SASKATOON, SK, April 21,
2023 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or
the "Company") (TSXV: ISO) (OTCQX: ISENF) is pleased to
provide an update on winter 2023 exploration activities on its 100%
owned Larocque East, Hawk and Geiger projects, all located in the
northeastern region of the Athabasca Basin of Saskatchewan (Figure 1). Larocque East hosts
the Company's high-grade Hurricane Deposit.
Highlights:
- Five drill holes completed at Hawk totalling 4,273 metres.
- Six drill holes totaling 1,909 metres completed at Larocque
East.
- Ground geophysical surveys completed at Larocque East, Geiger
and Hawk.
Tim Gabruch, President and Chief
Executive Officer commented: "IsoEnergy has completed a safe and
successful winter program of drilling and geophysics at our
Larocque East, Hawk and Geiger projects. This valuable work has
further advanced our understanding of these projects and the
information will be analyzed to help develop our pipeline of
drill-ready targets, starting with plans for the upcoming summer
exploration program. As with all drill programs IsoEnergy
undertakes, we employ a systematic methodology to optimize the
value of each metre drilled and determine what prospectivity exists
to make future discoveries."
Darryl Clark, Vice President of
Exploration commented: "Along the Kernaghan Trend of the Larocque
East property, drilling systematically explored the prospective
Larocque Lake conductive trend. On
the Hawk project our maiden drill
program was successful in identifying alteration and associated
structure in the sandstone and the basement. Assay results from
this drilling are pending. Furthermore, to prepare for the
potential of summer and winter drill programs to follow up on this
highly prospective project, additional ground EM was conducted at
Hawk. Concurrently, ground EM geophysical surveying was
completed at Larocque East and Geiger and has successfully
generated quality targets for future drill programs. In my
experience the target generation methodology used here has worked
very well and the prospectivity in these areas is high."
Note: Radioactivity is total gamma counts per second
(cps) from drill core measured with an RS-125 hand-held
spectrometer (RS-125).
Hawk Project Drilling
Results
Drilling at Hawk recently concluded with the primary objective
of testing electromagnetic conductors identified in the 2022
geophysical survey. Winter drilling comprised five diamond drill
holes totaling 4,273 metres. An additional 36 line-kilometres of
fixed-loop electromagnetic geophysical surveying was completed over
key drill targets (Figure 2).
The first-pass drilling was successful, intersecting graphitic
conductors and prospective brittle structures in the southern half
of the property. Basal sandstone intersected in HK23-03 are
pervasively bleached with metre-scale zones of structure,
desilicification, clay alteration, and "grey" sulphide related
alteration which increase in strength near the unconformity.
In HK23-05A located 350 metres north, the upper and middle
sandstone contain metre scale zones of fractured and fault
disrupted sandstone, with the middle structure associated with
desilicification, clay alteration, and bleaching. Anomalous
radioactivity associated with sulphide mineralisation was
intersected at the unconformity of HK23-05A up to 350 cps (Table 1,
Figure 3).
Larocque East Project -
Kernaghan Trend Drilling and
Geophysics
The winter program followed up drilling on the eastern portion
of the Kernaghan trend to test favourable results previously
identified in the summer of 2022. Six holes totalling 1,909 metres
were completed (Figure 4). Drill hole LE23-146 was designed
to test previously defined basement alteration (drill hole
LE22-144) and intersected hematite and hydrothermal clay alteration
in the basement that is typically proximal to uranium
mineralisation in the Athabasca
Basin. The remaining holes were designed to systematically test
along the two kilometres of alteration strike length intersected in
the 2022 winter drill program.
Two lines of Stepwise Moving Loop Transient Electromagnetic
(SWML TEM) survey lines totalling 26.8 km were completed at Western
Kernaghan (Figure 4) over an untested magnetic low corridor. The
objective of the survey was to pinpoint basement conductors to
target first-pass drill testing of the area. Historically,
conductors have been outlined along strike, east of property
boundary. The survey was successful and follow-up drill testing is
planned for the summer season in 2023.
Geiger Project Geophysical
Results
Six lines of SWML TEM surveying completed at the Geiger project,
advanced three areas to a drill-ready level (Figure 5).
Three EM profiles completed in the Q23 North area identified a
2.1 km strike length of basement conductors. The 2.1 km-long Q23
North area has been tested by only two historical drill holes,
Q23-003 and Q23-010. Q23-003 intersected moderate structure and
alteration in the basal sandstone as well as fault structures in
graphitic basement rocks. Q23-010 intersected moderate sandstone
structure and alteration as well as weakly graphitic basement
rocks. Anomalous U-partial values as well as other pathfinder
elements were intersected in the sandstone of both drill holes.
Relevant historical drilling was also completed north of this
area which reported structure and alteration in several drill holes
as well as two metres of anomalous radioactivity with a peak of
2,300 cps 20 metres below the unconformity in drill hole ML22-006
(F3 Uranium Corp. News Release August 10,
2022).
Conductive anomalies were also identified in the Q24 and Bent
Lake areas. Historical drilling in the Q24 area comprises five
drill holes, Q24-001 through Q24-005. Q24-001 intersected anomalous
radiometry at the unconformity (up to 2,450 cps) and a graphitic
basement as well as elevated radiometry hosted in
pitchblende-coated fractures throughout the basement. Drill fences
on either side along section of this hole failed to identify an
extension of the uranium mineralization. No historical drilling has
been completed in the Bent Lake survey area; however, uranium
mineralization has been intersected to the northwest as well as to
the southeast of the survey area with drill holes Q23-005 and
Q23-009. Drill hole Q23-005 intersected strong structure and
alteration in the basal sandstone as well as anomalous radiometric
peaks extending ten metres into the basement with a maximum of
5,674 counts per second. Drill hole Q23-009 intersected strong
structure and alteration in the basal sandstone as well at a peak
of 723 cps above the unconformity.
Diamond drilling is planned for the second half of 2023 to
follow-up the winter 2023 EM survey results.
Qualified Person
Statement
The scientific and technical information contained in this news
release was prepared by Dr Darryl
Clark, P.Geo., IsoEnergy Vice President, Exploration, who is
a "Qualified Person" (as defined in NI 43-101 – Standards
of Disclosure for Mineral Projects). Dr Clark has verified the
data disclosed. All radioactivity measurements reported herein
are total gamma from an RS-125 hand-held spectrometer. All 'HK',
'GG' and 'LE' series drill holes were completed by IsoEnergy, and
geochemical analyses were completed for the Company by SRC
Geoanalytical Laboratories in Saskatoon,
Saskatchewan. All other drill holes were completed by
previous operators and geochemical assay data has been compiled
from historical assessment reports or provided by the previous
operator(s). 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.
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.
www.isoenergy.ca
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.