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IsoEnergy Ltd
Symbol C : ISO
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Close 2019-02-27 C$ 0.42
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IsoEnergy drills four m of 3.8% U3O8 at Larocque East

2019-02-28 06:19 ET - News Release

Mr. Craig Parry reports

ISOENERGY DRILLS 4.0 M OF 3.8% U3O8 IN 30 M STEP-OUT TO THE EAST AND INTERSECTS STRONG RADIOACTIVITY IN 30 M STEP-OUT HOLE TO THE WEST, MINERALIZATION REMAINS OPEN ALONG STRIKE

IsoEnergy Ltd.'s drill hole LE19-06 has assayed 4.0 metres of 3.8 per cent triuranium octoxide (U3O8), including 0.5 metre at 13.7 per cent U3O8. LE19-06 was collared 30 metres to the east of drill hole LE18-01A, the original discovery drill hole which returned 8.5 metres at 1.3 per cent U3O8 including 2.5 m at 3.6 per cent U3O8.

LE19-09, a 30-metre stepout to the west, intersected strong radioactivity that consists of 4.5 metres of fracture-controlled, disseminated and replacement styles of pitchblende uranium mineralization (greater than 1,000 counts per second RS-125), as summarized in the associated table. This includes 2.0 metres of strongly elevated radioactivity that averages greater than 20,000 cps (RS-125).

The Hurricane zone is a new discovery of high-grade uranium mineralization on the company's 100-per-cent-owned Larocque East property in the eastern Athabasca basin of Northern Saskatchewan. As a result of its successful exploration efforts, the company is expanding its 2019 winter drill program to further define the extent of the mineralization which currently stands at 60 metres long and 38 metres wide and remains open along strike in both directions. The company, having raised $5.5-million in December, 2018, remains fully financed for this expanded program and a follow-up drilling campaign that is planned for the summer.

Craig Parry, chief executive officer, commented: "The results of along-strike drilling are excellent and confirm we have made a high-grade uranium discovery. Based on historical drilling we know the mineralized system is at least one kilometre long and with uranium mineralization intersected in seven of eight drill holes completed to date, an expansion of our ongoing drill program was an easy decision. The additional drilling will help to set us up for an exciting fully funded follow-up drilling campaign after spring breakup."

Steve Blower, vice-president, exploration, commented: "I'm pleased that our along-strike stepout drill holes have hit strong uranium mineralization in both directions. With current dimensions already measuring 60 metres long and 38 metres wide, the Hurricane zone is growing and is open for expansion. The tenor of alteration in the sandstone and basement is strong and there is elevated uranium geochemistry to the top of the sandstone -- all key features of larger uranium deposits in the Athabasca basin."

LE19-06 (eastern stepout)

Drill hole LE19-06 is the first along-strike stepout to the east of the discovery section. The drill hole pierced the sub-Athabasca unconformity 30 metres east of the discovery section and intersected two main intervals of fracture-controlled, disseminated and replacement styles of pitchblende uranium mineralization (greater than 1,000 cps RS-125), as reported earlier (see news release dated Feb. 11, 2019) and summarized in the associated table. An upper zone of sandstone-hosted uranium mineralization is followed by strong uranium mineralization at the unconformity that averages 3.8 per cent U3O8 and 1.1 per cent nickel over 4.0 metres. Included in the interval are maximum values of 13.7 per cent U3O8 and 1.2 per cent Ni over 0.5 metre. An image on the company's website shows the location of the drill hole in plan view and another shows the location on a cross-section. Note that the strong mineralization in LE19-06 is open to the south. A core photo of the mineralization is shown on the company's website as well.

LE19-09 (western stepout)

Collared 30 metres west of the discovery section, drill hole LE19-09 intersected substantial uranium mineralization along strike of previously disclosed drill holes LE18-01A and LE19-02. The main intersection consists of 4.5 metres of fracture-controlled, disseminated and replacement styles of pitchblende uranium mineralization (greater than 1,000 cps RS-125), as summarized in the associated table. This includes 2.0 metres of strongly elevated radioactivity that averages greater than 20,000 cps (RS-125). An image on the company's website shows the location of the drill hole on a cross-section. Note that the strong mineralization in drill hole LE19-09 is open to the south.

                     HURRICANE ZONE RADIOACTIVE INTERVALS 
                                                                   Chemical assays
Hole ID       From        To    Length   Radioactivity (1) (2)       U3O8       Ni
               (m)       (m)       (m)                   (cps)        (%)      (%)

                                                  greater than
LE19-023     316.5     320.0       3.5                   1,000        0.2      0.1
                                                  greater than
and          326.5     330.0       3.5                   1,000       10.4      0.8
                                                  greater than
incl.        328.5     330.0       1.5                  20,000       23.6      1.6
                                                  greater than
incl.        329.0     329.5       0.5                  50,000       38.2      1.5
                                                  greater than
LE19-033     324.0     324.5       0.5                   1,000        0.2      0.1
                                                  greater than
and          326.5     329.5       3.0                   1,000        2.7      2.3
                                                  greater than
incl.        328.5     329.5       1.0                   5,000        7.6      6.6
                                                  greater than
incl.        329.0     329.5       0.5                  20,000       13.3     11.8
                                                  greater than
LE19-044     329.0     329.5       0.5                   1,000        0.1        0
                                                  greater than
             333.0     333.5       0.5                   1,000        0.4      0.2
LE19-054                                   no significantly elevated radioactivity
                                                  greater than
LE19-064     328.0     330.0       2.0                   1,000        0.4      0.1
                                                  greater than
and          332.0     336.0       4.0                   5,000        3.8      1.1
                                                  greater than
incl.        333.5     335.5       2.0                  10,000        5.5      0.7
                                                  greater than
incl.        333.5     334.0       0.5                  20,000       13.7      1.2
                                                  greater than
LE19-07      325.0     331.0       6.0                   1,000             pending
                                                  greater than
incl.        328.0     328.5       0.5                   5,000             pending
                                                  greater than
LE19-08      326.5     327.0       0.5                   1,000             pending
                                                  greater than
and          333.0     336.5       3.5                   1,000             pending
                                                  greater than
incl.        335.5     336.0       0.5                  10,000             pending
                                                  greater than
LE19-09      325.0     329.5       4.5                   1,000             pending
                                                  greater than
incl.        327.0     329.0       2.0                  20,000             pending

Notes
(1) Radioactivity is total gamma from drill core measured with an RS-125 hand-held 
spectrometer (RS-125).
(2) Measurements of total gamma cps on drill core are an indication of uranium 
content, but may not correlate with uranium chemical assays.
(3) Radioactivity and chemical assays previously disclosed.
(4) Radioactivity previously disclosed.
 

LE19-07 and LE19-08

Drill holes LE19-07 and LE19-08 both intersected substantial lengths of elevated radioactivity. LE19-07 was drilled to the north of LE19-06 on Section 4585E. It intersected a long interval (6.0 metres) of weak to moderate radioactivity at the sub-Athabasca unconformity. Drill hole LE19-08 is the first hole drilled along strike to the west of the discovery section. It intersected two intervals of elevated radioactivity, including 3.5 metres of weak to moderate radioactivity at the sub-Athabasca unconformity. Assay results for both of these drill holes are pending.

Expanded program

Due to the successful intersection of uranium mineralization in all but one of the eight drill holes completed to date, the company has expanded the current drilling program to 12 drill holes from 10. The expanded program allows an acceleration of more aggressive stepouts along strike of the existing intersections and is expected to be complete by mid-March.

Larocque East

Larocque East consists of six mineral claims totalling 3,200 hectares and was purchased in May, 2018. The property is owned 100 per cent by IsoEnergy 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.

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 a neighbouring property to the southwest of Larocque East. The closest of these to Larocque East are the Larocque Lake and Larocque North zones, which are located 6.5 kilometres and 0.4 kilometre, respectively, to the southwest of the western Larocque East property boundary. Drilling at the Larocque Lake zone has returned historical intersections of up to 29.9 per cent U3O8 over 7.0 metres in drill hole Q22-040. Drilling at the Larocque North zone has returned intersections of up to 2.05 per cent U3O8 over 0.6 metre in drill hole Q22-16. 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 Larocque East 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 Larocque East property to date, including drill hole KER-07 (0.12 per cent U3O8 over 0.1 metre), located 400 metres east of the discovery section.

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. An RS-125 hand-held spectrometer was used to verify that the radioactivity is due to uranium. As drill holes LE19-02 and LE19-03 were drilled vertically and the mineralization is interpreted to be horizontal, the true thickness is expected to equal the cored intervals.

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 historical 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.

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