05:33:18 EDT Fri 19 Apr 2024
Enter Symbol
or Name

IsoEnergy Ltd
Symbol ISO
Shares Issued 172,902,978
Close 2024-01-15 C$ 4.64
Market Cap C$ 802,269,818
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IsoEnergy begins 2024 winter Athabasca exploration

2024-01-15 10:18 ET - News Release

Mr. Philip Williams reports


IsoEnergy Ltd. has commenced its 2024 winter exploration program in the eastern Athabasca basin, Canada, designed to follow up on the successful 2023 season. A total of 8,250 metres of drilling are planned for the winter with a budget of $4-million focused on two highly prospective projects -- Larocque East, which contains the high-grade Hurricane deposit, and Hawk. The program will drill test targets to the east of the Hurricane deposit at the Larocque East project and new targets generated in 2023 at the Hawk project.


  • Larocque East project:
    • Hosts the Hurricane deposit containing an indicated mineral resource of 48.6 million pounds at 34.5 per cent U3O8 (triuranium octoxide) and an inferred mineral resource of 2.7 million pounds at 2.2 per cent U3O8;
    • Drilling of 3,150 metres (six holes) is planned to test two targets (area A and area B) to the east of the Hurricane deposit within the conductor corridor, defined by the ambient noise tomography (ANT) survey conducted in the summer of 2023; the ANT survey identified a significant low-velocity response in each target area, interpreted to represent alteration, similar to the response seen at the Hurricane deposit;
    • Both targets have seen little to no drilling in the past and offer potential for expansion within the conductor corridor, which continues for another nine kilometres east of the Hurricane deposit;
  • Hawk project:
    • Drilling of 5,100 metres (six holes) is planned to test a two-kilometre-long ANT and electromagnetic (EM) anomaly spatially associated with elevated radioactivity, sandstone alteration and brittle deformation both in the basement and the sandstone rocks;
    • A ground EM survey is also planned along the northeastern extension of the ANT and conductivity anomaly to identify new targets for drilling;
  • The diamond drilling services contract for the 2024 exploration programs has been awarded to the highly experienced drill contractor, Team Drilling, which is mobilizing to site;
  • Drilling is expected to commence with two rigs on the Hawk project in late January, with Larocque East drilling to follow; both programs are expected to be completed by April; results from both programs will inform plans for summer work programs.

Philip Williams, chief executive officer, commented: "We believe that IsoEnergy's project portfolio in the eastern Athabasca basin is truly impressive. Not only does it contain the Hurricane deposit at Larocque East, with among the highest uranium grades in the world, but boasts over 20 additional projects (plus 200,000 hectares) acquired and methodically advanced while interest in uranium exploration was largely muted. Over the past 12 months, under a new exploration leadership team led by Dr. Darryl Clark, EVP [executive vice-president], exploration, the focus has been on identifying drill targets at Larocque East and Hawk by combining existing exploration information with results from the innovative ambient noise tomography (ANT) surveys. With a strong balance sheet of over $50-million postclosing of the merger, we are well funded and very excited to commence these drill programs, the results of which could have important implications for future targeting at both projects. At Larocque East, drill success to the east of Hurricane could open up nine kilometres of prospective corridor on our 100-per-cent-owned ground while Hawk has all the key geological characteristics associated with a mineralized system, the discovery of which would further validate our exploration methodology. We are very pleased to be working with Team Drilling, who bring over 80 years of Athabasca drilling experience and maintain a high standard of safety."

Larocque East project

Six diamond drill holes totalling 3,150 metres of drilling are planned at the 100-per-cent-owned Larocque East project to follow up on favourable results from the ANT survey conducted in the summer of 2023. Exploration drilling in target area A will test the large ANT anomaly (600 metres by 200 metres) located approximately two kilometres east of the Hurricane deposit. This target has not been tested by past drilling. Drilling will also test target area B, where coincident geochemical and ANT anomalies occur approximately 480 metres east of the Hurricane deposit. In target area B, previous drill holes LE-19-26 and LE20-33, located on the western edge of the ANT anomaly, intersected anomalous pathfinder geochemical results associated with strong illite alteration in the basal sandstone.

The remaining prospective trend that hosts the Hurricane deposit continues to the east for another nine kilometres. This eastern extension remains highly prospective and will be the focus of further target generation efforts in the coming months.

The ANT survey technology by Fleet Space consists of laying an array of 64 lightweight, battery-powered surface sensors called Geodes over a two-square-kilometre survey grid to measure naturally occurring environmental seismic vibrations in the ground (caused by wave action, weather and anthropogenic activities) over a six-day period. The Geodes collect and deliver information in near real-time to Fleet Space's satellite network. The subsurface ANT results are integrated with information that has been gathered through previous exploration activities. With further processing and modelling, it has been possible to highlight mineralized zones associated with changes in seismic velocity. Success in correlating ANT responses with the known uranium mineralization and alteration of the sandstone sequences at the Hurricane deposit has validated the use of this innovative technique in defining additional drill targets at Hurricane and other projects. Further information on the ANT survey method and examples of case histories can be found on the Fleet Space website.

Hawk project

The Hawk project hosts at least 15 kilometres of prospective conductive strike with depths to the unconformity interpreted to be between 600 metres and 750 metres. Drilling on the property has intersected anomalous radioactivity, along with other anomalous pathfinder elements associated with significant sandstone structure and alteration, along a conductive magnetic-low corridor.

Six diamond drill holes totalling 5,100 metres are planned at the 100-per-cent-owned Hawk project during the winter 2024 season. Drilling will follow up results from the integration of significant sandstone alteration and structure in recent drilling (see the news release dated Oct. 24, 2023), ground EM, ZTEM (Z-tipper electromagnetic) inversion and highly anomalous areas indicated by the ANT survey in the summer of 2023. The expectation is that the potential to host a large Athabasca-style uranium deposit is considered high as the exploration maturity of the project is very low. The size of the potential alteration halo in sandstone as interpreted from the ANT anomaly is approximately two kilometres long and up to 600 metres wide.

Additionally, 27.5 line kilometres of ground EM surveying are planned along the approximately two-kilometre-long interpreted northeastern extension of the ANT and conductivity anomaly. This work will generate drill targets for further evaluation of this undrilled portion of the Hawk trend.


Two claims totalling 431 hectares were staked during Q4 2023. This staking established the Ledge project, located adjacent to the southeast margin of the Athabasca basin, where previous work has identified both northeast-trending metasedimentary rocks and EM conductors with the potential to host basement-style uranium mineralization.

Qualified person statement

Dr. Darryl Clark, PGeo, IsoEnergy's executive vice-president, exploration and development, is the qualified person (as defined in NI 43-101, Standards of Disclosure for Mineral Projects) for the company and has validated and approved the technical and scientific content of this news release. All HK and LE series drill holes were completed by IsoEnergy and geochemical analyses were completed for the company by SRC Geoanalytical Laboratories in Saskatoon, Sask. All other drill holes were completed by previous operators and geochemical assay data have been compiled from historical assessment reports or provided by the previous operator(s).

For additional information regarding the company's Larocque East project, including its quality assurance and quality control procedures applied to the exploration work described in this news release, please see the technical report titled "Technical Report on the Larocque East Project, Northern Saskatchewan, Canada," dated Aug. 4, 2022, on the company's profile on SEDAR+.

About IsoEnergy Ltd.

IsoEnergy is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the United States, Australia and Argentina at varying stages of development, providing near-term, medium-term and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East project in Canada's Athabasca basin, which is home to the Hurricane deposit, boasting the world's highest-grade indicated uranium mineral resource.

IsoEnergy also holds a portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels Inc. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.

We seek Safe Harbor.

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