VANCOUVER, Nov. 28, 2017 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO; OTCQX: ISENF) is pleased to announce that it has staked three new properties: Fox, East Rim and Full Moon in the Eastern Athabasca Basin of Saskatchewan. Each of these properties is 100% held by the Company. Figure 1 shows the location of the new properties relative to IsoEnergy's other Saskatchewan properties and each of them is described in more detail below. The Company has also staked additional claims that have been added to its high priority Geiger project purchased from AREVA Resources Canada (AREVA), Cameco Corp. (Cameco) and JCU (Canada) Exploration Ltd. (JCU) in August of this year.
The Fox property was staked on October 26th and consists of two contiguous claims totaling 1,374 hectares located 15 kilometres north of Cameco's Key Lake uranium mill (Figure 2). Fox is surrounded by over 425M lbs of uranium (U3O8) at an average grade of 5.2% U3O8 in mined-out and undeveloped deposits at Key Lake, (Cameco and AREVA), Millennium (Cameco and JCU) and Wheeler River's Phoenix and Gryphon deposits (Denison Mines Corp., Cameco and JCU) all of which are within 25 kilometres of the Fox property. Importantly, both Millennium and Gryphon are primarily basement hosted deposits. Infrastructure in the area is excellent, with the southern edge of the claims being within one kilometer of Fox Lake road which provides year-round exploration access.
According to Saskatchewan government records, no exploration drill holes have ever been completed within the boundary of the Fox property, despite the presence of a 4.5-kilometre-long zone of low magnetic susceptibility that spans the property in a north-south direction and may indicate the presence of prospective metasedimentary basement rocks. Mineralization at Cameco's Millennium deposit follows a similarly oriented trend. Depth to the sub-Athabasca unconformity, based on drill holes on nearby properties, is estimated to be between 205 and 400 metres. Exploration plans are being developed and will likely include initial geophysical surveying over the magnetic low trend followed by core drilling of high priority targets.
The East Rim property was staked on November 2, 2017 and consists of seven contiguous claims totaling 6,703 hectares. This new property is located along the east margin of the Athabasca Basin, nine kilometres southwest of UEX Corp.'s West Bear high grade uranium deposit and nine kilometres west of Saskatchewan highway 905 (Figure 3).
The property encompasses over 15 kilometres of a northeast trending magnetic low feature that may represent prospective metasedimentary stratigraphy. A large offset in the basin margin is observed in Saskatchewan government data and appears spatially related to the magnetic low feature, suggesting the presence of a major structural zone. According to Saskatchewan government records, only four exploration drill holes have ever been completed within the East Rim property boundary, none of which are located in the prospective magnetic low feature.
Consisting of 4,872 hectares in 12 contiguous claims, the Full Moon property was staked on November 7, 2017. Full Moon is located within four kilometres of AREVA's Moonlight uranium occurrence and six kilometres east of IsoEnergy's Geiger property (Figure 4). As with all of IsoEnergy's exploration properties in Saskatchewan, Full Moon is proximal to existing infrastructure, as it's within 18 kilometres of the McClean Lake uranium mill.
Several prominent magnetic low trends with historic conductors are present on the Full Moon property, including a portion of the Tuning Fork conductor system that extends on to the property from Denison Mining Corp.'s Hatchet Lake project. Previous drilling at Tuning Fork has intersected intense basement clay alteration with weak uranium mineralization and strong uranium pathfinder mineralization. Similar to the Fox and East Rim properties, the Full Moon property is underexplored with only 17 historic drill holes within the property boundary.
Additional Geiger Claims
Finally, a total of 1,605 hectares was staked over eight claims on November 7th and 21st near the Geiger property (Figure 5). As the new claims are all within 5 kilometres of Geiger, they will be treated as an extension of Geiger henceforth.
The new claims cover several magnetic low trends with local electromagnetic conductors. According to Saskatchewan government records, only five holes have ever been drilled on the new claims. All of these holes were vertical and were drilled in a tight cluster near drill hole Q24-1 which intersected 0.11% U3O8, 0.21% Ni and 0.17% Mo over 0.3 metres in basement rocks, just beneath the sub-Athabasca unconformity. Three follow-up holes were drilled within 200 metres of Q24-1 on section, and one was drilled 200 metres along strike to the south. The potential for additional basement mineralization in the area is considered to be excellent.
Craig Parry, Chief Executive Officer commented: "These new claims are important additions to our Eastern Athabasca uranium property portfolio. The addition of these claims is consistent with our strategy of increasing our land position and target list at low cost in the world's premier uranium district. The new properties all satisfy our acquisition criteria with their location in the heart of the eastern Athabasca basin near several high-grade uranium deposits or occurrences, the presence of prospective geophysical signatures, a paucity of drilling, thin sandstone cover and location near important infrastructure. Our team is eagerly looking forward to exploring this new ground."
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.
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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 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