Planned 6,700 Metre, 16-hole Drill Program to Follow-up on High Grade Uranium Discovery
VANCOUVER, June 19, 2019 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO; OTCQX: ISENF) is pleased to announce that it has commenced a program of follow-up core drilling targeting extensions of the newly discovered Hurricane zone uranium mineralization at its 100% owned Larocque East property (the "Property") in the Eastern Athabasca Basin of Saskatchewan.
- Drilling has begun with the collaring of drill hole LE19-14
- No mobilization of equipment was required - all drilling equipment and a cache of fuel were left on site after the winter program
- No helicopter is required, as there are no lakes over the Hurricane zone or target areas
Steve Blower, Vice President, Exploration commented: "Drilling this summer on the Hurricane zone should be exciting as we evaluate the potential to expand the zone to the east and target thicker and higher-grade intersections within the current drill pattern. Our Technical team on-site, lead by Andy Carmichael, IsoEnergy's Senior Geologist, have done a terrific job preparing for and initiating the program."
Craig Parry, Chief Executive Officer commented: "Our summer drill program is our most significant drill program to date, and we look forward to reporting on results over the coming months. Hurricane is in an excellent location, at a relatively shallow depth, not covered by any bodies of water and is within 40 km of the modern, high-grade McClean Lake uranium mill that currently has excess capacity. The program will be going ahead at an important time for the uranium industry with a number of potential catalysts for improving uranium prices set to emerge in coming months".
The Drilling Program
The planned drilling program consists of 6,700 metres of core drilling in 16 drill holes. The primary objective is to expand the Hurricane zone to the east of the current drilling pattern with 10-12 drill holes completed on aggressive 100-200m step-outs along-strike. Many of these step-out drill holes will also be completed deep into the basement to locate potential basement hosted mineralization. The remainder of the drill holes will evaluate the potential for thicker and higher-grade intersections within the current drill pattern. Figure 1 is a property location map and Figure 2 shows the planned drilling area.
Access to the Larocque East camp, located approximately one kilometre from the drill site, will be by float plane. All equipment necessary for drilling and moving the drill between collar sites, including fuel, was left on-site after the recently completed winter program. Additionally, with no lakes or wetlands in the area of the Hurricane zone or the area to be drilled this summer, all currently planned drill sites can be reached on the ground without a helicopter.
The Larocque East Property
The Property consists of 20 mineral claims totaling 8,371ha. The original portion was purchased in May, 2018 before being expanded by recent staking. 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.
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% U3O8 over 3.5m in drill hole LE19-02 and 3.2% U3O8 over 8.5m 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% 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, P.Geo., IsoEnergy's Senior Geologist, who is a "Qualified Person" (as defined in NI 43-101 – Standards of Disclosure for Mineral Projects). Mr. Carmichael 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. 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 www.sedar.com.
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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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.
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SOURCE IsoEnergy Ltd.
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Craig Parry, Chief Executive Officer, IsoEnergy Ltd., +1 778 379 3211, firstname.lastname@example.org, www.isoenergy.ca; Investor Relations: Kin Communications, +1 604 684 6730, email@example.com, www.isoenergy.ca