0 1.0 890 – 1200
297.5 307.5 10.0
313.0 314.0 1.0 420 – 520
321.0 322.0 1.0 530 – 2600
348.5 351.5 3.0 330 – 780
PLS21-599 R780E 1080E 340 -71 137.0 137.5 0.5 1000 8.3 NA 68.4 326.0
166.0 173.5 7.5
176.5 179.5 3.0
182.0 184.0 2.0
188.5 191.0 2.5
197.0 214.0 17.0
221.0 224.0 3.0 410 – 2900
288.5 289.0 0.5 580
301.5 304.0 2.5
PLS21-600 R780E 900E 337 -69.9 110.5 114.0 3.5 350 – 1100 7 NA 66.3 374.0
126.5 142.5 16.0
169.5 170.0 0.5 310
172.5 174.5 2.0 350 – 670
177.0 181.0 4.0
184.0 195.0 11.0
205.0 206.5 1.5 390 – 25200
217.0 218.5 1.5 360 – 430
221.5 222.0 0.5 460
226.5 228.0 1.5 620 – 1600
231.0 232.0 1.0 3600 – 4200
236.0 239.5 3.5
259.0 271.5 12.5
274.5 295.0 20.5
297.5 300.0 2.5 310 – 850
313.0 315.0 2.0
318.0 318.5 0.5 940
347.0 350.0 3.0 330 – 650
PLS21-601 R780E 915E 336 -70.4 118.5 133.5 15.0 8.2 NA 66.8 377.0
145.5 147.5 2.0 370 – 1200
153.5 155.0 1.5
160.5 198.0 37.5
203.0 215.5 12.5
225.5 226.0 0.5 800
237.0 262.5 25.5
269.0 271.0 2.0 370 – 460
297.5 300.5 3.0 360 – 8100
305.5 308.0 2.5
317.0 320.5 3.5
331.0 331.5 0.5 490
354.5 355.5 1.0 300 – 380
375.0 376.0 1.0 460 – 800
PLS21-602 R780E 915E 337 -70.4 99.5 100.0 0.5 380 8.2 NA 69.9 382.0
108.0 108.5 0.5 480
134.5 136.0 1.5
176.0 177.5 1.5
185.5 195.0 9.5
206.5 212.5 6.0
221.5 222.5 1.0 580 – 880
228.5 242.5 14.0
246.5 251.5 5.0
264.5 280.0 15.5 65535
286.0 321.0 35.0
342.0 347.5 5.5
372.0 372.5 0.5 350
PLS21-603 R780E 915E 339 -69.9 98.0 100.5 2.5 350 – 510 8.2 NA 69.8 363.0
110.0 110.5 0.5 530
134.0 139.5 5.5 420 – 5800
148.5 154.0 5.5
156.5 160.5 4.0
165.5 166.5 1.0 380
172.0 185.5 13.5
213.0 214.0 1.0 5200 – 20000
221.0 225.0 4.0
231.0 240.5 9.5
244.5 250.0 5.5 320 – 3500
270.0 274.0 4.0 470 – 33000
279.5 288.0 8.5 390 – 13200
292.0 292.5 0.5 530
295.0 300.0 5.0
303.0 303.5 0.5 440
308.5 320.0 11.5
337.0 338.5 1.5 330 – 470
345.5 346.0 0.5 640
PLS21-604 R780E 915E 339 -69.9 131.5 132.0 0.5 480 8.2 NA 62.3 374.0
171.5 198.0 26.5
233.5 237.0 3.5
240.0 240.5 0.5 310
257.0 260.5 3.5
268.0 274.5 6.5
279.5 280.0 0.5 380
283.5 284.0 0.5 390
286.5 294.0 7.5
298.0 302.0 4.0 460 – 4700
319.0 319.5 0.5 340
323.0 329.5 6.5
332.0 338.0 6.0
PLS21-605 R780E 930E 335 -67.8 105.5 106.5 1.0 330 – 650 8.2 NA 72.1 389.0
116.0 116.5 0.5 420
136.5 142.5 6.0
145.0 147.5 2.5
150.0 159.5 9.5
163.5 183.5 20.0
205.5 207.5 2.0
210.0 212.5 2.5 410 – 700
221.0 225.5 4.5
247.5 259.5 12.0
262.5 263.5 1.0 580 – 17000
270.0 296.0 26.0
298.5 306.5 8.0
309.0 310.0 1.0 340 – 1000
313.0 318.0 5.0
320.5 321.0 0.5 480
323.5 324.0 0.5 640 – 10400
337.0 338.5 1.5 790 – 1900
353.5 355.5 2.0
361.5 362.5 1.0 620 – 680
369.5 370.5 1.0 460 – 550
373.0 374.5 1.5 330 – 650
377.5 378.0 0.5 780
PLS21-606 R780E 900E 336 -68.9 103.0 106.0 3.0 8.2 NA 62.0 371.0
118.5 122.0 3.5
141.0 168.5 27.5
173.5 198.0 24.5
203.5 205.0 1.5 310 – 2500
213.5 215.5 2.0 320 – 2100
229.0 272.5 43.5
280.0 284.0 4.0 570 – 3000
286.5 287.5 1.0 1600 – 6100
291.0 292.5 1.5 510 – 5300
295.5 296.0 0.5 330
308.5 309.0 0.5 390
316.0 317.5 1.5 320 – 860
325.0 328.5 3.5
PLS21-607 R780E 1065E 339 -75.6 190.0 195.0 5.0 8.2 NA 74.3 344.0
203.5 206.0 2.5
212.0 213.0 1.0 300 – 740
218.0 238.0 20.0
244.5 245.0 0.5 700
280.0 297.5 17.5
305.0 309.0 4.0 300 – 6700
312.0 313.0 1.0 950 – 1100
324.0 326.0 2.0 300 – 870
331.0 331.5 0.5 370
PLS21-608 R780E 900E 336 -69.9 113.0 119.5 6.5 330 – 2400 8.2 NA 66.2 363.8
175.5 183.0 7.5
185.5 187.0 1.5
190.0 198.0 8.0
201.0 210.5 9.5
218.5 220.5 2.0
223.5 225.0 1.5 420 – 470
228.5 230.5 2.0 300 – 930
234.5 239.0 4.5
245.5 258.0 12.5
275.0 304.0 29.0
318.0 329.5 11.5
344.5 346.0 1.5 600 – 1400
PLS21-609 R780E 1125E 337 -75.4 105.5 106.0 0.5 930 8.2 NA 68.7 329.0
215.0 236.5 21.5
239.0 245.0 6.0
252.5 260.5 8.0
270.0 279.0 9.0
282.5 286.5 4.0
302.0 303.0 1.0 420 – 870
306.0 321.0 15.0
PLS21-610 R780E 915E 334 -70.1 148.0 148.5 0.5 420 8.2 NA 66.2 365.0
168.0 172.0 4.0
180.0 199.0 19.0
201.5 205.5 4.0
228.0 228.5 0.5 340
231.0 231.5 0.5 7800 – 15600
235.5 241.0 5.5
245.0 247.0 2.0
252.0 261.5 9.5
283.5 305.5 22.0
308.5 321.5 13.0 300 – 3500
327.0 337.0 10.0
355.5 359.0 3.5
PLS21-611 R780E 1095E 341 -69.9 196.5 199.5 3.0 8.2 NA 68.8 332.0
207.5 209.5 2.0 320 – 980
222.0 234.5 12.5
274.5 275.0 0.5 380
286.5 291.5 5.0
294.0 295.0 1.0 420 – 640

 

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using either a hand-held RS-230 or RS-125 Scintillometer, both manufactured by Radiation Solutions, which are capable of discriminating readings up to 65,535 cps. Natural gamma radiation in the drill hole survey that is reported in this news release was measured in counts per second (cps) 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.  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.  All depths reported of core interval measurements including radioactivity and mineralization intervals widths are not always representative of true thickness.  The orientation of the mineralized intervals tend to follow that of lithologic contacts, and generally dip steeply to the south. Within the Triple R deposit, individual zone wireframe models constructed from assay data and used in the resource estimate indicate that all 5 zones have a complex geometry controlled by and parallel to steeply south-dipping lithological boundaries as well as a preferential sub-horizontal orientation.

 

Samples from the drill core will be split in half sections on site and where possible, samples will be standardized at 0.5m down-hole intervals. One-half of the split sample will be sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK for analysis which includes U3O8 (wt %) and fire assay for gold, while the other half remains on site for reference. All analysis includes a 63 element ICP-OES, uranium by fluorimetry and boron.

 

PLS Mineralized Trend & Triple R Deposit Summary

 

Uranium mineralization of the Triple R deposit at PLS occurs within the Patterson Lake Conductive Corridor and has been traced by core drilling over ~3.18 km of east-west strike length in five separated mineralized “zones” which collectively make up the Triple R deposit. From west to east, these zones are: R1515W, R840W, R00E, R780E and R1620E. Through successful exploration programs completed to date, Triple R has evolved into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit.  The discovery hole was announced on November 05, 2012 with drill hole PLS12-022, from what is now referred to as the R00E zone.

 

The R1515W, R840W and R00E zones make up the western region of the Triple R deposit and are located on land, where overburden thickness is generally between 55 m to 100 m.  R1515W is the western-most of the zones and is drill defined to ~90 m in strike-length, ~68 m across strike and ~220 m vertical and where mineralization remains open in several directions.  R840W is located ~515 m to the east along strike of R1515W and has a drill defined strike length of ~430 m.  R00E is located ~485 m to the east along strike of R840W and is drill defined to ~115 m in strike length.  The R780E zone and R1620E zones make up the eastern region of the Triple R deposit.  Both zones are located beneath Patterson Lake where water depth is generally less than six metres and overburden thickness is generally about 50 m.  R780E is located ~225 m to the east of R00E and has a drill defined strike length of ~945 m.  R1620E is located ~210 m along strike to the east of R780E, and is drill defined to ~185 m in strike length.

 

The Company completed and filed a prefeasibility “PFS” study on November 07, 2019 titled “Pre-Feasibility Study on the Patterson Lake South Property Using Underground Mining Methods, Northern Saskatchewan, Canada”.  The report summarizes the Pre-Feasibility Study (“UG PFS”), which outlines an underground-only mining scenario for PLS which to date has only considered the R00E and R780E zones.  Further work, including additional drilling may provide sufficient data for future inclusion of the R1515W, R840W and R1620E zones into the Feasibility Study mine plan.

 

Mineralization along the Patterson Lake Corridor trend remains prospective 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.

 

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 the nearby Nexgen Arrow deposit located 3km to the east and UEX-Areva Shea Creek discoveries located 50km to the north.

 

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 CEO 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 and trade on the OTCQX marketplace in the U.S.

 

Posted April 7, 2021

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