IsoEnergy Drills 3.5 metres of 10.4% U3O8 including 0.5 metres of 38.2% U3O8 in Drill Hole LE19-02 at the Hurricane Zone
VANCOUVER, Feb. 13, 2019 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO; OTCQX: ISENF) is pleased to announce chemical assay results from intervals of strong uranium mineralization reported earlier (see news release dated January 28, 2019) from the Hurricane zone. The highlight is an intersection in drill hole LE19-02 of 3.5 metres averaging 10.4% U3O8 from 326.5-330.0 metres, that includes 38.2% U3O8 over 0.5 metres from 329.0-329.5 metres. The Hurricane zone is a new discovery of high-grade uranium mineralization on the Company's 100% owned Larocque East property (the "Property") in the eastern Athabasca Basin of northern Saskatchewan.
Highlights
- Drill Hole LE19-02 intersected 3.5 m @ 10.4% U3O8, including 0.5 m @ 38.2% U3O8
- Drill Hole LE19-03 intersected 3.0 m @ 2.7% U3O8, including 0.5 m @ 13.3% U3O8
- Substantial Ni mineralization is present in both drill holes
- Five of a planned 10 drill holes are complete
- This drill program and subsequent follow-up efforts in 2019 are fully funded
Craig Parry, Chief Executive Officer commented: "I'm very pleased to report these initial assays from our follow-up drilling campaign at the Hurricane zone. With an impressive width, growth along its length, and some very high-grade assays, Hurricane has demonstrated potential to grow into a significant find."
Steve Blower, Vice President, Exploration commented: "Our geologists deserve a lot of credit for their interpretation of the geology and rapid identification of the key controls on mineralization. Uranium at Hurricane is related to certain faulted graphitic basement units that form a subtle ridge along the sub-Athabasca unconformity. We will continue to target these structures as we progress along the length of the zone with subsequent drilling."
LE19-02 and LE19-03 Assay Results
Drill hole LE19-02 intersected two main intervals of fracture controlled, disseminated and replacement styles of pitchblende uranium mineralization (>1,000 cps RS-125), as summarized in Table 1. An upper zone of sandstone-hosted uranium mineralization is followed by strong uranium mineralization at the unconformity that averages 10.4% U3O8 and 0.8% Ni over 3.5 metres. Included in the interval are maximum values of 38.2% U3O8 and 1.6% Ni over 0.5 metres.
Drill hole LE19-03 also intersected two main intervals of uranium mineralization that are similar to those described above for LE19-02. An upper zone of sandstone-hosted uranium mineralization is followed by strong uranium mineralization at the unconformity that averages 2.7% U3O8 and 2.5% Ni over 3.0 metres. Included in the interval are maximum values of 13.3% U3O8 and 11.8% Ni over 0.5 metres.
Table 1 – Hurricane Zone Radioactive Intervals
Hole-ID |
From (m) |
To (m) |
Length (m) |
Radioactivity1,2 (CPS) |
Chemical Assays |
Location |
|
U3O8 (%) |
Ni (%) |
||||||
LE19-02 |
316.5 |
320.0 |
3.5 |
>1,000 |
0.2 |
0.1 |
Section 4560E |
and |
326.5 |
330.0 |
3.5 |
>1,000 |
10.4 |
0.8 |
|
incl. |
328.5 |
330.0 |
1.5 |
>20,000 |
23.6 |
1.6 |
|
incl. |
329.0 |
329.5 |
0.5 |
>50,000 |
38.2 |
1.5 |
|
LE19-03 |
324.0 |
324.5 |
0.5 |
>1,000 |
0.2 |
0.1 |
Section 4560E |
and |
326.5 |
329.5 |
3.0 |
>1,000 |
2.7 |
2.3 |
|
incl. |
328.5 |
329.5 |
1.0 |
>5,000 |
7.6 |
6.6 |
|
incl. |
329.0 |
329.5 |
0.5 |
>20,000 |
13.3 |
11.8 |
|
LE19-04 |
329.0 |
329.5 |
0.5 |
>1,000 |
Pending |
Section 4560E |
|
333.0 |
333.5 |
0.5 |
>1,000 |
Pending |
|||
LE19-05 |
No significantly elevated radioactivity |
Section 4560E |
|||||
LE19-06 |
328.0 |
330.0 |
2.0 |
>1,000 |
Pending |
Section 4585E |
|
and |
332.0 |
336.0 |
4.0 |
>5,000 |
Pending |
||
incl. |
333.5 |
335.5 |
2.0 |
>10,000 |
Pending |
||
incl. |
333.5 |
334.0 |
0.5 |
>20,000 |
Pending |
||
Notes: |
1. Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer. |
||||||
2. Measurements of total gamma are an indication of uranium content, but may not correlate with assays |
|||||||
Larocque East
Larocque East consists of 6 mineral claims totaling 3,200 hectares and was purchased in May, 2018. The Property is owned 100% by IsoEnergy and is not encumbered by any royalties or other interests. Larocque East is immediately adjacent to the north end of IsoEnergy's Geiger property and is 35 kilometres northwest of Orano Canada's McClean Lake uranium mine and mill.
The 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 in several occurrences to the southwest of the Larocque East property. The closest of these are the Larocque Lake and Larocque North zones, which are located 6.5 kilometres and 0.4 kilometres, respectively, to the southwest of the western Larocque East property boundary. Drilling at the Larocque Lake zone has returned historical intersections of up to 29.9% U3O8 over 7.0 metres in drill hole Q22-040. Drilling at the Larocque North zone has returned intersections of up to 2.05% U3O8 over 0.6 metres in drill hole Q22-16. 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 major uranium deposits in the eastern Athabasca Basin. Importantly, the sandstone cover is thin, ranging between 140 metres and 330 metres in previous drilling.
A total of 23 historical drill holes have been completed on the Property along approximately 22 kilometres of graphitic conductors. Five of the historical holes have intersected weak uranium mineralization on the Larocque East property to date, including drill holes KER-07 (0.12% U3O8 over 0.1 metre) and KER-11 (0.06% U3O8 over 0.5 metre) near the western property boundary, within the general vicinity of the Hurricane zone.
Next Steps
Additional drilling is underway on the 4585E cross-section to the north and south of drill hole LE19-06. This will be followed by along-strike step-outs to the west of the discovery section. The originally contemplated drill program is approximately half finished. Following a $5.5M financing that closed in December, 2018, the company is fully funded for the current drill program and subsequent follow-up in 2019.
Qualified Person Statement
The scientific and technical information contained in this news release was prepared by Andy Carmichael, P.Geo., IsoEnergy's Senior Geologist, who is a "qualified person" (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects). Mr. Carmichael 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. An RS-125 hand-held spectrometer was used to verify that the radioactivity is due to uranium. As the drill holes reported herein are vertical or near-vertical, and the mineralization is interpreted to be horizontal, the true thickness is expected to be within 90% of the cored intervals.
About IsoEnergy
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.
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.
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
Share this article