SASKATOON, SK, June 19,
2023 /CNW/ - IsoEnergy Ltd. ("IsoEnergy"
or the "Company") (TSXV: ISO) (OTCQX: ISENF) is pleased to
announce its summer 2023 exploration plans for its eastern
Athabasca Basin uranium properties
(Figure 1).
Summer Program
Highlights:
- Diamond drilling totaling 1,100 metres will be conducted at the
Hurricane deposit to test areas identified with potential for
resource expansion. Additionally, the Company will utilize industry
leading innovative technology to conduct an Ambient Noise
Tomography (ANT) survey on the Hurricane deposit and surrounds.
Further drilling may be conducted on areas potentially identified
through the ANT survey.
- Diamond drilling at the Larocque East, Ranger and Hawk projects
totalling 4,700 metres.
- Airborne geophysical surveying at the East Rim, Trident,
Collins Bay Extension and Full Moon projects.
Tim Gabruch, President and Chief
Executive Officer commented: "A review of the Hurricane resource
drilling, guided by our recently appointed vice-president,
exploration, Dr. Darryl Clark, has
highlighted some areas for further drilling, including significant
step out targets to the north and east of the main zone of
mineralization, aimed at identifying additional mineralized areas
for potential resource extension. In conjunction with this work, we
are excited to apply an innovative geophysical technique using
Ambient Noise Tomography to provide improved geological
information. If this technique is successful, it is expected to
result in fewer drill holes and less environmental impact. This is
consistent with IsoEnergy objectives to limit our footprint as we
undertake to help supply uranium required by the nuclear energy
industry in its role as a key contributor to the green energy
transition and as a secure source of energy globally."
Dr. Darryl Clark, Vice President,
Exploration also commented: "In addition to the exciting work ahead
on our flagship Hurricane project, the upcoming summer program is
an important one for IsoEnergy as we start to systematically test
excellent targets within our pipeline of discovery opportunities.
At Hawk we have been able to integrate the results from our recent
drilling with the magnetic, ZTEM and ground EM data sets to
generate some very compelling targets, within a highly prospective
regional corridor, that has clear potential to host a tier one
uranium deposit. Additionally, reconnaissance drilling at our
early-stage Ranger project will provide valuable geological
information, and an extensive program of airborne surveying will
move several of our projects toward drill-readiness. Lastly,
a review of the previous exploration results at Kernaghan East has
highlighted a yet untested target where we see a potential offset
to the unconformity surface spatially associated with alteration,
anomalous uranium geochemistry and a favourable pyrite-rich
graphitic host all within 170 metres from surface. These key
features combine to highlight the potential for Kernaghan East to
host a near surface uranium deposit."
Summer Exploration Plans
Hurricane, Larocque East
Project
A recent technical review of the Hurricane project has
identified potential areas for resource expansion along the
northern and eastern extents to the known mineralization (Figure
2). Additionally, IsoEnergy plans to conduct an ANT survey directly
over the Hurricane deposit with further survey extensions north,
south and east of the known uranium mineralization, using EXOSPHERE
BY FLEET® (Figure 2). ExoSphere technology by Fleet Space consists
of laying an array of 64 lightweight, battery-powered surface
sensors called Geodes over a 2 km² survey grid to measure naturally
occurring environmental seismic vibrations in the ground (caused by
wave action, weather, and anthropogenic activities) over a six-day
period. The Geodes collect and deliver information in near
real-time to Fleet Space's satellite network. The subsurface ANT
results will be integrated with information that has been gathered
through previous exploration activities. With further processing
and modelling, it may be possible to highlight mineralized zones
associated with changes in seismic velocity. Success in correlating
ANT responses with known uranium mineralization will validate the
use of this innovative technique in defining additional drill
targets at Hurricane and other projects. The summer drill program
will comprise approximately 1,100 metres. The main objective of
this drilling will be to extend the resource footprint and assess
the potential of the ANT technology to highlight density contrasts
associated with uranium mineralisation. Further information on the
ANT survey method and examples of case histories can be found at
https://fleetspace.com/mineral-exploration.
Kernaghan, Larocque East
Project
On the Kernaghan trend, where historical drilling identified
over 40 metres of unconformity topography associated with anomalous
geochemistry in the Athabasca
sandstones, the summer drill program will comprise two drill holes
totalling 600 metres. The main objective of the drilling is to test
a 40-metre-thick pyrite-bearing graphitic unit at the
unconformity. This target is proximal to hydrothermal clay
and hematite alteration that is spatially associated with elevated
uranium geochemistry previously intersected in exploration
drilling. Figure 3 shows the general target areas for Larocque East
drilling.
Hawk Project
IsoEnergy recently completed the inversion of historic ZTEM data
along with additional ground EM surveying over its Hawk property.
The ZTEM inversion highlights the extent of the conductive trend
within the property and correlates well with the ground EM data
that has been collected over the past two years, as shown in Figure
4.
Drilling planned at Hawk comprises three drill holes totalling
2,500 metres. These drill holes will follow up targets identified
from the integration of significant sandstone alteration in recent
drilling (IsoEnergy Ltd. News Release April
21, 2023), ground EM, and the ZTEM inversion, where a highly
prospective target area has been highlighted. Figure 4 shows the
relative location of the drill target areas and the interpreted
conductor traces hosted within the zone of low magnetic
susceptibility. The primary objective of this drilling is to
test for uranium mineralisation hosted at the unconformity. To
accurately characterise the geochemical fingerprint of the altered
rocks immediately above and below the unconformity, further
sampling of the existing drill holes HK23-03 and HK23-05A will be
conducted during the summer field season. This additional data
will aid vectoring exploration efforts towards higher grade uranium
mineralisation.
Ranger Project
As at Hawk, electromagnetic surveying completed at Ranger during
winter 2022 advanced the project to a drill-ready state. The winter
survey work mapped weakly to moderately conductive trends in two
areas. The northwestern conductive trends are associated with
magnetic breaks and are completely untested by historic drilling
within the project. The southern conductive trends are associated
with a magnetic break and the projection of the Bird Lake Fault, a
significant post-Athabasca
structure which has a vertical offset of up to 80 metres. The depth
to the unconformity in the survey area is expected to between 230
and 300 metres. Drilling planned at Ranger consists of four drill
holes totalling 1,600 metres. Figure 4 shows the relative location
of the drill target areas and the interpreted conductor traces. The
primary objective of this drilling is to test for uranium
mineralisation hosted at the unconformity.
Airborne Geophysical Surveying
Xcalibur Multiphysics has been engaged to conduct multiparameter
airborne geophysical surveying at IsoEnergy's early-stage Trident,
Full Moon and Collins Bay Extension projects. The survey will
employ 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 Triple R and Key Lake. Survey work is planned to
commence in August and is expected to be completed in September.
Project locations are shown on Figure 1.
Geotech Ltd has been engaged to conduct a helicopter-borne
Versatile Time Domain Electromagnetic (VTEM™ Plus) and horizontal
magnetic gradiometer geophysical survey at the East Rim project.
The proposed survey is approximately 1,125 line-kilometres (refer
Figure 1). The VTEM™ Plus system is excellent for locating
discrete conductive anomalies as well as mapping lateral and
vertical variations in resistivity. 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 the winter 2024. Survey
work is planned to commence in June and is expected last for 2
weeks. Importantly, the sandstone cover on the property is
thin, ranging between 140 metres and 450 metres in previous
drilling.
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. 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.
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.