SASKATOON, SK, Oct. 5, 2022
/CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the
"Company") (TSXV: ISO) (OTCQX: ISENF) is pleased to provide
an update on the results of summer exploration work on its 100%
owned eastern Athabasca Basin
uranium properties (Figure 1).
Highlights
- Diamond drilling totalling 6,648 metres in 20 drill holes at
the Larocque East, Trident and Geiger projects
- Airborne surveying at Evergreen, Spruce, East Rim, Full Moon,
and Edge
- Staking of nine claims totalling 4,349 hectares
Tim Gabruch, President and Chief
Executive Officer commented: "IsoEnergy is very encouraged by the
results that were intersected at all three properties drilled this
summer. These results, along with the geophysical work undertaken,
are providing highly valuable information as we plan systematic
follow up targets for the winter and broader 2023 exploration
programs."
Andy Carmichael, Vice President
of Exploration commented: "At Larocque East, the Kernaghan trend
was upgraded by the intersection of a broad zone of pervasive
basement alteration. This conductive trend has been tested on a
single fence within the project and is a high-priority follow-up
exploration target. Results at Trident exceeded our expectations
with prospective graphitic structures being intersected in three
target areas, opening a significant amount of strike length for
further exploration. Drilling at Geiger to follow-up winter
geophysical surveys intersected sandstone-hosted alteration and
structure in both areas and basement-hosted hydrothermal alteration
at Q23. This fall, we look forward to receiving final
interpretations of the airborne geophysical survey work as well as
the geochemical results from the summer drilling to further refine
2023 exploration campaigns."
Diamond
Drilling
Larocque East Project
Six drill holes totalling 1,998m
were completed on the Larocque Lake and Kernaghan Lake conductive
trends (Figure 2). In the Hurricane East area, located within two
kilometres of the Hurricane Deposit, three drill holes followed up
strongly anomalous sandstone geochemistry and alteration
intersected by previous IsoEnergy drilling. Favourable alteration
and structure were encountered but no mineralization was
intersected. On an underexplored section of the Larocque Lake trend
in the eastern portion of the project, one hole was drilled,
LE22-142, which intersected weak to moderate alteration and
structure in the upper sandstone above graphitic basement.
Follow-up will be guided by geochemical results. The remaining two
drill holes tested the Kernaghan trend where historical drilling
intersected anomalous sandstone geochemistry and defined over
40m of unconformity relief. Drill
hole LE22-144, designed to locate a structure inferred to be
located between the two historical drill holes, intersected a broad
zone of variable argillization and hematization in the basement
associated with faulting. Planning is underway to follow up these
results in 2023.
Trident Project
Six drill holes totalling 1,293m
were completed at IsoEnergy's Trident project. Drilling tested
historically-defined electromagnetic (EM) conductors hosted within
zones of low magnetic susceptibility to evaluate four target areas
for the presence of structures. This first-pass drilling was
successful, intersecting prospective graphitic structures with
brittle reactivation in three of the target areas and upgrading
more than 10km of conductive strike length. Geophysical surveying
is planned for 2023 to prioritize sections of strike for further
drilling. Figure 3 shows the Trident target areas and 2022 drill
hole locations.
Geiger Project
Eight holes totalling 3,357m were
completed at Geiger to follow-up conductors identified by
geophysical surveys carried out in the Q23 and Q48 areas during the
winter 2022 season (Figure 4).
Four holes completed in the Q23 area targeted moderate to strong
conductors. GG22-31 intersected high-strain graphitic gneiss and
pervasive argillization which extends 55 metres into the basement
and completely overprints the regional paleoweathering profile.
GG22-31 is located 4.5km south of the radioactive intersection in
drill hole ML22-006, recently announced by Fission 3.0 Corp. on the
neighboring Murphy Lake property.
The Geiger project covers 3.4km of the interpreted strike between
GG22-31 and ML22-006.
Four holes were completed in the Q48 area, including a
three-hole fence across the centre of the winter 2022 survey area.
Sandstones in the central drill hole, GG22-34, are pervasively
bleached with metre-to decametre-scale zones of structure,
desilicification, and clay alteration which increase in width and
strength toward the unconformity. Conductive rocks were intersected
in the basement well below the unconformity. In GG22-35, located
200m to the west, the upper
115m of sandstone is pervasively
bleached and contains zones of silicification and clay-lined
fractures associated with abundant structures including
quartz-healed breccias. These results upgrade the central
conductive trends at Q48.
Planning is underway to continue exploration of the Q23 and Q48
areas. Pending geochemical results will guide follow-up.
Airborne Geophysical
Surveying
Airborne geophysical surveying totalling more than 5,000
line-kilometres was completed over IsoEnergy's Evergreen, Spruce,
East Rim, Full Moon and Edge projects in June and July (Figure 1).
The survey utilized Xcalibur's FALCON® Airborne Gravity Gradiometer
system to acquire high-resolution gravity gradient, magnetic, and
radiometric (spectrometry) datasets. Survey data were received in
late August and interpretation of results is underway. Gravity
gradient and magnetic data are expected to improve understanding of
basement geology and assist in the identification of potential
alteration zones, while radiometric results will be followed up
with ground-truthing to locate near-surface showings and
radioactive boulder trains such as those that led to the discovery
of several notable uranium deposits including Triple R and Key
Lake.
Claim Staking
Nine claims totalling 4,349 hectares were recently staked in the
Eastern Athabasca (Figure 1). Six
of the new claims were staked at Larocque East to cover an
approximately 4km long interpreted western extension of the
Kernaghan Lake conductive trend and to link the Larocque East and
Larocque West projects. Two claims
staked 16km northwest of the McArthur River Mine form the new Rapid
River Project, which is interpreted to cover approximately 2.5km of
the Ens Lake conductive trend and a 3.5km extension of the
Fox Lake trend, host of the Fox
Lake Deposit. One additional claim was staked to link the Madison
and 2Z projects.
Qualified Person
Statement
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 radioactivity measurements reported herein are total gamma from
an RS-125 hand-held spectrometer. 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
applied to the exploration work described in this news release,
please see the Technical Report titled "Technical Report on the
Larocque East Project, Northern
Saskatchewan, Canada" dated August 4,
2022, on the Company's profile at www.sedar.com.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.
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. The Hurricane Deposit has Indicated Mineral
Resources of 48.61 Million lb U3O8 based on
63,800 tonnes grading 34.5% U3O8 and Inferred
Mineral Resources of 2.66 Million lb U3O8
based on 54,300 tonnes grading 2.2% U3O8
(July 8, 2022). The Hurricane Deposit
is 100% owned by IsoEnergy and is unencumbered from any royalties.
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.
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
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.