TORONTO, Jan. 14,
2025 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the
"Company") (TSX: ISO) (OTCQX: ISENF) is pleased to
announce the commencement of its 2025 winter exploration program in
the eastern Athabasca Basin,
Canada (Figure 1) designed to
build on the Company's successful 2024 season. A total of 8,800
metres of drilling are planned on the Larocque East project, which
contains the high-grade Hurricane deposit, with mobilization to the
project underway. The focus of the program is twofold, with
drilling to test resource expansion potential near the Hurricane
deposit and the evaluation of greenfield targets along the Larocque
Trend ("Larocque Trend") east of Hurricane. Geophysical surveys are
also planned on the Hawk,
Evergreen and East Rim projects to advance these early-stage
projects to the drill ready stage. A total budget of $5.3 million has been approved for the winter
exploration programs in the Athabasca Basin.
Highlights
- Hurricane Deposit Resource Expansion
- Approximately 2,800 metres of drilling in seven holes will
target gaps in historic drilling near the Hurricane deposit and
2024's Target Area B (Figure 2).
- Drilling will test areas where prior results indicate
geochemical anomalies and alteration associated with fault
extensions that control mineralization within the Hurricane
resource (Figure 2).
- Greenfield Targets Along the Larocque Trend
- Up to 6,000 metres of drilling in 15 holes will test
a six-kilometre segment of the Larocque Trend east of the
Hurricane deposit (Figures 3 and 4).
- Drilling will focus initially on three target areas (D, E, and
F) identified through 2024's integration of geophysical and
geochemical data. The trend on which these target areas lie extends
eastward on to IsoEnergy and Purepoint Uranium's joint venture
announced late last year (Figure 2).
- Geophysical Surveys on Highly Ranked, Early-Stage
Projects
- Ground geophysical surveys are planned on the East Rim,
Evergreen, and Hawk projects (Figure 1) to advance targets to the
drill-ready stage.
Dan Brisbin, Vice President of
Exploration, stated, "We are eager to launch our winter exploration
program, which includes testing deposit expansion targets around
the margins of the Hurricane deposit and exploring for new deposits
along the highly prospective Larocque Trend. Targets on this
corridor were identified through a comprehensive integration of
drill hole geology, geochemistry, alteration mineralogy, and
geophysical data, including electromagnetic, DC resistivity, and
ANT surveys. The approach builds on the understanding that
Athabasca uranium deposits often
consist of multiple zones distributed along trends several
kilometres in length, suggesting the potential for additional
discoveries beyond the Hurricane deposit. Drilling in the
easternmost target areas of the Larocque East project will also
enhance our understanding of favourable structural trends extending
onto the Turnor Lake project to
the east, where our joint venture partner, Purepoint Uranium, is
advancing plans for future drilling."
Resource Expansion Targets at Hurricane
Drilling will commence with testing resource expansion targets
near the Hurricane deposit and between it and 2024 Target Area B
(Figure 2). Review of 2024 and past drill results has highlighted
gaps in drill hole patterns where nearby holes intersected
indicative geochemistry and alteration along projected extensions
of faults which control mineralization within the Hurricane
resource.
Historical results on the south side of the Hurricane deposit
are encouraging, with drill hole LE22-115A intersecting 1% U₃O₈
over 2.0 m and LE21-101 intersecting
0.6% U₃O₈ over 4.5 m, including a
higher-grade interval of 3.1% U₃O₈ over 0.5
m (see November 16, 2021, and
July 15, 2022, press releases). These
intersections are proximal to a fault that controls a southern
high-grade lens in the resource, underscoring the structural
influence on mineralization and opening the possibility to extend
the existing lens or identify additional mineralized lenses along
this southern fault outside of the existing resource footprint.
Holes from the east end of the Hurricane resource footprint and
to the east end of ambient noise tomography ("ANT") target Area B
drilled in 2024 have strong illite clay alteration and uranium
partial ("Up") geochemical signatures, and structural disruption so
additional holes are planned to test drilling gaps in this area
that is along the eastward strike extension of the faults that
control the main portion of the Hurricane deposit.
Finally, review of historical drill hole data reveals that the
northern faults at Hurricane – intersected in holes drilled from
the north to intersect the deposit at depth (e.g. LE19-15) - remain
largely untested at the unconformity, presenting a compelling
target which will be tested this winter.
Regional Targets on the Larocque Trend
With addition of a second drill rig, drilling of greenfield
targets are expected to proceed from west to east across the
Larocque Trend, as drill trails are prepared. The Larocque Trend is
an important regional structure that hosts the world-class
Hurricane deposit and other notable high-grade occurrences
including those on Cameco/Orano's Dawn
Lake joint venture (Figure 3).
* See Qualified Person Statement below.
Three of the target areas (D, E, and F) defined in 2024 that
will be prioritized are characterized by anomalous Up geochemistry,
indicative clay species alteration mineralogy, and prospective
structure projected from nearby holes within the Larocque Trend and
within seismic low velocity zones defined by 2024 ANT surveys and
resistivity lows outlined by past DC-resistivity surveys. A joint
inversion of electromagnetic and DC resistivity data to develop
improved resistivity mapping of alteration is in progress and will
be used in refining drill targets. Planned drill holes will be
focussed initially in areas D, E and F and plans will evolve
depending on results as the program proceeds. Unconformity target
depth shallows to the east and is at 175
m vertical depth in hole LE24-180 at Area E versus a
325 m at the Hurricane deposit.
Area D, corresponding to adjacent portions of areas D, I and J
as defined by 2024 ANT surveys (see November
6, 2024, press release). The target area coincides with ANT
low velocity and low DC-resistivity zones on the conductor corridor
zone. Drill hole LE22-116 intersected 369 parts per million uranium
partial ("ppm Up") in basal sandstone from 281.5 to 282.0 m and 2,750 ppm Up from 282.0 to
282.5 m in the basement (see
July 15, 2022, press release).
Similarly, drill hole LE24-177, completed during the summer of
2024, intersected up to 42.8 ppm Up in basal sandstone. This hole
also encountered strong alteration features, including hydrothermal
hematite and clay, along with significant sandstone structural
characteristics.
Area E corresponds to an ANT velocity low roughly coincident
with the hinge of an east-trending, moderately west-plunging fold
at the east end of the property, where IsoEnergy's 2024 summer
drilling following up on historic hole KER-17 intersected
significant structures in all drill holes. Drill hole LE24-192
recorded up to 334 ppm Up over 0.5 m
in sandstone and up to 1,110 ppm Up in the basement. Drill hole
LE24-180 intersected up to 462 ppm Up in sandstone, while LE24-190
encountered strong clay alteration and structural features from
209 m to the unconformity at
268.6 m. Additionally, this hole
recorded >1 ppm Up below 180 m in
sandstone, with a maximum of 7.0 ppm Up from 265.1 to 265.6 m.
Area F, located in the northeast, is centered on the conductor
corridor and aligns with roughly coincident ANT velocity low and
resistivity anomalies. 2025 drilling in areas E and F will also
help correlations between fertile trends on the Larocque East
project and conductors on the Turnor
Lake project to the east which is now part of a joint
venture between IsoEnergy and Purepoint created in 2024 and on
which Purepoint, as the exploration operator, is proposing
exploration plans for 2025.
Developing Drill Targets on Additional Highly Ranked
Projects
Ground gravity surveys are planned on the East Rim and Evergreen
projects (Figure 1) that cover multiple conductive and structural
corridors on the southeast basin margin. Stepwise moving loop
electromagnetic surveys are planned for the Hawk project (Figure 1) to further refine
the interpretation of conductor plates (proxies for graphitic
faults and rock units) that are used along with low seismic
velocity zones mapped by ANT surveys (proxies for rock alteration)
and existing drill hole geology and geochemistry information to
identify drill targets on the Hawk
project. The goal of these geophysical surveys is to advance
targets on these highly prospective early-stage projects to the
drill-ready stage. Contractor selection is in progress and work
permits are expected to be received in February 2025.
Update on Plan of Arrangement with Anfield
IsoEnergy also wishes to provide an update in connection with
the previously announced plan of arrangement with Anfield Energy
Inc. ("Anfield") under the
Business Corporations Act (British
Columbia) (the "Arrangement"). While the outside date
under the arrangement agreement has passed, IsoEnergy is continuing
to consider the Arrangement and potential options and alternatives.
IsoEnergy will update the market as soon as further information
becomes available.
Qualified Person Statement
The scientific and technical information contained in this news
release was reviewed and approved by Dr. Dan Brisbin, P.Geo., IsoEnergy's Vice President,
Exploration, who is a "Qualified Person" (as defined in NI 43-101
– Standards of Disclosure for Mineral Projects). All 'HK'
and 'LE' series drill holes were completed by IsoEnergy, and
geochemical analyses were completed for the Company by SRC
Geoanalytical Laboratories ("SRC") in Saskatoon, Saskatchewan, which is independent
of the Company. All other drill holes were completed by previous
operators and geochemical assay data has been compiled from
historical assessment reports or provided by the previous
operator(s).
For additional information regarding the Company's Larocque East
Project, including the current mineral resource estimate for
IsoEnergy's Hurricane Deposit [and the quality assurance and
quality control ("QA/QC") procedures applied to the
exploration work described in this news release, please see the
Technical Report titled "Technical Report on the Larocque East
Project, Northern Saskatchewan,
Canada" dated August 4, 2022,
on the Company's profile at www.sedarplus.ca.
Quality Assurance and Quality Control (QA/QC)
Quality Assurance in uranium exploration benefits from the use
of down-hole gamma probes and hand- held
scintillometers/spectrometers, as discrepancies between
radioactivity levels and geochemistry can be readily
identified.
IsoEnergy implemented its QA/QC program in 2019. CRMs are used
to determine laboratory accuracy in the analysis of mineralized and
unmineralized samples. Duplicate samples are used to determine
analytical precision and repeatability. Blank samples are used to
test for cross contamination during preparation and analysis
stages. For each mineralized drill hole at least one certified
reference material (CRM) blank, one CRM standard, and one duplicate
sample (MDUP) is inserted in the MINZ sample series. One of two CRM
standards is used: OREAS 124 (O124) if maximum grade is <1%
eU3O8 or BL-5 (BL5) if maximum grade is
>1% eU3O8.
For unmineralized samples such as composite and spot samples,
field insertions are made at the rate of 1% for blanks, 2% for
duplicates and 1% CRMs. The following protocols are
followed:
- Sample IDs ending in 00 will be certified blanks (BLA1).
- Sample IDs ending in 25 and 75 will be duplicates (DUPL) of the
preceding sample.
- Sample IDs ending in 50 will be CRM OREAS 120 (O120).
In addition to IsoEnergy's QA/QC program, SRC conducted an
independent QA/QC program, and its laboratory repeats (REPT),
non-radioactive laboratory standards (LSTD), and radioactive lab
standards (BL2A, BL4A, BL5) were monitored and tracked by IsoEnergy
staff.
No QA/QC samples are inserted for reflectance samples as
analyses are semi-quantitative only.
Assaying and Analytical Procedures
Composite and spot samples were shipped to SRC Geoanalytical
Laboratories in Saskatoon for
sample preparation and analysis. SRC is an independent laboratory
with ISO/IEC 17025: 2005 accreditation for the relevant
procedures.
The samples were then dried, crushed, and pulverized as part of
the ICPMS Exploration Package (codes ICPMS1 and ICPMS2) plus boron
(code Boron). Samples were analyzed for uranium content, a variety
of pathfinder elements, rare earth elements, and whole rock
constituents with the ICPMS Exploration Package (plus boron). The
Exploration Package consists of three analyses using a combination
of inductively coupled plasma - mass spectrometry, inductively
coupled plasma-optical emission spectrometry ("ICP- OES"), and
partial or total acid digestion of one aliquot of representative
sample pulp per analysis. Total digestion is performed via a
combination of hydrofluoric, nitric, and perchloric acids while
partial digestion is completed via nitric and hydrochloric acids.
In-house quality control performed by SRC consists of multiple
instrumental and analytic checks using an in-house standard ASR316.
Instrumental check protocols consist of two calibration blanks and
two calibration standards. Analytical protocols require one blank,
two QA/QC standards, and one replicate sample analysis.
Samples with radioactivity over 350 CPS measured by Radiation
Solutions RS- 125 were also shipped to SRC. Sample preparation
procedures are the same as for the ICPMS Exploration Package,
samples were analyzed by ICP-OES only (Code ICP1) and for
U3O8 using hydrochloric and nitric acid
digestion followed by ICP-OES finish, capable of detecting
U3O8 weight percent as low as
0.001%.
Selective samples to be analyzed for gold, and in some
instances, platinum and palladium, by fire assay using aqua regia
digestion with ICP-OES finish. Analytical protocols utilized
replicate sample analysis; however, no in-house standards were used
for these small batches. Boron analysis has a lower detection limit
of 2 ppm and is completed via ICP-OES after the aliquot is fused in
a mixture of sodium superoxide (NaO2) and NaCO3. SRC in-house
quality control for boron analysis consists of a blank, QC
standards and one replicate with each batch of samples.
Borehole Radiometric Probing Method
All successfully completed 2024 drillholes were radiometrically
logged using calibrated downhole Mount Sopris 2PGA-1000 probe which
collects reading every 10 cm along the length of the drillhole. The
2PGA-probe was sourced from Alpha Nuclear and was calibrated for
the summer 2024 program by IsoEnergy geologists at Saskatchewan
Research Council facility in Saskatoon in May
2024. The total count gamma readings using the 2PGA-1000
probe may not be directly or uniformly related to uranium grades of
the interval measured and are only a preliminary indication of the
presence of radioactive minerals.
Sample Collection Methods
All drill core was systematically logged to record its
geological and geotechnical attributes by IsoEnergy geologists and
geological technicians. All drill core is systematically
photographed and scanned for radioactivity with a handheld
Radiation Solutions RS-125 spectrometer. IsoEnergy geologists
marked sample intervals and sample types to be collected based on
geological features in the core and on radioactivity measured with
the RS-125 in counts per second (CPS). Geologists and geological
technicians complete the on-site collection of several types of
samples from drill cores.
Composite geochemistry samples consist of roughly
one-centimetre-long chips of core collected every 1.5 m to geochemically characterize unmineralized
sections of sandstone and basement. Composite sample lengths are
between five and ten m (typically 3
to 7 chips per sample). A minor revision to the sampling protocols
introduced in 2024 is that rather than maintaining five metre
sample lengths from 50 m above the
unconformity to the unconformity, for five metres above and two
metres below the unconformity composite sample intervals are now
only 0.5 m long and the samples are
composed of several chips of core in each interval. This is to
provide better resolution of anomalous geochemistry along the
unconformity, especially in greenfield exploration drill holes.
Split-core"spot" (i.e., representative) samples were collected
through zones of significant but unmineralized alteration and/or
structure. Spot sample length varies depending on the width of the
feature of interest but are generally 0.5
m in length.
Split-core mineralization ("MINZ") samples are collected through
zones of elevated radioactivity exceeding 350 CPS measured via
RS-125 handheld spectrometer. MINZ samples are generally
0.5 m in length. One half of the core
was collected for geochemical analysis while the remaining half is
returned to the core box for storage on site. Intervals covered by
MINZ samples are contiguous with and do not overlap intervals
covered by composite samples.
Systematic short-wave infrared ("SWIR") reflectance ("REFL")
samples were collected from approximately the middle of each
composite sample for analysis of clays, micas, and a suite of other
generally hydrous minerals which have exploration significance.
Spot reflectance samples were collected where warranted (i.e.,
fracture coatings). Reflectance samples are not collected through
mineralized zone.
For lithogeochemistry samples, sample tags with the sample
number were placed in the sample bags before they are sealed and
packed in plastic pails or steel drums for shipment to the
Saskatchewan Research Council ("SRC") Geoanalytical Laboratories in
Saskatoon, Saskatchewan. A second
set of sample tags with the depth interval and sample number were
stapled in the core box at the end of each sample interval. A third
set of sample tag with the drill hole number, sample depth
interval, and sample number were retained in the sample book for
archiving. SWIR reflectance samples are tagged in a similar fashion
as lithogeochemistry samples.
Geologists entered all geological, geotechnical and sample
interval data into IsoEnergy's drill hole database during core
logging.
Sample Shipment and Security
Drill core was delivered from the drill to IsoEnergy's core
handling facilities at the Larocque Lake camp thereafter.
Individual core samples were collected at the core facilities by
manual splitting. They were tagged, bagged, and then packaged in
five-gallon plastic buckets or steel IP-2 drums for shipment to SRC
labs in Saskatoon. Shipment to the
laboratory was completed by IsoEnergy's expeditor, Little Rock
Enterprises of La Ronge,
Saskatchewan and by Points North Freight Forwarding Inc. of
Points North Landing, Saskatchewan.
About IsoEnergy Ltd.
IsoEnergy Ltd. (TSX: ISO) (OTCQX: ISENF) is a leading, globally
diversified uranium company with substantial current and historical
mineral resources in top uranium mining jurisdictions of
Canada, the U.S., Australia, and Argentina at varying stages of development,
providing near, medium, and long-term leverage to rising uranium
prices. IsoEnergy is currently advancing its Larocque East Project
in Canada's Athabasca Basin, which is home to the
Hurricane deposit, boasting the world's highest grade Indicated
uranium Mineral Resource.
IsoEnergy also holds a portfolio of permitted past-producing
conventional uranium and vanadium mines in Utah with a toll milling arrangement in place
with Energy Fuels Inc. These mines are currently on stand-by, ready
for rapid restart as market conditions permit, positioning
IsoEnergy as a near-term uranium producer.
www.isoenergy.ca
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.
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 for 2025 and the anticipated results
thereof; and statements with respect to the potential consummation
of the Arrangement or other options and alternatives. 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 and will be
reported when 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, that IsoEnergy and
Anfield will complete the
Arrangement in accordance with the terms contemplated or at all,
that the conditions to closing of the Arrangement can or will be
satisfied, that other options and alternatives to the Arrangement
will be available to IsoEnergy. 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, delays in obtaining
governmental or other approval, the inability of IsoEnergy and
Anfield to complete the
Arrangement; the occurrence of a material adverse change in the
timing of and the terms and conditions upon which the Arrangement
is completed, the inability to satisfy or waive all conditions to
closing the Arrangement or any potential options and
alternatives. Other factors which could materially
affect such forward-looking information are described in the risk
factors in IsoEnergy's most recent annual information form and
other filings with the Canadian securities regulators which are
available on IsoEnergy's profile on SEDAR+ at
www.sedarplus.ca.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/isoenergy-commences-athabasca-basin-winter-2025-exploration-program-302350341.html
SOURCE IsoEnergy Ltd.