IsoEnergy Ltd. (TSXV:ISO; OTCQX:ISENF) (“IsoEnergy” or the “Company”) is pleased to announce chemical assay results from intervals of strong uranium mineralization reported earlier (see news release dated January 28, 2019) from the Hurricane zone.
IsoEnergy Ltd. (TSXV:ISO; OTCQX:ISENF) (“IsoEnergy” or the “Company”) is pleased to announce chemical assay results from intervals of strong uranium mineralization reported earlier (see news release dated January 28, 2019) from the Hurricane zone. The highlight is an intersection in drill hole LE19-02 of 3.5 metres averaging 10.4% U3O8 from 326.5-330.0 metres, that includes 38.2% U3O8 over 0.5 metres from 329.0-329.5 metres. 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.
- Drill Hole LE19-02 intersected 3.5 m @ 10.4% U3O8, including 0.5 m @ 38.2% U3O8
- Drill Hole LE19-03 intersected 3.0 m @ 2.7% U3O8, including 0.5 m @ 13.3% U3O8
- Substantial Ni mineralization is present in both drill holes
- Five of a planned 10 drill holes are complete
- This drill program and subsequent follow-up efforts in 2019 are fully funded
Craig Parry, Chief Executive Officer commented: “I’m very pleased to report these initial assays from our follow-up drilling campaign at the Hurricane zone. With an impressive width, growth along its length, and some very high-grade assays, Hurricane has demonstrated potential to grow into a significant find.”
Steve Blower, Vice President, Exploration commented: “Our geologists deserve a lot of credit for their interpretation of the geology and rapid identification of the key controls on mineralization. Uranium at Hurricane is related to certain faulted graphitic basement units that form a subtle ridge along the sub-Athabasca unconformity. We will continue to target these structures as we progress along the length of the zone with subsequent drilling.”
LE19-02 and LE19-03 Assay Results
Drill hole LE19-02 intersected two main intervals of fracture controlled, disseminated and replacement styles of pitchblende uranium mineralization (>1,000 cps RS-125), as summarized in Table 1. An upper zone of sandstone-hosted uranium mineralization is followed by strong uranium mineralization at the unconformity that averages 10.4% U3O8 and 0.8% Ni over 3.5 metres. Included in the interval are maximum values of 38.2% U3O8 and 1.6% Ni over 0.5 metres.
Drill hole LE19-03 also intersected two main intervals of uranium mineralization that are similar to those described above for LE19-02. An upper zone of sandstone-hosted uranium mineralization is followed by strong uranium mineralization at the unconformity that averages 2.7% U3O8 and 2.5% Ni over 3.0 metres. Included in the interval are maximum values of 13.3% U3O8 and 11.8% Ni over 0.5 metres.
Table 1 – Hurricane Zone Radioactive Intervals
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 in several occurrences to the southwest of the Larocque East property. The closest of these 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 is thin, 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. Five of the historical holes have intersected weak uranium mineralization on the Larocque East property to date, including drill holes KER-07 (0.12% U3O8 over 0.1 metre) and KER-11 (0.06% U3O8 over 0.5 metre) near the western property boundary, within the general vicinity of the Hurricane zone.
Additional drilling is underway on the 4585E cross-section to the north and south of drill hole LE19-06. This will be followed by along-strike step-outs to the west of the discovery section. The originally contemplated drill program is approximately half finished. Following a $5.5M financing that closed in December, 2018, the company is fully funded for the current drill program and subsequent follow-up in 2019.
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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