Vancouver, BC – IsoEnergy Ltd. (TSX-V: ISO | OTCQX: ISENF) (the “Company” or “IsoEnergy”), is pleased to announce that drill hole LE19-06 assayed 4.0 metres of 3.8% U3O8, including 0.5 metres @ 13.7% U3O8. LE19-06 was collared 30 metres to the east of drill hole LE18-01A, the original discovery drill hole which returned 8.5 metres @ 1.3% U3O8 including 2.5m @ 3.6% U3O8.
LE19-09, a 30 metre step out to the west, intersected strong radioactivity that consists of 4.5 metres of fracture controlled, disseminated and replacement styles of pitchblende uranium mineralization (>1,000 cps RS-125), as summarized in Table 1. This includes 2.0 metres of strongly elevated radioactivity that averages >20,000 cps (RS-125).
The Hurricane zone is a new discovery of high-grade uranium mineralization on the Company’s 100% owned Larocque East property (the “Property”) in the eastern Athabasca Basin of northern Saskatchewan (Figure 1). As a result of its successful exploration efforts, the Company is expanding its 2019 winter drill program to further define the extent of the mineralization which currently stands at 60 metres long and 38 metres wide and remains open along strike in both directions. The Company, having raised $5.5 million in December 2018, remains fully funded for this expanded program and a follow-up drilling campaign that is planned for the summer.
Craig Parry, Chief Executive Officer commented: “The results of along-strike drilling are excellent and confirm we have made a high-grade uranium discovery. Based on historical drilling we know the mineralized system is at least one kilometre long and with uranium mineralization intersected in seven of eight drill holes completed to date, an expansion of our on-going drill program was an easy decision. The additional drilling will help to set us up for an exciting fully funded follow-up drilling campaign after spring break-up.”
Steve Blower, Vice President, Exploration commented: “I’m pleased that our along-strike step-out drill holes have hit strong uranium mineralization in both directions. With current dimensions already measuring 60 metres long and 38 metres wide, the Hurricane zone is growing and is open for expansion. The tenor of alteration in the sandstone and basement is strong and there is elevated uranium geochemistry to the top of the sandstone – all key features of larger uranium deposits in the Athabasca basin.”
LE19-06 (Eastern Step-Out)
Drill hole LE19-06 is the first along-strike step-out to the east of the discovery section. The drill hole pierced the sub-Athabasca unconformity 30 metres east of the discovery section and intersected two main intervals of fracture controlled, disseminated and replacement styles of pitchblende uranium mineralization (>1,000 cps RS-125), as reported earlier (see news release dated February 11, 2019) and summarized in Table 1. An upper zone of sandstone-hosted uranium mineralization is followed by strong uranium mineralization at the unconformity that averages 3.8% U3O8 and 1.1% Ni over 4.0 metres. Included in the interval are maximum values of 13.7% U3O8 and 1.2% Ni over 0.5 metres. Figure 2 shows the location of the drill hole in planview and Figure 3 shows the location on a cross-section. Note that the strong mineralization in LE19-06 is open to the south. A core photo of the mineralization is included as Figure 4.
LE19-09 (Western Step-Out)
Collared 30 metres west of the discovery section, drill hole LE19-09 intersected substantial uranium mineralization along-strike of previously disclosed drill holes LE18-01A and LE19-02 (Table 1). The main intersection consists of 4.5 metres of fracture controlled, disseminated and replacement styles of pitchblende uranium mineralization (>1,000 cps RS-125), as summarized in Table 1. This includes 2.0 metres of strongly elevated radioactivity that averages >20,000 cps (RS-125). Figure 5 shows the location of the drill hole on a cross-section. Note that the strong mineralization in drill hole LE19-09 is open to the south. Figure 6 is a core photo of the mineralization.
Table 1 – Hurricane Zone Radioactive Intervals
|Hole-ID||From (m)||To (m)||Length (m)||Radioactivity1,2 (CPS)||Chemical Assays||Location|
|U3O8 (%)||Ni (%)|
|LE19-054||No significantly elevated radioactivity||Section 4560E|
|Notes:||1. Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer (RS-125).|
|2. Measurements of total gamma cps on drill core are an indication of uranium content, but may not correlate with uranium chemical assays.|
|3. Radioactivity and chemical assays previously disclosed.|
|4. Radioactivity previously disclosed.|
LE19-07 and LE19-08
Drill holes LE19-07 and LE19-08 both intersected substantial lengths of elevated radioactivity. LE19-07 was drilled to the north of LE19-06 on section 4585E. It intersected a long interval (6.0 metres) of weak to moderate radioactivity at the sub-Athabasca unconformity. Drill hole LE19-08 is the first hole drilled along-strike to the west of the discovery section. It intersected two intervals of elevated radioactivity, including 3.5 metres of weak to moderate radioactivity at the sub-Athabasca unconformity. Assay results for both of these drill holes are pending.
Due to the successful intersection of uranium mineralization in all but one of the eight drill holes completed to date, the Company has expanded the current drilling program to 12 drill holes from 10. The expanded program allows an acceleration of more aggressive step-outs along-strike of the existing intersections and is expected to be complete by mid-March.
Larocque East consists of 6 mineral claims totaling 3,200 hectares and was 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 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 at the Hurricane zone, and in several occurrences on a neighbouring property to the southwest of Larocque East. The closest of these to Larocque East are the 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 historical intersections of up to 29.9% U3O8 over 7.0 metres in drill hole Q22-040. Drilling at the Larocque North zone has returned intersections of up to 2.05% U3O8 over 0.6 metres in drill hole Q22-16. Like the nearby Geiger property, Larocque East 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 sandstone cover on Larocque East is thin, ranging between 140 metres and 330 metres in previous drilling.
In addition to the Hurricane zone discovery, four historical drill holes have intersected weak uranium mineralization at other locations on the Larocque East property to date, including drill hole KER-07 (0.12% U3O8 over 0.1 metre), located 400 metres east of the discovery section.
Figure 1 – Larocque East Property Location Map
Figure 2 –Hurricane Zone Detailed Planview
Figure 3 – Cross-Section 4585E (Showing Drill Hole LE19-06)
Figure 4 – Core Photo of Mineralization in Drill Hole LE19-06
Figure 5 – Cross-Section 4535E (Showing Drill Hole LE19-09)
Figure 6 – Core Photo of Mineralization in Drill Hole LE19-09
Qualified Person Statement
The scientific and technical information contained in this news release was prepared by Andy Carmichael, P.Geo., IsoEnergy’s Senior Geologist, who is a “qualified person” (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects). Mr. Carmichael 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. An RS-125 hand-held spectrometer was used to verify that the radioactivity is due to uranium. As the drill holes reported herein are vertical or near-vertical, and the mineralization is interpreted to be horizontal, the true thickness is expected to be within 90% of the cored intervals.
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. 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.