VANCOUVER, July 5, 2017 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV:ISO) is pleased to announce that it has acquired a 100% interest in the Radio property located in the Athabasca Basin, Saskatchewan, Canada. IsoEnergy previously held an option to acquire a 70% interest in the Radio property by incurring $10 million in exploration expenditures by July 5, 2017.
The 804 hectare property is a strategically located uranium exploration project 2km east of Rio Tinto's Roughrider deposit and is in the vicinity of several other uranium deposits including Dawn Lake and Midwest Lake. As consideration for the property IsoEnergy has agreed to issue an aggregate of 3,000,000 common shares to the vendors, which will be subject to a statutory hold period of four (4) months and one day from today.
During IsoEnergy's 2016/2017 drilling campaign the Company drilled 23 holes totaling 8,859 metres and encountered a large and intense basement clay alteration zone as well as elevated uranium geochemistry.
Thorburn Lake Drilling
A total of 4,512 metres of drilling was completed in 10 drill holes at Thorburn Lake (Figure 2). The focus of the program was to evaluate extensions of the weakly mineralized zone drilled in 2016 along-strike to the northeast beneath lake ice, and to evaluate geophysical anomalies generated by a DC-resistivity geophysical program completed in 2016. Depth to the sub-Athabasca unconformity at Thorburn Lake ranges from 290 to 350 metres.
Although no significant mineralization was intersected, drill holes TBN17-21 and TBN17-28 extended favourable structure and graphitic units to the northeast. Additionally, coincident structure, alteration and anomalous uranium pathfinder element geochemistry in the sandstone of drill holes TBN-17-23 and TBN-17-27 suggests that they may have over-shot their optimal targets. Additional drilling on this section is warranted.
Future work on the Thorburn Lake property will include follow up drilling in the area of TBN17-23 and 27, drill evaluations of other geophysical anomalies generated in 2016 and an extension of the geophysical coverage to the southwest half of the property, which is essentially unexplored to date.
Madison Geophysical Surveying
A total of 20 line-kilometres of DC-resistivity geophysical surveying was completed at the Madison property during the period between March 28th and April 21st. Results have been compiled with an airborne electomagnetic (VTEM) survey flown by the previous owner, NexGen Energy Ltd., in 2014. A preliminary interpretation of the combined datasets has resulted in several drilling targets (Figure 3), many of which are discrete VTEM anomalies coincident with DC-resistivity lows and/or magnetic lineaments. A program of core drilling at the Madison and 2Z properties is currently planned for the winter drilling season (January to March) of 2018.
Qualified Person Statement
The disclosure of a scientific or technical nature 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. For additional information regarding the Company's Radio project, including its quality assurance and quality control procedures, please see the technical report dated effective August 19, 2016 on the Company's profile at www.sedar.com.
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.
IsoEnergy Ltd. 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 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.
The TSXV has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "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, and 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.
For further information: Craig Parry, President and Chief Executive Officer, IsoEnergy Ltd., +1 778 379 3211, [email protected], www.isoenergy.ca; Investor Relations, Kin Communications, +1 604 684 6730, [email protected], www.isoenergy.ca