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Toro Energy
Investor Insight
Toro Energy’s significant uranium resource in a tier 1 jurisdiction places the company in a compelling position to leverage a bullish uranium market and the mineral’s strategic role in global decarbonization.
Overview
Australia is the world’s third-largest uranium producer (12 percent) next to Kazakhstan (43 percent) and Canada (13 percent). It is home to the Wiluna Uranium Project, the flagship asset of Toro Energy (ASX:TOE), a uranium exploration and development company also exploring value in other commodities.
The 100-percent-owned Wiluna uranium project includes three key deposits – Lake Maitland, Centipede-Millipede and Lake Way – and offers significant uranium exposure of 87.8 million tons (Mt) at 381 ppm for 73.6 Mlbs U3O8 at 100 ppm cut-off (JORC 2012). It is located only 30 kilometers southeast of Wiluna in Central Western Australia.
The Wiluna uranium project has received state and federal approval (subject to required amendments) and has been granted mining leases.
Considerable research over recent years has identified processing redesign opportunities from unique geological attributes within the uranium deposits, but particularly at Lake Maitland, as well as the ability to extract the inherent vanadium held within the uranium ‘ore’ for a vanadium by-product.
Within the uranium mineralization envelope, the Wiluna project is estimated to contain 141.8 Mt vanadium oxide (V2O5) at 286 ppm for 89.3 Mlbs of V2O5 at 100 ppm V2O5 cut-off (JORC 2012), as of September 24, 2024.
The scoping study for the stand-alone Lake Maitland uranium-vanadium operation option shows potential for exceptional financial returns with a pre-tax NPV of AU$832.8 million, a short payback period of 2.5 years, 48 percent internal rate of return, and low capex of AU$291 million (US$203 million), based on price assumption of US$85/lb U3O8, US$5.67/lb V2O5 and a 70 cents US$:AU$ exchange rate.
In September 2024, the Lake Maitland deposit has been re-estimated using a resource envelope more in line with the other Wiluna uranium deposits; allowed the lowering of the cut-off grade to 100ppm U3O8, expanding Lake Maitland resources by 12 percent and that of the entire Wiluna project by 17 percent (when the expansions at Lake Way and Centipede-Millipede are also included).
The design phase of Toro Energy’s beneficiation and hydrometallurgical pilot plant is on track and in line with plans to finalise construction. The pilot plant will test the improved beneficiation and hydrometallurgical circuit developed by Toro from bench scale research at a closer-to-production scale and as single streams. It will also test potential ore from the three uranium-vanadium deposits that Toro believes will make up an extended Lake Maitland operation – these include Lake Maitland, Lake Way and Centipede-Millipede.
The Lake Maitland deposit is part of a joint venture partnership with two reputable Japanese corporations, Japan Australia Uranium Resource Development. (JAURD) and Itochu.
Toro has been actively evaluating the prospectivity of its Wiluna asset portfolio for minerals other than uranium, including nickel and gold.
The Lake Maitland mining pit re-optimization which incorporated the latest resource estimates and updated financial data has been completed. Mine scheduling is currently underway in preparation for the upcoming scoping study update.
Toro’s Dusty nickel project is located on the northern, eastern and southern shores of Lake Maitland and the Lake Maitland uranium deposit and is focused on two main target areas: Dusty and Yandal One. These properties will be the subject of a proposed demerger, following Toro’s recent strategic review of its non-core assets and future plans to solely focus on its uranium development opportunities and its flagship Wiluna project.
Toro Energy’s management team and board of directors have extensive experience in the mining industry, with combined expertise that includes working at major mining houses, exploration companies, uranium mining operations, corporate financing and government and community relations.
Company Highlights
- Toro Energy is a well-established uranium exploration and development company based in Western Australia, with a strong focus on unlocking value from additional commodities within its highly prospective landholdings.
- The company holds JORC-compliant uranium resources totaling 112.7 million pounds (Mlbs) of uranium oxide (U₃O₈) across its Western Australian projects.
- Toro’s 100%-owned flagship Wiluna Uranium Project, located 30 km southeast of Wiluna in Central Western Australia, hosts a total resource of 87.8 million tonnes (Mt) at 331 ppm for 73.6 Mlbs U₃O₈ at a 100 ppm cut-off. The project encompasses three key deposits: Lake Maitland, Centipede-Millipede, and Lake Way.
- Within the uranium mineralization envelope, Toro has also defined a maiden vanadium resource of 89.3 Mlbs V₂O₅ at a 100 ppm cut-off. A scoping study for a stand-alone Lake Maitland uranium-vanadium operation indicates the potential for exceptional financial returns.
- Beyond uranium, strategic exploration within the Lake Maitland tenure has led to the discovery of massive nickel sulphide and vein-hosted gold deposits, including the Dusty Nickel Project and the Yandal Gold Project.
- Following a recent strategic review, Toro is evaluating a renewed focus on uranium development and is considering the demerger of non-core assets, including its nickel, gold, and base metal projects in Western Australia.
- Toro is led by a highly experienced management team and board of directors, with deep expertise in uranium exploration, mining, and base metal exploration.
Key Projects
Wiluna Uranium Project
Location of the Lake Maitland Uranium and Vanadium Deposit within Toro’s portfolio of Uranium-Vanadium Deposits that make up the company’s Wiluna Uranium-Vanadium Project
Toro Energy’s flagship asset is located only 30 kilometers from the town of Wiluna in the northern goldfields region within central Western Australia. The Wiluna project contains 87.8 Mt at 381 ppm for 73.6 Mlbs U 3O8 at 100 ppm cut-off over three deposits: Centipede-Millipede, Lake Way and Lake Maitland. The asset has been de-risked and optimized to improve yield and has successfully incorporated the processing of a vanadium resource as a by-product. A scoping study was completed for a stand-alone Lake Maitland uranium-vanadium operation.
Project Highlights:
- De-risked Uranium Project: Toro Energy has de-risked the Wiluna uranium asset by securing state and federal approvals, mining leases, and a simplified mining process. Further approvals are needed due to project enhancements. Extensive lab testing has also validated an efficient beneficiation and processing technique, enabling vanadium extraction as a valuable by-product.
- Uranium Exploration assets: Toro also owns 100 percent of three other exploration projects in Western Australia that have a total uranium resource of 39.1 Mlbs Nowthanna (200ppm U3O8 cut-off), Dawson Hinkler (100ppm U3O8 cut-off) and Theseus (200ppm U3O8 cut-off).
- Lake Maitland Pit Expansion: A 2022 pit expansion for a stand-alone Lake Maitland mining and processing operation, based on an updated uranium price, the inclusion of vanadium as a by-product, revised OPEX based on a the new beneficiation and processing flow sheet, increased the potential volume of uranium ore
- Initial Scoping study at proposed Lake Maitland Uranium-Vanadium Operation: Initial scoping study results following the 2022 pit expansion highlight the project’s potential for robust financial returns, increasing the asset to US$608 million in potential gross product value (assumes a US$70/lb U3O8, US$5.67/lb V2O5 price and a US$: AU$0.70 exchange rate).
- 2024 Scoping Study Financial Metrics Update: A refresh of the scoping study on the stand-alone Lake Maitland operation which incorporates current financial metrics and improved uranium pricing has been recently completed resulting an increase in pre-tax NPV to $832.8 million and 48 percent IRR (assumes a US$85/lb U3O8, US$5.67/lb V2O5 price and a US$: AU$0.70 exchange rate).
- Expanded Resource: Reducing the U₃O₈ and V₂O₅ cut-off grade to 100 ppm has significantly expanded resources across all three uranium-vanadium deposits:
- Lake Maitland:
- U₃O₈: +12 percent (3.2 Mlbs) to 29.6 Mlbs, average grade 403 ppm
- V₂O₅: +74 percent (13.4 Mlbs) to 31.4 Mlbs, average grade 285 ppm
- Centipede-Millipede:
- U₃O₈: +25 percent (5.98 Mlbs) to 29.95 Mlbs, average grade 351 ppm
- V₂O₅: +17% (6.6 Mlbs) to 45.2 Mlbs, average grade 281 ppm
- Lake Way:
- U₃O₈: +15 percent (1.79 Mlbs) to 14.12 Mlbs, average grade 406 ppm
- V₂O₅: +9.5 percent (1.1 Mlbs) to 12.7 Mlbs, average grade 307 ppm
- Lake Maitland:
- Pilot Plant Design Commissioned: A detailed pilot plant design is being undertaken to further assess the new processing flowsheet for Lake Maitland at a closer to ‘operational’ scale. The pilot plant design is on track incorporating all aspects of both uranium and vanadium production. A sonic core drilling program will commence to deliver potential ore to the pilot plant currently in design for Wiluna.
- Robust Local Infrastructure: The assets are within an established mining center, which means much of the required infrastructure is readily available. The project has access to power and water, which reduces initial development costs.
- Joint Venture Partnership: Toro Energy has entered into a joint venture partnership with JAURD and Itochu for its Lake Maitland deposit. Both corporations have the right, but not the obligation, to earn a combined 35 percent interest in the project upon contributing US$39.6 million, and an additional proportionate share of expenditure thereafter, once a positive final investment decision has been made based on a definitive feasibility study.
The Dusty Nickel Project – Discoveries of Massive Nickel Sulphide
Toro’s Lake Maitland tenure is located in the Yandal Greenstone Belt within the Yilgarn Craton of Western Australia, a gold district within a world-class gold and nickel province. With little exploration for non-uranium minerals ever conducted on the properties, Toro considers the project area highly prospective for nickel, gold and base metals.
Exploration and diamond drilling have identified four massive/semi-massive nickel sulphide zones within just 4.5 km of a 7.5 km komatiite magnetic trend. Limited testing has been conducted across a 15 km strike of known komatiite-ultramafic target rock. With minimal drilling at Lake Maitland, the full extent of prospective nickel sulphide mineralization remains unknown.
Project Highlights:
- Four zones of massive nickel sulphide discovered: Toro has discovered four zones of massive and semi-massive nickel sulphides: Dusty, Houli Dooley, Jumping Jack and Dimma.
- Yandal OneTarget Area: The Yandal One Target Area is located some 17 kilometers south of the Dusty discoveries and with limited drilling, Toro has proven the existence of another komatiite with the potential to host massive nickel sulphide.
Toro Yandal Gold Project
The Lake Maitland tenure is located only 20 kilometers northeast of the world-class Bronzewing and Mt McClure gold mines within the same Greenstone Belt, the Yandal, within one of the most famous gold provinces in the world, the Yilgarn Craton.
Early exploration by Toro at the Golden Ways target area in the north of the project has uncovered surface rock chip samples of up to 70 g/t gold and significant drilling results, including:
- 5 meters at 4.4 g/t from 22 meters (TERC24)
- Including 2 meters at 9.93 g/t from 22 meters
- 4 meters at 3.3 g/t from 28 meters (TERC25)
- Including 1 meter at 10.9 g/t from 28 meters
- 2 meters at 3.79 g/t from 10 meters (TERC38)
- Including 1 meters at 7.33 g/t from 10 meters
- 3 meters at 1.41 g/t from 9 meters (TERC36)
- Including 1 meters at 2.76 g/t from 10 meters
Management Team
Richard Homsany - Executive Chairman
Richard Homsany has extensive experience in the resources industry, having been the executive vice-president for Australia of TSX-listed Mega Uranium since April 2010. He has worked for North Ltd, an ASX top 50-listed internationally diversified resources company in operations, risk management and corporate, before its takeover by Rio Tinto.
Homsany is an experienced corporate lawyer and certified practicing accountant (CPA) advising numerous clients in the energy and resources sector, including publicly listed companies. He was corporate partner at international law firm DLA Phillips Fox (now DLA Piper), where he advised clients on a range of transactions and matters including capital raising, IPOs, stock exchange listing, mergers and acquisitions, finance, joint ventures, divestments and governance.
Michel Marier - Non-executive Director
Michel Marier joined Sentient in 2009 as an investment manager. Before joining Sentient, Marier worked eight years in the private equity division of la Caisse de dépôt et placement du Québec. Marier holds a master’s degree in finance from HEC Montreal and is a CFA charter holder.
Richard Patricio - Non-executive Director
Richard Patricio is the CEO and president of Mega Uranium, a uranium-focused investment and development company with assets in Canada and Australia. Patricio has built a number of mining companies with global operations. He holds senior officer and director positions in several junior mining companies listed on the TSX, TSX Venture, AIM and NASDAQ exchanges. He is currently also a director of NexGen Energy (TSE:NXE, Mkt Cap. C$2.7 billion). He previously practiced law at a top-tier law firm in Toronto and worked as an in-house general counsel for a senior TSX-listed company. He received his law degree from Osgoode Hall and was called to the Ontario bar in 2000.
Dr. Greg Shirtliff – Geology Manager
Dr. Greg Shirtliff, with a PhD in mine-related geology and geochemistry from ANU, has 20+ years of experience across environmental, mine geology, resource development, exploration, and management. His career includes roles at ERA-Rio Tinto’s Ranger Uranium Mine, Cameco Australasia, and currently as Lead Geologist & Technical Manager at Toro Energy. He oversees uranium and mineral resource development, directs exploration strategy, supports EPA approvals, and guides engineering and metallurgical assessments.
Katherine Garvey - Legal Counsel and Company Secretary
Katherine Garvey is a corporate lawyer who has significant experience in the resources sector. Garvey advises public (both listed and unlisted) and proprietary companies on a variety of corporate and commercial matters including capital raising, finance, acquisitions and disposals, Corporations Act and ASX Listing Rule compliance, corporate governance and company secretarial issues. She has extensive experience drafting and negotiating various corporate and commercial agreements including farm-in agreements, joint ventures, shareholders’ agreements, and business and share sale and purchase agreements.
Marc Boudames - Financial Controller
Marc Boudames is experienced in statutory financial reporting, taxation, ERP systems, business analytics, corporate transactions, due diligence, mergers & acquisitions, finance, joint ventures and divestments. He previously worked at RSM Bird Cameron, as general manager –finance & administration for ASX-listed Redport Ltd and Mega Uranium (Australia), a Canadian TSX-listed mining and equity investment company focused on global uranium properties and multi-mineral exploration. He has worked for multiple companies across various industries, including listed and public companies associated with the mining and oil and gas sectors, such as WesTrac, CB&I and Spotless Group.
Uranium development and exploration in Western Australia
xU3O8 (uranium.io)
Investor Insight
Purpose-built for today’s energy transition, xU3O8 sits at the intersection of technology, finance, and nuclear energy, offering a simplified and transparent alternative to legacy uranium investments amid surging global demand. The xU3O8 token, now accessible on leading global exchanges, is a groundbreaking digital asset that provides direct, efficient exposure to the uranium market.
Overview
Uranium.io is a next-generation platform revolutionizing how investors access and trade physical uranium (U3O8). By leveraging blockchain technology, it enables individuals and institutions to directly own and trade uranium, bypassing many of the inefficiencies, opacity and high costs traditionally associated with uranium exposure. Each xU3O8 token represents real, physical uranium stored securely in a regulated depository operated by Cameco, with Archax, a UK-regulated digital asset firm, as the custodian for the physical uranium ensuring transparency and trust in asset backing.
The platform is designed to meet growing investor demand for exposure to uranium, a commodity that is a critical component of the global energy transition. As countries commit to reducing carbon emissions, nuclear energy is increasingly seen as a reliable and scalable source of low-carbon electricity. Governments across North America, Europe and Asia are ramping up their nuclear energy capacities, as part of their net-zero targets. This includes restarting idled reactors, constructing new reactors, and accelerating the development of small modular reactors.
Nuclear power is also emerging as a stable and scalable option for supporting artificial intelligence (AI) data centers, which require massive amounts of electricity to operate. Industry leaders, including Microsoft, have announced nuclear energy investments, and several technology firms have secured long-term agreements for nuclear power.
Like gold and silver before it, uranium is entering a phase of financialization — with physical holding trusts, ETFs, and now platforms like uranium.io offering direct physical uranium ownership via xU3O8, making it more accessible to a wider set of investors.
As traditional financial markets converge with digital innovation, tokenized assets are becoming a preferred vehicle for commodities investing. Uranium.io’s use of the Etherlink blockchain ensures secure, real-time trading with minimal friction — a distinct advantage in an increasingly digitized investment landscape.
Development of the uranium.io platform is led by the team at London-based Trilitech, a group of entrepreneurs and technologists driving blockchain innovations.
With its emphasis on direct fractional ownership and 24/7 worldwide accessibility, xU3O8 is uniquely positioned to serve as the gateway to physical uranium exposure for a global investor base. Alignment with broader energy and digital asset trends makes it a compelling vehicle for those seeking to capitalize on uranium’s strong fundamentals and the disruptive power of decentralized finance.
In July 2025, the company launched its xU3O8 token on KuCoin, MEXC, and Gate.io — ushering in a new era of uranium investment. This simultaneous, multi-platform listing marks a major milestone in the evolution of real-world asset (RWA) tokenization, delivering institutional-grade exposure to uranium markets to a combined audience of over 115 million global traders.
By debuting across multiple top-tier platforms, xU3O8 ensures broad accessibility and liquidity for investors:
- KuCoin – With over 41 million users in 200+ countries, KuCoin offers a full suite of trading services—spot, margin, options, and futures. As a technology-first exchange focused on accessibility, KuCoin shares xU3O8’s mission to dismantle traditional investment barriers.
- MEXC – Founded in 2018, MEXC serves 36 million users globally and has seen explosive 2024 growth: 143 percent increase in spot trading and 118 percent in futures. Its intuitive platform makes crypto trading “simple, accessible, and rewarding,” mirroring xU3O8’s goal of democratizing uranium investment.
- Gate.io – Ranked among the top 3 global crypto exchanges by real trading volume, Gate.io boasts 32 million users and supports over 3,600 digital assets. With institutional-grade security and a commitment to 100 percent reserve holdings, Gate.io provides the infrastructure essential for tokenized commodity trading.
Each xU3O8 token represents fractional ownership of physical uranium ore concentrate (yellowcake) securely stored by Cameco in regulated facilities, eliminating the high barriers to entry that once restricted uranium investment to institutions and major corporations.
Company Highlights
- Uranium.io is a pioneering platform for buying and selling uranium, providing direct ownership of physical uranium via a blockchain-powered token xU3O8.
- Built on Etherlink, powered by Tezos technology, enabling transparency, low fees, energy efficiency and programmable compliance.
- FCA-regulated digital asset custodian, Archax, holds physical uranium in trust on behalf of token holders.
- Physical supply is brokered by Curzon Uranium, a trusted uranium trading and logistics partner with deep industry roots and over $1 billion in uranium trades.
- The uranium bought on the platform is physically stored at a regulated depository owned and operated by Cameco, one of the world’s leading global uranium providers/converters.
- Global 24/7 market access offering fractionalized and direct uranium exposure with real-time settlement and cross-border accessibility.
- Capitalizing on nuclear energy’s role in clean energy transition and the financialization of critical minerals.
- The company has launched the xU3O8 token across three of the world’s leading cryptocurrency exchanges: KuCoin, MEXC, and Gate.io.
Technology Platform
Uranium.io is built on a secure, decentralized technology stack that integrates blockchain infrastructure, digital asset custody, and real-world commodity supply — delivering unprecedented access and transparency to the uranium market. The platform bridges traditional commodities trading with Web3 innovation, allowing users to seamlessly acquire, hold and trade physical uranium via xU3O8 tokens.
Blockchain Infrastructure: Etherlink, Powered by Tezos
At the heart of xU3O8’s digital asset engine is the Tezos blockchain, a highly secure, energy-efficient and self-amending Layer 1 protocol. Tezos is uniquely suited to power real-world asset tokenization due to its low transaction costs and energy efficiency; on-chain governance and smart contract flexibility; and enterprise-grade security and decentralization.
Tezos’ track record with real-world assets, including tokenized real estate and art, positions it as an ideal foundation for the secure, scalable digitization of uranium ownership.
Digital Custody: Archax
To ensure that each xU3O8 token is backed with physical uranium, uranium.io is supported by Archax, a London-based, digital asset custodian and exchange regulated by the Financial Conduct Authority. Archax provides regulated asset custody, KYC/AML-compliant onboarding, and real-time asset reconciliation.
Archax brings institutional-grade governance and accountability to the storage and oversight of physical uranium, ensuring that investor holdings are not just theoretical but physically secured.
Physical Supply: Curzon Uranium
Access to physical uranium is facilitated by its partnership with Curzon Uranium, a specialized uranium trading and logistics firm. Curzon acts as the platform’s uranium provider, sourcing, purchasing and delivering uranium from trusted upstream suppliers to secure storage.
Curzon’s decades of experience in uranium procurement adds physical credibility and market depth to the xU3O8 ecosystem — making the platform more than just a digital asset project, but a fully integrated uranium trading platform.
Physical uranium storage: Cameco
The physical uranium ore concentrate (U3O8) is securely stored at a regulated storage facility, operated by Cameco, one of the three globally recognized uranium conversion and storage providers. For transparency, Proof of Reserves is always available on the website and is updated with monthly statements from Cameco.
Together, Tezos, Archax and Curzon Uranium form the digital, custodial and physical backbone of the uranium.io platform. This trio of technologies and partnerships ensures a secure, compliant and efficient path for investors to gain physical uranium exposure — fractionalized, tokenized and tradable 24/7 on a global scale.
IsoEnergy and Purepoint Extend High-Grade Mineralization at the Dorado JV with a 70 Metre Step-Out Peaking at 110,800 CPS
IsoEnergy Ltd. (NYSE American: ISOU) (TSX: ISO) ("IsoEnergy") and Purepoint Uranium Group Inc. (TSXV: PTU)PTU) (OTC: PTUUF) ("Purepoint") are pleased to report continued strong results from drilling at their 50/50 Dorado joint venture project ("Dorado" or the "Project"), located in Saskatchewan's world-class Athabasca Basin (Figure 1). The most recent drill hole, PG25-07A, stepped out approximately 70 metres northeast of the "Nova Discovery" intercepts at the Q48 target area and returned stronger mineralization, with an average of 11,100 counts per second (CPS) measured on a Mount Sopris 2PGA-1000 downhole radiometric probe across a much wider interval of 14.0 metres, including a peak reading of 110,800 CPS.
The recent Nova Discovery results further define the mineralized trend at the Q48 target as a steeply dipping, uranium-bearing structure hosted within the basement rocks, underscoring the potential scale and strength of the system emerging at Dorado. All assays from the current program, including holes PG25-04 and PG25-05, are pending on a rush basis and will be disclosed once available.
Highlights
- PG25-07A intersected a continuation of the Nova Discovery uranium basement hosted mineralization approximately 70 metres northeast of PG25-05 and 60 metres below the unconformity, averaging 11,100 CPS over 14.0 metres with a peak of 110,100 CPS.
- The Nova Discovery mineralization at Q48 remains open to the northeast, the direction of increasing radioactivity, but wet marsh ground conditions currently prevent further drilling in that direction. Follow-up drilling is expected to resume this winter, when frozen ground allows for more efficient land-based access.
- The drill rig has now been mobilized to the Turaco target, located approximately 8 km northeast of the Q48 target within the Dorado project. Up to four holes are planned at Turaco as part of the 5,400-metre drill program approved by the joint venture partners for 2025.
"The recent Nova Discovery results underscore just how much potential remains at Dorado," said Chris Frostad, President and CEO of Purepoint Uranium. "PG25-07A has successfully extended the Nova Discovery zone by 70 metres and delivered our strongest intercept to date, both in intensity and thickness based on radioactivity. The systematic way we've approached Q48 is paying off, and we expect the next phase of drilling will push this discovery even further."
"The results from PG25-07A mark a significant leap forward for our new Nova discovery," added Philip Williams, CEO and Director of IsoEnergy. "This step-out hole shows that the mineralized structure continues northeast and that the grades and thickness are improving as we move along the trend. While we have had to pause advancement in this direction due to ground conditions, we are eager to return this winter to continue following what we believe is shaping up to be an exciting discovery."
Figure 1: Location of the Q48 and Turaco Target areas, the initial focus of the 2025 drill program, highlighted. (CNW Group/IsoEnergy Ltd.)
Figure 2: Location Map of 2025 Drill Program at Q48 Target Area and the new Nova Discovery. (CNW Group/IsoEnergy Ltd.)
Figure 3: IsoEnergy and Purepoint Uranium Joint Venture including, Dorado Project, Aurora Project and Celeste Block (CNW Group/IsoEnergy Ltd.)DDHs PG25-06 and PG25-07A
Drill hole PG25-06 targeted the brittle fault associated with mineralization (Figure 1) at the unconformity approximately 20 metres northeast of initial drilling (Figure 2). The drill hole was collared with a dip of -64 degrees and encountered Athabasca sandstone to a depth of 316 metres. Granitic gneiss displaying paleoweathering alteration was drilled to 341 metres then generally unaltered granite, pegmatites and pelitic gneiss was drilled to the completion depth of 482 metres. Projection of the Nova Discovery zone mineralization suggests the radioactive sandstone interval of 1,040 cps over 2.3 metres in the Mount Sopris 2PGA-1000 downhole gamma probe (Table 1), which occurs within core lost between 312.4 to 314.0m, is related to the primary mineralized structure.
Hole PG25-07A was collared from the PG25-04 drill pad and initial deviation resulted in a large 70 metre step out to the northeast of the PG25-05 mineralized intercept. The unconformity was intersected at a depth of 322 metres and the drill hole intercepted the radioactive structure approximately 40 metres up-dip of PG25-04. From the unconformity, granitic gneiss with pegmatitic intervals was encountered to a depth of 392 metres that was initially clay altered for 5 metres, weakly chlorite altered for 20 meters, unaltered for 36 metres, then became chloritized and silicified for 9 metres. Chloritized pelitic gneiss was drilled from 392 to 441 metres, unaltered graphitic and pyritic pelitic gneiss to 459 metres, followed by unaltered granitic gneiss and pegmatites with minor pelitic gneiss to the completion depth of 548 metres.
The PG25-07A Nova zone mineralization starts within granitic gneiss at 382.3 metres and extends into pelitic gneiss to a depth of 396.3 metres returning an average of 11,100 cps over 14.0 metres. A primary mineralized structure of the Nova zone is hosted in sheared, reddish-brown altered granitic gneiss with pitchblende that returned an average of 82,300 cps over 0.6 metres with a peak of 110,800 cps. A second strongly mineralized interval occurs within lost pelitic gneiss core and returned an average of 46,000 cps over 0.4 metres.
* See Qualified Person Statement below.
Table 1: Downhole Gamma Results of Drill Holes PG25-06 and 07A
Hole ID | From (m) | To (m) | Length (m) | Avg. cps | Max. cps |
PG25-06 | 250.8 | 251.5 | 0.7 | 665 | 805 |
312.6 | 314.9 | 2.3 | 1,040 | 1,770 | |
341.2 | 345.3 | 4.1 | 980 | 1,980 | |
347.6 | 348.4 | 0.8 | 860 | 1,060 | |
351.4 | 353.1 | 1.7 | 910 | 1,320 | |
403.3 | 404.7 | 1.4 | 1,410 | 2,600 | |
PG25-07A | 382.3 | 396.3 | 14.0 | 11,100 | 110,800 |
Includes | 385.5 | 386.1 | 0.6 | 82,300 | |
Includes | 392.3 | 392.7 | 0.4 | 46,000 | |
397.4 | 399.8 | 2.4 | 4,500 | 20,200 | |
401.5 | 402.8 | 1.3 | 6,200 | 21,500 | |
Includes | 402.0 | 402.4 | 0.4 | 14,400 | |
484.4 | 484.9 | 0.5 | 1,720 | 3,680 |
Note: Mt. Sopris 2PGA probe used to record downhole gamma readings
Q48 Target Area
The Q48 zone lies within the southern portion of the Project and is characterized by a steeply dipping, north-south trending conductive package identified through geophysical surveys. Historic drilling in the area intersected strongly altered and structurally disrupted rocks at the unconformity and in the basement, including garnetiferous pelitic gneiss, graphitic pelitic gneiss, and semipelite, with local weak radioactivity and zones of intense clay alteration. These results, combined with the geophysical response, highlighted Q48 as a highly prospective but underexplored target.
Drilling by IsoEnergy in 2022 confirmed that the conductive trend at Q48 hosts brittle faults, shears, and alteration, characteristics of uranium-bearing hydrothermal systems in the Athabasca Basin. The current program is designed to systematically follow-up and fully test the Q48 conductive corridor.
Turaco Target Area
The Turaco zone lies within the central portion of the Project and is characterized by a broad area with high conductivity. Although numerous geophysical surveys have been conducted, including airborne electromagnetics (VTEM), ground EM, induced polarization and gravity, previous drilling has failed to properly explain the interpreted EM conductors. A recent review of the geophysical results by Condor Consulting North of Vancouver, BC has selected alternative EM conductor picks that better explain the conductive responses and used Maxwell Modeling to accurately locate the position of discreet conductors. Drilling will commence at one of the high priority target areas identified by Condor.
About the Dorado JV Project
Dorado (Figure 3) is the flagship project of the IsoEnergy-Purepoint 50/50 joint venture, a partnership encompassing more than 98,000 hectares of prime uranium exploration ground. The Project includes the former Turnor Lake, Geiger, Edge, and Full Moon properties, all underlain by graphite-bearing lithologies and fault structures favorable for uranium deposition.
Recent drilling by IsoEnergy east of the Hurricane Deposit has intersected strongly elevated radioactivity in multiple holes. The anomalous radioactivity confirms the continuity of fertile graphitic rock package and further highlights the opportunity for additional high-grade discoveries across the region.
The shallow unconformity depths across the Dorado property—typically between 30 and 300 metres—allow for highly efficient drilling and rapid follow-up on results.
* See Qualified Person Statement below.
Gamma Logging and Geochemical Assaying
A Mount Sopris 2PGA-1000 downhole total gamma probe was utilized for radiometric surveying. The total gamma results provided in Table 1 were selected using a cutoff of 500 cps over a 0.5 metre width. All drill intercepts are core width and true thickness is yet to be determined.
Core samples are submitted to the Saskatchewan Research Council (SRC) Geoanalytical Laboratories in Saskatoon. The SRC facility is independent of IsoEnergy and PurePoint and is ISO/IEC 17025:2005 accredited by the Standards Council of Canada (scope of accreditation #537). The samples are analyzed for a multi-element suite using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 fusion, and for uranium by fluorimetry.
Qualified Person Statement
The scientific and technical information contained in this news release relating to IsoEnergy and Purepoint was reviewed and approved by Dr. Dan Brisbin, P.Geo., IsoEnergy's Vice President, Exploration and Scott Frostad BSc, MASc, P.Geo., Purepoint's Vice President, Exploration, who are "Qualified Persons" (as defined in NI 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")).
For additional information with respect to the current mineral resource estimate for IsoEnergy's Hurricane Deposit, please refer to the Technical Report prepared in accordance with NI 43-101 entitled "Technical Report on the Larocque East Project, Northern Saskatchewan, Canada" dated August 4, 2022, available under IsoEnergy's profile at www.sedarplus.ca.
This news release refers to properties other than those in which IsoEnergy and Purepoint have an interest. Mineralization on those other properties is not necessarily indicative of mineralization on the Joint Venture properties.
About IsoEnergy Ltd.
IsoEnergy (NYSE American: ISOU; TSX: ISO) is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S. and Australia at varying stages of development, providing near-, medium- and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East project in Canada's Athabasca basin, which is home to the Hurricane deposit, boasting the world's highest-grade indicated uranium mineral resource. IsoEnergy also holds a portfolio of permitted past-producing, conventional uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) is a focused explorer with a dynamic portfolio of advanced projects within the renowned Athabasca Basin in Canada. Highly prospective uranium projects are actively operated on behalf of partnerships with industry leaders including Cameco Corporation, Orano Canada Inc. and IsoEnergy Ltd.
Additionally, the Company holds a promising VMS project currently optioned to and strategically positioned adjacent to and on trend with Foran Mining Corporation's McIlvenna Bay project. Through a robust and proactive exploration strategy, Purepoint is solidifying its position as a leading explorer in one of the globe's most significant uranium districts.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", 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". This forward-looking information may relate to additional planned exploration activities, including the timing thereof and the anticipated results thereof; and any other activities, events or developments that the companies expect or anticipate will or may occur in the future.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, that planned exploration activities are completed as anticipated; the anticipated costs of planned exploration activities, the price of uranium; that general business and economic conditions will not change in a materially adverse manner; that financing will be available if and when needed and on reasonable terms; and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Joint Venture's planned activities will be available on reasonable terms and in a timely manner. Although each of IsoEnergy and Purepoint have attempted to identify important factors that could cause actual results to differ materially from those contained in 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 such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current views of IsoEnergy and Purepoint with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by IsoEnergy and Purepoint, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include but are not limited to the following: the inability of the Joint Venture to complete the exploration activities as currently contemplated; ; uncertainty of additional financing; no known mineral resources or reserves; aboriginal title and consultation issues; reliance on key management and other personnel; actual results of technical work programs and technical and economic assessments being different than anticipated; regulatory determinations and delays; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions. Other factors which could materially affect such forward-looking information are described in the risk factors in each of IsoEnergy's and Purepoint's most recent annual management's discussion and analyses or annual information forms and IsoEnergy's and Purepoint's other filings with the Canadian securities regulators which are available, respectively, on each company's profile on SEDAR+ at www.sedarplus.ca. IsoEnergy and Purepoint do not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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