Mr. Ross McElroy reports

FISSION TO COMMENCE DRILLING AT PLS HIGH-GRADE URANIUM PROJECT

Fission Uranium Corp. has begun preparations to commence its approximately 6,000-metre winter regional exploration program (see news release dated Dec. 6, 2023) at the PLS high-grade uranium project in Canada's Athabasca basin. Bryson Drilling Ltd. of Archerwill, Sask., has been contracted to conduct the drilling program. Two diamond drill rigs are now on site and being positioned, with the first holes testing the Saloon and Holster target areas: DDH-A and DDH-B, respectively.

Target area details: Patterson Lake corridor

• Holster target: Located on the northern side of the Patterson Lake corridor and approximately 600 metres north of the R840W, this target will test an area where historical drilling intersected anomalous uranium and boron geochemistry within a strongly graphitic shear zone. Similar to the Pistol target, outlined below, drilling will test for deeper uranium mineralization along the east-west electromagnetic (EM) conductor where a sharp conductivity thickness gradient occurs coincident with an interpreted north-northeast crosscutting fault. One drill hole totalling 645 m is currently planned to test the Holster target.
• Saloon target: This target area is located approximately five kilometres to the southwest of the Triple R deposit, where historic drilling by Fission in 2017 had encountered the most anomalous uranium concentrations on the PLS property outside of the Triple R deposit. In 2008, a single radon-in-water sample, collected from a small stream within the Saloon trend, returned a highly anomalous radon-in-water value of 162 pCi/L (picocuries per litre). For comparison, the highest radon-in-water value recorded over the Triple R deposit was 14.4 pCi/L. Up to four holes in 1,915 m are currently planned to test the Saloon target area.
• Pistol target: Located on the northern side of the Patterson Lake corridor and approximately 450 m northwest of the Triple R's R780E zone, the target area was selected based on a coincident 400 m long radon-in-water anomaly, and a zone where the interpretation from an airborne geophysical survey suggests a similar signature and spatial relationship of NexGen's Arrow and Arrow South to the Pistol target and the Triple R deposit, respectively. Historic drilling in 2012 near the Pistol target intersected broad zones of anomalous uranium and pathfinder elements, including boron, up dip of the target zone, which may be reflect mineralization at depth. Two holes in 1,600 m will test this encouraging target.
• East extension: Located on the southern side of the Patterson Lake corridor, the target area is approximately 1,100 m east of the easternmost R1620E zone, along the same EM conductor that hosts the Triple R deposit. The nearest historical drill hole to this target is PLS14-152, a vertical hole located approximately 430 m to the west. This drill hole intersected intense silicification overlying a thick sequence of unaltered graphitic shear zone. The conductivity gradient now being targeted is interpreted to be representative of hydrothermal alteration within that graphitic shear zone. One drill hole is planned at this target, with an estimated total of 330 m.
• Bridle and Saddle targets: These target areas are located approximately 1.7 km west and 2.5 km west, respectively, of the R1515W zone, along trend of the Triple R deposit. Prospective features present at both target areas include a northeast-trending EM conductor that is crosscut by an interpreted north-northeast-trending cross fault. Sharp conductivity gradients occur near the cross faults, and, as with drill targets outlined above, this conductivity thickness decrease is interpreted to reflect hydrothermal destruction of graphite, which may be associated with uranium mineralization. Three drill holes are planned at these targets, totalling 960 m.
• Far West targets: These target areas are located approximately 3.8 km and 4.4 km west of the R1515W, along trend of the Triple R deposit. Prospective features present at both of target areas include a northeast-trending EM conductor that is crosscut by an interpreted north-northeast-trending fault. No historic drilling has been conducted in this area and, thus, the target area is completely untested. Two drill holes are planned at these targets, totalling 630 m.

PLS mineralized trend and 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 approximately 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 Nov. 5, 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 and 100 m. R1515W is the westernmost of the zones and is drill-defined to approximately 90 m in strike length, approximately 68 m across strike and approximately 220 m vertical, and where mineralization remains open in several directions. R840W is located approximately 515 m to the east along the strike of R1515W and has a drill-defined strike length of approximately 430 m. R00E is located approximately 485 m to the east along strike of R840W and is drill-defined to approximately 115 m in strike length. The R780E 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 approximately 225 m to the east of R00E and has a drill-defined strike length of approximately 945 m. R1620E is located approximately 210 m along strike to the east of R780E and is drill-defined to approximately 185 m in strike length.

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 rocks with varying degrees of alteration. Mineralization is both located within and associated with mafic intrusives, with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are associated with the PL-3B basement EM conductor.

Patterson Lake South property

The 31,039-hectare PLS project is 100 per cent owned and operated by Fission Uranium. PLS is accessible by road, with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine.

Qualified person

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, PGeol, president and chief executive officer for Fission Uranium, a qualified person.

About Fission Uranium Corp.

Fission Uranium is an award-winning Canadian-based resource company specializing in uranium exploration and development. The company is the owner and developer of the PLS uranium project -- a proposed high-grade mine and mill located in the Athabasca basin, Saskatchewan, Canada. The company is headquartered in Kelowna, B.C.

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