Mr. Ross McElroy reports

FISSION DRILLING IDENTIFIES NEW, HIGHLY PROSPECTIVE AREAS ON PLS CORRIDOR

Fission Uranium Corp. has completed the winter, 2024, exploration drill program at its PLS high-grade uranium project, in the Athabasca basin region of Saskatchewan, Canada. A total of 15 holes (approximately 5,567 metres) were completed on six separate target areas. The target areas were located along strike to the east (East extension) and to the west (Bridle and Saddle) of the Triple R deposit, as well as parallel shear structures located to the north (Holster and Pistol) as well as to the south (Saloon) of Triple R. Drilling encountered highly prospective features considered essential to the presence of high-grade uranium mineralization such as favourable lithology, large-scale hydrothermal alteration, graphitic shear zones and, in some cases, elevated radioactivity on the various target areas. Based on the results of the winter program, multiple target areas on the PLS corridor will be prioritized for follow-up drilling in subsequent programs.

Drilling highlights:

• Winter exploration drilling complete with multiple holes intersecting anomalous radioactivity in association with hydrothermal alteration and favourable lithostratigraphic and structural features:
  • Both holes at the Saloon target were deemed highly prospective, particularly considering they are west along trend of the recent PCE high-grade discovery;
  • All seven holes at the Far East target hit anomalous features considered prospective and proximal to the presence of nearby uranium mineralization, including four holes with anomalous radioactivity;
  • Highly prospective geology was encountered at the Pistol and Saddle target areas.

Ross McElroy, chief executive officer for Fission, commented: "This is an extremely encouraging start to the renewed exploration activity at PLS. With anomalous radioactivity in multiple holes, we are very excited to have a number of high-priority target areas identified for follow-up drilling. I particularly want to highlight the fact that these results are from regional exploration drilling. While our Triple R deposit continues to advance towards production on time and on schedule, we believe the PLS project has a lot more to give, and these drill results speak clearly to that potential."

Technical summary for all target areas

Saloon target (holes PLS24-638 and PLS24-641 for a total of 1,021 m)

Both holes hit anomalous radioactivity in strongly altered (clay, chlorite, hematite, graphite and silica) structural deformation zones. Anomalous radioactivity and alteration at Saloon has now been identified over 50 m in the down-dip direction and 220 m along strike, suggesting a major hydrothermal fluid pathway which contains uranium mineralization. The Saloon shear zone is on trend to the west with the recent high-grade PCE discovery (hole RK-24-183) reported at NexGen's SW2 property. Drill results demonstrate the Saloon target is highly prospective and warrants follow-up.

East extension target (holes PLS24-639, PLS24-640, PLS24-644, PLS24-646/646A, PLS24-647 and PLS24-648) for a total of 1,310 m)

All seven holes hit anomalous radioactivity up to plus 490 counts per second (cps) in the same graphitic shear zone, the main shear zone, that hosts the Triple R pods to the west. There is pervasive strong clay alteration and structural deformation in the Far East holes. Drill results demonstrate the East extension target is highly prospective and warrants follow-up.

Pistol target (holes PLS24-642 and PLS24-650 for a total of 1,711 m)

PLS24-642 intersected potentially the same hanging wall stratigraphy as the nearby Arrow deposit, and hosted zones of wet rock alteration, dravite breccia and rose quartz, all of which are reported to have a close spatial relationship to uranium mineralization at Arrow. A series of graphitic shear zones, which are likely an extension of the same host rocks as Arrow, was intersected below the previously noted features. No uranium mineralization was intersected in this hole but results nevertheless contain very positive signs. PLS24-650 was drilled 340 m northeast along trend and intersected a wide zone of wet rock-style alteration starting at 339 m, with potential rose quartz but no dravite or graphitic shear zones. Drill results demonstrate the Pistol target is highly prospective and warrants follow-up.

Saddle target (hole PLS24-649 for a total of 365 m)

Located west along trend of the Triple R high-grade pods, PLS24-649 hit a silicified hanging wall, underlain by a thick sequence of graphite, chlorite, clay and hematite altered gneissic rocks, which are equivalents to the Triple R host rocks (that is, same stratigraphy and similar alteration as Triple R host rocks). This is significant as it is the first time that drilling has intercepted the same rocks and alteration as Triple R west of the R1515W zone. Drill results demonstrate the Saddle target is highly prospective and warrants follow-up.

Holster target (hole PLS24-637 for a total of 609 m)

The drill hole intersected a thick sequence of variably silicified, clay, chlorite and sericite altered quartz-feldspar-biotite-garnet gneiss and dioritic gneiss, with local sections of abundant semi-massive to massive sulphide minerals. A 0.5 m lens of elevated radioactivity was intersected at 95 m in pervasively chlorite altered gneissic rocks, returning up to 320 cps, but is suspected to be due to thorium, rather than uranium.

Bridle target (holes PLS24-643 and PLS24-645 for a total of 552 m)

PLS24-643 and PLS24-645 tested the PLV-3A EM (electromagnetic) conductor approximately one kilometre and 1.6 km west of R1515W, respectively, along the same EM conductor that hosts the Triple R deposits where interpreted faults identified from resistivity crosscut the conductor. Both of the drill holes intersected variably chlorite, silica and hematite altered quartz-feldspar-biotite-garnet gneiss and mafic rocks throughout their length. A graphitic, strongly deformed fault zone was intersected in PLS24-643; no similar fault zone was intersected in PLS24-645.

Natural gamma radiation that is reported in this news release was measured in counts per second using a Mount Sopris 2GHF-1000 triple gamma probe, which allows for accurate measurements in high-grade mineralized zones. The reader is cautioned that gamma probe 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.

In addition, natural gamma radiation was measured in counts per second using a hand-held RS-125 scintillometer, manufactured by Radiation Solutions, which is capable of discriminating readings up to 65,535 cps.

All intersections are downhole depths. All depths reported of core interval measurements, including radioactivity and mineralization intervals -- widths are not always representative of true thickness.

Samples from the drill core will be split in half sections on site and, where possible, samples will be standardized at 0.5 m downhole intervals. One-half of the split sample will be sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 accredited facility) in Saskatoon, Sask., for analysis which includes U3O8 (weight per cent) and fire assay for gold, and includes a 63-element ICP-OES (inductively coupled plasma optical emission spectrometry) analysis and boron. The other half of the split core remains on site for reference.

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 volcanic 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 electromagnetic 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 Mr. McElroy, PGeo, president and chief executive officer for Fission Uranium, a qualified person.

About Fission Uranium Corp.

Fission Uranium is a Canadian uranium project developer and 100 per cent owner of the Patterson Lake South uranium property -- a proposed high-grade uranium mine and mill in Canada's Athabasca basin region.

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