IsoEnergy Intersects Additional Elevated Radioactivity at the Geiger Uranium Property
VANCOUVER, March 13, 2018 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO; OTCQX: ISENF) is pleased to announce that it has intersected a second zone of elevated radioactivity during a core drilling program at its 100% owned Geiger property (the "Property") in the Eastern Athabasca Basin region of Saskatchewan.
The additional zone of elevated radioactivity has been intersected in drill hole GG18-09. GG18-09 is located 1.7 kilometres southwest of drill hole GG18-08, which recently intersected a zone of elevated radioactivity reported in a news release dated March 5, 2018. Figure 1 shows the location of both drill holes on the Geiger property. The elevated radioactivity in GG18-09 is relatively thick and straddles the sub-Athabasca unconformity. Radioactivity measured with a 2PGA-1000 total gamma down-hole probe averages 1,370 counts per second (CPS) over 19.3 metres from 203.1-222.4 metres. The maximum probe value within the interval is just over 7,300 CPS. Figure 2 is a cross-section showing the location of the mineralization relative to the interpreted geology. The zone of elevated radioactivity is associated with well-developed and locally massive clay alteration and significant core loss. Analysis of the recovered drill core with a hand-held spectrometer indicates the radioactivity is due to uranium, but geochemical analysis is needed for final confirmation. The drill core has been sampled and geochemical results are pending.
Drill hole GG18-09 is a 50 metre step-out (along strike to the southwest) from historic mineralized drill hole HL-50. HL-50 intersected 2.7% U3O8 over 1.2 metres in basement gneiss just beneath the base of the Athabasca sandstone. The closest drill hole along-strike to the southwest is located 150 metres to the southwest, and likely missed the target horizon given the reported basement geology. Therefore, the mineralized zone is wide open to the southwest and at depth. With the completion of drill hole GG18-09, the winter drilling program at Geiger is now complete. A summer core drilling program to follow up on the results in drill holes GG18-08 and GG18-09 is being planned.
Craig Parry, Chief Executive Officer commented: "I'm very pleased with the results from IsoEnergy's maiden drilling program on the Geiger property, which was only acquired late last year. With two zones of elevated radioactivity and strong alteration which is open in several directions, follow-up drilling during the summer season is clearly warranted on the property."
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.
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.
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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 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.
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SOURCE IsoEnergy Ltd.
Craig Parry, Chief Executive Officer, IsoEnergy Ltd., +1 778 379 3211, email@example.com, www.isoenergy.ca; Investor Relations, Kin Communications, +1 604 684 6730, firstname.lastname@example.org, www.isoenergy.ca