Andy Carmichael, Vice President of Exploration commented: “The grade and thickness of mineralization in LE21-78C1 coupled with the radioactivity intersected by LE21-87A and LE21-107 is evidence that further potential remains at the J-L fault corridor. We look forward to exploring this prospective corridor in 2022, particularly along strike of LE21-101 as this area is untested for 150m to the west and open to the east.”
Tim Gabruch, President and Chief Executive Officer commented: “The summer drill program was successful in continuing to enhance our understanding of the Hurricane zone. These initial assay results continue to demonstrate the potential of the zone and we are looking forward to returning to Hurricane this winter to follow up on these excellent results.”
LE21-78C1 (Section 4460E)
LE21-78C1 was drilled on Section 4460E to expand mineralization to the south of drill hole LE20-77 (8.0m averaging 2.6% U3O8). The drill hole intersected 12.0m of uranium mineralization from 248.5 to 260.5m that averages 5.2% U3O8, including 2.0m of strong mineralization from 257.5m to 259.5m that averages 27.6% U3O8. Mineralization is located at the sub-Athabasca unconformity. Figures 2 and 3 show the location of the drill hole in plan and section view, respectively.
LE21-80 (Section 4435E)
Drill hole LE21-80 was completed to test for a north-easterly extension of very strong mineralization intersected by previously reported drill hole LE20-34 (33.9% U3O8 over 8.5m). The drill hole reached the unconformity 19m east-northeast of LE20-34 and intersected 3.5m of uranium mineralization from 326.0m to 329.5m that averages 2.3% U3O8, including 2.0m averaging 4.0% U3O8 from 326.0 to 328.0m. Figures 2 and 4 show the drill hole in plan and section view, respectively.
LE21-82 (Section 4485E)
Drill hole LE21-82 was completed to expand mineralization to the south on Section 4485E. LE21-82 intersected 4.5m of uranium mineralization from 328.5 to 333.0m that averages 0.9% U3O8, including 1.0m from 331.0 to 332.0m that averages 1.4% U3O8. The results this drill hole expanded the Hurricane zone 26m to the south on section 4485; subsequently, LE21-103 (4.0m >500 CPS including 0.5m >5,000 CPS) expanded Hurricane a further 31m to the south of LE21-82. Assays are pending for LE21-103. Figures 2 and 5 show the LE21-82 in plan and section view, respectively.
LE21-84 (Section 4435E)
Drill hole LE21-84 was completed on section with and 28m north of previously reported drill hole LE20-67 (0.2% U3O8 over 2.0m). The drill hole intersected 3.0m of uranium mineralization from 326.5m to 329.5m that averages 0.5% U3O8, including 0.5m 1.4% U3O8 from 328.0 to 328.5m. This mineralization expanded the Hurricane zone 28m to the north; mineralization was later closed off to the north on Section 4435E by drill hole LE21-97A. Figures 2 and 4 show the drill hole in plan and section view, respectively.
The Larocque East Property and the Hurricane Zone
The 100% owned Larocque East property consists of 33 mineral claims totaling 16,780ha. Two of the project’s claims distal to the Hurricane zone are subject to a 2% Net Smelter Returns Royalty of which 1% may be bought back for $1Million at IsoEnergy’s discretion. Larocque East is immediately adjacent to the north end of IsoEnergy’s Geiger property and is 35km northwest of Orano Canada’s McClean Lake uranium mine and mill.
Along with other target areas, the Larocque East Property covers a 15-kilometre-long northeast extension of the Larocque Lake conductor system; a trend of graphitic metasedimentary basement rocks that is associated with significant uranium mineralization at the Hurricane zone, and in several occurrences on Cameco Corp. and Orano Canada Inc.’s neighbouring property to the southwest of Larocque East. The Hurricane zone was discovered in July 2018 and was followed up with 29 drill holes in 2019 and an additional 48 drill holes in 2020. Dimensions are currently 375m along-strike, up to 125m wide, and up to 12m thick. Mineralization is polymetallic and commonly straddles the sub-Athabasca unconformity 320 m below surface. The best intersection to date is 38.8% U3O8 over 7.5m in drill hole LE20-76. Drilling at Cameco Corp.’s Larocque Lake zone on the neighbouring property to the southwest has returned historical intersections of up to 29.9% U3O8 over 7.0m in drill hole Q22-040. Like the nearby Geiger property, Larocque East is located adjacent to the Wollaston-Mudjatik transition zone – a major crustal suture related to most of the uranium deposits in the eastern Athabasca Basin. Importantly, the sandstone cover on the Property is thin, ranging between 140m and 450m in previous drilling.
Qualified Person Statement
The scientific and technical information contained in this news release was prepared by Andy Carmichael, P.Geo., IsoEnergy’s Vice President, Exploration, who is a “Qualified Person” (as defined in NI 43-101 – Standards of Disclosure for Mineral Projects). Mr. Carmichael has verified the data disclosed. All radioactivity measurements reported herein are total gamma from an RS-125 hand-held spectrometer. As mineralized drill holes at the Hurricane zone are oriented very steeply (-70 to -90 degrees) into a zone of mineralization that is interpreted to be horizontal, the true thickness of the intersections is expected to be greater than or equal to 90% of the core lengths. 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. 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 effective May 15, 2019, on the Company’s profile at www.sedar.com.
IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada. The Company recently discovered the high-grade Hurricane Zone of uranium mineralization 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.
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Swiss Resource Capital AG
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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.
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