IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV: ISO; OTCQX: ISENF - https://www.commodity-tv.net/c/search_adv/?v=299169 ) is pleased to provide an update on the ongoing drilling program on the Hurricane zone at the Larocque East property. Highlights include assay results from drill hole LE19-16A and the intersection of uranium mineralization in drill hole LE19-18C1. The Hurricane zone is located on the Company’s 100% owned Larocque East property (the “Property”) in the Eastern Athabasca Basin of Saskatchewan (Figure 1).
Highlights
Craig Parry, CEO commented: “The team has done a tremendous job of further testing and extending the Hurricane Deposit. The system is showing it has high-grade potential and now strike extent and scale. I’m particularly excited to see the results from our eastern most pathfinder hole LE19-19 and we look forward to reporting further results from the program where we have a further eight drill holes planned.”
Drill Hole LE19-16A Assays (Section 4635E)
Drill hole LE19-16A intersected the Hurricane zone 13.5m south of winter drill hole LE19-13. An interval of strong sandstone hosted uranium mineralization was intersected at 315.5-322.5m, just above the unconformity. The entire 7.0m interval averages 5.4% U3O8, 0.7% Ni and 0.1% Co and includes a 2.0m subinterval that averages 15.9% U3O8, 1.4% Ni and 0.1% Co. The highest-grade assay in the interval was 36.5% U3O8, 2.3% Ni and 0.1% Co over 0.5m. Table 1 compares the assay results in LE19-16A against previous intersections at the Hurricane zone. The location of the drill hole is shown in plan-view in Figure 2 and on a cross-section in Figure 3. Figure 4 is an annotated core photo of the mineralization.
Drill Hole LE19-18C1 Mineralization (Section 4735E)
Drill hole LE19-18C1 is a wedge off-cut from mineralized parent drill hole LE19-18. It was designed to evaluate the potential for additional mineralization north of LE19-18. The result was successful, with LE19-18C1 intersecting 5.0m of uranium mineralization >1,000 CPS, including 0.5m >10,000 CPS. The location is shown in plan-view on Figure 2 and on a cross-section in Figure 5. Assays are pending.
Drill Hole LE19-18 Assays (Section 4735E)
Drill hole LE19-18 (Figures 2 and 5) was completed as an along-strike step-out 100m to the east of drill hole LE19-16A. Chemical assays have now been received from this drill hole and it intersected 3.0m averaging 1.5% U3O8. The mineralization straddles the unconformity and includes 6.0% U3O8 over 0.5m.
Drill Hole LE19-19 (Section 4985E)
Completed as an under-cutting, along-strike step-out 250m east of drill holes LE19-18 and LE19-18C1, drill hole LE19-19 (Figures 2 and 6) was designed to locate the favourable structures and graphitic rock types associated with the Hurricane zone mineralization. This cross-section includes historical weakly mineralized drill hole KER-07. The results in drill hole LE19-19 are encouraging. The key package of faults in graphitic basement rocks is present in the drill core, and the intersection of those faults with the unconformity is currently being targeted. This drilling is located 500m east of the westernmost Hurricane zone drill hole, LE19-12.
Drill Hole LE19-20 (Section 4735E)
Drill hole LE19-20 (Figures 2 and 5) was completed on section with, and 12.5m north of, drill hole LE19-18C1. While it intersected considerable sandstone and basement alteration, no significantly elevated radioactivity was observed. This drill hole is interpreted to have intersected the unconformity north of the Hurricane zone. Significant potential still exists on this section to the south of LE19-18 – along strike of the strong mineralization intersected by drill hole LE19-16A. This area will be evaluated with drilling during this program.
Next Steps
Eight drill holes remain in the fully funded summer drilling program, as originally planned. The next drill holes will comprise additional drill holes on the LE19-18 and LE19-19 sections, further step-outs to the east, and infill drill holes on other sections where necessary.
The Larocque East Property
The 100% owned Property consists of 20 mineral claims totaling 8,371ha 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.
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 holes LE19-16A and LE19-18 are oriented very steeply (-80 degrees) into a zone of mineralization that is interpreted to be horizontal, the true thickness of the intersections is expected to be greater than or equal to 90% of the core lengths. 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.
About IsoEnergy
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.
Craig Parry
Chief Executive Officer
IsoEnergy Ltd.
+1 778 379 3211
cparry@isoenergy.ca www.isoenergy.ca
Investor Relations
Kin Communications
+1 604 684 6730
iso@kincommunications.com
www.isoenergy.ca
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-cpaital.ch
www.resource-cpaital.ch
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
Forward-Looking Information
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
Highlights
- Drill Hole LE19-16A returned the best interval to date at the Hurricane zone, comprised of 5.4% U3O8 over 7.0m, including 15.9% U3O8 over 2.0m
- Uranium mineralization was intersected in drill hole LE19-18C1, with an intersection of 5.0m >1,000 CPS, including 0.5m >10,000 CPS
- Drill Hole LE19-19, a 250m eastern step-out drill hole designed to locate key structures beneath the Hurricane zone trend, successfully intersected several faults to be targeted by follow-up drilling
Craig Parry, CEO commented: “The team has done a tremendous job of further testing and extending the Hurricane Deposit. The system is showing it has high-grade potential and now strike extent and scale. I’m particularly excited to see the results from our eastern most pathfinder hole LE19-19 and we look forward to reporting further results from the program where we have a further eight drill holes planned.”
Drill Hole LE19-16A Assays (Section 4635E)
Drill hole LE19-16A intersected the Hurricane zone 13.5m south of winter drill hole LE19-13. An interval of strong sandstone hosted uranium mineralization was intersected at 315.5-322.5m, just above the unconformity. The entire 7.0m interval averages 5.4% U3O8, 0.7% Ni and 0.1% Co and includes a 2.0m subinterval that averages 15.9% U3O8, 1.4% Ni and 0.1% Co. The highest-grade assay in the interval was 36.5% U3O8, 2.3% Ni and 0.1% Co over 0.5m. Table 1 compares the assay results in LE19-16A against previous intersections at the Hurricane zone. The location of the drill hole is shown in plan-view in Figure 2 and on a cross-section in Figure 3. Figure 4 is an annotated core photo of the mineralization.
Drill Hole LE19-18C1 Mineralization (Section 4735E)
Drill hole LE19-18C1 is a wedge off-cut from mineralized parent drill hole LE19-18. It was designed to evaluate the potential for additional mineralization north of LE19-18. The result was successful, with LE19-18C1 intersecting 5.0m of uranium mineralization >1,000 CPS, including 0.5m >10,000 CPS. The location is shown in plan-view on Figure 2 and on a cross-section in Figure 5. Assays are pending.
Drill Hole LE19-18 Assays (Section 4735E)
Drill hole LE19-18 (Figures 2 and 5) was completed as an along-strike step-out 100m to the east of drill hole LE19-16A. Chemical assays have now been received from this drill hole and it intersected 3.0m averaging 1.5% U3O8. The mineralization straddles the unconformity and includes 6.0% U3O8 over 0.5m.
Drill Hole LE19-19 (Section 4985E)
Completed as an under-cutting, along-strike step-out 250m east of drill holes LE19-18 and LE19-18C1, drill hole LE19-19 (Figures 2 and 6) was designed to locate the favourable structures and graphitic rock types associated with the Hurricane zone mineralization. This cross-section includes historical weakly mineralized drill hole KER-07. The results in drill hole LE19-19 are encouraging. The key package of faults in graphitic basement rocks is present in the drill core, and the intersection of those faults with the unconformity is currently being targeted. This drilling is located 500m east of the westernmost Hurricane zone drill hole, LE19-12.
Drill Hole LE19-20 (Section 4735E)
Drill hole LE19-20 (Figures 2 and 5) was completed on section with, and 12.5m north of, drill hole LE19-18C1. While it intersected considerable sandstone and basement alteration, no significantly elevated radioactivity was observed. This drill hole is interpreted to have intersected the unconformity north of the Hurricane zone. Significant potential still exists on this section to the south of LE19-18 – along strike of the strong mineralization intersected by drill hole LE19-16A. This area will be evaluated with drilling during this program.
Next Steps
Eight drill holes remain in the fully funded summer drilling program, as originally planned. The next drill holes will comprise additional drill holes on the LE19-18 and LE19-19 sections, further step-outs to the east, and infill drill holes on other sections where necessary.
The Larocque East Property
The 100% owned Property consists of 20 mineral claims totaling 8,371ha 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.
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 holes LE19-16A and LE19-18 are oriented very steeply (-80 degrees) into a zone of mineralization that is interpreted to be horizontal, the true thickness of the intersections is expected to be greater than or equal to 90% of the core lengths. 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.
About IsoEnergy
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.
Craig Parry
Chief Executive Officer
IsoEnergy Ltd.
+1 778 379 3211
cparry@isoenergy.ca www.isoenergy.ca
Investor Relations
Kin Communications
+1 604 684 6730
iso@kincommunications.com
www.isoenergy.ca
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-cpaital.ch
www.resource-cpaital.ch
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
Forward-Looking Information
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
