Mr. Craig Parry reports

ISOENERGY INTERSECTS 8.5M OF 33.9% U3O8, INCLUDING 5.0M OF 57.1% U3O8 AT THE HURRICANE ZONE AND EXPANDS DRILL PROGRAM

IsoEnergy Ltd. has released chemical assays from two drill holes that intersected strong radioactivity early in the winter drilling program at the Hurricane zone. The Hurricane zone is a new 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:

• Drill hole LE20-34 intersected 8.5 metres of uranium mineralization averaging 33.9 per cent triuranium octoxide from 326 m to 334.5 m, including five m averaging 57.1 per cent U3O8 from 328 m to 333 m. This is the strongest intercept drilled to date on the property.
• Drill hole LE20-32A intersected 8.5 m of uranium mineralization averaging 19.6 per cent U3O8 from 329.5 m to 338 m, including 2.5 m averaging 63.6 per cent U3O8 from 334.5 m to 337 m.
• The two drill holes are located on the west end of the Hurricane zone, approximately 75 m apart.
• Due to the positive results to date, the drill program has been expanded by four drill holes to a total of 24 drill holes.
• The company remains well financed with over $5-million in the treasury.

Craig Parry, chief executive officer, commented: "The grades and thicknesses seen in these holes speak for themselves and justify an expansion to the current program. We're approximately two-thirds of the way through this drill program and look forward to reporting additional results."

Steve Blower, vice-president of exploration, commented: "Drill holes LE20-34 and LE20-32A intersections give us new insight into the controls on very high-grade uranium mineralization at Hurricane. Drill hole LE20-34, for example, is located at the junction of the H fault and the sub-Athabasca unconformity. That horizon has not been well drilled yet at Hurricane, suggesting that there is good potential for more mineralization like this."

Drill hole LE20-34 (drill 1)

Drill hole LE20-34 was drilled as a 25 m stepout to the northwest of previously reported LE20-30 (5.5 m at 7.1 per cent U3O8). It cored strongly altered sandstone before intersecting 8.5 m of strong uranium mineralization averaging 33.9 per cent U3O8 from 326 m to 334.5 m. The interval includes an extremely high-grade subinterval of five m averaging 57.1 per cent U3O8. Within this subinterval is a two m length of semi-massive-to-massive, black-and-brown pitchblende that is off scale on the RS-125 hand-held spectrometer and averages 62.8 per cent U3O8. An attached table summarizes the uranium mineralization intersected to date by drill 1 in the current program.

Drill hole LE20-32A (drill 1)

Drill hole LE20-32A was completed to infill a 50 m gap along strike between 2019 mineralized drill holes LE19-09 (4.5 m at 4.2 per cent U3O8) and LE19-12 (8.5 m at 3.2 per cent U3O8). It intersected strongly altered sandstone before coring 8.5 m of strong uranium mineralization averaging 19.6 per cent U3O8 from 329.5 m to 338 m. Similar to LE20-34, the interval includes an extremely high-grade subinterval of 2.5 m averaging 63.6 per cent U3O8. Within this subinterval is a 1.5 m length of semi-massive-to-massive black pitchblende that is off scale on the RS-125 and averages 76.7 per cent U3O8.

Drill hole LE20-40 (drill 1)

Drill hole LE20-40 was completed on section with drill hole LE20-34 to evaluate the extent of high-grade mineralization to the south of that drill hole. It successfully intersected four m of uranium mineralization from 322.5 m to 326.5 m, including 1.5 m of very strong radioactivity and 0.5 m that is off scale on the RS-125.

Drill hole LE20-41 (drill 2)

Drill 2 continues to deliver encouraging initial results well to the east of the current Hurricane zone footprint. Drill hole LE20-41 was completed as another undercutting stratigraphic drill hole designed to locate favourable basement rocks and structures approximately 1.2 kilometres east of the eastern end of the Hurricane zone footprint. The hole was successful, as it intersected a thick package of highly graphitic basement rocks disrupted by brittle cataclastic faults. The up-dip projection of the structures to the unconformity will be targeted later in this program.

Next steps

Drill 1 remains on the west end of the Hurricane zone, continuing to infill the current footprint of the zone, extending the mineralization to the property boundary and evaluating new targets generated by the results in drill holes LE20-32A and LE20-34. Drill 2 will continue to evaluate the potential to expand the zone to the east by following up on the brittle structures intersected at depth in undercutting stratigraphic drill holes LE20-37, LE20-39 and LE20-41. Further results of the program will be reported periodically throughout the winter drill season.

The Larocque East property and the Hurricane zone

The 100-per-cent-owned Larocque East 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 followed up with a 12-hole drilling campaign in the winter of 2019 and a recently completed 17-hole summer 2019 drilling campaign. Dimensions are currently 550 m along strike, 40 m wide and up to 10 m thick. The zone is open for expansion along strike and on most 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's Larocque Lake zone on the neighbouring property to the southwest has returned historical intersections of up to 29.9 per cent U3O8 over seven 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. 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. 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 80 degrees 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, under the company's profile on 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.

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