Mr. Craig Parry reports
ISOENERGY LTD. ACQUIRES THE GEIGER URANIUM PROPERTY IN THE ATHABASCA BASIN
IsoEnergy Ltd. has entered into an agreement with AREVA Resources Canada, Cameco Corp. and JCU (Canada) Exploration Company Ltd. to acquire a 100-per-cent interest in three mineral claims constituting the 4,188-hectare Geiger property in the Eastern Athabasca basin of Saskatchewan, formerly known as the Henday Lake property.
Geiger is located 13 kilometres northwest of IsoEnergy's Radio property near several uranium deposits, mines and mills. The Roughrider and Midwest deposits are both within 20 kilometres of the property, as is AREVA'S McClean Lake uranium mine and mill. An image on the company's website shows the location of the claims relative to the Radio property and supporting infrastructure in the area.
Geologically, Geiger 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. Sandstone cover at the property is relatively thin and ranges between 101 metres and 358 metres in previous drilling. A total of 56 historic drill holes have been completed at Geiger along 20 kilometres of graphitic conductors. High-grade basement-hosted uranium mineralization is present on the property and it will be the focus of IsoEnergy's exploration efforts. Drill hole HL-50 intersected 2.74 per cent triuranium octoxide (U3O8) over 1.2 metres in the basement on the H11 South conductor. Follow-up efforts were focused primarily on locating mineralization at the sub-Athabasca unconformity. Consequently, opportunities for additional basement-hosted mineralization proximal to HL-50 are considered excellent. Additionally, drill hole HL-48 intersected 0.18 per cent U3O8 over 0.6 metre above the unconformity along the H11 North conductor. Numerous untested gaps up to 1,000 metres long are present on the majority of the conductors on the property. Potential also exists for a completely unexplored four-kilometre-long conductor along the eastern edge of the easternmost claims.
In exchange for an unencumbered 100-per-cent interest in the property, IsoEnergy will pay $100,000 in cash and will issue one million common shares to the joint venture. The shares will be subject to a four-month hold period and the agreement is subject to TSX Venture Exchange approval.
Craig Parry, chief executive officer, commented: "The acquisition of Geiger fits well with our exploration strategy to acquire, explore and develop highly prospective assets in the heart of the eastern Athabasca basin near current uranium mining and milling operations. While the current uranium market remains depressed, we are confident in the strong fundamentals that underpin this essential commodity in the energy space and will use this unsustainably low uranium price to our advantage."
Steve Blower, vice-president of exploration, commented, "The claims are a good match for IsoEnergy as they are underlain by prospective geology under thin sandstone cover, encompass high-grade basement-hosted uranium with drill-ready targets and are underexplored for basement-hosted mineralization."
Initial exploration efforts will begin in the second half of 2017 and may include a core drilling program that will evaluate extensions of the mineralization intersected in drill hole HL-50 and other targets.
Qualified person statement
The scientific and technical information contained in this news release was prepared by Mr. Blower, PGeo, who is a qualified person (as defined in National Instrument 43-101 -- standards of disclosure for mineral projects). Mr. Blower 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-financed uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca basin in Saskatchewan, Canada, and a historical inferred mineral resource at the Mountain Lake uranium deposit in Nunavut. IsoEnergy is led by a board and management team with a 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.
We seek Safe Harbor.
© 2018 Canjex Publishing Ltd. All rights reserved.