08:19:24 EDT Mon 22 Jul 2019
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IsoEnergy Ltd
Symbol C : ISO
Shares Issued 55,217,368
Close 2019-03-29 C$ 0.64
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IsoEnergy drills 4.5 m of 4.2% U3O8 at Larocque East

2019-04-01 06:14 ET - News Release

Mr. Craig Parry reports

ISOENERGY DRILLS 4.5M OF 4.2% U3O8 IN DRILL HOLE LE19-09 AT THE HURRICANE ZONE HIGH-GRADE URANIUM DISCOVERY

IsoEnergy Ltd. has released assay result for drill holes LE19-09, LE19-10 and LE19-11. The highlight is drill hole LE19-09, which intersected 4.5 metres of 4.2 per cent triuranium octoxide (U3O8), including 2.0 m of 6.8 per cent U3O8. Drill hole LE19-09 was collared 30 metres to the west of drill hole LE18-01A, the original Hurricane zone discovery drill hole which returned 8.5 metres of 1.3 per cent U3O8 including 2.5 m of 3.6 per cent U3O8.

Highlights:

  • Drill hole LE19-09 intersected 4.5 m of 4.2 per cent U3O8, including 2.0 m of 6.8 per cent U3O8.
  • Drill hole LE19-10 intersected 1.5 m of 0.6 per cent U3O8, 1.7 per cent nickel and 1.9 per cent cobalt.
  • Drill hole LE19-11 intersected 0.5 m of 2.1 per cent U3O8, well north of the expected extent of the zone.

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. The company recently completed the first follow-up drilling program since the discovery in 2018. With 11 of 12 drill holes in the follow-up campaign intersecting significant uranium mineralization, the program successfully expanded the mineralized zone to 150 m (long) by 38 m (wide) and up to 8.5 m thick. Mineralization remains open on all five sections drilled to date, and along strike in both directions. The company, having raised $5.5-million in December, 2018, remains fully financed for a follow-up drilling campaign that is planned for the summer.

Steve Blower, vice-president, exploration, commented: "Continuity of the uranium mineralization at the Hurricane zone, as exemplified by these drill results, continues to be encouraging. I'm particularly pleased with the robust intersection in drill hole LE19-09, and am impressed with the interval in LE19-11, given that we didn't expect mineralization to extend that far north. The result bodes well for further drilling on that section."

LE19-09

Collared 30 metres west of the discovery section, drill hole LE19-09 intersected high-grade uranium mineralization along strike of discovery drill hole LE18-01A and drill hole LE19-03. The main intersection consists of 4.5 metres of fracture controlled, disseminated and replacement styles of pitchblende uranium mineralization that averages 4.2 per cent U3O8, 1.1 per cent Ni and 0.8 per cent Co, as summarized in the associated table. This includes 2.0 metres of 6.8 per cent U3O8, 1.9 per cent Ni and 1.3 per cent Co. Images on the company's website show the location of the drill hole in plan view and cross-section. Another image is a core photo showing the mineralization.

LE19-10

This drill hole was completed 12.5 metres south of LE19-09 on Section 4535E and intersected 1.5 m of uranium and base metal mineralization that averages 0.6 per cent U3O8, 1.7 per cent Ni and 1.9 per cent Co. The Hurricane zone remains open to the south of LE19-10.

LE19-11

Drill hole LE19-11 was the first hole drilled along strike to the west on Section 4485E. It was drilled as an angled hole from the north designed to locate target stratigraphy and structures for follow-up with drill hole LE19-12, 28 m to the south. As such, drill hole LE19-11 was not expected to be mineralized, but a 0.5 m zone of strong pitchblende mineralization was intersected at the unconformity that returned 2.1 per cent U3O8. The 28 m gap between drill holes LE19-11 and strongly mineralized LE19-12 remains to be drilled.

Next steps

Assay results from the last drill holes LE19-12 and LE19-13 will be reported in the coming weeks. A ground direct-current-resistivity survey will begin shortly over the Hurricane zone and potential eastern extensions. The results of the survey will be used to help target a planned follow-up drilling campaign expected to begin in June, 2019.

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.

               HURRICANE ZONE 2019 DRILLING RADIOACTIVE INTERVALS 
                                                                    Chemical assays 
Hole ID      From     To  Length  Radioactivity (1) (2)       U3O8       Ni      Co
              (m)    (m)     (m)                  (cps)        (%)      (%)     (%)

                                           greater than
LE19-02 (3) 316.5  320.0     3.5                  1,000        0.2      0.1     0.2
                                           greater than
and         326.5  330.0     3.5                  1,000       10.4      0.8     0.0
                                           greater than
incl.       328.5  330.0     1.5                 20,000       23.6      1.6     0.0
                                           greater than
incl.       329.0  329.5     0.5                 50,000       38.2      1.5     0.1
                                           greater than
LE19-03 (3) 324.0  324.5     0.5                  1,000        0.2      0.1     0.0
                                           greater than
and         326.5  329.5     3.0                  1,000        2.7      2.3     0.0
                                           greater than
incl.       328.5  329.5     1.0                  5,000        7.6      6.6     0.1
                                           greater than
incl.       329.0  329.5     0.5                 20,000       13.3     11.8     0.1
                                           greater than
LE19-04 (3) 329.0  329.5     0.5                  1,000        0.1      0.0     0.0
                                           greater than
            333.0  333.5     0.5                  1,000        0.4      0.2     0.0
LE19-05 (3)                                 no significantly elevated radioactivity
                                           greater than
LE19-06 (3) 328.0  330.0     2.0                  1,000        0.4      0.1     0.1
                                           greater than
and         332.0  336.0     4.0                  5,000        3.8      1.1     0.0
                                           greater than
incl.       333.5  335.5     2.0                 10,000        5.5      0.7     0.0
                                           greater than
incl.       333.5  334.0     0.5                 20,000       13.7      1.2     0.0
                                           greater than
LE19-07 (3) 325.0  331.0     6.0                  1,000        0.4      0.8     1.4
                                           greater than
incl.       328.0  328.5     0.5                  5,000        1.0      4.9     9.3
                                           greater than
LE19-08 (3) 326.5  327.0     0.5                  1,000        0.4      0.1     0.1
                                           greater than
and         333.0  336.5     3.5                  1,000        0.8      1.5     0.4
                                           greater than
incl.       335.5  336.0     0.5                 10,000        3.7      8.3     1.3
                                           greater than
LE19-09 (4) 325.0  329.5     4.5                  1,000        4.2      1.1     0.8
                                           greater than
incl.       327.0  329.0     2.0                 20,000        6.8      1.9     1.3
                                           greater than
LE19-10 (4) 331.5  333.0     1.5                  1,000        0.6      1.7     1.9
                                           greater than
LE19-11 (4) 333.0  333.5     0.5                  5,000        2.1      0.1     0.1
                                           greater than
LE19-12 (4) 320.5  329.0     8.5                  1,000                     pending
                                           greater than
incl.       324.5  327.0     2.5                 10,000                     pending
                                           greater than
incl.       324.5  325.0     0.5                 20,000                     pending
                                           greater than
incl.       326.0  327.0     1.0                 20,000                     pending
                                           greater than
incl.       328.5  329.0     0.5                 20,000                     pending
                                           greater than
LE19-13 (4) 320.0  320.5     0.5                  1,000                     pending
                                           greater than
and         321.5  324.0     2.5                  1,000                     pending
                                           greater than
incl.       322.5  323.0     0.5                 10,000                     pending

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

Qualified person statement

The scientific and technical information contained in this news release was prepared by Andy Carmichael, PGeo, IsoEnergy's senior geologist, who is a qualified person (as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects). Mr. Carmichael 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 the drill holes reported herein are vertical or near vertical, and the mineralization is interpreted to be horizontal, the true thickness is expected to be within 90 per cent of 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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