10:59:52 EDT Thu 18 Jul 2019
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IsoEnergy Ltd
Symbol C : ISO
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Close 2019-07-10 C$ 0.61
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IsoEnergy drills +1,000 cps U over 3 m at Larocque East

2019-07-11 06:50 ET - News Release

Mr. Craig Parry reports

ISOENERGY INTERSECTS STRONG URANIUM MINERALIZATION IN 100M STEP-OUT AT THE HURRICANE ZONE

IsoEnergy Ltd. has provided results from drill holes LE19-15, 16A, 17 and 18. The results include 3.0 metres of strong uranium mineralization (over 1,000 counts per second (cps), including 1.0 m at over 10,000 cps) in stepout drill hole LE19-18, located 100 m east of previous drilling plus a 7.0 m long intersection (over 1,000 cps, including 6.0 m at over 5,000 cps) of strong uranium mineralization in drill hole LE19-16A. The Hurricane zone is located on the company's 100-per-cent-owned Larocque East property in the Eastern Athabasca basin of Saskatchewan.

Highlights

  • Drill hole LE19-18, a 100 m stepout east of previous drilling, intersected 3.0 m of strong uranium mineralization straddling the unconformity.
  • Drill hole LE19-16A intersected a 7.0 m thick zone of strong sandstone-hosted uranium mineralization.
  • The Hurricane zone is now 250 m long and open for expansion.
  • Eleven drill holes remain in the fully financed summer program.

Craig Parry, chief executive officer, commented: "The high-grade Hurricane zone continues to deliver outstanding results with a high discovery rate and low discovery cost. A significant number of the intercepts in holes LE19-16A and LE19-18 are greater than 10,000 cps which is often referred to as being off-scale. In a short period of time the zone has expanded to a significant body of high-grade uranium mineralization that measures at least 250 m long, 40 m across and is up to 8.5 m thick with potential to significantly expand the body in all directions."

Steve Blower, vice-president of exploration, commented: "Based on both radioactivity and thickness, drill hole LE19-16A cored one of the best intersections drilled to date at the Hurricane zone. Even more impressive is the presence of high-grade uranium mineralization in LE19-18, a 100 m stepout to the east. With abundant faulting, alteration and elevated radioactivity in the sandstone above the intersection, we interpret this as an overshoot of the main part of the zone. We eagerly await the results of the follow-up hole currently being drilled, which will evaluate the potential for thicker mineralization north of LE19-18."

Drill hole LE19-18 (Section 4735E)

Drill hole LE19-18 is an along-strike stepout 100 m to the east of drill hole LE19-16A and is the first attempt to follow up structures intersected at depth in the basement by undercutting drill hole LE19-15 (see description below). Impressive sandstone structure and alteration with weakly elevated radioactivity was intersected from 250 m to the sub-Athabasca unconformity at approximately 325.0 m. A 3.0 m long interval of strong uranium mineralization from 323.0 to 326.0 m straddles the unconformity and averages over 10,000 cps (RS-125 hand-held spectrometer). Due to the presence of strongly altered and faulted sandstone with weakly elevated radioactivity above the mineralization, LE19-18 is interpreted to have overshot the main part of the zone. A follow-up drill hole is under way to evaluate the area north of LE19-18.

Drill hole LE19-16A (Section 4635E)

Drill hole LE19-16A was designed to intersect the Hurricane zone 12.5 m south of winter drill hole LE19-13. After penetrating 32 m of overburden followed by Athabasca sandstone, the sub-Athabasca unconformity was intersected at 324.6 m. The sandstone was moderately to intensely bleached, desilicified and clay altered between 144 m and 169 m, and below 277 m. An interval of strong sandstone hosted uranium mineralization was intersected at 315.5 to 322.5 m, just above the unconformity. The interval is one of the most radioactive intersections observed at Hurricane to date. The entire interval averages over 10,000 cps (RS-125 hand-held spectrometer) and includes five 0.5 m intervals that are over 10,000 cps, the highest of which is 45,000 cps. The attached table compares the radioactivity in LE19-16A against previous intersections at the Hurricane zone.

Drill hole LE19-15 (Section 4735E)

Angled drill hole LE19-15 was the first drill hole completed on Section 4735E, the 100 m along-strike stepout east of drill hole LE19-16A. This drill hole was purposefully collared to the north of expected mineralization, undercutting the zone to locate the key stratigraphy and structures that control uranium mineralization at Hurricane. LE19-15 intersected four major faults in and around several graphitic pelitic units, one of which was targeted at the unconformity by drill hole LE19-18, described above. Additional drilling is required on this section to evaluate the other structures intersected by LE19-15.

Drill hole LE19-17 (Section 4635E)

Drill hole LE19-17 was completed as a follow-up 20 m south of strongly mineralized drill hole LE19-16A. The sub-Athabasca unconformity intersected by LE19-17 is eight m lower than in LE19-16A, indicating the presence of a significant off-setting structure nearby. This is supported by the presence of strong structure, alteration and coincident elevated radioactivity in the lower sandstone of drill hole LE19-17. Although the unconformity is marked by weakly elevated radioactivity up to 450 cps, no significant uranium mineralization was intersected. Given the results in LE19-16A, the interpreted structure between LE19-16A and LE19-17 remains a high-priority target for additional uranium mineralization.

Next steps

Eleven drill holes remain in the fully financed summer drilling program. The next drill holes will comprise additional drill holes on the LE19-18 section, further stepouts to the east and infill drill holes on other sections where necessary. Chemical assays for all five drill holes completed to date in this summer program are still pending.

The Larocque East property

The 100-per-cent-owned property consists of 20 mineral claims totalling 8,371 hectares 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.

Along with other target areas, 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 Cameco Corp.'s neighbouring property to the southwest of Larocque East. The Hurricane zone was discovered in July, 2018, and was recently followed up with a 12-hole drilling campaign in the winter of 2019. Eleven of those 12 drill holes intersected substantial uranium mineralization, including 10.4 per cent triuranium octoxide over 3.5 m in drill hole LE19-02 and 3.2 per cent U3O8 over 8.5 m in drill hole LE19-12. Drilling at Cameco Corp.'s Larocque Lake zone on the neighbouring property to the southwest has returned historical intersections of up to 29.9 per cent U3O8 over 7.0 metres in drill hole Q22-040. 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 the property 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 property to date.

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

LE19-023 316.5   320.0     3.5           >1,000                  0.2         0.1       0.2   Section 4560E
and      326.5   330.0     3.5           >1,000                 10.4         0.8       0.0                
incl.    328.5   330.0     1.5          >20,000                 23.6         1.6       0.0                
incl.    329.0   329.5     0.5          >50,000                 38.2         1.5       0.1                
LE19-033 324.0   324.5     0.5           >1,000                  0.2         0.1       0.0   Section 4560E
and      326.5   329.5     3.0           >1,000                  2.7         2.3       0.0                
incl.    328.5   329.5     1.0           >5,000                  7.6         6.6       0.1                
incl.    329.0   329.5     0.5          >20,000                 13.3        11.8       0.1                
LE19-043 329.0   329.5     0.5           >1,000                  0.1         0.0       0.0   Section 4560E
and      333.0   333.5     0.5           >1,000                  0.4         0.2       0.0                
LE19-053 No significantly elevated radioactivity                                   Section 4560E
LE19-063 328.0   330.0     2.0           >1,000                  0.4         0.1       0.1   Section 4585E
and      332.0   336.0     4.0           >5,000                  3.8         1.1       0.0                
incl.    333.5   335.5     2.0          >10,000                  5.5         0.7       0.0                
incl.    333.5   334.0     0.5          >20,000                 13.7         1.2       0.0                
LE19-073 325.0   331.0     6.0           >1,000                  0.4         0.8       1.4   Section 4585E
incl.    328.0   328.5     0.5           >5,000                  1.0         4.9       9.3                
LE19-083 326.5   327.0     0.5           >1,000                  0.4         0.1       0.1   Section 4535E
and      333.0   336.5     3.5           >1,000                  0.8         1.5       0.4                
incl.    335.5   336.0     0.5          >10,000                  3.7         8.3       1.3                
LE19-093 325.0   329.5     4.5           >1,000                  4.2         1.1       0.8   Section 4535E
incl.    327.0   329.0     2.0          >20,000                  6.8         1.9       1.3                
LE19-103 331.5   333.0     1.5           >1,000                  0.6         1.7       1.9   Section 4535E
LE19-113 333.0   333.5     0.5           >5,000                  2.1         0.1       0.1   Section 4485E
LE19-123 320.5   329.0     8.5           >1,000                  3.2         2.1       0.2   Section 4485E
incl.    324.5   327.0     2.5          >10,000                  7.2         0.6       0.0                
incl.    324.5   325.0     0.5          >20,000                  3.5         0.3       0.0                
incl.    326.0   327.0     1.0          >20,000                 14.3         1.1       0.0                
incl.    328.5   329.0     0.5          >20,000                 12.8        15.0       0.4                
LE19-133 320.0   320.5     0.5           >1,000                  0.2         0.0       0.0   Section 4635E
and      321.5   324.0     2.5           >1,000                  0.6         0.2       0.5                
incl.    322.5   323.0     0.5          >10,000                  1.6         0.4       1.1                
LE19-14B4323.0   325.0     2.0           >1,000                Pending                       Section 4535E
and      327.5   331.0     3.5           >1,000                                                         
incl.    327.5   328.0     0.5           >5,000                                                         
incl.    329.0   329.5     0.5           >5,000                                                         
LE19-15  No significantly elevated radioactivity                                             Section 4735E
LE19-16A 315.5   322.5     7.0           >1,000                Pending                       Section 4635E
incl.    316.5   322.5     6.0           >5,000                                                         
incl.    318.0   320.0     2.0          >10,000                                                        
and incl.320.5   321.0     0.5          >10,000                                                        
LE19-17  No significantly elevated radioactivity                                             Section 4635E
LE19-18  323.0   326.0     3.0           >1,000                Pending                       Section 4735E
incl.    325.0   326.0     1.0          >10,000                                                        
                                                                                                


  

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. As drill holes LE19-16A and LE19-18 are oriented very steeply (minus 80 degrees) into a zone of mineralization that is interpreted to be horizontal, the true thickness of the intersections is expected to be greater than or equal to 90 per cent of the core lengths. 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. For additional information regarding the company's Larocque East project, including its quality assurance and quality control procedures, please see the technical report dated effective May 15, 2019, on the company's profile at SEDAR.

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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