IsoEnergy Acquires Mountain Lake Uranium Deposit
IsoEnergy Acquires Mountain Lake Uranium Deposit
Vancouver, BC, February 2, 2017 – IsoEnergy Ltd. (“ IsoEnergy ” or the “ Company ”) ( TSXV:ISO ) is pleased to
report that it has acquired the Mountain Lake uranium deposit in the Hornby Bay Basin, Nunavut. The property
consists of five claims totaling 5,625 hectares and was acquired by staking. Mountain Lake is located 100
kilometres southwest of the coastal community of Kugluktuk.
Mountain Lake Uranium Deposit
Discovered in 1976, the property area was the subje ct of intense exploration during the 1970s and 1980 's,
when Acquitaine Company of Canada and Esso Resource s Canada completed 190 drill holes totaling
approximately 22,000 m on the project area. Pitchstone Exploration Ltd. (Pitchstone) and Triex Minerals Corp.
(Triex) carried out additional exploration during t he period 2005-2008, including the completion of 30 drill
holes in the area, 15 of which were located within or immediately adjacent to the Mountain Lake deposit itself.
Figure 1 shows the location of the deposit relative to the newly staked claims.
Uranium mineralization at Mountain Lake is hosted w ithin sandstone of the mid-Proterozoic Dismal Lakes
Group within the Hornby Bay Basin. The deposit is a shallow-dipping (5-10 degrees) tabular zone of st rata-
bound mineralization that extends from the top of t he bedrock (10-30 metres below surface) down to
approximately 180 metres below surface at its deepe st point. Overall the mineralization covers an are a
measuring 1,300 metres long and up to 320 metres wide. The thickness ranges from 1.0 to 6.5 metres. High
grade mineralization is locally present, with drill intersections returning up to 5.19% U 3O8 over 0.9 metres.
IsoEnergy intends to complete a detailed review of all historical data from the property and develop a n
exploration plan to discover new uranium deposits or extensions of existing mineralization.
Craig Parry, President and CEO, commented: “We are very pleased to have secured at minimal cost, by way of
staking ground, a significant land package hosting a historic uranium resource. This acquisition is in-line with
IsoEnergy’s strategy of utilizing in-house knowledg e and experience to identify, acquire and explore
undervalued uranium assets with strong exploration potential in Canada. Mountain Lake has the potential to
provide IsoEnergy with both an initial resource bas e and option value in the current resurgent uranium
commodity and equity markets.”
Historical Mineral Resource
The property contains a historical inferred mineral resource estimate of 8.2 million pounds U 3O8 with an
average grade of 0.23% U 3O8 contained in 1.6 million tonnes of mineralization. The estimate was reported in
the technical report entitled “Mountain Lake Proper ty, Nunavut” prepared for Triex and dated February 15,
2005. This resource is a historical estimate and a qualified person has not done sufficient work to classify the
historical estimate as current mineral resources. As a result, the historical estimate is not being t reated as a
current mineral resource. However, the Company believes that the historical estimate is relevant and reliable,
as it was prepared by a Qualified Person (as defined in National Instrument 43-101 – Standards of Disclosure
for Mineral Projects ) with significant experience on the project, using methods that were standard in the
industry. In order to upgrade or verify the histor ical estimate as current mineral resources, the Com pany
anticipates that it will need to incorporate the drilling data collected by Triex and Pitchstone in 2006-2008. The
historical resource uses the “inferred mineral resource” category set out in section 1.2 of National Instrument
43-101. There are no more recent estimates available to the Company.
The historical estimate was prepared with the polygonal method using only intervals greater than 0.1% U3O8
with a vertical thickness of at least 1.0 metre. Polygon sides were determined by drawing lines perpendicular
to, and one half the distance to each adjacent drill hole. Estimated uranium was then obtained by multiplying
the polygon areas by their thickness, a specific gr avity of 2.5, and the grade of the drill hole inter val. The
mineral resource was classified as inferred.
Figure 1 – Mountain Lake Property Claims and Deposit Outline
Qualified Person Statement
The disclosure of a scientific or technical nature 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.
About IsoEnergy
IsoEnergy Ltd. is a well-funded uranium exploration and development company. In addition to the Mountain
Lake property in Nunavut, the company is actively exploring a portfolio of prospective projects in the eastern
Athabasca Basin in Saskatchewan, Canada. IsoEnergy is led by a Board and Management team with a track
record of success in uranium exploration, developme nt and operations. The Company was founded and is
supported by the team at its major shareholder NexGen Energy Ltd.
Craig Parry
President and Chief Executive Officer
IsoEnergy Ltd.
+1 778 379 3211
www.isoenergy.ca
Investor Relations
Kin Communications
+1 604 684 6730
www.isoenergy.ca
The TSXV has neither approved nor disapproved the c ontents of this press release. Neither the TSXV nor its
Regulation Services Provider (as that term is defin ed in the policies of the TSXV) accepts responsibil ity for the
adequacy or accuracy of this release.
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities
legislation. “Forward-looking information” include s, but is not limited to, statements with respect t o the
activities, events or developments that the Company expects or anticipates will or may occur in the fu ture,
including, without limitation, planned exploration activities. Generally, but not always, forward-look ing
information and statements can be identified by the use of words such as “plans”, “expects”, “is expec ted”,
“budget”, “scheduled”, “estimates”, “forecasts”, “i ntends”, “anticipates”, or “believes” or the negati ve
connotation thereof or variations of such words and phrases or state that certain actions, events or r esults
“may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation 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 genera l business and economic conditions will not change in a
material adverse manner, that financing will be ava ilable if and when needed and on reasonable terms, and
that third party contractors, equipment and supplie s and governmental and other approvals required to
conduct the Company’s planned exploration activitie s will be available on reasonable terms and in a ti mely
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 inv olve 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, potential forfeiture of the Radio Option Agreement, the
limited operating history of the Company, the influ ence of a large shareholder, alternative sources o f 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 we ather and other natural phenomena and other risks
associated with the mineral exploration industry, e nvironmental risks, changes in laws and regulations ,
community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify impo rtant factors that could cause actual results to di ffer
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 stat ements 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 stateme nts 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.