IsoEnergy acquires over 46,000ha of new uranium exploration claims divided amongst four properties in the prolific Eastern Athabasca Basin of Saskatchewan.
IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV:ISO; OTCQX:ISENF) is pleased to announce the acquisition of over 46,000ha of new uranium exploration claims divided amongst four properties in the prolific Eastern Athabasca Basin of Saskatchewan (Figure 1). The highlight is the 31,800ha Evergreen property located along the southeast rim of the Athabasca Basin, just 16km west of the Key Lake uranium mill. All of the new claims are 100% owned by IsoEnergy.
New Staking Summary:
- Evergreen Property: 31,800ha located along the southeast rim of the basin,
- Larocque East Extension: 6,900ha on the northwestern end of the property, home of the Hurricane zone, the newest high-grade uranium discovery in the Athabasca basin,
- Full Moon Extension: 6,200ha located between the original Full Moon property and the Company’s Larocque East property,
- Carlson Creek Extension: 1,200ha located just east of the original Carlson Creek property
Steve Blower, Vice President of Exploration commented: “I’m very pleased with the results of our recent staking efforts, particularly with the acquisition of the Evergreen property. In Evergreen we acquired a contiguous package of over 31,000ha along the basin margin close to the Key Lake mill. Several conductive zones are present that warrant exploration attention, especially given the presence of uranium bearing boulders and a paucity of drilling on the property.”
The Evergreen property consists of 13 claims totaling 31,800ha. It is approximately 40km long and is elongated in an east-west direction parallel to the margin of the Athabasca Basin. Most of the property is just beyond the basin edge, therefore there is no sandstone cover over this part. Importantly, the eastern end of the property is only 16km west of the Key Lake uranium mill. Figure 2 is a detailed map of the property. There are two known occurrences of uranium bearing boulders, plus drill intersections of uranium mineralization immediately south of the property on conductors that extend onto Evergreen. Only nine historical drill holes have ever been completed at Evergreen.
Larocque East Extension
A total of 6,900ha of new claims were staked along the northwestern extension of the Larocque East property (Figure 3). The new claims cover areas of low magnetic susceptibility with sporadic and undrilled historical conductors – some of which are within 10km of the Hurricane zone discovery.
Full Moon Extension
At Full Moon, a total of 6,200ha was added to the property through staking (Figure 3). Similar to the new claims acquired at Larocque East, this new ground covers areas of low magnetic susceptibility with sporadic and undrilled historical conductors within 12-20km of the Hurricane zone discovery. Sandstone cover is expected to be less than 150m thick throughout the property.
Carlson Creek Extension
Located proximal to the prolific McArthur River to Cigar Lake corridor, the newly staked Carlson Creek extension covers 1,200ha of ground characterized by moderate magnetic relief and historical conductors that have never been drilled.
With the addition of the newly staked claims, the Company now has 15 properties in the Eastern Athabasca Basin totaling 109,100ha. Historical work on all of the new claims, particularly airborne and ground geophysical surveys and core drilling is being compiled and integrated with IsoEnergy’s existing datasets. This work is expected to yield target areas for further exploration as time and budgets allow. As the company’s focus is currently the Hurricane zone, there is no plan to conduct field work on any of these newly staked claims in 2020. Further, there is no regulatory requirement to do any field work until 2022.
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. 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.
IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada. The Company recently discovered the high-grade Hurricane Zone of uranium mineralization on its 100% owned Larocque East property in the Eastern Athabasca Basin. 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.