Fission Announces Winter Program to Advance PLS; Stakes New Uranium Property in Western Athabasca Basin

ir@fissionuranium.com
www.fissionuranium.com

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

KELOWNA, BC, Jan. 26, 2023 /CNW/ - FISSION URANIUM CORP. ("Fission" or "the Company") is pleased to announce a winter program at its' 100% owned PLS property in Canada'sAthabasca Basin region. The program will include geotechnical testing of key areas identified for surface infrastructure as identified in the Feasibility Study, including proposed stockpiles and mill locations. Also, 5 drill holes are designed to confirm groundwater modelling of certain sections of the R780E zone. Additionally, the company has staked a new, 11,148-hectare property in the western Athabasca Basin region of northern Saskatchewan. The West Cluff property is prospective for high-grade uranium and is located ~75km north of the Company's flagship PLS project, and less than 3km west of the past-producing Cluff Lake mine.

• 3 drill holes (300m) at each stockpile location
• 4 drill holes (300m) at the mill location
• 20 test pits for water table data and estimating boulder content for earthworks planning
• 5 drill holes (730m) on the R780E zone to confirm groundwater modelling

Ross McElroy, President and CEO for Fission, commented, "With the superb results of our feasibility study now in hand, we will continue to develop our PLS uranium project at a strong, steady pace. As we move towards the Environmental Impact Statement, we will also be carrying out a number of work programs, including this new round of geotechnical drilling for the mine and mill facilities."

Stockpiles. Previous drill holes for the feasibility study ("FS") were drilled in the general area of the waste stockpiles to test suitability for waste storage. Now that the waste stockpiles are designed to FS level, based on the estimated waste volumes for PAG, non-PAG and overburden volumes, three additional holes are required within the footprint of each stockpile to confirm stratigraphy, and to update the stability analysis.

The PLS Mill. The mill area drill holes will be for Basic Engineering Design as previous drill holes were drilled in the general mill area, and data used to assess the suitability of the area for foundations. Now that the mill area has specific building locations, as per the FS, further drilling is required for foundation design.

Test Pits. The 20 test pits will gather information on perched water tables and estimating boulder content for earthworks planning. Six pits are proposed for the waste rock stockpile area (2 per stockpile), four pits are proposed in the mill area, and ten pits are proposed along the two main site access roads from the permanent camp to the mill area (6 pits) and from the mill area to the mine portal (4 pits)

R780E Zone Hydrogeologic Drilling. These holes will cover the hangingwall and footwall areas, and will consist of drilling 2 pumping wells and 3 VWP monitoring wells. The drilling is required to confirm the analysis completed for groundwater modelling for the underground mining plan developed for the Feasibility Study. Each well will test basement rock hydraulic conductivity, followed by an additional hydraulic conductivity test after pressure grouting. This will confirm the results of the groundwater modelling, and confirm the assumptions made for modelling where pressure grouting has been assumed for groundwater inflow mitigation during development.

• 11,148-hectare property in the re-emerging Western Athabasca Basin uranium district
• Uranium mineralization encountered during prior exploration
• Large databank of results from prior surveys, ground prospecting and reconnaissance drilling
• Less than 3km west of past producing Cluff Lake mine
• 250km north of the town of La Loche
• All season access via government-maintained Highway 955

The highly prospective property covers both the margin and near margin western side of the Carswell Structure, in the Western Athabasca Basin district. The Carswell Impact Structure is a large, circular shaped section measuring ~18km in diameter, comprised primarily of the basement rock that underlies the Athabasca Basin sandstone formations. A major geologic tectonic event, possibly related to a meteorite impact, resulted in the basement rock of the Carswell Structure being quickly thrust upwards for several hundred meters through the overlying Athabasca sandstones. The Carswell Structure is tectonically complex, with a number of ring faults surrounding the margin of the structure and a series of linear faults perpendicular to the ring faults within the basement structure, often expressing themselves as discrete Electromagnetic "EM" conductors. High grade Athabasca Basin related uranium deposits are often associated with EM fault conductors, within hydrothermal altered rock, in a setting similar to the West Cluff property.

The major past producing Cluff Lake Mine (over 62 million pounds of uranium produced) is located on the southern edge of the Carswell Structure in a tectonically complex environment, similar to that interpreted on the West Cluff property and is within 3km of the property.

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.

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 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 CEO

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 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: risks related to the Offering, risks related to Fission's limited business history, risks related to the nature of mineral exploration and development, discrepancies between actual and estimated mineral resources, risks related to uranium market price volatility, risks related to the market value of the common shares of Fission, risks related to market conditions, risks related to the novel coronavirus (COVID-19) pandemic, including disruptions to the Company's business and operational plans, risks related to the global economic uncertainty as a result of the novel coronavirus (COVID-19) pandemic 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 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.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2023/26/c6220.html