04:26:54 EST Tue 28 Jan 2020
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or Name

IsoEnergy Ltd
Symbol ISO
Shares Issued 68,432,642
Close 2019-08-27 C$ 0.53
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IsoEnergy drills five m of 1.2% U3O8 at Larocque East

2019-08-28 06:09 ET - News Release

Mr. Craig Parry reports


IsoEnergy Ltd. has provide an update on its recently completed summer drilling program on the Hurricane zone at the Larocque East property. Highlights include assay results from drill hole LE19-18C1, intersections of strong radioactivity in LE19-28 and LE19-29, plus the intersection of mineralization on an aggressive 250-metre stepout to the east. Additionally, interpretation of new DC resistivity data has identified new target areas along strike to the east of the Hurricane zone. The Hurricane zone is located on the company's 100-per-cent-owned Larocque East property in the Eastern Athabasca basin of Saskatchewan.

Drilling highlights:

  • Chemical assays received for drill hole LE19-18C1, comprising 1.2 per cent triuranium octoxide (U3O8) over 5.0 metres, including 3.9 per cent U3O8 over 0.5 m;
  • Strong uranium mineralization was intersected in drill hole LE19-28, with an intersection of 10.5 m greater than 1,000 counts per second, including 1.0 m greater than 20,000 cps;
  • Strong uranium mineralization was intersected in drill hole LE19-29, with an intersection of 2.0 m greater than 1,000 cps, including 0.5 m greater than 20,000 cps;
  • Length of the Hurricane zone extended to 500 m with an intersection of uranium mineralization on Section 4985E in drill hole LE19-22;
  • Additionally, the newly defined strong resistivity anomaly to the east of the known Hurricane deposit provides a high-priority target for the follow-up winter 2019/2020 drill program.

Steve Blower, vice-president of exploration, commented: "I'm encouraged by the success of our summer drilling program, with several mineralized drill holes on the 4735E section, followed by mineralization on a big 250 m stepout to the 4985E section. Further, an undercutting drill hole completed an additional 200 m to the east intersected substantial sandstone faulting, alteration and elevated radioactivity and remains to be followed up. Our recently completed DC resistivity survey supports our view that there are several kilometres of sparsely drilled favourable geology extending to the east of Hurricane."

Craig Parry, chief executive officer, commented: "With the zone now extending at least 500 m along strike, Hurricane is the most exciting recent uranium discovery in the Athabasca basin. I'd like to thank our team and field crew for a well-run drill program that has achieved our objectives in a safe and efficient manner -- on time and on budget. Additional drilling to evaluate the size of the system is clearly warranted, especially considering the results of our DC resistivity geophysical survey. In addition to the positive results on the Hurricane deposit I am highly encouraged by the results of our easternmost hole which suggests that the newly defined strong resistivity anomaly at the east end of the Hurricane host conductor has further potential."

Drill hole LE19-18C1 assays (Section 4735E)

Drill hole LE19-18C1 was designed to evaluate the potential for additional mineralization north of drill hole LE19-18. The result was successful, with LE19-18C1 intersecting 1.2 per cent U3O8 over 5.0 m, including 3.9 per cent U3O8 over 0.5 m. The location is shown in plan view in an image on the company's website and on a cross-section in another image on the company's website.

Drill hole LE19-28 mineralization (Section 4660E)

Drill hole LE19-28 was completed as an along-strike stepout on the section 25 m to the east of the LE19-16A section. LE19-28 intersected a 10.5 m interval (321.0 to 331.5 m) of strong radioactivity greater than 1,000 cps that includes a 1.0 m subinterval greater than 20,000 cps. Almost all of the mineralization is located in the basal Athabasca sandstone, with the sub-Athabasca unconformity being intersected at 331.4 m. Drill hole LE19-28 is the only drill hole completed on this section to date, and therefore this thick and high-grade portion of the zone is wide open for expansion to both the north and south on this section.

Drill hole LE19-29 mineralization (Section 4610E)

Completed on Section 4610E, 25 m west of the LE19-16A section, drill hole LE19-29 intersected a 2.0 m interval (337.5 to 339.5 m) of strong radioactivity greater than 1,000 cps that includes a 0.5 m subinterval greater than 20,000 cps. The drill hole is interpreted to have overshot the strongest part of the Hurricane zone mineralization and the zone is wide open for expansion to the north on this section.

Drill hole LE19-22 mineralization (Section 4985E)

Drill hole LE19-22 was completed on the 4985E section 250 m east of previous drilling (LE19-18 and LE19-18C1) to follow up undercutting drill hole LE19-19 and historical, weakly mineralized drill hole KER-07. The result was successful, with the intersection of strong sandstone alteration and faulted graphitic gneiss associated with visible secondary uranium mineralization (0.1 per cent U3O8 over 0.5 m) intersected immediately beneath the sub-Athabasca unconformity.

Drill hole LE19-26 (Section 5185E)

Completed as an undercutting stepout drill hole 200 m east of the LE19-22/KER-07 section, drill hole LE19-26 intersected impressive sandstone faulting, alteration and elevated radioactivity in the basal sandstone and strongly faulted graphitic gneiss in the basement rocks. The graphitic faults, which are known to control the location of Hurricane zone mineralization farther west, will be targeted at the unconformity during the next drilling program. Also, as LE18-01A (the Hurricane zone discovery drill hole) followed up similar features in historical drill hole KER-12, the strong faulting, alteration and elevated radioactivity in the basal sandstone indicate high-priority targets exist to the north and east of drill hole LE19-26 on this section.

DC resistivity surveying

A 54 line km ground geophysical survey (DC resistivity) was completed on 20 survey lines at 200 m, 400 m and 600 m spacing covering the entire western half of the Larocque conductor system on the Larocque East property. The survey successfully tracks the Larocque conductor system east of the Hurricane zone and highlights several areas with apparent sandstone breaches that may be indicative of enhanced sandstone alteration. Importantly, the strength of the graphitic conductor system clearly increases to the east of the current drill pattern and this increased conductivity extends for several kilometres.

Next steps

The summer drilling program is now complete. Geological interpretations will be finalized when all pending chemical assays have been received. Integration of the summer drilling data with the DC resistivity results is continuing and confirms the highly prospective nature of the eastern extension of the Hurricane trend on the 5185E section and beyond. This area is expected to be a primary focus of future drilling activities, along with infill drilling on sections of known but as-yet-unconstrained mineralization at Hurricane and testing of the large 200 m gap in the drilling between the 4985E and 5185E sections. This work is expected to commence in January, 2020.

                            2019 HURRICANE ZONE INTERSECTIONS
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
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
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
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 (3)     325.0     329.5      4.5                  1,000       4.2     1.1    0.8
                                                   greater than
LE19-10 (3)     331.5     333.0      1.5                  1,000       0.6     1.7    1.9
                                                   greater than
LE19-11 (3)     333.0     333.5      0.5                  5,000       2.1     0.1    0.1
                                                   greater than
LE19-12 (3)     320.5     329.0      8.5                  1,000       3.2     2.1    0.2
                                                   greater than
LE19-13 (3)     320.0     320.5      0.5                  1,000       0.2     0.0    0.0
                                                   greater than
and             321.5     324.0      2.5                  1,000       0.6     0.2    0.5
                                                   greater than
incl.           322.5     323.0      0.5                 10,000       1.6     0.4    1.1
                                                   greater than
LE19-14B (3)    323.0     325.0      2.0                  1,000       0.2     0.0    0.1
                                                   greater than
and             327.5     331.0      3.5                  1,000       0.3     0.3    0.7
LE19-15 (3)                                      no significantly elevated radioactivity
                                                   greater than
LE19-16A (3)    315.5     322.5      7.0                  1,000       5.4     0.7    0.1
                                                   greater than
incl.           318.0     320.0      2.0                 10,000      15.9     1.4    0.1
LE19-17 (3)                                      no significantly elevated radioactivity
                                                   greater than
LE19-18 (3)     323.0     326.0      3.0                  1,000       1.5     0.1    0.1
                                                   greater than
incl.           325.0     325.5      0.5                 10,000       6.0     0.1    0.1
                                                   greater than
(4) (5)         261.0     266.0      5.0                  1,000       1.2     0.0    0.0
                                                   greater than
incl.           261.5     262.0      0.5                 10,000       3.9     0.0    0.0
LE19-19 (4)                                      no significantly elevated radioactivity
LE19-20 (4)                                      no significantly elevated radioactivity
LE19-21                                          no significantly elevated radioactivity
LE19-22         326.5     327.0      0.5                  1,000       0.1     0.0    0.0
                                                   greater than
LE19-23         321.0     322.0      1.0                  1,000       2.3     0.1    0.1
                                                   greater than
incl.           321.0     321.5      0.5                 10,000       3.9     0.1    0.1
                                                   greater than
and             325.5     326.0      0.5                  1,000       0.3     0.0    0.0
LE19-24                                          no significantly elevated radioactivity
                                                   greater than
LE19-25         323.5     324.0      0.5                  1,000       1.8     0.0    0.2
                                                   greater than
and             331.5     333.0      1.5                  1,000       0.5     0.6    0.0
                                                   greater than
incl.           332.5     333.0      0.5                  5,000       0.9     1.2    0.0
LE19-26                                          no significantly elevated radioactivity
LE19-27A                                         no significantly elevated radioactivity
                                                   greater than
LE19-28         321.0     331.5     10.5                  1,000                  pending
                                                   greater than
incl.           322.0     322.5      0.5                  5,000
                                                   greater than
and incl.       326.5     327.0      0.5                  5,000
                                                   greater than
and incl.       329.5     331.5      2.0                  5,000
                                                   greater than
incl.           330.5     331.5      1.0                 20,000
                                                   greater than
LE19-29         337.5     339.5      2.0                  1,000                  pending
                                                   greater than
incl.           338.5     339.5      1.0                  5,000
                                                   greater than
incl.           339.0     339.5      0.5                 20,000

(1) Radioactivity is total gamma from drill core measured with an RS-125 hand-held 
(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. 
(5) Collared 59 m downhole in LE19-18.                                                               

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 U3O8 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.

Investor relations

The company entered into an agreement with Swiss Resource Capital AG (SRC) effective June 1, 2019, for investor relations communications services in Europe. The company will, subject to the approval of the TSX Venture Exchange, work with SRC to deliver services which include disseminating company information to existing and potential shareholders in the form of the company's news releases, creating interviews and videos through social media and on-line means, as well as representing the company at trade and investment shows. The term of the agreement is 12 months and SRC will be compensated 5,000 Swiss francs per month with additional fees for special services such as trade and investment shows. The services, in particular the trade and investment shows, are to be provided in various places. SRC is a private company and is based in CH-9100 Herisau, Poststrasse 1 in Switzerland and is led by Jochen Staiger, chief executive officer. SRC has extensive experience in providing services to companies listed on various stock exchanges that are seeking to raise their profile in public markets. On June 5, 2019, the company announced that it granted 100,000 incentive stock options to a consultant of the company. The company wishes to clarify that these incentive stock options were granted to SRC pursuant to the above-mentioned investor relations agreement. SRC is an arm's-length consultant to the company and does not currently own or have the right or intent to acquire securities of IsoEnergy, other than the previously mentioned stock options granted on June 5, 2019.

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 mineralized drill holes are oriented very steeply (minus 80 to minus 90 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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