Vancouver, BC – IsoEnergy Ltd. (TSX-V: ISO | OTCQX: ISENF) (the “Company” or “IsoEnergy”) is pleased to announce that it has commenced a program of follow-up core drilling targeting extensions of the newly discovered Hurricane zone uranium mineralization at its 100% owned Larocque East property (the “Property”) in the Eastern Athabasca Basin of Saskatchewan.
Drilling Program Mobilization Highlights
- 23 kilometres of winter road have been established
- A fully winterized work camp has been erected one kilometre from the drill site
- Drilling has begun with the collaring of drill hole LE19-02
Steve Blower, Vice President, Exploration commented: “This program, being the first follow-up drilling campaign to our successful summer 2018 program, is the first step in determining the nature and extent of the Hurricane zone, one of many drilling targets present on the Larocque East property.”
The Drill Program
The planned drilling program consists of 4,500 metres of core drilling in ten drill holes designed to follow-up discovery hole LE18-01A, the last hole drilled in the summer 2018 drilling program. An 8.5-metre-long interval of uranium mineralization (see news release dated July 25, 2018) in LE18-01A averages 1.26% U3O8 (above a cutoff of 0.1% U3O8) and includes a zone of off-scale radioactivity (>15,000 cps on an SRAT SPP2 scintillometer (the “SPP2”)) that averages 6.45% U3O8 over 1.0 metre. Figure 1 shows the location of the Larocque East property and the Hurricane zone.
A 23-kilometre-long winter road has been established from the Athabasca seasonal road that connects Points North Landing and Stony Rapids. The winter road has allowed the construction of a fully-winterized and scaleable temporary work camp that is located approximately one kilometre from the drill site.
Initial drill holes will determine the nature and extent of the Hurricane zone on the LE18-01A cross-section, with holes drilled both to the northwest and southeast of the discovery drill hole LE18-01A. Drill hole spacing on the section is expected to be approximately 12.5 metres and is shown on the cross-section in Figure 2. The first follow up drill hole to LE18-01A is called LE19-02 and is a vertical hole that will intersect the unconformity target 12.5 metres north of drill hole LE18-01A. Once the dimensions and the geology on the LE18-01A cross-section are fully understood, subsequent drill holes will step out along-strike of the Hurricane zone in both directions. The expected step-out distance along-strike is 25-50 metres, depending on the results from the initial drill holes.
The Larocque East Property
Larocque East consists of 6 mineral claims totaling 3,200 hectares and was recently purchased in May, 2018. The Property is owned 100% by IsoEnergy and is not encumbered by any royalties or other interests. Larocque East is immediately adjacent to the north end of IsoEnergy’s recently expanded Geiger property and is 35 kilometres northwest of Orano Canada’s McClean Lake uranium mine and mill.
The Property covers a 15-kilometre-long northeast extension of the Larocque Lake conductor system; a trend of graphitic metasedimentary basement rocks that is associated with significant uranium mineralization in several occurrences to the southwest of the Larocque East property. The closest of these are Cameco’s Larocque Lake and Larocque North zones, which are located 6.5 kilometres and 0.4 kilometres, respectively, to the southwest of the western Larocque East property boundary. Drilling at the Larocque Lake zone has returned intersections of up to 29.9% U3O8 over 7.0 metres in drill hole Q22-040. The Larocque East property is located adjacent to the Wollaston-Mudjatik transition zone – a major crustal suture related to most of the major uranium deposits in the Eastern Athabasca Basin. Importantly, the vertical distance from surface to the unconformity is short, ranging between 140 metres and 330 metres in previous drilling. A total of 23 historical drill holes have been completed on the Property along approximately 22 kilometres of graphitic conductors. Several high priority drilling targets are present on the property (see Figure 1), in addition to the open high-grade uranium mineralization at the Hurricane zone.
Figure 1 – Larocque East Property Map
Figure 2 – LE18-01A Cross Section with Uranium Geochemistry
Qualified Person Statement
The scientific and technical information contained in this news release was prepared by Steve Blower, P.Geo., IsoEnergy’s Vice President, Exploration, who is a “qualified person” (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects). Mr. Blower has verified the data disclosed. This news release refers to properties other than those in which the Company has an interest. Mineralization on those other properties is not necessarily indicative of mineralization on the Company’s properties.
Having raised $5.5 million in the past month, IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada and a historic inferred mineral resource estimate at the Mountain Lake uranium deposit in Nunavut. IsoEnergy is led by a Board and Management team with a track record of success in uranium exploration, development and operations. The Company was founded and is supported by the team at its major shareholder, NexGen Energy Ltd.
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This news release shall not constitute an offer to sell or a solicitation of any offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referenced herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and such securities may not be offered or sold within the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements thereunder.
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities and completion of the acquisition of the Property. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the price of uranium, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder, alternative sources of energy and uranium prices, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws