Largest Program to Date Following Up on Athabasca Basin's Newest High-Grade Uranium Discovery
VANCOUVER, Dec. 17, 2019 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO; OTCQX: ISENF) is pleased to provide additional details on its core drilling plans for the Hurricane zone. The Hurricane zone is a new discovery of high-grade uranium mineralization on the Company's 100% owned Larocque East property (the "Property") in the Eastern Athabasca Basin of Saskatchewan (Figures 1 & 2).
The fully funded $2M planned drill program includes the addition of a second rig, to complete 20 drill holes for an estimated 8,500 m of core drilling. With all permits in hand, the program is anticipated to begin in early January to complete infill and expansion drilling.
Steve Blower, Vice President of Exploration commented: "Planning for our winter core drilling program at the Hurricane zone is largely complete and we're looking forward to getting started in January. With two main objectives to satisfy (infill and expansion) and a large amount of drilling to complete, we've added a second drill rig for the program. The Hurricane zone remains open in most directions and is located on a large land package near some of the largest uranium mines in the world. We look forward to completing our largest drill program to date and expect to generate a large amount of news flow beginning early in the new year."
The planned winter core drilling campaign will begin in January and will consist of a total of 8,500 m in approximately 20 drill holes. There are two main objectives for the program – infill and expansion (Figure 3).
The first objective is to infill the current 500 m long footprint of the Hurricane zone. Most cross-sections remain open, including section 4635E where drill hole LE19-16A intersected 5.4% U3O8 over 7.0 m. Infill drilling will also target along-strike gaps of up to 250 m between drill sections. Figure 4 is an example of planned drilling on a section where mineralization is open to the north and south.
The second primary objective is to evaluate the potential to expand the zone to the east. This will include following up the strong alteration and elevated geochemistry in step-out drill hole LE19-26, the only drill hole completed by the Company to date that is beyond the 500m long Hurricane zone footprint. Figure 5 shows the drill holes that are planned to follow-up the results in drill hole LE19-26. Drilling metres and holes have been allocated equally to both objectives. The all-in budget for the drilling campaign is approximately $2,000,000.
Drilling plans will be fine tuned over the next few weeks. All necessary permits are in hand. Winter road construction is scheduled to begin in December as ice conditions permit, which should allow drilling to commence in January.
The Larocque East Property and the Hurricane Zone
The 100% owned Larocque East property consists of 20 mineral claims totaling 8,371 ha 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 500m along-strike, 40m wide and up to 10m 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% 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% 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, P.Geo., IsoEnergy's Senior Geologist, who is a "Qualified Person" (as defined in NI 43-101 – Standards of Disclosure for Mineral Projects). Mr. Carmichael has verified the data disclosed. As mineralized drill holes are oriented very steeply (-80 to -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% 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 www.sedar.com.
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 historical 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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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