Mr. Craig Parry reports
ISOENERGY REPORTS ADDITIONAL HIGH-GRADE URANIUM ASSAYS IN TWO SOUTHERN EXTENSION DRILL HOLES AT THE HURRICANE ZONE
IsoEnergy Ltd. has released additional chemical assay results from the completed summer drilling program 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:
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South Extension drill hole LE20-68 intersected 11 metres of uranium mineralization that averages 6.9 per cent triuranium octoxide (U3O8), including 1.5 m of intense mineralization that averages 49.3 per cent U3O8.
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South Extension drill hole LE20-72 intersected 6.0 m of uranium mineralization that averages 6.2 per cent U3O8, including 1.5 m of intense mineralization that averages 20.7 per cent U3O8.
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The three westernmost sections are still open to the south.
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Assays are pending for four mineralized drill holes, including drill hole LE20-76, which intersected 7.5 m of uranium mineralization including 3.5 m of continuous off-scale (greater than 65,000 counts per second (cps)) radioactivity.
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The remaining assays are expected to be released in early December.
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The company is well financed with $11.8-million in the treasury.
Note
Radioactivity is total gamma counts per second from drill core measured with an RS-125 hand-held spectrometer (RS-125).
Steve Blower, vice-president of exploration, commented: "These results continue to demonstrate the high-grade nature of the southern extension area at Hurricane. Additionally, mineralization on all three western sections (4435E, 4460E and 4485E) is still open to the south, suggesting that the higher-grade portion of Hurricane has room to expand yet."
LE20-68 assays (Section 4485E)
Completed to evaluate the potential to expand mineralization south on Section 4485E, drill hole LE20-68 successfully intersected 11.0 m of uranium mineralization from 323.0 to 334.0 m that averages 6.9 per cent U3O8, including a 1.5 m subinterval of intense mineralization from 332.0 to 333.5 m that averages 49.3 per cent U3O8 and 3.1 per cent nickel. As with all drill holes to date at the Hurricane zone, the mineralization is located at the sub-Athabasca unconformity.
LE20-72 assays (Section 4460E)
Drill hole LE20-72 was designed to evaluate the potential to extend mineralization south on Section 4460E. It intersected 6.0 m of uranium mineralization from 320.5 to 326.5 m that averages 6.2 per cent U3O8, including 1.5 m of intense mineralization from 324.5 to 326.0 m that averages 20.7 per cent U3O8.
Other drill hole assays
Drill hole LE20-71 intersected 2.0 m at 2.4 per cent U3O8 and 2.8 per cent Ni and is the most southern drill hole on Section 4485E. Similarly, drill hole LE20-69 is the farthest drill hole completed to the south on Section 4435E to date. It intersected a thick 6.5 m interval of mineralization that averages 0.9 per cent U3O8. The results from drill holes LE20-69 and 71 demonstrate that the mineralization is not closed off to the south on either of these sections. Drill holes LE20-66, 67 and 70 intersected narrow intervals of weak uranium mineralization. Further details are available in the associated table.
Next steps
Chemical assay results are still pending for drill holes LE20-73 to 77, and are expected in early December. 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 km 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 0.2 0.0
greater than
LE20-67 (4) 327.5 329.5 2.0 500 0.2 0.5
greater than
LE20-68 (4) 323.0 334.0 11.0 500 6.9 0.6
greater than
incl. 332.0 333.5 1.5 50,000 49.3 3.1
greater than
LE20-69 (4) 322.5 329.0 6.5 500 0.9 0.3
greater than
incl. 325.0 326.0 1.0 5,000 2.4 0.2
LE20-70 (4) no significant mineralization
greater than
LE20-71 (4) 324.0 325.0 1.0 500 0.2 0.1
greater than
and 327.5 329.5 2.0 500 2.4 2.8
greater than
incl. 329.0 329.5 0.5 20,000 7.8 5.3
greater than
LE20-72 (4) 320.5 326.5 6.0 500 6.2 0.7
greater than
incl. 323.0 323.5 0.5 20,000 7.9 0.7
greater than
and incl. 324.5 326.0 1.5 40,000 20.7 0.7
greater than
LE20-73 (4) 326.5 332.0 5.5 500 pending
greater than
LE20-74 (4) 320.5 325.5 5.0 500 pending
greater than
incl. 322.0 323.5 1.5 5,000
LE20-75A (4) no significant mineralization
greater than
LE20-76 (4) 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 (4) 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 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 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 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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