10:12:19 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



IsoEnergy Ltd
Symbol ISO
Shares Issued 38,944,113
Close 2017-02-01 C$ 1.30
Market Cap C$ 50,627,347
Recent Sedar Documents

IsoEnergy acquires Mountain Lake uranium deposit

2017-02-02 09:36 ET - News Release

Mr. Craig Parry reports

ISOENERGY ACQUIRES MOUNTAIN LAKE URANIUM DEPOSIT

IsoEnergy Ltd. has acquired the Mountain Lake uranium deposit in the Hornby Bay basin, Nunavut. The property consists of five claims totalling 5,625 hectares and was acquired by staking. Mountain Lake is located 100 kilometres southwest of the coastal community of Kugluktuk.

Mountain Lake uranium deposit

Discovered in 1976, the property area was the subject of intense exploration during the 1970s and 1980s, when Acquitaine Company of Canada and Esso Resources Canada completed 190 drill holes totalling approximately 22,000 metres on the project area. Pitchstone Exploration Ltd. and Triex Minerals Corp. carried out additional exploration during the period from 2005 to 2008, including the completion of 30 drill holes in the area, 15 of which were located within or immediately adjacent to the Mountain Lake deposit itself.

Uranium mineralization at Mountain Lake is hosted within sandstone of the mid-Proterozoic Dismal Lakes group within the Hornby Bay basin. The deposit is a shallow-dipping (five degrees to 10 degrees) tabular zone of strata-bound mineralization that extends from the top of the bedrock (10 metres to 30 metres below surface) down to approximately 180 metres below surface at its deepest point. Over all, the mineralization covers an area measuring 1,300 metres long and up to 320 metres wide. The thickness ranges from one metre to 6.5 metres. High-grade mineralization is locally present, with drill intersections returning up to 5.19 per cent triuranium octoxide over 0.9 metre.

IsoEnergy intends to complete a detailed review of all historical data from the property and develop an exploration plan to discover new uranium deposits or extensions of existing mineralization.

Craig Parry, president and chief executive officer, commented: "We are very pleased to have secured at minimal cost, by way of staking ground, a significant land package hosting a historic[al] uranium resource. This acquisition is in line with IsoEnergy's strategy of utilizing in-house knowledge and experience to identify, acquire and explore undervalued uranium assets with strong exploration potential in Canada. Mountain Lake has the potential to provide IsoEnergy with both an initial resource base and option value in the current resurgent uranium commodity and equity markets."

Historical mineral resource

The property contains a historical inferred mineral resource estimate of 8.2 million pounds U3O8 with an average grade of 0.23 per cent U3O8 contained in 1.6 million tonnes of mineralization. The estimate was reported in the technical report, entitled "Mountain Lake Property, Nunavut," prepared for Triex and dated Feb. 15, 2005. This resource is a historical estimate, and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources. As a result, the historical estimate is not being treated as a current mineral resource. However, the company believes that the historical estimate is relevant and reliable as it was prepared by a qualified person (as defined in National Instrument 43-101, standards of disclosure for mineral projects) with significant experience on the project, using methods that were standard in the industry. In order to upgrade or verify the historical estimate as current mineral resources, the company anticipates that it will need to incorporate the drilling data collected by Triex and Pitchstone from 2006 to 2008. The historical resource uses the inferred mineral resource category set out in Section 1.2 of National Instrument 43-101. There are no more recent estimates available to the company.

The historical estimate was prepared with the polygonal method, using only intervals greater than 0.1 per cent U3O8 with a vertical thickness of at least one metre. Polygon sides were determined by drawing lines perpendicular to, and one-half the distance to, each adjacent drill hole. Estimated uranium was then obtained by multiplying the polygon areas by their thickness, a specific gravity of 2.5 and the grade of the drill hole interval. The mineral resource was classified as inferred.

Qualified person statement

The disclosure of a scientific or technical nature contained in this news release was prepared by Steve Blower, PGeo, IsoEnergy's vice-president of 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.

About IsoEnergy Ltd.

IsoEnergy is a well-financed uranium exploration and development company. In addition to the Mountain Lake property in Nunavut, the company is actively exploring a portfolio of prospective projects in the eastern Athabasca basin in Saskatchewan, Canada.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.