IsoEnergy begins drilling program to extend high grade uranium at the Geiger property
VANCOUVER, Jan. 25, 2018 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO; OTCQX: ISENF) is pleased to announce that it has begun a program of core drilling targeting basement-hosted mineralization at its 100% owned Geiger uranium property (the "Property") in the Eastern Athabasca Basin of Saskatchewan.
The Geiger property is located 13 kilometres northwest of IsoEnergy's Radio property near several uranium deposits, mines and mills. The Roughrider and Midwest deposits are both within 20 kilometres of the Property, as is AREVA'S McClean Lake uranium mine and mill. Figure 1 shows the location of the Geiger claims relative to Radio, nearby uranium deposits and supporting infrastructure in the area.
Geiger is adjacent to the Wollaston-Mudjatik transition zone, a major crustal-scale structural zone related to most of the major uranium deposits in the eastern Athabasca Basin. Sandstone cover at the Property is thin and ranges between 101 metres and 358 metres. High grade basement hosted uranium mineralization is present on the Property and it is the focus of IsoEnergy's exploration efforts. Drill hole HL-50 intersected 2.74% U3O8 over 1.2 metres in the basement on the H11 South conductor. Follow-up efforts were focused primarily on locating mineralization at the sub-Athabasca unconformity. Consequently, opportunities for additional basement hosted mineralization proximal to HL-50 are considered excellent. Additionally, drill hole HL-76 was completed 1.6 kilometres along strike to the northeast along the same conductor as HL-50 and intersected 0.65% U3O8 over 0.1 metres. Mineralization in HL-76 is located in the basement and is part of a broader 27 meter thick zone of strong alteration and elevated geochemistry.
A program of 2,800 metres of core drilling is planned in 8 drill holes. There are two target areas which surround the mineralization observed in drill holes HL-50 and HL-76, described above. The drilling areas are shown on the map in Figure 2. The objective of the program is to evaluate both areas for extensions of previously drilled, basement hosted mineralization. The results will be used to determine the orientation and morphology of the mineralization and alteration, allowing the Company's technical team to vector into the core of the systems.
Drilling operations are expected to be complete by the end of February, 2018.
On January 8, 2018, the Company granted an aggregate of 440,000 stock options to employees, consultants and directors, each having an exercise price of $0.57, a term of five years and vesting in three annual instalments commencing on January 8, 2018.
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.