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IsoEnergy Ltd
Symbol C : ISO
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Close 2019-02-11 C$ 0.49
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IsoEnergy drills 0.5m of 20k cps radioactivity in Sask.

2019-02-11 06:05 ET - News Release

Mr. Leigh Curyer reports


IsoEnergy Ltd. has intersected an interval of strong (greater than 20,000 total counts per second on an RS-125 hand-held spectrometer) uranium mineralization at the Hurricane zone in the first follow-up drill hole (LE19-06) completed along strike of 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-per-cent-owned Larocque East property in the eastern Athabasca basin of Northern Saskatchewan.

Drilling highlights:

  • The first along-strike stepout from the discovery section has intersected strong pitchblende uranium mineralization in drill hole LE19-06.
  • Also, mineralization in drill hole LE19-04 extends the width of the Hurricane zone on the discovery section to at least 38 metres.
  • The company is fully financed for the current drill program and subsequent follow-up in 2019.

Leigh Curyer, chairman of the board, commented: "The founding of ISO to focus on exploring and securing properties in the eastern side of the Athabasca basin has proven incredibly successful with Craig and his team targeting and intersecting high-grade mineralization. The exploration methodology and disciplines developed in the NexGen/ISO group of which Craig has been a member since the incorporation of NexGen, are proving very effective in terms of targeting, intersecting and developing mineralization in a timely and cost-effective manner."

Craig Parry, chief executive officer, commented: "The team has done a tremendous job in targeting and successfully finding high-grade mineralization at Hurricane. Based on my experience, I am very encouraged by these results given the extent of mineralization in only six holes to date. The 38-metre width of the zone on the discovery section is particularly impressive and initial radioactive intervals at Hurricane are certainly on par with other discoveries in the basin. The mineralization remains open in both directions along strike and there is great potential for more good results from the ongoing program."

Drill hole LE19-06

Drill hole LE19-06 was designed to evaluate the potential for expansion of the Hurricane zone on Section 4585E, along strike to the east of discovery drill hole LE18-01A. The drill hole penetrated overburden and Athabasca sandstone to 336.0 metres and then basement metasedimentary gneiss to the end of the hole at 443 metres. Substantial uranium mineralization was intersected in the drill hole, 30 metres east of the mineralization in drill hole LE18-01A. The radioactive intervals (greater than 1,000 total cps on an RS-125 hand-held spectrometer) are summarized in the associated table and are shown on a cross-section on the company's website. They include a 2.0-metre-long zone of uranium mineralization perched in the sandstone and centred about seven metres above the unconformity, and a 4.0-metre-long zone of stronger uranium mineralization that measures greater than 5,000 cps (RS-125) and lies immediately above the sub-Athabasca unconformity. Mineralization is visually similar to the drill holes on the discovery Section 4560E and includes fracture-controlled, disseminated and replacement styles of pitchblende with hematite and clay. Within the lower interval is a 2.0-metre-long subinterval of stronger radioactivity that measures greater than 10,000 cps on the RS-125. Within the 2.0-metre-long subinterval is a 0.5-metre-long zone of dark grey to black uranium mineralization that averages 28,000 cps (RS-125). Basement rocks immediately beneath the mineralization consist of bleached and clay-rich graphitic cordierite augen gneiss with several major fault zones.

Drill holes LE19-04 and LE19-05

Drilled as an additional stepout on the discovery Section 4560E, 12.5 metres north of previously disclosed follow-up drill hole LE19-02, drill hole LE19-04 was designed to evaluate the potential for continued expansion of the Hurricane zone to the north. The drill hole penetrated overburden and then Athabasca sandstone to 333.5 metres. Weak uranium mineralization was intersected in two narrow intervals at the unconformity that are summarized in the associated table and shown on the company's website. These results demonstrate that mineralization at the Hurricane zone has a minimum cross-strike width of 38 metres, extending from drill hole LE19-03 in the south to LE19-04 in the north.

Drill hole LE19-05 intersected the sub-Athabasca unconformity 25 metres to the north of drill hole LE19-04, also on the discovery Section 4560E. Substantial alteration in the sandstone suggests that additional targets are present north of this drill hole; however, no significant mineralization was intersected.

Hole ID            From         To          Length  Radioactivity (1) (2)
                    (m)        (m)             (m)                  (cps)
                                                             greater than
LE19-02 (3)       316.5      320.0             3.5                  1,000
                                                             greater than
and (3)           326.5      330.0             3.5                  1,000
                                                             greater than
incl. (3)         328.5      330.0             1.5                 20,000
                                                             greater than
incl. (3)         329.0      329.5             0.5                 50,000
                                                             greater than
LE19-03 (3)       324.0      324.5             0.5                  1,000
                                                             greater than
and (3)           326.5      329.5             3.0                  1,000
                                                             greater than
incl. (3)         328.5      329.5             1.0                  5,000
                                                             greater than
incl. (3)         329.0      329.5             0.5                 20,000
                                                             greater than
LE19-04           329.0      329.5             0.5                  1,000
                                                             greater than
                  333.0      333.5             0.5                  1,000
LE19-05                           no significantly elevated radioactivity
                                                             greater than
LE19-06           328.0      330.0             2.0                  1,000
                                                             greater than
and               332.0      336.0             4.0                  5,000
                                                             greater than
incl.             333.5      335.5             2.0                 10,000
                                                             greater than
incl.             333.5      334.0             0.5                 20,000

(1) Radioactivity is total gamma from drill core measured with an 
RS-125 hand-held scintillometer.
(2) Measurements of total gamma cps on drill core are an indication of 
uranium content, but may not correlate with uranium chemical assays.        
(3) Previously disclosed.

Larocque East

Larocque East consists of six mineral claims totalling 3,200 hectares and was purchased in May, 2018. The property is owned 100 per cent 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 the Larocque Lake and Larocque North zones, which are located 6.5 kilometres and 0.4 kilometre, respectively, to the southwest of the western Larocque East property boundary. Drilling at Cameco's Larocque Lake zone has returned historical intersections of up to 29.9 per cent U3O8 (triuranium octoxide) over 7.0 metres in drill hole Q22-040. Drilling at the Cameco's Larocque North zone has returned intersections of up to 2.05 per cent U3O8 over 0.6 metre 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 per cent U3O8 over 0.1 metre) and KER-11 (0.06 per cent U3O8 over 0.5 metre) near the western property boundary, within the general vicinity of the Hurricane zone.

Next steps

Additional drilling will be completed on the 4585E cross-section to the north and south of drill hole LE19-06. This will be followed by along-strike stepouts to the west of the discovery section. Geochemical results from the new drill holes reported herein are expected within six weeks. Drill hole LE19-06 is the fifth of a planned 10-hole program. Following a $5.5-million financing that closed in December, 2018, the company is fully financed 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, PGeo, 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.

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 historical 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.

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