IsoEnergy Commences Utah 2024 Exploration Program
IsoEnergy Commences Utah 2024 Exploration Program
Saskatoon, SK, May 6, 2024 – IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV: ISO; OTCQX: ISENF)
is pleased to announce that it has commenced its 2024 exploration program in Utah, focusing on four
projects: the Tony M Mine, the Rim Mine, the Daneros Mine and the Sage Plain project. Situated within
the Colorado Plateau, the mines benefit from underground past-production, and are fully permitted and
in proximity to Energy Fuels’ White Mesa Mill, the only operational conventional uranium mill in the U.S.,
and with whom IsoEnergy has a toll milling agreement . The 2024 exploration program is expected to
complement the Company’s ongoing efforts to reopen the Tony M Mine, as announced on February 29,
2024.
Highlights:
• Geophysical contractors have mobilized to site to commence the initial 8 line-kms of orientation
seismic surveys over the known uranium mineralization at Tony M Mine, Rim Mine, Daneros
Mine and Sage Plain project areas.
• Detailed sedimentological outcrop mapping has commenced at Tony M.
• 14.4 kms of orientation ground Electromagnetic (EM) and Induced Polarisation (IP) surveys are
planned to commence in May.
• Results from the geophysical surveys, sedimentological mapping and historic exploration data
are expected to be integrated to define new exploration targets for subsequent drill testing in
Q4.
Philip Williams, CEO and Director, commented, “ Following the recent passing of a bill to ban Russian
uranium imports into the United States , never before has the need to identify and develop reliable
sources of uranium supply from the United States and other reliable Western jurisdictions been more
evident. This aligns with our efforts to restart production from our past producing, fully permitted mines
in Utah. To further underpin our planned future production and support our planned resource growth,
we are excited to have launched our Utah exploration program. Our technical team has vast experience
in the exploration for uranium deposits across the globe and specifically on the Colorado Plateau . This
experience, combined with the application of cutting-edge geophysical techniques and traditional boots
on the ground mapping, we believe will generate the next phase of discoveries in the Colorado Plateau.”
Figure 1 – Location map of the Tony M Mine, Rim Mine, Daneros Mine, and Sage Plain project in
proximity to Energy Fuels’ White Mesa Mill, the only operational conventional uranium mill in the U.S.
with licensed capacity of over 8Mlbs of U₃O₈ per year, located in Utah.
2024 Exploration Program
The 2024 exploration program in Utah has commenced with field crews being mobilized to the south Utah
project areas. This year’s work will focus on four projects in Utah: Tony M Mine, Rim Mine, Daneros Mine
and the Sage Plain project (Figure 1). The three mines are fully permitted and past-producing underground
mines within the Colorado Plateau. These projects have traditionally relied on being explored and
developed with intensive surface drilling techniques. This legacy work has provided IsoEnergy with a
strong foundation of geologic and resource information on the existing properties. However, work of this
magnitude today would be expensive and time consuming. Numerous recent technological advances in
both the collection and processing of geophysical information may provide a breakthrough in the
exploration methodology used to explore for tabular sandstone uranium deposits. This year’s work is
expected to trial several surface geophysical methods (including seismic and electrical) to identify discrete
drill targets without the need to conduct extensive grid drilling as had been the predominant method of
past exploration programs.
The Tony M Mine, Rim Mine, and Sage Plain project ore bodies are hosted within, and proximal to,
sandstone channels in the Salt Wash member of the Morrison Formation. This is the same formation
which hosts the Uravan Mineral Belt, a prolific uranium mining district which has produced nearly 85
million pounds of U 3O8. The Tony M Mine, Rim Mine, and Sage Plain project all have significant
underground infrastructure and either current mineral resources, in the case of Tony M, or known
historical mineral resources , in the case of Rim and Sage Plain, identified near existing workings. The
Daneros Mine property is hosted within, and proximal to, sandstone channels in the Shinarump member
of the Chinle Formation and is also fully permitted with underground development near known historical
mineral resources. Daneros is part of the White Canyon district which has produced over 20 million
pounds of U3O8.
The sandstone channels that host the uranium minerali zation were deposited in higher energy
depositional regimes that scoured into the paleo topography and created channels of permeable
sandstone in the thick series of finer grained material of the Colorado Plateau. These relatively permeable
sandstone channels were the pathways for the movement of uranium/vanadium pregnant ground waters.
When the permeable sandstones channels deliver the pregnant mineral bearing solutions into proximity
of an oxidation-reduction boundary, usually formed by accumulations of carbon and methane produced
by the decay of organic matter, uranium and vanadium minerals are precipitated. Identification of these
channels, which preferentially control the flow of the metal bearing solutions, is critical to exploring for
uranium and was traditionally done by blind drilling and by following the thicker sandstone channels. This
has been a resource intensive task in the past, and through the application of innovative geophysical
techniques, IsoEnergy expects to work to find more expedient ways to identify these prospective areas.
Initially, innovative seismic data acquisition techniques are planned to be trialed to map the location of
the critical sandstone channels at both the regional and mine scales. IsoEnergy will acquire nearly 8
kilometers of new seismic data across four properties (refer to Figures 2, 3 and 4 ). Although these
sandstone channels are discreet in comparison to the other sedimentary units within the Colorado
Plateau, seismic reflect ion is expected to detect the scour horizons at the base of the channels and
indicate the most permeable areas. If the framework of the sandstone channels can be identified through
an interpretation of the data collected during the seismic survey, a significant reduction in the expenditure
of surface exploration drilling will be realized.
To further narrow down the surface drilling targets within the sandstone channels, IsoEnergy expects to
trial multiple electric geophysical surface survey methods. These will include EM and IP surveys over areas
of known uranium mineralization. The goal of these survey methods is to identify, along the margins of
the extensive sandstone channels , areas that are relatively richer in carbonaceous matter and or
disseminated sulfides. Superimposing these electrical surface surveys on the channels identified by the
seismic work, is expected to provide the ultimate filtering of areas and facilitate a more surgical use of
surface drilling, potentially shortening the time and cost to make a discovery.
Additionally, the above geophysical work is anticipated to be complemented by an extensive
sedimentological study of each project area to elucidate the local geological framework of the deposits.
This work will begin on the surface by identifying the local trends of paleo deposition of the host units and
assist in planning the initial geophysical surface surveys. At the Tony M Mine, this work will continue into
the existing underground workings (over 18 miles of existing infrastructure). All the accessible areas will
be mapped in detail and sampled for uranium and vanadium content. This is expected to provide much
needed clarification for the local controls of mineralization at the Tony M mine and provide IsoEnergy
with an advanced knowledge of geological ore controls that will benefit mine planning and grade control
when mining resumes. The Company believes this will derisk the initial mining operations and help
maintain the desired grade of production.
The combination of identifying the sandstone channel conduits with the seismic data, locating the areas
of favourable for accumulation of reductants with electric surface surveys, and applying the site-specific
sedimentological framework is expected to further delineate drilling targets without the need for the
traditional pattern drilling technique. The successful application of these techniques could significantly
reduce the cost and environmental impact of uranium and vanadium exploration and development of
future projects in the Colorado Plateau.
This initial work program is expected to be completed by late summer 2024, including the interpretation
of the new geophysical acquisition techniques. Using these results, IsoEnergy plans to develop precise
surface drilling targets that have been derived from this work program.
Figure 2 – Location map of Tony M Mine showing location of the planned geophysical surveys over the
known mineral resource.
Figure 3 – Location map of both the Rim Mine and Sage Plain project (consisting of the past producing
Dunn, Silver Bell, Wilson, Sage and Calliham Mines) showing location of the planned geophysical
surveys over areas for exploration target generation.
Figure 4 – Location map of the Daneros Mine showing the location of the planned geophysical surveys
over the historic workings and areas for exploration target generation.
Qualified Person Statement
The scientific and technical information contained in this news release was reviewed and approved by Dr
Darryl Clark , P.Geo., IsoEnergy’s Executive Vice President, Exploration and Development , who is a
“Qualified Person” (as defined in NI 43-101 – Standards of Disclosure for Mineral Projects).
About IsoEnergy Ltd.
IsoEnergy Ltd. (TSXV: 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 condition s permit, positioning IsoEnergy as a near -term uranium
producer.
For More Information, Please Contact:
Phill Williams
CEO and Director
1-833-572-2333
X: @IsoEnergyLtd
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, includi ng, without limitation, the 2024 planned ex ploration
program; the anticipated results of the 2024 exploration program and the Company’s anticipated use of
such exploration results ; the anticipated restart of production from past producing mines in Utah and
planned resource growth. 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 connotati on there of 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 planned exploration activities are completed as currently contemplated; that the results
of the planned exploration activities are as anticipated, the anticipated cost of planned exploration
activities, that general business and economic conditions will not change in a material adverse manner,
including the price of uranium, 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 b y 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, 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 progr ams 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 and the risk factors with respect to the Company set
out in the Company’s filings with the Canadian securities regulators and available under 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 in tended.
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.