VANCOUVER, Nov. 16, 2017 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO; OTCQX: ISENF), is pleased to provide an update on its uranium exploration activities in the Eastern Athabasca Basin of Saskatchewan. These activities include the completion of a program of DC-Resistivity geophysical surveying at its Thorburn Lake property and the identification of key drilling targets at its newly acquired Geiger property. The Company is also re-assessing its exploration plans and targets on its Radio property in light of the recent discovery of high-grade mineralization by Denison Mines Corp. and a Korean consortium at their Huskie Zone, 1.6 kilometres to the west of the property boundary. Thorburn Lake, Geiger and Radio are all 100% owned by IsoEnergy and are located near active uranium mining and milling infrastructure in the heart of the Eastern Athabasca Basin.
Craig Parry, the Company's Chief Executive Officer commented: "I'm very pleased to report on recent activities and plans for our exploration programs in coming months. Our team has been working hard to progress our high priority Thorburn and Radio properties, compile the historic data on our newly acquired Geiger property and plan a major drilling program there."
Steve Blower, the Company's Vice-President, Exploration commented: "2018 promises to be an exciting exploration year for IsoEnergy. The recently completed Thorburn Lake geophysical survey should add to our inventory of drill targets. We are also looking forward to our inaugural drilling program at the Geiger property during the upcoming winter drilling season which is designed to locate extensions of high-grade basement hosted mineralization intersected in historic programs."
Thorburn Lake consists of two claims totaling 2,802 hectares and is located seven kilometres east of Cameco Corp.'s Cigar Lake uranium mine. Figure 1 shows the location of Thorburn Lake relative to the Cigar Lake mine, other uranium occurrences, and key infrastructure in the area including a powerline and the Cigar Lake to McClean Lake ore haul road, both of which traverse the western half of the property.
Despite the presence of several high-grade uranium mines and occurrences in the immediate area, only limited exploration has been completed on the property to date, most of which has focused on following up mineralization drilled in 2008 and 2011 along the eastern end of the southern property boundary. This mineralization includes 0.43% U3O8 over 0.6 metres in 2011 drill hole TBN-11-05a. Depth to the sub-Athabasca unconformity at Thorburn Lake ranges from 290 to 350 metres.
A total of 49.5 line-km of DC-Resistivity geophysical surveying has been completed as part of the current survey, on grid lines spaced 200 metres apart. Figure 1 shows the surveyed area, constituting a large portion of the western half of Thorburn Lake. The program extended geophysical coverage to the southwest of the area surveyed in 2016 and is designed to initiate exploration on the western half of the property and add drilling targets to the Company's Thorburn Lake inventory for potential evaluation in 2018.
The entire western half of the Thorburn Lake property is essentially unexplored, due in part to the presence of a 138 KV powerline that supplies power to the entire Eastern Athabasca region. The powerline effectively sterilizes a large portion of the property from electromagnetic geophysical surveying, a common tool for locating drill targets in the Athabasca. DC-Resistivity surveying, however, is unaffected by powerline noise and is at least equally capable of locating drill targets.
Data is now being compiled with existing datasets and interpreted. Results are expected by the end of November.
In addition to the work at Thorburn Lake, the Company continues to advance its other high priority projects. Focus in recent months has been the integration of the Geiger property (Figure 2) into the Company's portfolio. As reported on August 2, 2017 Geiger 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 Geiger property, as is AREVA'S McClean Lake uranium mine and mill. A review of all data from the property has led to the identification of several high-priority targets. Preparation is well under way for follow-up work that will include a winter core drilling program planned for the January to March 2018 drilling season to evaluate extensions of the mineralization intersected in historic drill holes and other targets. The best result from historic drilling at Geiger is a basement hosted intersection of 2.74% U3O8 over 1.2 metres in drill hole HL-50.
The discovery of high-grade basement hosted uranium mineralization by Denison Mines Corp. and a Korean consortium at their Huskie zone on the Waterbury Lake Project has implications for exploration targeting at Radio. The Huskie zone is located just 1.6 kilometres west of the Radio property boundary and is hosted by structures that may continue east on to Radio (Figure 3). That part of Radio that is underlain by these potential structures has been evaluated with only two wide-spaced (400 metre) fences of drill holes, neither of which extended far enough north to fully evaluate the area. Further, results of previous geophysical surveys suggest the presence of weak resistivity low anomalies in the area that could represent clay altered fault zones similar to those reported at Huskie.
IsoEnergy looks forward to providing further updates as exploration progresses.
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 uranium exploration 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.
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