Mr. Craig Parry reports
ISOENERGY TO ACQUIRE DAWN LAKE NORTH BLOCK TO EXPAND GEIGER PROPERTY IN THE ATHABASCA BASIN
IsoEnergy Ltd. has entered into an agreement with Cameco Corp., Orano Canada Inc. and JCU (Canada) Exploration Company Ltd. to acquire a 100-per-cent interest in 33 mineral claims from their Dawn Lake property constituting the 6,800-hectare Dawn Lake North block in the eastern Athabasca basin of Saskatchewan.
Craig Parry, chief executive officer, commented: "I'm very pleased with the addition of the Dawn Lake North claims to our Geiger property as it furthers our objective of acquiring highly prospective assets in the eastern Athabasca basin near uranium mining and milling infrastructure. IsoEnergy is uniquely positioned to apply the basement-hosted uranium experience of its officers and directors gained from recent discoveries such as the Arrow and Gryphon deposits to properties on which there has been limited testing of basement potential. We continue to believe in the strong fundamentals of the uranium sector and will continue to execute on our strategy of acquiring undervalued assets during this time of unsustainably low uranium prices and ahead of the inevitable return to normalized pricing levels."
Steve Blower, vice-president of exploration, commented: "The acquisition of Dawn Lake North further strengthens our exploration property portfolio due to the presence of uranium and uranium pathfinder mineralization along with many kilometres of underexplored graphitic metasediments with basement-hosted drill targets beneath thin sandstone cover. Strategically, its location linking the current Geiger claims ensures exploration efficiency on the entire block."
Dawn Lake North is contiguous with IsoEnergy's recently acquired Geiger property and is located 10 kilometres northwest of IsoEnergy's Radio property and 15 kilometres northwest of Orano Canada's McClean Lake uranium mine and mill. It will be treated as an expansion of the Geiger property and the combined set of claims will be referred to as Geiger henceforth. The total area of the expanded Geiger property will be 12,594 hectares.
A total of 63 historic drill holes have been completed at the property along 115 kilometres of graphitic conductors. Sandstone cover is thin, ranging between 100 metres and 300 metres in previous drilling. The property 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.
Two zones of basement-hosted mineralization have been intersected in historic drilling. Drill hole Q23-5 intersected 1.5 metres of 0.08 per cent triuranium octoxide (U3O8), 0.98 per cent cobalt and 0.75 per cent nickel 12 metres below the unconformity in the northern part of the property. Sandstone in the drill hole contains intervals of strong bleaching with clay and secondary hematite. The upper basement in Q23-5 is strongly clay and chlorite altered over the top eight metres. Additionally, drill hole Q48-1 intersected uranium pathfinder mineralization consisting of 0.79 per cent copper and 0.11 per cent arsenic over 0.3 metre in a graphitic fault gouge 40 metres below the unconformity in the southern part of the property. Follow-up drilling was highly recommended at the time due to the presence of the mineralization and impressive sandstone alteration consisting of long intervals of strong bleaching, fracturing and clay alteration. However, no follow-up was completed in the immediate area.
Exploration work including drilling of targets around these mineralized zones will become a major focus of IsoEnergy's future exploration plans. Additionally, further exploration on high-priority targets along the large strike length of graphitic conductors on the property will be completed.
In exchange for a 100-per-cent interest in the property, IsoEnergy will pay $200,000 in cash and will issue 3.33 million common shares to the joint venture. The shares will be subject to a four-month hold period and the transaction is subject to TSX Venture Exchange approval.
Initial exploration efforts consisting of data compilation and interpretation will begin immediately. This may be followed by a core drilling program in the second half of 2018 that would evaluate high-priority targets at both the Dawn Lake North property and the original Geiger property.
Qualified person statement
The scientific and technical information contained in this news release was prepared by Mr. Blower, 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.
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