VANCOUVER, Jan. 25, 2018 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO; OTCQX: ISENF) is pleased to announce that it has begun a program of core drilling targeting basement-hosted mineralization at its 100% owned Geiger uranium property (the "Property") in the Eastern Athabasca Basin of Saskatchewan.
The Geiger property is located 13 kilometres northwest of IsoEnergy's Radio property near several uranium deposits, mines and mills. The Roughrider and Midwest deposits are both within 20 kilometres of the Property, as is AREVA'S McClean Lake uranium mine and mill. Figure 1 shows the location of the Geiger claims relative to Radio, nearby uranium deposits and supporting infrastructure in the area.
Geiger is adjacent to the Wollaston-Mudjatik transition zone, a major crustal-scale structural zone related to most of the major uranium deposits in the eastern Athabasca Basin. Sandstone cover at the Property is thin and ranges between 101 metres and 358 metres. High grade basement hosted uranium mineralization is present on the Property and it is the focus of IsoEnergy's exploration efforts. Drill hole HL-50 intersected 2.74% U3O8 over 1.2 metres in the basement on the H11 South conductor. Follow-up efforts were focused primarily on locating mineralization at the sub-Athabasca unconformity. Consequently, opportunities for additional basement hosted mineralization proximal to HL-50 are considered excellent. Additionally, drill hole HL-76 was completed 1.6 kilometres along strike to the northeast along the same conductor as HL-50 and intersected 0.65% U3O8 over 0.1 metres. Mineralization in HL-76 is located in the basement and is part of a broader 27 meter thick zone of strong alteration and elevated geochemistry.
A program of 2,800 metres of core drilling is planned in 8 drill holes. There are two target areas which surround the mineralization observed in drill holes HL-50 and HL-76, described above. The drilling areas are shown on the map in Figure 2. The objective of the program is to evaluate both areas for extensions of previously drilled, basement hosted mineralization. The results will be used to determine the orientation and morphology of the mineralization and alteration, allowing the Company's technical team to vector into the core of the systems.
Drilling operations are expected to be complete by the end of February, 2018.
On January 8, 2018, the Company granted an aggregate of 440,000 stock options to employees, consultants and directors, each having an exercise price of $0.57, a term of five years and vesting in three annual instalments commencing on January 8, 2018.
Qualified Person Statement
The scientific and technical information 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. 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 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.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 and completion of the acquisition of the Property. 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 and that the acquisition of the Property will be completed on the terms currently agreed to. 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, 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