IsoEnergy Provides Summer Exploration and Corporate Update
IsoEnergy Provides Summer Exploration and Corporate Update
Saskatoon, SK, October 24, 2023 – IsoEnergy Ltd. (“IsoEnergy” or the “ Company”) (TSXV: ISO; OTCQX:
ISENF) is pleased to provide an update on the results of summer 2023 exploration work on its eastern
Athabasca Basin uranium properties (Figure 1).
Summer Program Highlights:
• 5,270 metres of drilling were completed in 11 drill holes on the Larocque East, Hawk and Ranger
projects. Mineralization was intersected in the west end of the Hurricane deposit at Larocque
East, and prospective intervals of s trong structural disruption, clay alteration and desilicification
were intersected on conductive corridors with significant untested strike length at Hawk and
Ranger.
• At Laroque East, Drill hole LE23-155, drilled in the southwest portion of the Hurricane deposit to
upgrade confidence in continuity of mineralization to the western border of the property ,
intersected 8.5 meters averaging 4.1% U3O8 between 325.0 and 333.5m downhole. This interval
includes an intercept of 6.8% U3O8 over a 1.0 m interval from 327.0 to 328.0m and a higher-grade
interval of 23% U3O8 over 1.0 m from 331.5 to 332.5m.
• Innovative Ambient Noise Tomography (ANT) surveys were completed on the Larocque East,
Hawk and East Rim projects in collaboration with FLEET. A significant low velocity response,
interpreted to represent alteration, is spatially associated with the Hurricane deposit and 3D
models from these surveys will be integrated with other drill hole and geophysical information to
generate targets for future drilling. A compelling 1-kilometre-long ANT target has been defined
along strike of the Hurricane deposit with the same footprint as the feature associat ed with
Hurricane.
• Drill hole HK23-08 at Hawk, intersected a significant fault zone that offsets the unconformity by
16.5 metres and is spatially associated with strong illite and chlorite alteration, and desilicification
in the lower sandstone and upper basement. HK23-08 was drilled 85 0 metres south of a 2 -
kilometre-long ANT velocity anomaly that is situated within a north-northeast trending regional
corridor defined by a magnetic low and coincident ZTEM conductivity.
• A helicopter-borne Versatile Time Domain Electromagnetic (VTEM ™ Plus) survey flown at the
East Rim project , on the southeast edge of the Athabasca Basin , defined a strong conductivity
trend interpreted to represent prospective graphitic basement host rocks.
• Airborne geophysical surveying was also completed at the Trident, Collins Bay Extension and
Evergreen projects to further develop a pipeline of high-quality drill targets.
Tim Gabruch, President and Chief Executive Officer commented: “IsoEnergy has completed a safe and
successful summer exploration program consisting of drilling at our Larocque East, Hawk and Ranger
properties and a significant geophysical program utilizing innovative Ambient Noise Tomography
technology to provide improved geological information. Drilling highlights include mineralization
intersected in LE23-155 in the southwestern portion of the Hurricane deposit, which suggests that
section of the orebody extends to the western border of the property. Overall, the summer program
has continued IsoEnergy’s systematic approach to advancing its high-quality portfolio of properties in
the Eastern Athabasca Basin and has provided the Company with an exciting set of targets with
significant discovery potential to focus on in 2024, starting with our upcoming winter program, for which
planning is already underway.”
Dr. Darryl Clark, Vice President, Exploration also comme nted: “During the summer field season , we
advanced several of our project s through the discovery and development pipeline . At our flagship
Hurricane project, in addition to successfully extending th e resource footprint to the west , the team
generated several new exploration targets to the east. We also successfully deployed the innovative ANT
geophysical system at Hurricane, over the ore zone and the north, south and east extents. Preliminary
analysis of the results illustrates that we can detect the unique hydrothermal alteration system that
surrounds the ore deposit, therefore we can use this information to look for similar features in the surveys
that we have completed to the east of Hurricane deposit as well as at our high priority Hawk exploration
project. The results from drilling at Hawk confirmed the presence of a significant late brittle fault zone
associated with an unconformity offset, alteration, and elevated radioactivity . This feature, combined
with the well-defined ANT anomaly located 850 metres along trend to the north, is a compelling target
that will be drill tested in the coming months.”
Summer Exploration Results
Hurricane, Larocque East Project
Six drill holes totalling, 2, 175 metres were completed at Larocque East (Figure 2) . Four holes were
dedicated to expansion of Hurricane. Drill hole LE23-155 targeted the unconformity 26.5 meters west of
drill hole LE21-78c1 and intersected 8.5 meters averaging 4.1% U3O8 between 325.0 to 333.5m downhole,
which includes an intercept of 6.8% U3O8 over a 1.0 m interval from 327.0 to 328.0m and includes a
higher-grade interval of 23% U3O8 over 1.0 m from 331.5 to 332.5m (Table 1 and Figure 3). Additionally,
a single hole was completed to test resistivity targets north of Hurricane. The drill hole added v aluable
knowledge in understanding the geology of the project area.
The preliminary results of the ANT survey conducted over Hurricane and the surrounding area successfully
outlined a consistent low velocity feature that overlaps with the drill defined alteration halo spatially
associated with the Hurricane deposit (Figure 4). Furthermore, the ANT survey also highlighted several
other areas with a similar low velocity signature to the Hurricane deposit alteration halo. One of these is
along strike east of the deposit on the same conductor corridor and has roughly the same footprint as the
low velocity feature associated with the Hurricane deposit. Drilling in 2024 will follow up ANT results
integrated with other geophysical and drill hole information.
Table 1 – Summer 2023 Radioactive Intersections
Hawk Project
Drilling at Hawk totaled 1,796 metres and tested electromagnetic conductors identified in the 2022/2023
geophysical surveys. Summer drilling comprised two holes that were completed to target and two holes
that encountered poor ground conditions in the upper sandstone cover sequence and had to be
abandoned as a result (Figure 5), leaving a highly prospective untested target that will be tested during a
future drill program. Drilling successfully intersected prospective brittle structures and alteration in hole
HK23-08. The basal sandstone in hole HK23 -08 is moderately bleached with metre- scale zones of
desilicification and illite/chlorite clay alteration that are associated with structure (Figure 6). A broken and
illite/chlorite clay altered fault zone was intersected in the basement from 691 to 707 m downhole. The
unconformity surface is offset by this fault zone, and a sandstone wedge is present within the fault zone
between 691 and 693 meters (Figure 7) . There is a ~16.5 metre west-side-up reverse component of
displacement of the unconformity.
In addition to exploration drilling, an ANT survey was conducted over 7.3 km of the main north-northeast
trending ZTEM conductivity corridor and has defined a large velocity low anomaly (Figure 5) that is
coincident with both the on strike projection of the altered brittle fault zone intersected in drill hole s
HK23-03/05A/08 and the strong conductor picks identified in the winter 2023 ground EM survey
(IsoEnergy Ltd News Release April, 2023 ). Similar to the ANT signature that is associated with the
Hurricane deposit, the velocity low is interpreted as the result of a large hydrothermal system that has
altered the sandstone cover sequence above the unconformity target.
Ranger Project
IsoEnergy completed three diamond drill holes totaling 1,299 metres in the first IsoEnergy drilling program
on the Ranger property (Figure 8). RG23-01 and RG23-02 were targeted to follow up results from 1994
Cameco drillholes along the Bird Lake Fault . RG23 -03 was targeted to test an un -drilled conductor
identified by the winter 2022 Fixed Loop Transient Electromagneti c (FLTEM) survey carried out by
IsoEnergy in winter 2022.
RG23-03 intersected zones of strong bleaching, structure-hosted clay alteration, and pyrite-rich fracture
linings in the sandstone , along with moderate illite straddling the unconformity. Discrete graphitic
structures were intersected from 483.1 to 490.7 m associated with 13.3 parts per million uranium by
ICPMS partial digestion from 480.0 to 485.0m. Results from RG23 -03 warrant further drilling along the
northern conductor trend.
RG23-01 and RG23- 02 intersected zones of anomalous illite alteration in the sandstone immediately
above the unconformity. Geological interpretation suggests further drilling is required to sufficiently test
the targets in this area.
East Rim Project
Geotech Ltd conducted a helicopter -borne Versatile Time Domain Electromagnetic (VTEM ™ Plus) and
horizontal magnetic gradiometer geophysical survey at the East Rim project. The survey covered 1136
line-kilometres. The VTEM™ Plus system is excellent at locating discrete conductive anomalies as well as
mapping lateral and vertical variations in resistivity. A conductivity domain outlined by the 2023 VTEM
survey, density low anomalies identified by the 2022 Falcon gravity survey, historic ground EM conductors
and alteration in historic drill holes are all present in the area of interest (Figure 9). The results of this
VTEM survey will be integrated with the magnetic and gravity surveys that were conducted in 2022 to
generate basement hosted targets for ini tial reconnaissance drill testing in 2024. Importantly, the
sandstone cover on the property is thin, ranging from no sandstone cover to 265 metres in previous
drilling.
Efforts at the early -stage East Rim project have continued to focus on basement- hosted targets where
multiple layers of geophysical data stack and allow the Company to vector into a potential uranium
mineralised system located under this thin cover.
Airborne Geophysical Surveying
In addition to the East Rim VTEM survey, airborne geophysical surveys were completed at four other
projects (Figure 1) to identify prospective geological environments on these projects over which ground
surveys can be focused to quickly move them to the drill ready stage.
Xcalibur Multiphysics conducted multiparameter airborne geophysical surveys at IsoEnergy’s early-stage
Trident and Collins Bay Extension projects. The survey s employed Xcalibur’s FALCON® Airborne Gravity
Gradiometry system to acquire high -resolution gravity, magnetic, and radiometric (spectrometry)
datasets. Gravity and magnetic data will improve the property-wide understanding of basement geology
and assist in the identification of potential alteration zones, while gamma ray spectrometry aims to locate
anomalous radioactivity related to near- surface showings and radioactive boulder trains such as those
that led to the discovery of several notable uranium deposits including Key Lake and Triple R.
Staking
Five claims, totalling 2193 hectares, were staked during the summer (Figure 10). This staking was
intended to grow the existing Geiger, Full Moon, and Rapid River tenures and establish the Ward Creek
property in an under-explored prospective corridor.
Corporate Update
On September 27, 2023, IsoEnergy entered into a definitive arrangement agreement for a share-for-
share merger of IsoEnergy and Consolidated Uranium Inc. (“Consolidated Uranium”), pursuant to which
IsoEnergy will acquire all of the issued and outstanding common shares of Consolidated Uranium by way
of plan of arrangement under the Business Corporations Act (Ontario). A vote of Consolidated Uranium
shareholders is anticipated to take place on or about November 28, 2023, with the transaction expected
to close during December 2023 (subject to satisfaction of certain other customary conditions
precedent).
In connection with the merger, on October 19, 2023 IsoEnergy completed a $36.6 million private
placement of subscription receipts, with such subscription receipts automatically convertible for one
IsoEnergy common share on closing of the merger. The arrangement will create a new, diversified,
industry leading uranium development and exploration company of greater scale that is focused on
growth in Canada, the United States and Australia.
Figure 1 – IsoEnergy Athabasca project location map showing projects on which diamond drilling and
geophysical surveys were completed during the 2023 summer field season.
Figure 2 – Plan view of the Hurricane deposit on the Larocque East project showing the deposit outline
and the location of 2023 drill holes, including mineralized hole LE23-155.
Figure 3 – North – south cross section through the west end of the Hurricane deposit looking east and
including mineralized hole LE23-155 drilled in the summer of 2023.
Figure 4 – Plan view of the Hurricane deposit area on the Larocque East project showing the association
of the Hurricane deposit with electromagnetic conductors (interpreted as a response to graphitic faults
in graphitic pelitic gneiss basement units) and the association with a pronounced low seismic velocity
zone (interpreted as a response due to as clay altered, desilicified, fractured sandstone) as measured
by the FLEET Ambient Noise Tomography (ANT) survey. Additional ANT velocity anomalies defined
along strike of the Hurricane zone and south of it are being evaluated as drill targets.