Fission Uranium reports significant resource upgrade and growth drilling success

Fission Uranium (TSX: FCU; OTCQX: FCUUF) has announced promising results from the final 13 drill holes on the R1515W zone at its Patterson Lake South (PLS) property in the Athabasca Basin of Saskatchewan. The drilling program demonstrated robust mineralization across all holes, with nine holes intersecting high grade sections.

Among the highlights, drill hole PLS24-664 on line 1545W revealed a total composite mineralization of 77.0 metres, including 6.74 meters exceeding 10,000 counts per second (cps). Similarly, drill hole PLS24-663 on line 1500W showed 50.4 metres of total composite mineralization, including 5.79 metres above 10,000 cps.

The completed R1515W upgrade program will elevate the resource classification from mostly inferred to indicated or higher. This upgrade is crucial for potential inclusion in Fission Uranium’s current mine plan.

"Our resource growth program has been a resounding success. Every hole is strongly mineralized with the majority intersecting high grade intervals. With these results in hand, and once assay results quantify and qualify results, we are confident we will have achieved our goal of upgrading the majority of the R1515W zone resource classification, “ said Fission’s president and CEO Ross McElroy. “After which, once upgraded, we will be able to consider including the zone in the mine plan in the future. This in turn will increase mine reserves and further enhance the production profile of the PLS project."

The R1515W zone currently contains an indicated resource of 67,000 tonnes at an average grade of 1.15% U₃O₈ , totalling 1.7 million lb. U₃O₈ and an inferred resource of 234,000 tonnes at an average grade of 0.96% U₃O₈, totalling 5 million lb. U₃O_8.

The Patterson Lake corridor trend remains highly prospective for mineralization along both the western and eastern directions. This underscores the potential for further resource expansion and development in the region.

Fission recently signed a deal to be acquired by Australian company Paladin Energy in an all-stock agreement valued at about $1.14 billion. Paladin will purchase 100% of Fission shares at C$1.30 at an implied equity value of $1.14 billion. Existing Paladin shareholders will own about 76% of the combined company, while existing Fission shareholders will own 24%. 

For more information, visit www.FissionUranium.com.