04:52:42 EDT Tue 20 Oct 2020
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IsoEnergy Ltd
Symbol ISO
Shares Issued 90,947,678
Close 2020-09-02 C$ 1.22
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IsoEnergy intersects U mineralization at Larocque E

2020-09-03 00:22 ET - News Release

Mr. Craig Parry reports

ISOENERGY INTERSECTS STRONG URANIUM MINERALIZATION IN INITIAL SUMMER DRILL HOLES AT THE HURRICANE ZONE

IsoEnergy Ltd. has released new intersections of strong uranium mineralization in the initial drill holes of the summer campaign at the Hurricane zone. 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:

  • Drill hole LE20-54 intersected 9.0 metres of uranium mineralization (greater than 500 CPS) from 329.5 to 338.5 m, including 4.0 m of very strong radioactivity (greater than 30,000 CPS) and 0.5 m of off-scale radioactivity (greater than 65,000 CPS).
  • Drill hole LE20-57 intersected 10.0 m of uranium mineralization from (greater than 500CPS) from 343.8 to 353.8 m, including 2.5 m of very strong radioactivity (greater than 40,000 CPS) and 0.5 m of off-scale radioactivity (greater than 65,000 CPS).

Note: Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer (RS-125).

Craig Parry, chief executive officer, commented: "The major disruptions to primary uranium supply over the last few years, including the recent COVID-related mine shutdowns, should continue to affect the uranium price positively in the near term. This is a terrific time to be reporting strong uranium drilling results, which the Hurricane zone continues to deliver."

Steve Blower, vice-president of exploration, commented: "Our summer drilling program is off to a great start. Based on scintillometer counts, the first two drill holes from drill one (LE20-54 and 57) are strongly mineralized and will extend the zone of higher-grade uranium mineralization identified in our winter 2020 program. Our technical team continues to do a terrific job of targeting our drill holes based on the interpreted geology at the Hurricane zone."

LE20-54 (drill one)

Drilled to expand the very strong mineralization intersected in drill hole LE20-32A (8.5 m of 19.6 per cent triuranium octoxide) during the winter 2020 drill program, drill hole LE20-54 intersected the sub-Athabasca unconformity target approximately 7.0 m north of drill hole LE20-32A. LE20-54 cored strongly altered Athabasca sandstone before intersecting 9.0 m of uranium mineralization that averages greater than 20,000 CPS (RS-125) from 329.5 to 338.5 m. Included in this interval is 4.0 m of very strongly radioactive mineralization greater than 30,000 CPS (RS-125). The mineralization is located at the sub-Athabasca unconformity, which was intersected at approximately 337.0 m.

LE20-57 (drill one)

Drilled to expand the very strong mineralization intersected in drill hole LE20-52 (7.5 m of 22.7 per cent U3O8) during the winter 2020 drill program, drill hole LE20-57 intersected the sub-Athabasca unconformity target approximately 5.0 m south of drill hole LE20-52. Drill hole LE20-57 cored strongly altered Athabasca sandstone before intersecting 10.0 m of uranium mineralization that averages greater than 15,000 CPS (RS-125) from 343.8 to 353.8 m. Included in this interval is 2.5 m of very strongly radioactive mineralization greater than 40,000 CPS (RS-125). The mineralization is located at the sub-Athabasca unconformity, which was intersected at approximately 349.0 m.

LE20-55 (drill two)

Drill hole LE20-55 was drilled within the 250 m along-strike gap on the eastern side of the Hurricane zone. It was designed as an undercutting angled hole drilled purposefully beneath the Hurricane zone to locate the key faults that control mineralization at Hurricane. The drill hole was a success, intersecting all of the important structures, which can now be readily targeted with subsequent drill holes.

LE20-56 (drill two)

Similar to drill hole LE20-55, drill hole LE20-56 was also drilled as an undercutting angled hole aimed purposefully beneath the Hurricane zone to locate the important faults and graphitic units that control mineralization at Hurricane. The drill hole intersected several prominent faults and graphitic units, and was also weakly mineralized over a thick interval. LE20-56 intersected 7.5 m of weak uranium mineralization (greater than 500 CPS RS-125) from 351.0 to 358.5 m at the sub-Athabasca unconformity.

Next steps

Drill one will remain on the west end of the Hurricane zone, continuing to evaluate the potential to expand the zone of very strong uranium mineralization to the north and south on several of the westernmost cross-sections. Drill two will continue to evaluate targets both on the east side of the Hurricane zone and on the west side. Samples collected from the drilling completed to date have been shipped to the analytical laboratory. Chemical assay results are expected within three to four weeks.

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 14 drill holes to date in 2020. Dimensions are currently 575 m along strike, 40 m wide and up to 11 m thick. The zone is open for expansion along strike to the east 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 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.

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 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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