14:47:04 EDT Wed 30 Sep 2020
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IsoEnergy Ltd
Symbol ISO
Shares Issued 75,864,500
Close 2020-01-22 C$ 0.40
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IsoEnergy starts drill program at Hurricane zone

2020-01-23 06:11 ET - News Release

Mr. Craig Parry reports


IsoEnergy Ltd. has commenced an aggressive winter drilling program at the Hurricane zone. 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 Saskatchewan.

Drilling program summary:

  • 8,500 metres planned in approximately 20 drill holes;
  • Infill drilling to further define 500-metre-long mineralized trend;
  • Expansion drilling to evaluate potential to expand along strike both east and west.

Craig Parry, president, chief executive officer and director, commented: "Isoenergy commences 2020 with $7-million in the treasury, which sees the company fully funded for our exploration programs this year. We will be drilling at our Hurricane high-grade uranium discovery where mineralization is open along strike and on most sections. We very much look forward to reporting the results of the program over the coming months."

Steve Blower, vice-president of exploration, commented: "Good, cold winter conditions have allowed us to start the winter drilling program on schedule. Crews and equipment have been mobilized to site and the first drill hole has been collared. Two drills are being employed for the first time at the Hurricane zone -- one infilling the current 500 m long mineralized footprint and expanding it along strike to the west and the other focused on expansion of the zone along strike to the east."

Program details

The planned winter core drilling campaign consists of a total of 8,500 m in approximately 20 drill holes. The program has two main objectives -- infill and expansion.

One drill will infill the current 500 m long footprint of the Hurricane zone and attempt to expand it to the west, where a 75 m gap remains between the westernmost drill hole (LE19-12) and the property boundary. Drill hole LE19-12 intersected 3.2 per cent triuranium octoxide (U3O8) and 2.1 per cent nickel over 8.5 m in 2019. Most cross-sections remain open, including Section 4635E where drill hole LE19-16A intersected 5.4 per cent U3O8 over 7.0 m. Infill drilling will also target along-strike gaps of up to 250 m between drill sections.

The second drill will evaluate the potential to expand the zone to the east. This will include following up on the strong alteration and elevated geochemistry and radioactivity in stepout drill hole LE19-26, the only drill hole completed by the company to date that is beyond the 500 m long Hurricane zone footprint. Results from a DC (direct current) resistivity geophysical survey completed in the summer of 2019 support the highly prospective nature of the area, which extends for several kilometres to the east. Drilling metres and holes are expected to be split approximately equally between both objectives. Results of the program will be reported periodically through the winter.

The Larocque East property and the Hurricane zone

The 100-per-cent-owned Larocque East property consists of 20 mineral claims totalling 8,371 hectares 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 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.'s neighbouring property to the southwest of Larocque East. The Hurricane zone was discovered in July, 2018, and was followed up with a 12-hole drilling campaign in the winter of 2019 and a recently completed 17-hole summer 2019 drilling campaign. Dimensions are currently 500 m along strike, 40 m wide and up to 10 m thick. The zone is open for expansion along strike and on most sections. Mineralization is polymetallic and commonly straddles the sub-Athabasca unconformity 320 m below surface. The best intersection to date is 5.4 per cent U3O8 over 7.0 m in drill hole LE19-16A. 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 major 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. 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, 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. As mineralized drill holes 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. 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 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 Ltd.

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