VANCOUVER, April 24, 2019 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO; OTCQX: ISENF) is pleased to announce that a 53 line-km program of DC-Resistivity (DC-Res) geophysical surveying has begun on its 100% owned Larocque East property (the "Property"). Larocque East is home to the Hurricane zone, a new discovery of high-grade uranium mineralization.
The Hurricane zone is a body of shallow (330m below surface), high-grade uranium mineralization located on the west side of the Larocque East property (Figure 1). The Company recently completed the first follow-up drilling program after the discovery intersection in July 2018. Eleven of 12 drill holes in the follow-up winter campaign intersected significant uranium mineralization. Hurricane now measures 150m (long) x 38m (wide) and is up to 8.5m thick. The zone is open on all five sections drilled to date and along strike in both directions. The Company remains fully funded for a follow-up drilling campaign that is planned for the summer.
Steve Blower, Vice President, Exploration commented: "The next drilling campaign at Hurricane will include more aggressive step-outs, and will therefore benefit from survey results that will help to locate conductive graphitic stratigraphy and associated alteration zones. The survey will also improve our understanding of Hurricane zone stratigraphy extensions further to the east, and other conductor systems south of Hurricane."
There are three main objectives for the survey. The first is to fingerprint the key graphitic horizons that control mineralization at Hurricane and locate them immediately east of the Hurricane zone to aid step-out drill holes planned for the summer of 2019. Secondly, as the survey covers over five kilometres of the wide open Larocque conductor system east of Hurricane, it will be used to guide future exploration drilling programs targeting additional mineralization along this fertile belt. Finally, the survey will more accurately locate a poorly understood conductor system 2km south of Hurricane. This southern conductor system is parallel to the Hurricane trend, has a possible strike extent of 2.3km on the Property and has never been drilled within the Property boundaries.
A total of 53 line-km of surveying will be completed along survey lines spaced 200-400m apart. The crew has mobilized to IsoEnergy's Larocque Lake camp and surveying has begun. The survey will take approximately one month to complete. Figure 2 shows the area to be surveyed.
Larocque East consists of 6 mineral claims totaling 3,200 hectares and was 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 at the Hurricane zone, and in several occurrences on a neighbouring property to the southwest of Larocque East. The closest of these to Larocque East are the 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 Cameco Corp.'s Larocque Lake zone has returned historical 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 0.6 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 on Larocque East 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 Larocque East 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 National Instrument 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. An RS-125 hand-held spectrometer was used to verify that the radioactivity is due to uranium. As the drill holes reported herein are vertical or near-vertical, and the mineralization is interpreted to be horizontal, the true thickness is expected to be within 90% of 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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