Mr. Craig Parry reports
ISOENERGY INTERSECTS 1.6% U3O8 OVER 10.5M IN DRILL HOLE LE19-28, INCLUDING 12.6% U3O8 OVER 1.0M
IsoEnergy Ltd. has provided final assay results from its recently completed summer drilling program on the Hurricane zone at the Larocque East property. Highlights include assay results from drill holes LE19-28 and LE19-29. The Hurricane zone is located on the company's 100-per-cent-owned Larocque East property in the eastern Athabasca basin of Saskatchewan.
Assay highlights:
-
Chemical assays received for drill hole LE19-28, comprising 1.6 per cent triuranium octoxide (U3O8) over 10.5 metres, including 12.6 per cent U3O8 over 1.0 m;
- Chemical assays received for drill hole LE19-29, comprising 4.6 per cent U3O8 over 2.0 m, including 16.6 per cent U3O8 over 0.5 m.
Steve Blower, vice-president of exploration, commented: "These final assay results from our 17-hole summer drilling program provide further evidence of the strength and continuity of the Hurricane zone. Data compilation and interpretation is ongoing and preparations are already under way for a winter drilling program that is planned to begin in January. I'm grateful for the excellent work completed by our technical team and our primary contractors Bryson Drilling, Little Rock Enterprises and Discovery Int'l Geophysics."
Craig Parry, chief executive officer, commented: "We are very pleased to report these strong final assay results from our summer drill program from Hurricane, the first high-grade uranium discovery globally for some years. The results continue to confirm the size and grade potential of the deposit and position IsoEnergy well for the next drill campaign. These results come at an important time for the uranium exploration and mining sector. The larger number of mine closures over the past two years have started to have a significant impact on the uranium market. After a hiatus of six months, in recent weeks we have seen a return of activity to the uranium spot market and the price has once again started rising, from $24.5 to $25.60/pound over the past week. We expect significant renewed buying in the spot market over coming months and this has the potential to have further positive impact on the uranium price. Against this market backdrop we look forward to recommencing drilling and reporting further results from Hurricane during the coming winter."
Drill hole LE19-28 assays (Section 4660E)
Drill hole LE19-28 was completed 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 uranium mineralization that averages 1.6 per cent U3O8 and includes a 1.0 m subinterval that averages 12.6 per cent U3O8. Mineralization straddles the sub-Athabasca unconformity. Drill hole LE19-28 is the only drill hole completed on this section to date, and therefore the zone is wide open for expansion.
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 uranium mineralization that averages 4.6 per cent U3O8 and includes a 0.5 m subinterval that averages 16.6 per cent U3O8. 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.
Next steps
With the receipt of final assays, data compilation and interpretation are well under way. Plans are being made for a large winter drilling program expected to begin in January, 2020, with winter road preparation beginning in December, 2019. Winter drilling in 2020 is likely to have two objectives: (1) complete sections and infill large gaps in the current footprint and (2) extend the Hurricane zone strike length to the east with the aid of geophysical targets generated by the recently completed DC resistivity geophysical survey.
2019 HURRICANE ZONE INTERSECTIONS
Chemical assays
Hole ID From To Length Radioactivity U3O8 Ni Co
(m) (m) (m) (cps) (1) (2) (%) (%) (%)
less than
LE19-023 316.5 320.0 3.5 1,000 0.2 0.1 0.2
less than
and 326.5 330.0 3.5 1,000 10.4 0.8 0.0
less than
LE19-033 324.0 324.5 0.5 1,000 0.2 0.1 0.0
less than
and 326.5 329.5 3.0 1,000 2.7 2.3 0.0
less than
LE19-043 329.0 329.5 0.5 1,000 0.1 0.0 0.0
less than
333.0 333.5 0.5 1,000 0.4 0.2 0.0
LE19-053 no significantly elevated radioactivity
less than
LE19-063 328.0 330.0 2.0 1,000 0.4 0.1 0.1
less than
and 332.0 336.0 4.0 5,000 3.8 1.1 0.0
less than
LE19-073 325.0 331.0 6.0 1,000 0.4 0.8 1.4
less than
incl. 328.0 328.5 0.5 5,000 1.0 4.9 9.3
less than
LE19-083 326.5 327.0 0.5 1,000 0.4 0.1 0.1
less than
and 333.0 336.5 3.5 1,000 0.8 1.5 0.4
less than
incl. 335.5 336.0 0.5 10,000 3.7 8.3 1.3
less than
LE19-093 325.0 329.5 4.5 1,000 4.2 1.1 0.8
less than
LE19-103 331.5 333.0 1.5 1,000 0.6 1.7 1.9
less than
LE19-113 333.0 333.5 0.5 5,000 2.1 0.1 0.1
less than
LE19-123 320.5 329.0 8.5 1,000 3.2 2.1 0.2
less than
LE19-133 320.0 320.5 0.5 1,000 0.2 0.0 0.0
less than
and 321.5 324.0 2.5 1,000 0.6 0.2 0.5
less than
incl. 322.5 323.0 0.5 10,000 1.6 0.4 1.1
less than
LE19-14B3 323.0 325.0 2.0 1,000 0.2 0.0 0.1
less than
and 327.5 331.0 3.5 1,000 0.3 0.3 0.7
LE19-153 no significantly elevated radioactivity
LE19-16A3 315.5 322.5 7.0 1,000 5.4 0.7 0.1
less than
incl. 318.0 320.0 2.0 10,000 15.9 1.4 0.1
LE19-173 no significantly elevated radioactivity
less than
LE19-183 323.0 326.0 3.0 1,000 1.5 0.1 0.1
less than
incl. 325.0 325.5 0.5 10,000 6.0 0.1 0.1
less than
LE19-18C13,5 261.0 266.0 5.0 1,000 1.2 0.0 0.0
less than
incl. 261.5 262.0 0.5 10,000 3.9 0.0 0.0
LE19-193 no significantly elevated radioactivity
LE19-203 no significantly elevated radioactivity
LE19-213 no significantly elevated radioactivity
LE19-223 326.5 327.0 0.5 1,000 0.1 0.0 0.0
less than
LE19-233 321.0 322.0 1.0 1,000 2.3 0.1 0.1
less than
incl. 321.0 321.5 0.5 10,000 3.9 0.1 0.1
less than
and 325.5 326.0 0.5 1,000 0.3 0.0 0.0
LE19-243 no significantly elevated radioactivity
less than
LE19-253 323.5 324.0 0.5 1,000 1.8 0.0 0.2
less than
and 331.5 333.0 1.5 1,000 0.5 0.6 0.0
less than
incl. 332.5 333.0 0.5 5,000 0.9 1.2 0.0
LE19-263 no significantly elevated radioactivity
LE19-27A3 no significantly elevated radioactivity
less than
LE19-284 321.0 331.5 10.5 1,000 1.6 0.3 0.0
less than
incl. 322.0 322.5 0.5 5,000 1.3 0.1 0.1
less than
and incl. 326.5 327.0 0.5 5,000 1.0 0.0 0.0
less than
and incl. 329.5 331.5 2.0 5,000 7.1 1.3 0.0
less than
incl. 330.5 331.5 1.0 20,000 12.6 2.1 0.0
less than
LE19-294 337.5 339.5 2.0 1,000 4.6 0.2 0.1
less than
incl. 338.5 339.5 1.0 5,000 8.7 0.3 0.2
less than
incl. 338.5 339.0 0.5 20,000 16.6 0.5 0.3
Notes
(1) Radioactivity is total gamma from drill core measured with an
RS-125 hand-held spectrometer.
(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 and the Hurricane zone
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.
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.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.