SASKATOON, SK, July 18,
2022 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or
the "Company") (TSXV: ISO) (OTCQX: ISENF) is pleased to
announce the initial independent Mineral Resource Estimate (the
"Resource Estimate") for the Hurricane uranium deposit on its 100%
owned Larocque East project in the eastern Athabasca Basin of Saskatchewan.
Highlights
- Indicated Mineral Resources of 48.61 million lbs of
U3O8 based on 63,800 tonnes grading 34.5%
U3O8, including 43.89 million lbs
U3O8 at an average grade of 52.1%
U3O8 within the high-grade domain
- Inferred Mineral Resources of 2.66 million lbs of
U3O8 based on 54,300 tonnes grading 2.2%
U3O8
- Indicated Mineral Resources are highly insensitive to cut-off
grade due to the high-grade and compact nature of the Hurricane
Deposit (refer Table 2)
Table 1 – Summary of Hurricane Attributable Mineral Resources
(as of July 8, 2022)
Category
|
Domain
|
Tonnage
(000 t)
|
Grade
(% U3O8)
|
Contained Metal
(Million lb U3O8)
|
Indicated
|
High-Grade
|
38.2
|
52.1
|
43.89
|
|
Medium-Grade
|
25.6
|
8.4
|
4.72
|
|
Low-Grade
|
-
|
-
|
-
|
Indicated
Total
|
|
63.8
|
34.5
|
48.61
|
Inferred
|
High-Grade
|
-
|
-
|
-
|
|
Medium-Grade
|
4.0
|
11.2
|
1.00
|
|
Low-Grade
|
50.3
|
1.5
|
1.66
|
Inferred
Total
|
|
54.3
|
2.2
|
2.66
|
Notes:
|
|
1.
|
CIM (2014) definitions
were followed for all Mineral Resource categories.
|
2.
|
Mineral Resources are
estimated at a uranium cut-off grade of 1.00%
U3O8.
|
3.
|
Tonnes are based on
bulk density weighting.
|
4.
|
Mineral Resources are
estimated using a long-term uranium price of US$65/lb.
|
5.
|
Minimum grade width of
one metre was applied to the resource domain wireframes.
|
6.
|
Bulk density was
interpolated using values derived from a regression curve based on
U3O8 assay values.
|
7.
|
Numbers may not add due
to rounding.
|
Table 2 – Hurricane Block Model Sensitivity to Cut-Off Grade
(as of July 8, 2022)
Resource
Category
|
Cut-off Grade
(% U3O8)
|
Tonnage
(000 t)
|
Grade
(% U3O8)
|
Contained Metal
(Million lb U3O8)
|
Indicated
|
0.05
|
63.8
|
36.72
|
48.61
|
|
0.25
|
63.8
|
36.72
|
48.61
|
|
0.50
|
63.8
|
36.72
|
48.61
|
|
0.75
|
63.8
|
36.72
|
48.61
|
|
1.00
|
63.8
|
36.72
|
48.61
|
|
2.00
|
63.8
|
36.76
|
48.61
|
|
3.00
|
63.4
|
36.98
|
48.58
|
|
5.00
|
60.1
|
38.75
|
48.29
|
|
10.00
|
44.1
|
49.63
|
45.65
|
Inferred
|
0.05
|
288.2
|
0.73
|
4.67
|
|
0.25
|
199.6
|
0.99
|
4.37
|
|
0.50
|
124.5
|
1.37
|
3.77
|
|
0.75
|
82.3
|
1.76
|
3.20
|
|
1.00
|
54.3
|
2.23
|
2.66
|
|
2.00
|
11.5
|
5.57
|
1.42
|
|
3.00
|
5.1
|
9.62
|
1.08
|
|
5.00
|
4.0
|
11.21
|
1.00
|
|
10.00
|
2.0
|
13.42
|
0.61
|
Note: Mineral Resources
are estimated at a uranium cut off grade of 1.0%
U3O8
|
Tim Gabruch, President and Chief
Executive Officer commented: "Since incorporation by NexGen Energy
in 2016, IsoEnergy's objective has been to explore for high-grade
uranium on the eastern side of Saskatchewan's Athabasca Basin.
Following the discovery of Hurricane in July
2018 IsoEnergy has focused on determining the scope and
scale of the deposit. The six drilling programs completed since
then have culminated in today's announcement of an Indicated
Mineral Resource of 48.61 million pounds U3O8
at an average grade of 34.5% U3O8, with the
high-grade domain containing nearly 44 million pounds
U3O8 at an average grade of 52.1%
U3O8. The team at IsoEnergy is extremely
proud of the work done on Hurricane, and it is rewarding to present
this initial Resource Estimate to the Company's stakeholders.
Hurricane's exceptionally high uranium grade and relatively
shallow depth, together with its proximity to existing eastern
Athabasca Basin road, power and
milling infrastructure are key attributes. Saskatchewan is home to the world's largest
and highest-grade uranium mines and deposits, and it is recognized
as the premier mining jurisdiction in Canada and one of the best globally. For
decades it has also been established as one of the most stable,
dependable jurisdictions for the world's nuclear energy providers
to source uranium. Today, the outlook for nuclear energy has never
been more positive, with growing recognition of the vital role it
will play in providing clean, baseload energy to help address
climate change challenges globally. IsoEnergy will continue to
progress Hurricane with an objective to meaningfully contribute to
the world's growing demand for clean nuclear energy."
Andy Carmichael, Vice President
of Exploration commented: "This Mineral Resource Estimate
establishes Hurricane as the world's newest, very high-grade
uranium deposit. On average, one cubic metre of Hurricane's
high-grade domain weighs over 4.5 tonnes and contains over 5,200
lbs of U3O8. Of the past- and presently-
producing uranium mines in the Athabasca Basin, Hurricane is most analogous
to the Cigar Lake deposit at the nearby operating mine with respect
to the mineralization's grade, thickness, width, style, and the
alteration halo and ground conditions which mantle the deposit.
Notably, Hurricane's Mineral Resource Estimate employs a cut-off
grade consistent with uranium Mineral Resource Estimates reported
from Cigar Lake and other operations in the eastern Athabasca Basin."
Geology and Mineralization
The Hurricane zone measures 375 metres along strike, up to 125
metres wide, and up to 12 metres thick. The high-grade domain,
which contains 43.89 million pounds of U3O8
at an average grade of 52.1% U3O8, occupies
an area 125 metres long and is up to 63 metres wide and up to 4.5
metres thick. Mineralization at Hurricane occurs at the
sub-Athabasca unconformity
approximately 325 metres vertically below surface and is
essentially horizontal. East-west trending, steeply north-dipping
basement rocks underlying Hurricane host centimetre- to metre-scale
fault zones preferentially occurring at contacts between graphitic
and non-graphitic units. Mineralization is controlled by the
intersection of these fault zones with the sub-Athabasca unconformity resulting
mineralization elongated in its east-west dimension. Mineralization
ranges from disseminated to massive and includes very high-grade
intersections, including 38.8% over 7.5 metres in LE20-76 between
322.5 and 330 metres which includes a subinterval averaging 74.0%
U3O8 over 3.5 metres from 324.0 to 327.5
metres. Additional Hurricane drilling highlights are presented in
Table 3, including intercepts from high-grade domain.
Drilling, Sampling and Analytical
The Mineral Resource Estimate was defined using 52 diamond drill
holes totaling 20,387 metres and using 785 samples. Uranium grade
data comprises chemical assays of half split drill core samples
collected on site by IsoEnergy staff. All samples were assayed at
the independent Saskatchewan Research Council (SRC) Geoanalytical
Laboratory of Saskatoon, an ISO/IEC 17025 accredited facility.
Samples were analysed using a combination of inductively coupled
plasma - mass spectrometry (ICP-MS), inductively coupled plasma -
optical emission spectrometry (ICP-OES), and partial or total acid
digestion of one aliquot of representative sample pulp per
analysis. Mineralized samples were analysed for
U3O8 by ICP-OES. Quality Assurance and
Quality Control (QA/QC) measures include the field insertion of
Certified Reference Material (CRM) standards, CRM blanks, and
duplicate samples. The Mineral Resource Estimate grade data was
obtained only from chemical assays; no radiometric data were
utilized.
Estimation Methodology
Mineral Resources were estimated by SLR Consulting (Canada) Ltd. (SLR), an independent consulting
company experienced in completing uranium Mineral Resource
estimates in the Athabasca Basin
and worldwide.
Wireframe models of mineralized zones were used to constrain the
block model grade interpolation process. The models represent grade
envelopes using the geological interpretation described above as
guidance. The wireframes consisted of Low-Grade (LG), Medium-Grade
(MG), and High-Grade (HG) domains at nominal cut-off grades (COG)
of 0.05%, 5.0%, and 25.0% U3O8, respectively
(Figures 1 and 2). Sample intervals with assay results less than
the nominated COG were included within the mineralized wireframes
if the core length was less than two metres or allowed for
modelling of grade continuity. Hard domain boundaries were employed
to prevent assay results from one domain influencing the remaining
domains.
Statistical evaluation of samples from each domain was completed
separately to determine the treatment of high-grade assays. No
capping was applied to the High-Grade domain; assays were capped at
5.0% U3O8 and 20.0%
U3O8 within the Low- and Medium-Grade
domains, respectively. High grade x density threshold value of 250
(approximately equivalent to 55% U3O8)
spatial restrictions equal to half the parent search ellipse
dimensions were utilized within the High-Grade domain.
The uranium grade was used to estimate the density of each
sample using polynomial formula developed by SLR from the results
of 115 samples analyzed for bulk density and uranium grade.
Densities were then interpolated into the block model to convert
mineralized volumes to tonnage and were also used to weight the
uranium grades interpolated into each block.
Blocks were classified as Indicated or Inferred based on drill
hole spacing, confidence in the geological interpretation, and
apparent continuity of mineralization. All the blocks within the HG
domains and blocks within the MG domain with apparent grade
continuity from two or more holes were classified as Indicated. For
the LG grade domain, blocks that did not meet the criteria of grade
x thickness (GT) greater or equal to 1.0%m were removed from the
Mineral Resource reporting. The block model was validated using
swath plots of composite grades versus inverse distance cubed,
ordinary kriging, and nearest neighbour grades in the X, Y, and Z
dimensions, volumetric comparison of blocks versus wireframes,
visual inspection of block versus composite grades on plan,
vertical, and long section, and statistical comparison of block
grades and assay composite grades.
Table 3 – Selected Drilling Results from the Hurricane
Deposit
Hole-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Chemical Assays
(% U3O8)
|
Azimuth/Dip
(degrees)
|
Hole Length
(m)
|
Location
|
Note
|
LE20-30
|
329.5
332.0
|
334.5
333.0
|
5.0
1.0
|
7.8
34.9
|
180/-80
|
442.0
|
Section
4460E
|
Mineralized
HG Domain
Intercept
|
incl.
|
LE20-32A
|
329.5
|
339.0
|
9.5
2.5
|
17.5
63.6
|
180/-80
|
470.0
|
Section
4510E
|
Mineralized
HG Domain
Intercept
|
incl.
|
334.5
|
337.0
|
LE20-34
|
325.5
|
334.0
|
8.5
4.5
|
33.9
62.1
|
180/-80
|
461.0
|
Section
4435E
|
Mineralized
HG Domain
Intercept
|
incl.
|
328.0
|
332.5
|
LE20-40
|
319.5
|
326.0
|
6.5
1.5
|
12.6
53.8
|
000/-90
|
368.0
|
Section
4435E
|
Mineralized
HG Domain
Intercept
|
incl.
|
323.0
|
324.5
|
LE20-51
|
322.0
|
330.0
|
8.0
2.5
|
13.6
38.4
|
000/-90
|
341.0
|
Section
4510E
|
Mineralized
HG Domain
Intercept
|
incl.
|
326.5
|
329.0
|
LE20-52
|
318.5
|
326.0
|
7.5
2.0
|
22.7
79.2
|
000/-90
|
365.0
|
Section
4435E
|
Mineralized
HG Domain
Intercept
|
incl.
|
322.5
|
324.5
|
LE20-53
|
317.5
|
328.0
|
10.5
2.5
|
11.7
44.7
|
000/-90
|
374.0
|
Section
4410E
|
Mineralized
HG Domain
Intercept
|
incl.
|
325.0
|
327.5
|
LE20-54
|
329.5
|
337.5
|
8.0
3.5
|
14.4
28.1
|
180/-79
|
428.5
|
Section
4510E
|
Mineralized
HG Domain
Intercept
|
incl.
|
333.5
|
337.0
|
LE20-57
|
343.3
|
350.3
|
7.0
2.0
|
16.6
52.6
|
217/-70
|
413.3
|
Section
4435E
|
Mineralized
HG Domain
Intercept
|
incl.
|
347.3
|
349.3
|
LE20-62
|
321.0
|
325.5
|
4.5
1.0
|
6.2
18.5
|
000/-90
|
350.0
|
Section
4435E
|
Mineralized
HG Domain
Intercept
|
incl.
|
324.5
|
325.5
|
LE20-64
|
322.5
|
329.0
|
6.5
4.5
|
37.6
54.2
|
000/-90
|
412.5
|
Section
4535E
|
Mineralized
HG Domain
Intercept
|
incl.
|
324.5
|
329.0
|
LE20-68
|
320.0
|
334.0
|
14.0
1.5
|
5.5
49.3
|
180/-80
|
470.0
|
Section
4485E
|
Mineralized
HG Domain
Intercept
|
incl.
|
332.0
|
333.5
|
LE20-72
|
320.5
|
326.5
|
6.0
1.0
|
6.2
27.8
|
000/-90
|
398.0
|
Section
4460E
|
Mineralized
HG Domain
Intercept
|
incl.
|
325.0
|
326.0
|
LE20-76
|
322.5
|
330.5
|
8.0
4.0
|
36.4
71.7
|
000/-90
|
359.0
|
Section
4435E
|
Mineralized
HG Domain
Intercept
|
incl.
|
323.5
|
327.5
|
LE21-78C11
|
248.0
|
260.0
|
12.0
1.0
|
5.2
42.4
|
000/-90
|
323.0
|
Section
4460E
|
Mineralized
HG Domain
Intercept
|
incl.
|
257.5
|
258.5
|
LE21-107
|
324.5
|
332.0
|
7.5
3.5
|
17.7
34.5
|
000/-90
|
344.0
|
Section
4485E
|
Mineralized
HG Domain
Intercept
|
incl.
|
327.5
|
331.0
|
Notes:
|
|
|
|
|
All results previously
disclosed
|
|
|
|
|
1: LE21-78C1 is a
wedged offcut from LE21-78 at 70m
|
|
|
|
Qualified Person Statement
The "Qualified Person" for the Mineral Resource Estimate is
Mark B. Mathisen, C.P.G., Principal
Geologist, SLR Consulting International Corp, who has reviewed and
approved the contents of this news release.
Andy Carmichael, P.Geo.,
IsoEnergy's Vice President, Exploration, is the "Qualified Person"
(as defined in NI 43-101 – Standards of Disclosure for
Mineral Projects) for the Company and has validated and
approved the technical and scientific content of this news
release.
All chemical analyses are completed for the Company by SRC
Geoanalytical Laboratories in Saskatoon,
SK. For additional information regarding the Company's
Larocque East Project, including its quality assurance and quality
control procedures, please see the Technical Report dated
July 13, 2022, which will be filed on
the Company's profile at www.sedar.com within 45 days of this news
release.
About IsoEnergy
IsoEnergy is a well-funded uranium exploration and development
company with a portfolio of prospective projects in the
infrastructure-rich eastern Athabasca Basin in Saskatchewan, Canada. In 2018, the Company
discovered the high-grade Hurricane Deposit on its 100% owned
Larocque East property in the Eastern
Athabasca Basin. 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.
www.isoenergy.ca
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solicitation of any offer to buy any securities, nor shall there be
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Act"), and such securities may not be offered or sold within
the United States absent
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exemption from the registration requirements thereunder.
Forward-Looking Information
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
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achieved" or the negative connotation thereof. Statements relating
to "mineral resources" may also be deemed forward-looking
information as they involve estimates of the mineralization that
will be encountered if a mineral deposit is developed and
mined
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.