VANCOUVER, Jan. 28, 2019 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO; OTCQX: ISENF) is pleased to announce that it has intersected intervals of strong (>20,000 total cps on an RS-125 hand-held spectrometer) uranium mineralization at the Hurricane zone in the first two drill holes following-up last summer's intersection in drill hole LE18-01A. The Hurricane zone is a new discovery of high-grade uranium mineralization on the Company's 100% owned Larocque East property in the eastern Athabasca Basin of northern Saskatchewan.
- Both of the first two follow-up drill holes have intersected strong uranium mineralization
- The Hurricane zone is continuous and at least 25 metres wide on the discovery cross-section
- Eight drill holes remain to be drilled in the current program
Craig Parry, Chief Executive Officer commented: "I'm pleased to announce this very successful start to follow-up drilling at our Hurricane Zone discovery in the prolific Eastern Athabasca Basin of Saskatchewan. With the uranium price continuing to show strength and catalysts for rising prices continuing to develop we are in an ideal position – drilling high-grade uranium in an environment of improving market conditions."
Steve Blower, Vice President of Exploration commented: "The uranium intersections in drill holes LE19-02 and LE19-03 demonstrate that the Hurricane zone is continuous across at least three drill holes on the discovery section and is at least 25 metres wide, with much room for growth. We will continue to systematically evaluate the potential for expansion with additional step-outs on this section followed by drilling along-strike."
Drill Hole LE19-02
Drill hole LE19-02 was designed to evaluate the potential for expansion of the Hurricane zone 12.5 metres north of the discovery drill hole LE18-01A. After penetrating 44 metres of overburden, drill hole LE19-02 cored Athabasca sandstone to 329 metres and then basement metasedimentary gneiss to the end of the hole at 425 metres. Substantial uranium mineralization was intersected in the drill hole, demonstrating that the zone extends at least 12.5 metres to the north of LE18-01A. The radioactive intervals (>1000 total cps on an RS-125 hand-held spectrometer) are summarized in Table 1 and are shown on a cross section in Figure 2. They include a 2.0-metre-long zone of uranium mineralization perched in the sandstone and centered about 10 metres above the unconformity, and a 3.5-metre-long zone of uranium mineralization that straddles the sub-Athabasca unconformity. Mineralization includes fracture controlled and disseminated pitchblende with hematite and clay. Within the lower interval is a 1.5-metre-long subinterval of strong radioactivity from 328.5-330.0 metres that measures >20,000 cps on the RS-125. Within the 1.5-metre-long subinterval is a 0.5-metre-long zone of dark grey to black semi-massive uranium mineralization that measures >50,000 cps (RS-125). Basement rocks immediately beneath the mineralization consist of bleached and clay-rich graphitic cordierite augen gneiss with two major fault zones that correlate well with large cataclasite faults intersected in drill hole LE18-01A.
Drill Hole LE19-03
Designed to evaluate the potential for expansion of the Hurricane zone 12.5 metres south of the discovery intersection, drill hole LE19-03 penetrated similar lengths of overburden and Athabasca sandstone as drill hole LE19-02, described above. LE19-03 also intersected substantial amounts of uranium mineralization comprised of two intervals that are listed in Table 1 and are shown on Figure 2. These include a 3.0 metre intersection immediately above the sub-Athabasca unconformity that correlates with the main intersections in drill holes LE18-01A and LE19-02 and includes a 0.5-metre-long interval of strong radioactivity at the base of the intersection that measures >20,000 cps (RS-125). These results demonstrate that the Hurricane zone extends at least 12.5 metres south of drill hole LE18-01A and has a minimum width on this cross-section of 25 metres.
Table 1 – Radioactive Intervals
RS-125 Total CPS
Larocque East consists of 6 mineral claims totaling 3,200 hectares and was recently purchased in May, 2018. The Property is owned 100% by IsoEnergy 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.
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 in several occurrences to the southwest of the Larocque East property. The closest of these are Cameco's Larocque Lake and Larocque North zones, which are located 6.5 kilometres and 0.4 kilometres, respectively, to the southwest of the western Larocque East property boundary. Drilling at the Larocque Lake zone has returned historic intersections of up to 29.9% U3O8 over 7.0 metres in drill hole Q22-040. Drilling at the Larocque North zone has returned intersections of up to 2.05% U3O8 over 0.8 metres in drill hole Q22-16. 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 is thin, ranging between 140 metres and 330 metres in previous drilling.
A total of 23 historical drill holes have been completed on the Property along approximately 22 kilometres of graphitic conductors. Five of the historical holes have intersected weak uranium mineralization on the Larocque East property to date, including drill holes KER-07 (0.12% U3O8 over 0.1 metre) and KER-11 (0.06% U3O8 over 0.5 metre) near the western property boundary, within the general vicinity of the Hurricane zone.
Drill holes LE19-02 and LE19-03 are the first of a planned 10 drill holes that will be completed over the next four to five weeks. Geochemical results from these drill holes are expected within six weeks. The remainder of the current drill program will consist of additional fence holes on the LE18-01A cross-section followed by step-outs along-strike. Off the back of a $5.5M financing completed in December, 2018, the company is fully funded for the current drill program and subsequent follow-up in 2019.
Qualified Person Statement
The scientific and technical information contained in this news release was prepared by Steve Blower, P.Geo., IsoEnergy's Vice President, Exploration, who is a "qualified person" (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects). Mr. Blower has verified the data disclosed. 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. An RS-125 hand-held spectrometer was used to verify that the radioactivity is due to uranium. As drill holes LE19-02 and LE19-03 were drilled vertically and the mineralization is interpreted to be horizontal, the true thickness is expected to equal the cored intervals.
IsoEnergy is a well-funded 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 track 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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This news release shall not constitute an offer to sell or a solicitation of any offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referenced herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and such securities may not be offered or sold within the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements thereunder.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the price of uranium, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder, alternative sources of energy and uranium prices, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws
SOURCE IsoEnergy Ltd.
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Craig Parry, Chief Executive Officer, IsoEnergy Ltd., +1 778 379 3211, email@example.com, www.isoenergy.ca; Investor Relations, Kin Communications, +1 604 684 6730, firstname.lastname@example.org, www.isoenergy.ca