IsoEnergy Stakes Six New Uranium Exploration Properties in the Eastern Athabasca Basin
Vancouver, BC, May 26, 2020 – IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV: ISO; OTCQX: ISENF) is pleased to announce the acquisition through staking of six new uranium exploration properties totaling over 57,000ha in the prolific Eastern Athabasca Basin of Saskatchewan (Figure 1). All of the new claims are 100% owned by IsoEnergy.
New Property Summary:
- Hawk: 6,000ha located 37km west of Larocque East, home of the Hurricane Zone
- Clover: 24,000ha with over 40km of electromagnetic (EM) geophysical conductors
- Tower: 6,300ha located 11km southeast of the Cigar Lake uranium mine
- Trident: 9,500ha located along the eastern basin margin 8km south of the Rabbit Lake uranium mill
- Gemini: 5,800ha located along the eastern basin margin 60km northeast of the Key Lake uranium mill
- Spruce: 6,000ha located along the southern basin margin immediately west of the Evergreen property
With the addition of these newly staked properties, the Company now has 21 uranium exploration properties in the Eastern Athabasca Basin. Including some recently staked extensions to existing properties, the total area of IsoEnergy’s uranium exploration mineral tenure in the Athabasca basin is now 170,700ha. Historical work on all of the new claims, particularly airborne and ground geophysical surveys and core drilling, will be compiled and integrated with IsoEnergy’s existing datasets. As the company’s focus is currently the Hurricane zone, there is no plan to conduct fieldwork on any of these newly staked claims in 2020 and there is no regulatory requirement to do any fieldwork until 2022.
Steve Blower, Vice President of Exploration commented: “These properties have been on our radar for some time, and with the uranium price gaining momentum we elected to secure the tenure now. Every one of these properties has good uranium exploration potential given the presence of drill-ready targets on conductive features and/or proximity to known deposits.”
The 6,000ha Hawk property was staked to cover an area of low magnetic susceptibility (mag low) indicating the presence of prospective metasedimentary rocks in the basement. Within the mag low there is over 16km of northeast-southwest and east-west EM conductors that suggest the presence of favourably oriented graphitic gneisses (Figure 2). Only one historical drill hole has ever been completed on the property. Unconformity depth is expected to be 600-700m.
A total of 24,000ha of new claims were staked to cover over 40km of northeast oriented EM conductors (Figure 3) within mag lows at the Clover property. Despite the long strike length of conductive basement rocks, there are only three historical drill holes on this large property. Depth to the unconformity is expected to be 700-800m.
The Tower property is characterized by significant relief in regional airborne magnetic datasets, including the presence of northeast oriented mag low anomalies. These features suggest a complex structural history which is favourable for the formation of uranium deposits. Importantly, the property is located only 11km southeast of the Cigar Lake uranium mine (Figure 4).
Trident is located along Hwy 905 along the eastern rim of the Athabasca basin, 8km south of the Rabbit Lake uranium mill (Figure 5). The claims were staked to cover four different trends of EM conductors, all of which are just outside the basin margin. Therefore, there is no sandstone cover on the Trident property and the target will be basement hosted uranium mineralization. Several mineral occurrences are documented, including a uraniferous boulder field that is partly on the property, plus an outcrop of unconformity-related pitchblende mineralization.
The Gemini property is also located along the eastern basin margin, 31km southwest of the Company’s East Rim property, and 60km northeast of the Key Lake uranium mill. The tenure was acquired to cover previously located EM conductors and a radioactive muskeg occurrence under very thin sandstone cover (0-100m). A property map is shown in Figure 6.
The Spruce property covers parts of three conductive trends immediately west of the Evergreen property (Figure 7). Like many of the Company’s new properties, sandstone cover is very thin (0-100m) and there are known uranium and uranium pathfinder occurrences nearby.
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 NI 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.
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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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.
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