Mr. Craig Parry reports

ISOENERGY FINALIZES URANIUM TARGET AREAS FOR WINTER DRILLING; NOTES INCREASING URANIUM PRICE IN SPOT MARKET

IsoEnergy Ltd. has provided an update on current targeting plans for the Hurricane zone at the Larocque East property. The Hurricane zone is located on the company's 100-per-cent-owned Larocque East property in the Eastern Athabasca basin of Saskatchewan.

The company also notes that in recent weeks the uranium price as reported by Numerco has risen strongly. Numerco was reporting a spot U3O8 (triuranium octoxide) price of $24 (U.S.)/pound on Oct. 31, 2019. As at Nov. 19, 2019, the reported spot price is $26 (U.S.)/pound, an increase of $2 (U.S.)/pound or 8 per cent. IsoEnergy is encouraged by the renewed activity in the spot market and this rise in price and encourages investors to monitor prices over the coming weeks and months.

Targeting highlights:

• Two primary objectives:
  • Infill gaps in the current Hurricane zone footprint (on most cross-sections and along strike);
  • Evaluate the eastern strike extension beyond drill hole LE19-26;
• All necessary permits are in hand, with drilling expected in January;
• Select intersections drilled to date include:
  • 5.4 per cent U3O8 over 7.0 metres in drill hole LE19-16A;
  • 10.4 per cent U3O8 over 5.0 m in drill hole LE19-02;
  • 4.2 per cent U3O8 over 4.5 m in drill hole LE19-09;
• Dimensions are currently 500 m along strike, 40 m wide and up to 10 m thick and remain open along strike and on most sections;
• On Nov. 12, 2019, IsoEnergy announced a $6.15-million financing, which will see company fully financed for the planned exploration program.

Steve Blower, vice-president of exploration, commented: "The excellent results obtained from our drilling efforts in 2019 warrant an aggressive drilling campaign to start 2020. We expect to conduct infill drilling within the Hurricane zone, while simultaneously evaluating the potential for expansion to the east. Interpretation and integration of our 2019 drilling data supports our view that the eastern strike extension of the broad Hurricane zone trend remains highly prospective for additional high-grade uranium mineralization."

Planned infill drilling

Considerable drilling is still required within the current mineralized footprint of the Hurricane zone. All of the cross-sections drilled to date are open for additional mineralized intersections. As well, large gaps between cross-sections remain along the 500 m current length of the zone. These include a 250 m gap to the east between sections 4735E and 4985E, and a 75 m gap to the west between the westernmost drill hole and the western property boundary. An image on the company's website shows the relative positions of the infill and stepout drilling areas.

Planned stepout drilling

The only drill hole completed by IsoEnergy to date east of the Hurricane footprint is drill hole LE19-26. This stepout drill hole (200 m east of the Hurricane zone) was angled from the north and was designed to undercut the Hurricane zone trend so that the key units and faults could be projected to the sub-Athabasca unconformity and targeted there with follow-up drilling. The drill hole successfully located the key Hurricane zone rock types and faults in the basement. Follow-up at the unconformity is a high priority. Additionally, the sandstone in drill hole LE19-26 is strongly altered and characterized by elevated uranium and uranium pathfinder elements, similar in tenor to that seen over the heart of the Hurricane zone. This suggests that additional mineralized horizons may be present to the north of the Hurricane trend. New geophysical data from IsoEnergy's summer DC-resistivity survey support the potential for a new northern trend, as drill hole LE19-26 is located on the western end of a long conductor that extends for several kilometres to the east.

Next steps

A budget and drilling plan designed to meet the objectives outlined above are currently being finalized. Details will be announced in due course. Winter road construction is scheduled to begin in December as ice conditions permit and then drilling is scheduled to begin in January.

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.

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