Fission Stakes Four New Uranium Properties in Athabasca Basin

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www.fissionuranium.com

TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
FRANKFURT SYMBOL: 2FU

All four properties are prospective for high-grade uranium

KELOWNA, BC, Oct. 31, 2024 /CNW/ - FISSION URANIUM CORP. ("Fission" or "the Company") is pleased to announce it has staked four new properties in the Athabasca Basin region of northern Saskatchewan: Typhoon, Corsair, Merlin, and Seahawk (Figure 1). All four have positive, limited historical fieldwork and are considered by the company to be highly prospective, greenfield exploration projects.

News Highlights

• Four new properties in the Athabasca Basin staked by Fission:
  • Typhoon (3,867ha) located ~20km south of Fission's PLS project
  • Corsair (3,481ha) located ~110km east-southeast of Fission's PLS project and <20km south of Cameco's Centennial uranium deposit
  • Merlin (808ha) located ~36 km west of Cameco Corporation's Key Lake uranium mill
  • Seahawk (6,293ha) located ~33 km southeast of the Athabasca Basin

Ross McElroy, President and CEO for Fission, commented, "The Athabasca Basin region is home to the richest uranium ore bodies in the world. We have staked four new properties – identified by our expert and successful exploration team – that have potential for hosting high-grade uranium. These projects are under explored but have historical data pointing to strong prospectivity." 

Typhoon Project Details
Typhoon (Figure 2) is located ~20 km south of Fission's PLS project and consists of three contiguous mineral claims totaling 3,867 hectares. It is 100% owned by Fission. The property is 35 km south-southwest of the Athabasca Basin and straddles the northeast edge of the Western Canadian Sedimentary Basin (WCSB). In the project area, the WCSB is underlain by metamorphosed crystalline basement rocks belonging to the Taltson Domain, which are the same rocks that host the Triple R deposit on the PLS project to the north.

In 1969 a regional scale airborne radiometric survey covered the project area, and a combined airborne electromagnetic and magnetic survey followed by lake sediment, soil, water and radon sampling was undertaken in 2013. The electromagnetic survey in 2013 identified three multi-kilometer long conductor trends northeast of Typhoon, interpreted to be graphitic fault zones. The Company believes that these conductor trends extend through the Typhoon project but have been geophysically masked by the WCSB cover rocks and therefore never historically drill tested. Due to the limited amount of historical exploration on the project, including a complete lack of drill testing despite a similar geological setting and proximity to a number of significant uranium deposits, the Company views Typhoon as a highly prospective greenfield uranium exploration project.

Corsair Project Details
Corsair (Figure 3) is located 110 km east-southeast of Fission's PLS project, in northwest Saskatchewan and consists of three groups of non-contiguous mineral claims, termed the north, central and south groups, totaling 3,481 hectares. It is 100% owned by Fission. The north, central and south claim groups comprising Corsair are located within, straddling the margin of, and 2.6 km south of the Athabasca Basin, respectively. The maximum depth to the unconformity at Corsair is expected to be 500m in the north claim group, grading to 0 m in the south claim group where crystalline basement rocks are intermittently exposed on surface. Corsair is located strategically between two major, northeast trending structural features in northern Saskatchewan; the Virgin River Shear Zone (VRSZ) to the west and the Cable Bay Shear Zone (CBSZ) to the east. The VRSZ hosts Cameco Corporation's Dufferin Lake uranium zone (notable intercepts include drillhole SW-019, 1.73% U3O8 over 6.5m) and nearby Centennial uranium deposit (notable intercepts include drillhole VR31-W3, 8.8% U3O8 over 34.0m), which are located 11 km west and 15 km west of the Corsair project, respectively. The Corsair claim groups overlie a series of northwest trending electromagnetic conductors defined by previous operators, interpreted to be graphitic linkage faults in the basement rock between the VRSZ and CBSZ.

Uranium exploration has occurred around the Corsair claim groups since the late-1960's, which was focused primarily near the VRSZ and CBSZ, not on the linkage faults in-between. Only one historical drillhole from 1979 is located within the current Corsair property boundaries, CHY-002, which targeted an electromagnetic conductor located in the south claim block and was terminated in graphitic rocks at a depth of 111.0m. The Company believes that the graphitic linkage faults, and their interpreted genetic relationship to the two major shear zones in the Corsair area, one of which is host to multiple zones of uranium mineralization, are prospective locations for additional uranium discoveries.

Merlin Project Details
Merlin (Figure 4) is located in the eastern Athabasca Basin, 36 km west of Cameco Corporation's Key Lake uranium mill, and is comprised of one mineral claim totaling 808 hectares. It is 100% owned by Fission. Historical drilling in the area suggests that the depth to the Athabasca Basin-crystalline basement unconformity is expected to be up to 270m vertically from surface. In the northeast corner of Merlin, a 1.1 km long stretch of an electromagnetic conductor trend, interpreted to be a graphitic fault zone, extends from the east into the project area.

Historical drilling in 1981 by the Saskatchewan Mining Development Corporation (SMDC) along this electromagnetic conductor, 50m east of the Merlin claim boundary, intersected anomalous uranium concentrations in drillhole SM79-1, up to 0.015% U3O8. The anomalous uranium concentrations are hosted in weakly bleached, chlorite and clay altered basement rocks directly below the unconformity at a depth of 250.89m. SM79-1 follow-up drilling by SMDC consisted of a fence of three 60m spaced vertical drillholes across the electromagnetic conductor trend. The Company considers this follow-up drilling to have been too widely spaced to have appropriately tested for additional uranium mineralization around drillhole SM79-1, and the mineralized conductor trend where it continues into Merlin is considered highly prospective.

Seahawk Project Details
Seahawk (Figure 5) is located in northeast Saskatchewan, ~33 km southeast of the Athabasca Basin and is comprised of 18 non-contiguous mineral claims totaling 6,293 hectares. It is 100% owned by Fission. Seahawk overlies a 29 km long stretch of the Needle Falls Shear Zone (NFSZ), which is a major, northeast trending fault system extending for over 350 km across eastern Saskatchewan. Rocks comprising the NFSZ belong to the Wollaston Domain and consist of graphitic gneiss, silicified gneiss and mylonite to cataclasite, which are all common host lithologies found in basement hosted, unconformity-associated high-grade uranium deposits. Numerous north-south trending faults, interpreted to be part of the Tabbernor Fault System crosscut the NFSZ, creating highly prospective litho-structural settings to host uranium mineralization.

JNR Resources Inc. drilled along the VRSZ within the Seahawk project boundary in 2007 with drillholes PL-001 and 002. Drillhole PL-001 intersected 9m of faulted and sheared graphitic gneiss and was lost due to bad ground conditions at 59.0m. Anomalous uranium pathfinder element concentrations were discovered in the graphitic fault zone, returning 135 ppm cobalt, 327 ppm nickel, 398 ppm zinc and 73.5 ppm molybdenum. Drillhole PL-002 was a re-drill of PL-001 and intersected 39m of graphitic gneiss with two discreet fault zones. Other significant historical work at Seahawk includes the RG-6-3B and RG-6-4B boulders, which are radioactive boulders discovered during surface prospecting in 1978, returning up to 0.09% U3O8. Historical interpretation of the RG-6-3B boulder suggests that it was locally derived. Four additional radioactive boulder trains, totaling over 9 km in length, occur in the down-ice direction from Seahawk, outside of the project boundaries, including the Pendleton Lake boulder train where samples 9-RG-022 and 9-BV-009 returned 7.17 and 5.79% U3O8, respectively. The source of these uranium bearing boulders has never been conclusively determined. The Company believes the intersections between the NFSZ and Tabbernor fault system, up-ice direction of numerous uranium bearing boulder trains with no identified source and limited historical exploration work creates a compelling greenfield exploration project at Seahawk. 

Qualified Persons

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.Geo., President and CEO for Fission Uranium Corp., a qualified person.

About Fission Uranium Corp.

Fission Uranium Corp. is an award-winning Canadian uranium project developer and 100% owner of the Patterson Lake South uranium property – a proposed high-grade uranium mine and mill in Canada's Athabasca Basin region. Fission's common shares are listed on the TSX Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF" and on the Frankfurt Stock Exchange under the symbol 2FU.

ON BEHALF OF THE BOARD

"Ross McElroy" 
_____________________________
Ross McElroy, President and CEO 

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 the Company 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.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims 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.

SOURCE Fission Uranium Corp.

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