Mr. Craig Parry reports
ISOENERGY STAKES THREE NEW URANIUM EXPLORATION PROPERTIES IN THE EASTERN ATHABASCA BASIN AND ADDS ADDITIONAL CLAIMS AT GEIGER
IsoEnergy Ltd. has staked three new properties: Fox, East Rim and Full Moon in the eastern Athabasca basin of Saskatchewan. Each of these properties is 100 per cent held by the company. The company has also staked additional claims that have been added to its high-priority Geiger project purchased from Areva Resources Canada, Cameco Corp. and JCU (Canada) Exploration Ltd. in August of this year.
The Fox property was staked on Oct. 26 and consists of two contiguous claims totalling 1,374 hectares located 15 kilometres north of Cameco's Key Lake uranium mill. Fox is surrounded by over 425 million pounds of uranium (U3O8) at an average grade of 5.2 per cent U3O8 in mined out and undeveloped deposits at Key Lake (Cameco and Areva), Millennium (Cameco and JCU) and Wheeler River's Phoenix and Gryphon deposits (Denison Mines Corp., Cameco and JCU) all of which are within 25 kilometres of the Fox property. Importantly, both Millennium and Gryphon are primarily basement hosted deposits. Infrastructure in the area is excellent, with the southern edge of the claims being within one kilometre of Fox Lake road which provides year-round exploration access.
According to Saskatchewan government records, no exploration drill holes have ever been completed within the boundary of the Fox property, despite the presence of a 4.5-kilometre-long zone of low magnetic susceptibility that spans the property in a north-south direction and may indicate the presence of prospective metasedimentary basement rocks. Mineralization at Cameco's Millennium deposit follows a similarly oriented trend. Depth to the sub-Athabasca unconformity, based on drill holes on nearby properties, is estimated to be between 205 and 400 metres. Exploration plans are being developed and will likely include initial geophysical surveying over the magnetic low trend followed by core drilling of high-priority targets.
The East Rim property was staked on Nov. 2, 2017, and consists of seven contiguous claims totalling 6,703 hectares. This new property is located along the east margin of the Athabasca basin, nine kilometres southwest of UEX Corp.'s West Bear high-grade uranium deposit and nine kilometres west of Saskatchewan Highway 905.
The property encompasses over 15 kilometres of a northeast-trending magnetic low feature that may represent prospective metasedimentary stratigraphy. A large offset in the basin margin is observed in Saskatchewan government data and appears spatially related to the magnetic low feature, suggesting the presence of a major structural zone. According to Saskatchewan government records, only four exploration drill holes have ever been completed within the East Rim property boundary, none of which are located in the prospective magnetic low feature.
Consisting of 4,872 hectares in 12 contiguous claims, the Full Moon property was staked on Nov. 7, 2017. Full Moon is located within four kilometres of Areva's Moonlight uranium occurrence and six kilometres east of IsoEnergy's Geiger property. As with all of IsoEnergy's exploration properties in Saskatchewan, Full Moon is proximal to existing infrastructure, as it is within 18 kilometres of the McClean Lake uranium mill.
Several prominent magnetic low trends with historic conductors are present on the Full Moon property, including a portion of the Tuning Fork conductor system that extends on to the property from Denison Mining Corp.'s Hatchet Lake project. Previous drilling at Tuning Fork has intersected intense basement clay alteration with weak uranium mineralization and strong uranium pathfinder mineralization. Similar to the Fox and East Rim properties, the Full Moon property is underexplored with only 17 historic drill holes within the property boundary.
Additional Geiger claims
Finally, a total of 1,605 hectares was staked over eight claims on Nov. 7
and Nov. 21 near the Geiger property. As the new claims are all within five kilometres of Geiger, they will be treated as an extension of Geiger henceforth.
The new claims cover several magnetic low trends with local electromagnetic conductors. According to Saskatchewan government records, only five holes have ever been drilled on the new claims. All of these holes were vertical and were drilled in a tight cluster near drill hole Q24-1 which intersected 0.11 per cent U3O8, 0.21 per cent nickel and 0.17 per cent molybdenum over 0.3 metre in basement rocks, just beneath the sub-Athabasca unconformity. Three follow-up holes were drilled within 200 metres of Q24-1 on section, and one was drilled 200 metres along strike to the south. The potential for additional basement mineralization in the area is considered to be excellent.
Craig Parry, chief executive officer, commented: "These new claims are important additions to our Eastern Athabasca uranium property portfolio. The addition of these claims is consistent with our strategy of increasing our land position and target list at low cost in the world's premier uranium district. The new properties all satisfy our acquisition criteria with their location in the heart of the eastern Athabasca basin near several high-grade uranium deposits or occurrences, the presence of prospective geophysical signatures, a paucity of drilling, thin sandstone cover and location near important infrastructure. Our team is eagerly looking forward to exploring this new ground."
Qualified person statement
The scientific and technical information contained in this news release was prepared by Steve Blower, PGeo, IsoEnergy's vice-president, exploration, 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.
About IsoEnergy Ltd.
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 historic inferred mineral resource estimate 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.
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