SASKATOON, SK, Oct. 24,
2023 /CNW/ - IsoEnergy Ltd. ("IsoEnergy"
or the "Company") (TSXV: ISO) (OTCQX: ISENF) is pleased to
provide an update on the results of summer 2023 exploration work on
its eastern Athabasca Basin
uranium properties (Figure 1).
Summer Program Highlights:
- 5,270 metres of drilling were completed in 11 drill
holes on the Larocque East, Hawk and Ranger projects.
Mineralization was intersected in the west end of the Hurricane
deposit at Larocque East, and prospective intervals of strong
structural disruption, clay alteration and desilicification were
intersected on conductive corridors with significant untested
strike length at Hawk and Ranger.
- At Laroque East, Drill hole LE23-155, drilled in the
southwest portion of the Hurricane deposit to upgrade confidence in
continuity of mineralization to the western border of the property,
intersected 8.5 meters averaging 4.1% U3O8
between 325.0 and 333.5m downhole.
This interval includes an intercept of 6.8%
U3O8 over a 1.0
m interval from 327.0 to 328.0m and a higher-grade interval of 23%
U3O8 over 1.0 m
from 331.5 to 332.5m.
- Innovative Ambient Noise Tomography (ANT) surveys were
completed on the Larocque East, Hawk and East Rim projects in
collaboration with FLEET. A significant low velocity response,
interpreted to represent alteration, is spatially associated with
the Hurricane deposit and 3D models from these surveys will be
integrated with other drill hole and geophysical information to
generate targets for future drilling. A compelling 1-kilometre-long
ANT target has been defined along strike of the Hurricane deposit
with the same footprint as the feature associated with
Hurricane.
- Drill hole HK23-08 at Hawk, intersected a significant
fault zone that offsets the unconformity by 16.5 metres and is
spatially associated with strong illite and chlorite alteration,
and desilicification in the lower sandstone and upper basement.
HK23-08 was drilled 850 metres south of a 2-kilometre-long ANT
velocity anomaly that is situated within a north-northeast trending
regional corridor defined by a magnetic low and coincident ZTEM
conductivity.
- A helicopter-borne Versatile Time Domain Electromagnetic
(VTEM™ Plus) survey flown at the East Rim project, on the
southeast edge of the Athabasca
Basin, defined a strong conductivity trend interpreted to represent
prospective graphitic basement host rocks.
- Airborne geophysical surveying was also completed at the
Trident, Collins Bay Extension and Evergreen projects to
further develop a pipeline of high-quality drill targets.
Tim Gabruch, President and
Chief Executive Officer commented: "IsoEnergy has completed a
safe and successful summer exploration program consisting of
drilling at our Larocque East, Hawk and Ranger properties and a
significant geophysical program utilizing innovative Ambient Noise
Tomography technology to provide improved geological information.
Drilling highlights include mineralization intersected in LE23-155
in the southwestern portion of the Hurricane deposit, which
suggests that section of the orebody extends to the western border
of the property. Overall, the summer program has continued
IsoEnergy's systematic approach to advancing its high-quality
portfolio of properties in the Eastern
Athabasca Basin and has provided the Company with an
exciting set of targets with significant discovery potential to
focus on in 2024, starting with our upcoming winter program, for
which planning is already underway."
Dr. Darryl Clark, Vice
President, Exploration also commented: "During the summer field
season, we advanced several of our projects through the discovery
and development pipeline. At our flagship Hurricane project, in
addition to successfully extending the resource footprint to the
west, the team generated several new exploration targets to the
east. We also successfully deployed the innovative ANT geophysical
system at Hurricane, over the ore zone and the north, south and
east extents. Preliminary analysis of the results illustrates that
we can detect the unique hydrothermal alteration system that
surrounds the ore deposit, therefore we can use this information to
look for similar features in the surveys that we have completed to
the east of Hurricane deposit as well as at our high priority Hawk
exploration project. The results from drilling at Hawk
confirmed the presence of a significant late brittle fault zone
associated with an unconformity offset, alteration, and elevated
radioactivity. This feature, combined with the well-defined
ANT anomaly located 850 metres along trend to the north, is a
compelling target that will be drill tested in the coming
months."
Summer Exploration Results
Hurricane, Larocque East Project
Six drill holes totalling, 2,175 metres were completed at
Larocque East (Figure 2). Four holes were dedicated to expansion of
Hurricane. Drill hole LE23-155 targeted the unconformity 26.5
meters west of drill hole LE21-78c1 and intersected 8.5 meters
averaging 4.1% U3O8 between 325.0 to
333.5m downhole, which includes
an intercept of 6.8% U3O8 over a
1.0 m interval from 327.0 to
328.0m and includes a higher-grade
interval of 23% U3O8 over 1.0 m from 331.5 to 332.5m (Table 1 and Figure 3). Additionally, a
single hole was completed to test resistivity targets north of
Hurricane. The drill hole added valuable knowledge in understanding
the geology of the project area.
The preliminary results of the ANT survey conducted over
Hurricane and the surrounding area successfully outlined a
consistent low velocity feature that overlaps with the drill
defined alteration halo spatially associated with the Hurricane
deposit (Figure 4). Furthermore, the ANT survey also highlighted
several other areas with a similar low velocity signature to the
Hurricane deposit alteration halo. One of these is along strike
east of the deposit on the same conductor corridor and has roughly
the same footprint as the low velocity feature associated with the
Hurricane deposit. Drilling in 2024 will follow up ANT results
integrated with other geophysical and drill hole information.
Hawk Project
Drilling at Hawk totaled 1,796 metres and tested electromagnetic
conductors identified in the 2022/2023 geophysical surveys. Summer
drilling comprised two holes that were completed to target and two
holes that encountered poor ground conditions in the upper
sandstone cover sequence and had to be abandoned as a result
(Figure 5), leaving a highly prospective untested target that will
be tested during a future drill program. Drilling successfully
intersected prospective brittle structures and alteration in hole
HK23-08. The basal sandstone in hole HK23-08 is moderately bleached
with metre-scale zones of desilicification and illite/chlorite clay
alteration that are associated with structure (Figure 6). A broken
and illite/chlorite clay altered fault zone was intersected in the
basement from 691 to 707 m downhole.
The unconformity surface is offset by this fault zone, and a
sandstone wedge is present within the fault zone between 691 and
693 meters (Figure 7). There is a ~16.5 metre west-side-up reverse
component of displacement of the unconformity.
In addition to exploration drilling, an ANT survey was conducted
over 7.3 km of the main north-northeast trending ZTEM conductivity
corridor and has defined a large velocity low anomaly (Figure 5)
that is coincident with both the on strike projection of the
altered brittle fault zone intersected in drill holes
HK23-03/05A/08 and the strong conductor picks identified in the
winter 2023 ground EM survey (IsoEnergy Ltd News Release April,
2023). Similar to the ANT signature that is associated with
the Hurricane deposit, the velocity low is interpreted as the
result of a large hydrothermal system that has altered the
sandstone cover sequence above the unconformity target.
Ranger Project
IsoEnergy completed three diamond drill holes totaling 1,299
metres in the first IsoEnergy drilling program on the Ranger
property (Figure 8). RG23-01 and RG23-02 were targeted to follow up
results from 1994 Cameco drillholes along the Bird Lake Fault.
RG23-03 was targeted to test an un-drilled conductor identified by
the winter 2022 Fixed Loop Transient Electromagnetic (FLTEM) survey
carried out by IsoEnergy in winter 2022.
RG23-03 intersected zones of strong bleaching, structure-hosted
clay alteration, and pyrite-rich fracture linings in the sandstone,
along with moderate illite straddling the unconformity. Discrete
graphitic structures were intersected from 483.1 to 490.7m associated with 13.3 parts per million
uranium by ICPMS partial digestion from 480.0 to 485.0m. Results from RG23-03 warrant further
drilling along the northern conductor trend.
RG23-01 and RG23-02 intersected zones of anomalous illite
alteration in the sandstone immediately above the unconformity.
Geological interpretation suggests further drilling is required to
sufficiently test the targets in this area.
East Rim Project
Geotech Ltd conducted a helicopter-borne Versatile Time Domain
Electromagnetic (VTEM™ Plus) and horizontal magnetic gradiometer
geophysical survey at the East Rim project. The survey covered 1136
line-kilometres. The VTEM™ Plus system is excellent at locating
discrete conductive anomalies as well as mapping lateral and
vertical variations in resistivity. A conductivity domain
outlined by the 2023 VTEM survey, density low anomalies identified
by the 2022 Falcon gravity survey, historic ground EM conductors
and alteration in historic drill holes are all present in the area
of interest (Figure 9). The results of this VTEM survey will be
integrated with the magnetic and gravity surveys that were
conducted in 2022 to generate basement hosted targets for initial
reconnaissance drill testing in 2024. Importantly, the sandstone
cover on the property is thin, ranging from no sandstone cover to
265 metres in previous drilling.
Efforts at the early-stage East Rim project have continued to
focus on basement-hosted targets where multiple layers of
geophysical data stack and allow the Company to vector into a
potential uranium mineralised system located under this thin
cover.
Airborne Geophysical Surveying
In addition to the East Rim VTEM survey, airborne geophysical
surveys were completed at four other projects (Figure 1) to
identify prospective geological environments on these projects over
which ground surveys can be focused to quickly move them to the
drill ready stage.
Xcalibur Multiphysics conducted multiparameter airborne
geophysical surveys at IsoEnergy's early-stage Trident and Collins
Bay Extension projects. The surveys employed Xcalibur's FALCON®
Airborne Gravity Gradiometry system to acquire high-resolution
gravity, magnetic, and radiometric (spectrometry) datasets. Gravity
and magnetic data will improve the property-wide understanding of
basement geology and assist in the identification of potential
alteration zones, while gamma ray spectrometry aims to locate
anomalous radioactivity related to near-surface showings and
radioactive boulder trains such as those that led to the discovery
of several notable uranium deposits including Key Lake and Triple
R.
Staking
Five claims, totalling 2193 hectares, were staked during the
summer (Figure 10). This staking was intended to grow the existing
Geiger, Full Moon, and Rapid River tenures and establish the Ward
Creek property in an under-explored prospective corridor.
Corporate Update
On September 27, 2023, IsoEnergy
entered into a definitive arrangement agreement for a
share-for-share merger of IsoEnergy and Consolidated Uranium Inc.
("Consolidated Uranium"), pursuant to which IsoEnergy will acquire
all of the issued and outstanding common shares of Consolidated
Uranium by way of plan of arrangement under the Business
Corporations Act (Ontario). A
vote of Consolidated Uranium shareholders is anticipated to take
place on or about November 28, 2023,
with the transaction expected to close during December 2023 (subject to satisfaction of certain
other customary conditions precedent).
In connection with the merger, on October
19, 2023 IsoEnergy completed a $36.6
million private placement of subscription receipts, with
such subscription receipts automatically convertible for one
IsoEnergy common share on closing of the merger. The arrangement
will create a new, diversified, industry leading uranium
development and exploration company of greater scale that is
focused on growth in Canada,
the United States and Australia.
Qualified Person Statement
The scientific and technical information contained in this news
release was prepared by Darryl
Clark, P.Geo., IsoEnergy's 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. 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 .
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. 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.