Mr. Craig Parry reports
ISOENERGY INTERSECTS 3.5M OF CONTINUOUS OFF-SCALE URANIUM MINERALIZATION IN DRILL HOLE LE20-76 AT THE HURRICANE ZONE
IsoEnergy Ltd. has released new intersections of strong radioactivity from the now completed summer drilling program at the Hurricane zone, which has successfully expanded the mineralized footprint to the south. The Hurricane zone is a recent discovery of high-grade uranium mineralization on the company's 100-per-cent-owned Larocque East property in the Eastern Athabasca basin of Saskatchewan.
Highlights:
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South extension drill hole LE20-76 intersected 7.5 metres of uranium mineralization (greater than 500 counts per second), including 3.5 m of continuous off-scale mineralization (greater than 65,000 cps).
- Most southerly drilled hole LE20-77 intersected 8.0 m of uranium mineralization (greater than 500 cps), including 1.0 m of mineralization (greater than 10,000 cps).
- Assays pending for 11 mineralized drill holes, which are anticipated to be released over the next four weeks.
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Planning is under way for a winter (January to March) 2021 drilling program.
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The company is well financed with $11.8-million in the treasury.
Note
Radioactivity is total gamma counts per second (cps) from drill core measured with an RS-125 hand-held spectrometer (RS-125).
Craig Parry, chief executive officer, commented: "With the completion of our summer drilling program, we have satisfied our main objective with outstanding results and expanded the zone of intense mineralization at Hurricane to the south. We've more than doubled its width on three of four sections, which is material with respect to resource estimations. This is a tremendous outcome for the company, and I'd like to acknowledge the great work of our technical team and exploration contractors."
Steve Blower, vice-president of exploration, commented: "With 3.5 m of off-scale radioactivity, I'm looking forward to the receipt of assays from drill hole LE20-76. I'm also very encouraged that the southernmost drill hole completed by IsoEnergy to date, LE20-77, with 8.0 m of uranium mineralization including 1.0 m greater than 10,000 cps, suggests the zone has potential to grow to the south. This will undoubtedly be a high priority focus in the 2021 winter drilling program."
Summer drilling summary
The summer drilling program was expanded to 24 holes and focused on extending the high-grade western side of the zone and evaluated additional targets on the eastern side of the zone. Expansion of the high-grade footprint to the south was highly successful with the company reporting some of the best intersections to date including:
- LE20-64: 5.0 m at 48.8 per cent U3O8 (triuranium octoxide) including 4.0 m at 57.5 per cent U3O8;
- LE20-62: 4.5 m at 6.2 per cent U3O8 including 2.5 m at 11.1 per cent U3O8;
- LE20-57: 10.0 m at 11.7 per cent U3O8 including 2.5 m at 46.0 per cent U3O8;
- LE20-54: 9.0 m at 12.8 per cent U3O8 and 3.9 per cent nickel including 4.0 m at 27.1 per cent U3O8 and 5.2 per cent Ni.
Assay results for 11 of the 24 drill holes have already been released and the remaining assays (11 mineralized drill holes) are expected to be released over the next four weeks. The company anticipates that a winter drilling program will commence in early 2021.
LE20-76 (Section 4435E)
Designed to infill a 17 m gap on Section 4435E between drill holes LE20-64 and LE20-62, drill hole LE20-76 intersected an upper 6.5 m long interval of weak sandstone hosted uranium mineralization (greater than 500 cps) from 312.5 to 319.0 m. It then intersected a lower 7.5 m interval of intense uranium mineralization that straddles the sub-Athabasca unconformity from 322.5 to 330.0 m. This intensely mineralized interval includes 3.5 m of continuous off-scale mineralization from 324.0 to 327.5 m. An image on the company's website is a core photo of the mineralization. Other images on the website show the location of the drill hole in plan and section view.
LE20-77 (Section 4460E)
Drill hole LE20-77 is IsoEnergy's most southerly drill hole completed to date at the Hurricane zone. It intersected 8.0 m of uranium mineralization (greater than 500 cps) at the sub-Athabasca unconformity from 322.5 to 330.5 m. The intersection includes two subintervals of more intense mineralization. The first subinterval is 2.5 m greater than 5,000 cps from 324.0 to 326.5 m, and the second is 1.0 m greater than 10,000 cps from 329.0 to 330.0 m.
Other drill holes
Drill hole LE20-74 intersected a 5.0 m interval of weak uranium mineralization (greater than 500 cps) on Section 4460E. The other two drill holes, LE20-73 and 75A, were completed on the south side of Section 4510E. LE20-73A intersected 5.5 m of weak uranium mineralization (greater than 500 cps), while LE20-75A was not significantly mineralized.
Next steps
The summer drilling program is now complete. All remaining samples have been shipped to the analytical laboratory in Saskatoon. Chemical assay results will continue to be received periodically, with the final batches expected in three to four weeks. Budgets and plans for 2021 activities at Larocque East are being finalized and will be announced in due course.
The Larocque East property and the Hurricane zone
The 100-per-cent-owned Larocque East property consists of 31 mineral claims totalling 15,878 hectares that are 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. and Orano Canada Inc.'s neighbouring property to the southwest of Larocque East. The Hurricane zone was discovered in July, 2018, and was followed up with 29 drill holes in 2019 and an additional 48 drill holes in 2020. Dimensions are currently 575 m along strike, up to 75 m wide, and up to 11 m thick. The zone is open for expansion along strike to the east and to the north and south on some sections. Mineralization is polymetallic and commonly straddles the sub-Athabasca unconformity 320 m below surface. The best intersection to date is 33.9 per cent U3O8 over 8.5 m in drill hole LE20-34. 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 m 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 uranium deposits in the eastern Athabasca basin. Importantly, the sandstone cover on the property is thin, ranging between 140 m and 330 m in previous drilling.
SUMMER 2020 DRILLING PROGRAM RESULTS
Chemical assays
Hole ID From To Length Radioactivity (1) (2) U3O8 Ni
(m) (m) (m) (CPS) (%) (%)
greater than
LE20-54 (3) 329.5 338.5 9.0 500 12.8 3.9
greater than
incl. 333.0 337.0 4.0 30,000 27.1 5.2
incl. 334.0 334.5 0.5 off-scale (5) 52.5 1.6
LE20-55 (3) no significant mineralization
greater than
LE20-56 (3) 351.0 358.5 7.5 500 0.1 0.1
greater than
LE20-57 (3) 343.8 353.8 10.0 500 11.7 0.3
greater than
incl. 347.3 349.8 2.5 40,000 46.0 1.0
incl. 347.8 348.3 0.5 off-scale (5) 65.9 0.7
LE20-58 (3) abandoned before target
greater than
LE20-58C1 (3) (6) 144.0 146.5 2.5 500 0.2 0.1
greater than
LE20-59 (4) 342.0 347.0 5.0 500 0.2 0.2
greater than
incl. 345.0 345.5 0.5 5,000 0.9 0.2
LE20-60 (3) no significant mineralization
greater than
LE20-61 (3) 313.0 322.0 9.0 500 0.3 0.0
greater than
incl. 321.5 322.0 0.5 10,000 1.4 0.2
greater than
LE20-62 (3) 314.0 316.5 2.5 500 0.2 0.0
greater than
and 321.0 325.5 4.5 500 6.2 0.5
greater than
incl. 323.0 325.5 2.5 30,000 11.1 0.3
incl. 324.5 325.0 0.5 off-scale (5) 29.0 0.3
LE20-63A (3) no significant mineralization
greater than
LE20-64 (3) 316.5 320.0 3.5 500 0.3 0.1
greater than
and 324.0 329.0 5.0 500 48.8 1.1
greater than
incl. 324.5 328.5 4.0 30,000 57.5 1.3
LE20-65 (4) no significant mineralization
greater than
LE20-66 (4) 323.0 324.0 1.0 500 pending
greater than
LE20-67 (4) 327.5 329.5 2.0 500 pending
greater than
LE20-68 (4) 323.0 334.0 11.0 500 pending
greater than
incl. 332.0 333.5 1.5 50,000
greater than
LE20-69 (4) 322.5 329.0 6.5 500 pending
greater than
incl. 325.0 326.0 1.0 5,000
greater than
LE20-70 (4) 332.5 333.0 0.5 500 pending
greater than
LE20-71 (4) 324.0 325.0 1.0 500 pending
greater than
and 327.5 329.5 2.0 500
greater than
incl. 329.0 329.5 0.5 20,000
greater than
LE20-72 (4) 320.5 326.5 6.0 500 pending
greater than
incl. 323.0 323.5 0.5 20,000
greater than
and incl. 324.5 326.0 1.5 40,000
greater than
LE20-73 326.5 332.0 5.5 500 pending
greater than
LE20-74 320.5 325.5 5.0 500 pending
greater than
incl. 322.0 323.5 1.5 5,000
LE20-75A no significant mineralization
greater than
LE20-76 312.5 319.0 6.5 500 pending
greater than
and 322.5 330.0 7.5 500
incl. 324.0 327.5 3.5 off-scale (5)
greater than
LE20-77 322.5 330.5 8.0 500 pending
greater than
incl. 324.0 326.5 2.5 5,000
greater than
and incl. 329.0 330.0 1.0 10,000
Notes
(1) Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer.
(2) Measurements of total gamma 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.
(5) Off-scale radioactivity is defined as exceeding 65,536 cps, the maximum measurable by an
RS-125 spectrometer.
(6) LE20-58C1 is a wedged off-cut from LE20-58 at 200 m.
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 NI 43-101 -- Standards of Disclosure for Mineral Projects). Mr. Carmichael has verified the data disclosed. All radioactivity measurements reported herein are total gamma from an RS-125 hand-held spectrometer. As mineralized drill holes at the Hurricane zone are oriented very steeply (minus 70 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. All chemical analyses are completed for the company by SRC Geoanalytical Laboratories in Saskatoon, Sask. 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. The company recently discovered the high-grade Hurricane zone of uranium mineralization on its 100-per-cent-owned Larocque East property in the eastern Athabasca basin. 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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