Mr. Ross McElroy reports

FISSION METALLURGICAL HOLE HITS 50.3M OF CONTINUOUS MINERALIZATION INCLUDING 28.5M OF CONTINUOUS +10,000 CPS AT R840W ZONE

Fission Uranium Corp. has released scintillometer results from the summer 2021 metallurgical and geotechnical testwork drilling on the R840W zone at its PLS project in the Athabasca basin region of Saskatchewan, Canada. Four metallurgical holes and three geotechnical holes were completed as part of the phase 1 feasibility study fieldwork (see news release dated June 10, 2021). All seven holes intersected mineralization with all four metallurgical and two geotechnical holes intersecting wide intervals of strong mineralization. They follow the recently announced, highly successful resource expansion drilling on the zone that hit high-grade mineralization in 19 holes (see news release dated Aug. 31, 2021). Of particular note, hole PLS21-MET-004 (line 615W) intersected 50.3 metres of continuous mineralization, including 28.5 m of total composite radioactivity greater than 10,000 counts per second (with a peak of 65,500 cps). Assays are pending. The metallurgical and geotechnical testwork drilling at the R840W is part of the data collection in anticipation that the R840W zone will be included in the feasibility study.

Ross McElroy, president and chief executive officer for Fission, commented: "The metallurgical and geotechnical testwork holes on the R840W zone serve a dual purpose. They not only provide material and information necessary for uranium extraction, processing and to support mine design, they also provide assay data. These new drill results highlight the impressive potential of the shallow, high-grade R840W zone. In particular, PLS21-MET-004 is extremely well mineralized over a significant width and is drilled near the western extent of the R840W zone. The results also increase our confidence in reaching our goal of upgrading the zone for inclusion in the upcoming feasibility study."

Drilling highlights

Highlight intersections from the drill program include:

• Hole PLS21-MET-004 (line 615W):
  • 50.3 m continuous mineralization (between 98.25 m and 148.5 m), including:
    • 28.5 m of total composite mineralization greater than 10,000 cps (101.0 m to 129.5 m);
• Hole PLS21-MET-002 (line 765W):
  • 82.5 m continuous mineralization (between 99.5 m and 182.0 m), including:
    • 8.74 m of total composite mineralization greater than 10,000 cps;
• Hole PLS21-RM-001 (line 870W):
  • 46.0 m total composite mineralization over a 59.0 m interval (between 159.0 m and 218.0 m), including:
    • 5.2 m of total composite mineralization greater than 10,000 cps.

R840W zone metallurgical holes

Four large-diameter HQ holes were collared and drilled vertically spaced over 180 m of strike length to collect representative mineralized rock samples to be used for metallurgical testwork. The testwork is to verify the process required to extract U3O8 efficiently and economically, and understand the grade variability and mineralogy impact on processing factors such as recovery of the R840W zone compared with the R780E zone.

R840W geotechnical testwork holes

Three holes were collared as angle holes to collect rock samples to be used for geotechnical testwork. The testwork will verify the rock strength and ground conditions likely to be encountered and provide data to be used in the design of ground support, tunnel and stope dimensions, and mining sequencing. Additionally, samples were collected from the crown pillar area to analyze overall mining stability at the overburden/bedrock interface, to optimize ore recovery while maintaining overall mine stability.

                                        DRILL HOLE SUMMARY -- METALLURGICAL HOLES
                                           
                            Hand-held scintillometer            
                              results on mineralized                                                            Total
Hole ID                 drill core (greater than 300                                                  Basement  drill
                     cps/greater than 0.5 m minimum)  Overburden  Lodgement  Mudstone  Sandstone  unconformity   hole
                From      To   Width  CPS peak range       depth    till to        to         to        depth   depth
                 (m)     (m)     (m)                         (m)        (m)       (m)        (m)          (m)     (m)
                                           less than
PLS21-MET-001  117.0   166.5    49.5      300-54,000        63.2        N/A      99.3      104.3        104.3   200.0
                                           less than
               170.0   172.5     2.5         300-890
                                           less than
PLS21-MET-002   99.5   182.0    82.5      300-60,800        57.3       96.4       N/A      101.3        101.3   200.0
PLS21-MET-003   98.0   103.0     5.0       320-1,400        76.0        N/A     94.00         NA         94.0   161.0
               103.5   104.0     0.5             510
                                           less than
               107.0   147.5    40.5      300-61,100
PLS21-MET-004  98.25   148.5    50.3          65,500        86.0        N/A      90.6       99.3         99.3   161.0

                                    DRILL HOLE SUMMARY -- GEOTECHNICAL TESTWORK HOLES

                            Hand-held scintillometer            
                              results on mineralized                                                             Total
Hole ID                 drill core (greater than 300                                                  Basement   drill
                     cps/greater than 0.5 m minimum)  Overburden  Lodgement  Mudstone  Sandstone  unconformity    hole
                From      To   Width  CPS peak range       depth    till to        to         to         depth   depth
                 (m)     (m)     (m)                         (m)        (m)       (m)        (m)           (m)     (m)
                                           less than
                                      300 to greater
PLS21-RM-001   159.0   181.0    22.0     than 65,500        94.7        N/A     102.5      107.1         107.1   254.0
                                           less than
               184.0   199.0    15.0      300-40,600
                                           less than
               201.5   207.5     6.0       300-2,000
               215.0   218.0     3.0       460-1,300
PLS21-RM-002   110.0   115.5     5.5       550-1,900        86.3        N/A      99.1      105.2         105.2   245.0
               118.1   119.0     0.9         340-370
               153.0   153.5     0.5           1,100
                                           less than
               189.0   191.0     2.0         300-460
               199.0   199.5     0.5             560
                                           less than
PLS21-RM-003   179.0   189.0    10.0         300-510        82.0        N/A     105.1        N/A         105.1   275.0
                                           less than
               199.0   228.5    29.5      300-42,400

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second using either a hand-held RS-230, RS-125 or RS-121 scintillometer, all manufactured by Radiation Solutions, which are capable of discriminating readings up to 65,535 cps. In each hole, natural gamma radiation is also recorded in a downhole survey measured in counts per second using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for more accurate measurements in high-grade mineralized zones. The Triple Gamma probe is preferred in zones of high-grade mineralization. The reader is cautioned that scintillometer 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. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are downhole. All depths reported of core interval measurements including radioactivity and mineralization intervals widths are not always representative of true thickness. The orientation of the mineralized intervals tend to follow that of lithologic contacts, and generally dip steeply to the south. Within the Triple R deposit, individual zone wireframe models constructed from assay data and used in the resource estimate indicate that all five zones have a complex geometry controlled by and parallel to steeply south-dipping lithological boundaries as well as a preferential subhorizontal orientation.

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 (a Standards Council of Canada International Organization for Standardization/International Electrotechnical Commission 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 spectroscopy) 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 about 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 about 90 m in strike length, about 68 m across strike and about 220 m vertical and where mineralization remains open in several directions. R840W is located about 515 m to the east along strike of R1515W and has a drill-defined strike length of about 430 m. R00E is located about 485 m to the east along strike of R840W and is drill defined to about 115 m in strike length. The R780E zone 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 about 225 m to the east of R00E and has a drill-defined strike length of about 945 m. R1620E is located about 210 m along strike to the east of R780E and is drill defined to about 185 m in strike length.

The company completed and filed a prefeasibility study on Nov. 7, 2019, titled "Prefeasibility Study on the Patterson Lake South Property Using Underground Mining Methods, Northern Saskatchewan, Canada." The report summarizes the prefeasibility study (UG PFS), which outlines an underground-only mining scenario for PLS, which to date has only considered the R00E and R780E zones. Further work, including additional drilling, may provide sufficient data for future inclusion of the R1515W, R840W and R1620E zones into the feasibility study mine plan.

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 volcanic intrusives with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are associated with the PL-3B basement electromagnetic (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 and passes through the nearby UEX-Areva Shea Creek discoveries located 50 km to the north, currently under active exploration and development.

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 operating officer for Fission Uranium, a qualified person.

About Fission Uranium Corp.

Fission Uranium is a Canada-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, B.C.

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