IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV: ISO; OTCQX: ISENF) is pleased to announce intersections of uranium mineralization in the first drill hole at its 100% owned Larocque East property (the “Property”) in the Eastern Athabasca Basin of Saskatchewan.
IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV: ISO; OTCQX: ISENF) is pleased to announce intersections of uranium mineralization in the first drill hole at its 100% owned Larocque East property (the “Property”) in the Eastern Athabasca Basin of Saskatchewan (Figure 1).
- Drill Hole LE19-14B intersected a 2.0m thick upper zone of sandstone hosted mineralization from 323.0-325.0m
- The upper zone is followed by a 3.5m thick lower zone of dominantly sandstone hosted mineralization sitting on top of the sub-Athabasca unconformity from 327.5-331.0m
- Fifteen planned drill holes remain in the fully funded summer program
Steve Blower, Vice President of Exploration commented: “This intersection in drill hole LE19-14B helps to confirm the continuity of mineralization within the Hurricane zone and is a good start to the summer program. We look forward to completing aggressive step-out drill holes to the east with most of the remaining planned metres. As well, 3-4 drill holes will be devoted to in-fill drilling within the current Hurricane zone footprint.”
Drill Hole LE19-14B
Drill hole LE19-14B is vertically oriented and designed to intersect the Hurricane zone midway between drill holes LE19-08 and LE19-09. After penetrating 41m of overburden followed by Athabasca sandstone, the unconformity was intersected at 330.9m. The lower sandstone was intensely bleached, desilicified, and clay altered below 230.0m. An upper interval of sandstone hosted uranium mineralization (>1,000cps on an RS-125 hand-held spectrometer) was intersected at 323.0-325.0m, and was followed by a lower zone of dominantly sandstone hosted mineralization (>1,000cps) from 327.5-331.0m that sits on top of the sub-Athabasca unconformity. Table 1 compares the radioactivity in LE19-14B against the intersections from the recently completed winter program. Figure 2 shows the location of the drill hole on a plan-view and Figure 3 shows the location on a cross-section.
Fifteen planned drill holes remain in the fully funded summer drilling program. The next drill hole, LE19-15, will be completed as an under-cutting, angled drill hole on the first step-out fence east of drill hole LE19-13. Drill hole LE19-15 will locate the key basement graphitic units and structures beneath the projected extension of the Hurricane zone. It will be followed by a vertical drill hole aimed to intersect the optimal location for the Hurricane zone at the unconformity.
The Larocque East Property
The Property consists of 20 mineral claims totaling 8,371ha. The original portion was purchased in May, 2018 before being expanded by recent staking. 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.
Along with other target areas, 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 Cameco Corp.’s neighbouring property to the southwest of Larocque East. The Hurricane zone was discovered in July, 2018 and was recently followed up with a 12-hole drilling campaign in the winter of 2019. Eleven of those 12 drill holes intersected substantial uranium mineralization, including 10.4% U3O8 over 3.5m in drill hole LE19-02 and 3.2% U3O8 over 8.5m in drill hole LE19-12. Drilling at Cameco Corp.’s Larocque Lake zone on the neighbouring property to the southwest has returned historical intersections of up to 29.9% U3O8 over 7.0 metres in drill hole Q22-040. 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 the Property 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 Property to date.
Table 1 – 2019 Hurricane Zone Intersections
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 NI 43-101 – Standards of Disclosure for Mineral Projects). Mr. Carmichael has verified the data disclosed. As drill hole LE19-14B was drilled vertically into a zone of mineralization that is interpreted to be horizontal, the core lengths are approximately equal to the true thickness. 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. For additional information regarding the Company’s Larocque East Project, including its quality assurance and quality control procedures, please see the Technical Report dated effective May 15, 2019 on the Company’s profile at www.sedar.com.
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.