IsoEnergy Reports Geochemical Results From Geiger Property Drilling
VANCOUVER, April 26, 2018 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO; OTCQX: ISENF) is pleased to report analytical geochemistry results from samples collected from drill holes GG18-08 and GG18-09 during a recently completed core drilling program at its 100% owned Geiger property (the "Property") in the Eastern Athabasca Basin region of Saskatchewan. Highlights include a sample containing 0.35% U3O8 over 0.2 metres in drill hole GG18-08, within a larger 2.0 metre interval (above a cutoff of 100 ppm U3O8) that averages 0.11% U3O8 from 271.2 to 273.2 metres. Additionally, drill hole GG18-09 returned a 15.0 metre interval (also above a cutoff of 100 ppm U3O8) that averages 0.03% U3O8 from 207.0 to 222.0 metres. Both drill holes also intersected elevated uranium pathfinder elements.
Drill Hole GG18-08
Designed to evaluate extensions of basement hosted mineralization in historic drill hole HL-76 (0.65% U3O8 over 0.1 metre), drill hole GG18-08 was completed as a 50 metre step-out along-strike to the northeast (see the IsoEnergy news release dated March 5, 2018). It intersected 2.0 metres (271.2-273.2 metres) of 0.11% U3O8, 2,227 ppm V, 580 ppm Ni, 407 ppm Co, and 1.5 g/t Ag. The interval includes 0.2 metres (271.2-271.4 metres) of 0.35% U3O8, 9,320 ppm V, 2,060 ppm Ni, 1,560 ppm Co, and 5.9 g/t Ag. Uranium mineralization in drill hole GG18-08, like that in drill hole HL-76, is basement hosted. The sub-Athabasca unconformity was intersected at 256.3 metres. The intersection in GG18-08 is open in several directions, including down-dip, up-dip to the unconformity, and along-strike to the northwest.
A separate zone of high grade base metal mineralization was also intersected in the basement, consisting of 0.7 metres (400.1-400.8 metres) of 5.14% Zn, 0.10% Pb and 2.0 g/t Ag. It is unclear whether the base metal interval is related to the uranium mineralizing event.
Drill Hole GG18-09
Drill hole GG18-09 was designed to evaluate extensions of basement hosted uranium mineralization in historic drill hole HL-50 (2.7% U3O8 over 1.2 metres), located approximately 1.7 kilometres southwest of GG18-08. The uranium mineralized interval in drill hole GG18-09 is much thicker than GG18-08 and straddles the sub-Athabasca unconformity. Within the 19.3 metre interval of elevated radioactivity reported previously (see the IsoEnergy news release dated March 13, 2018), a 15.0 metre interval (207.0 to 222.0 metres) averages 0.03% U3O8, 2,600 ppm Cu, 998 ppm Ni, 943 ppm Zn and 2.4 g/t Ag. This broad interval includes individual samples with up to 14,700 ppm Cu, 3,130 ppm Ni, 407 ppm Co, 3,670 ppm Zn and 6.4 g/t Ag.
A second, narrower zone of uranium mineralization was intersected deeper in the basement. It consists of a 0.7 metre interval that averages 0.02% U3O8 and 795 ppm Cu from 251.8-252.5 metres. The closest drill hole along-strike to the southwest is located 150 metres away and likely missed the target horizon given the reported basement geology. Therefore, the mineralized zones are open along-strike to the southwest.
Summer Drilling Plans
A summer core drilling program to follow up on the results in drill holes GG18-08 and GG18-09 is being planned. Drilling will likely begin in June and will consist of 8-10 holes targeting both areas.
Steve Blower, Vice President of Exploration commented: "The geochemical results from both drill holes GG18-08 and GG18-09 are encouraging, and further support our view that the Geiger property remains highly prospective for the discovery of economic uranium deposits. I'm particularly encouraged by the robustness of the intersections and the open nature of the mineralization. Our technical team that includes Senior Geologist Andy Carmichael and Geologist Justin Rodko, has done a terrific job of identifying and prioritizing drill targets at Geiger and has delivered outstanding follow-up results."
Craig Parry, Chief Executive Officer commented: "I'm pleased to see our strategy of building on our portfolio of exploration properties in the highly prospective eastern Athabasca Basin is yielding exciting exploration results. The recent closing of our fund raising puts us in an excellent position to follow up these results with a summer drill program and we look forward to reporting on this work when it commences."
Qualified Person Statement
The scientific and technical information contained in this news release was prepared by Steve Blower, P.Geo., IsoEnergy's Vice President, Exploration, who is a "qualified person" (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects). Mr. Blower 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.
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 and completion of the acquisition of the Property. 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 and that the acquisition of the Property will be completed on the terms currently agreed to. 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.
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