IsoEnergy Provides Winter Exploration Update
IsoEnergy Provides Winter Exploration Update
Saskatoon, SK, April 25, 2024 – IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV: ISO; OTCQX:
ISENF) is pleased to provide an update on the results of winter 2024 exploration work on its eastern
Athabasca Basin uranium properties (Figure 1). A total of 7,227 metres of drilling in 13 diamond drill holes
on the Larocque East and Hawk projects confirmed ambient noise tomography (ANT) low velocity
anomalies and identified new targets planned for testing during the summer exploration program set to
commence in June 2024.
Highlights:
• Laroque East Project
o Seven drill holes (LE24-157 to LE24 -163) tested a prominent ANT low velocity anomaly
along the northeast extension of the Hurricane electromagnetic (EM) conductor corridor.
o Drilling intersected prospective brittle faults and alteration interpreted as the source of
the ANT anomaly as well as intersecting the continuity of the Hurricane trend graphitic -
pyritic basement lithologies up to 2,200m to the east.
o The ANT survey and results of the winter program have defined a large hydrothermal
system that is typically associated with unconformity uranium deposits in the Athabasca
basin.
o Summer exploration is expected to fully evaluate this high priority target.
• Hawk Project
o Five drill holes (HK24-09 to HK24-12 including one wedge hole) tested a prominent ANT
low velocity anomaly coincident with a conductor corridor.
o Drill holes HK24-10 to 12, intersected multiple graphitic basement hosted fault zones with
spatially associated strong illite and chlorite alteration, and desilicification in the lower
sandstone and upper basement.
o The presence of prospective faults and associated alteration has now been drill defined
over a 1,600m long section of the underexplored 12km long corridor.
o Results from the winter program have elevated the prospectivity of Hawk to potentially
host a large uranium deposit.
• Ground geophysical surveys were completed at the Company’s Larocque East, Hawk, and East Rim
projects to further develop a pipeline of high-quality drill targets intended to be tested during the
summer drill program.
Phil Williams, Chief Executive Officer, commented “We are strongly encouraged by the results from our
first drill testing of the ANT anomalies identified at the Laroque East and Hawk projects. In both cases ,
drilling proved that the ANT surveys correctly show alteration, a prerequisite for mineralization, and will
serve as an important targeting tool going forward. At Laroque East , our drilling focused on a large ANT
anomaly (Area A) located almost 2km to the east of the Hurricane deposit. This drilling intersected similar
faulting and alteration to that seen at Hurricane , which we believe indicates we are in a fertile
environment for mineralization. Encouraged by this relatively limited drill testing , we are planning an
expanded summer drill program, starting in June, at Laroque East covering Area A as well as three
additional Areas (B, C and D). The work at Hawk confirmed our view that a very large exploration target
exists, and we are in the early stages of exploring the 12 km prospective corridor.”
Figure 1 – Location of IsoEnergy’s Hurricane deposit and exploration projects in the eastern Athabasca
Basin, including the Laroque East, Hawk and East Rim projects on which work was completed in the
winter of 2024.
Winter Exploration Update
Hurricane, Larocque East Project
Early in the winter program, a single line of stepwise moving loop time domain ground EM was completed
at Larocque East to aid in drill targeting in Target Area A (Figure 1 & Figure 2). Two conductors that
correspond to the historic conductor trends were confirmed and a third conductor within the ANT Area A
anomaly was identified north of the other two conductors. Subsequent drilling demonstrated the source
of this third, northern response to be graphitic-pyritic pelitic gneiss and faults typical of those that underlie
the Hurricane deposit and thus expanded the drill proven width of the prospective Hurricane corridor to
300m. The EM survey also established a new conductive response that corresponds to an ANT low velocity
zone approximately 450m south of the main Hurricane trend.
3,364m of drilling at Area A targeted a velocity low highlighted by ANT survey completed in summer 2023
(Figure 2) . In summary , the exploration drilling successfully intersected alteration and significant late
brittle structures both in the sandstone and the basement (Figure 3). Graphitic brittle faults, structurally
disrupted and desilicified sandstone, unconformity topography changes, and clay and hydrothermal
hematite alteration intersected in the winter drill holes are all features observed at the Hurricane deposit.
This new extension to the prospective corridor that hosts the Hurricane deposit has been drill-defined
over an 800m strike length and is open to the east. The winter 2024 results have significantly upgraded
Target Area A at Larocque East and further drilling is planned for the 2024 summer.
Figure 2 – Location of Larocque East project winter 2024 drilling at Target Area A, an ANT low velocity
anomaly (red oval outline) within the Hurricane conductor corridor between 1,300 and 2,100 metres
east-northeast of the Hurricane unconformity uranium deposit. Location of the cross section shown in
Figure 3 is indicated by the yellow line.
Figure 3 – Larocque East Target Area A geological cross section looking east (left). The section is draw
through the eastern end of Area A and the location of the section is shown on Figure 2. Features
shown including graphitic pelite basement rocks, subvertical faults, relief on the unconformity
surface, and bleaching, clay alteration and desilicification are also comparable and present at the
Hurricane deposit (right) 2,100m on strike to the west-southwest. Hurricane deposit cross section
illustrating key characteristics of the alteration and basement structure and lithology associated with
uranium mineralization (right).
The first hole of the winter campaign, LE24-157 intersected a brittle fault 157m below the unconformity
along the northwest contact of a strongly graphitic and pyritic pelite interval (Figure 3), typical of the
Hurricane deposit 1,500m to the west-southwest. Basal sandstone clay results for this hole indicate a mix
of illite, kaolinite and chlorite. Drill Hole LE24 -158 followed-up LE24 -157 on section to test the
unconformity projection of the brittle graphitic fault. Strong bleaching, desilicification and fault-controlled
clay were intersected below 248m. Spectral analysis of fault zone mineralogy indicates strong illite and
chlorite. Drilling identified an unconformity offset of 18m over a lateral distance of 58m between holes
LE24-157 and LE24-158.
LE24-162 was drilled to test the unconformity offset between drill hole LE24-157 and LE24-158. LE24-162
was abandoned at 167m in strongly desilicified zone and restarted as LE24-162A. LE24-162A intersected
a broad zone of bleaching below 213m and moderate structural controlled desilicification from 248 to
unconformity at 267.2m. Drill hole LE24-162A has confirmed the unconformity elevation change with 17m
unconformity offset over 20m between LE24-157 and LE24-162A on section.
Drill hole LE24-159 and LE24-160 tested the ANT anomaly on a section 200m west of LE24-157 (Figure 2).
Both holes intersected a significant graphitic-pyritic pelite interval like the holes on the section to the east.
LE24-159 intersected a fault zone and moderate desilicification from 167 to 173m in the sandstone. LE24-
160 tested 74m to the north of LE24-159 and intersected a strong brittle fault zone hosted in graphitic-
pyritic pelites from 349.5 to 379.9m downhole that is the downdip extension of the sandston e-hosted
fault in LE24-159. LE24-161 was planned as a further 200m further step-out along strik e to the west -
southwest (Figure 2). Drilling intersected strong bleaching and moderate clay alteration from 227 to 290m
followed by secondary hematite above the unconformity. Moderate clay and chlorite alteration was
intersected immediately below the unconformity. Brittle graphitic faults were intersected between 347
and 353m, and at 399m, 406m, and 439.7m downhole.
LE24-163, the last drill hole of the winter program, was drilled 200m west of LE24 -161 (Figure 2) and it
successfully intersected the basement hosted graphitic and pyritic brittle fault at 387.5m and 509.7m.
Additional ANT surveys and diamond drilling are planned at Larocque East during the summer program
(Figure 4). The ANT surveys are expected to cover the eastern extension of the highly prospective
Hurricane conductor corridor and data acquis ition will begin in Area D immediately east of the winter
drilling where prospective clay mineralogy and structure are recorded in historic diamond drill holes.
Drilling is being planned to follow-up encouraging winter results in Area A, and will also target areas B, C
and D. Drilling plans for Area D are expected to evolve as velocity models are interpreted from newly
acquired ANT data.
Figure 4 – Larocque East planned 2024 summer exploration includes additional ANT surveys along the
eastern extension of the highly prospective Hurricane conductor corridor and diamond drilling in four
target areas (labelled “A” through “D”)
Hawk Project
Drilling at Hawk (Figure 1) totalled 3,863m and tested targets derived from the 2023 ANT and ground EM
surveys along the structural corridor identified at Hawk in 2023. The winter drill program consisted of four
drill holes collared from surface and one hole wedged off a parent hole. An additional 24.0 line-kilometres
of fixed loop SQUID ground electromagnetic surveying were completed to extend detailed EM coverage
along the Hawk structural corridor (Figure 5). Profiles were collected on four lines spaced 400m apart. The
survey was completed in late March. Results are currently being interpreted and will be factored into the
summer drill hole planning.
Figure 5 – Hawk plan showing conductors interpreted from 2023 ground EM surveys, drill hole
locations, and drill-intersected faults. Also shown is the area of the winter 2024 fixed loop SQUID
ground EM survey.
Holes HK24 -09, HK24 -10, HK24 -11, and HK24 -11c1 were drilled on section to test for mineralization,
structure, and alteration coincident with overlapping strong EM conductivity anomalies and a significant
low-density zone identified by the 2023 ANT survey. All four holes successfully intersected structure ,
alteration, and broad zones of elevated radioactivity typical of unconformity-related uranium deposits
(Figure 6). HK24-09 intersected a zone of intense brecciation, faulting, and silica removal from 345 to
365m. HK24-10 intersected repeating zones of clay- and silica-altered faults in the sandstone from 450 to
570m. HK24-11 intersected metre-scale zones of structurally controlled white clay replacement in the
sandstone from 678m to the unconformity at 709.3m. The upper basement of HK24 -11 is strongly clay -
altered and is underlain by a mixed package of metasedimentary rocks. Anomalous radioactivity averaging
695 counts per second was detected via Mt. Sopris 2PGA downhole gamma probe over 2.3m in a clay -
altered zone directly underlying the unconformity in HK24 -11. Wedge hole HK24 -11c1 intersected a
similar sequence of intense clay alteration in the lower sandstone and upper basement, underlain by
altered pelitic gneisses.
HK24-12 was a step-out 400m southwest along strike of the HK24-12 unconformity intercept and targeted
a strong EM conductor between HK23-08 and HK24 -11. HK24 -12 intersected broad zones of brittle
structure, clay alteration, and moderate bleaching in the sandstone from 390 m to the unconformity at
692.1m. Strong clay alteration within a fault gouge directly at the unconformity averages 1,200 counts per
second via Mt. Sopris 2PGA gamma pro be. Several units of faulted graphitic gneiss were intersected
between 741 and 822m downhole.
Figure 6 – Hawk L4000E cross section illustrating the multiple brittle fault –fracture zones and
associated bleaching, desilicification, clay alteration and hydrothermal hematite intersected by
diamond drill holes HK24-9, 10, 11 and 11c1 over a 600m cross-strike width within the Hawk
conductor corridor. Multiple graphitic faults intersected by drill hole HK24-12, drilled approximately
400 m on strike to the west-southwest (Figure 5) are interpreted to correlate with the graphitic fault
intersected on this section by hole HK24-11.
The 2024 winter drill program at Hawk successfully intersected and extended the structural corridor
identified in the 2023 Hawk drill programs , with highly prospective structure and alteration identified
along a corridor exceeding two kilometres in length. Follow -up drilling along this corridor is planned for
summer 2024.
East Rim Project
A total of 81.2 line-kilometres of step loop transient EM surveying, was done along three profiles on the
early-stage East Rim project. The project is situated 45 kilometres east-southeast of the McArthur River
mine in the southeastern portion of the Athabasca Basin (Figure 1). Target depths are relatively shallow
as sandstone thickness ranges between 0 and 260 metres. The three EM profiles were surveyed in an area
of interest where strong conductivity mapped by 2023 VTEM survey, density lows mapped by 2022 Falcon
gravity surveys, and brittle structure and clay alteration logged in historic diamond drill holes all occur
within an underexplored magnetic low corridor (Figure 7).
The survey was finished in early April and interpretation of results is in progress. Helicopter-supported
drilling is planned for the summer. ANT surveys are also being considered to map favourable structural
corridors on the property.
Figure 7 – East Rim project map showing the area of interest in which three step loop transient ground
EM surveys lines were completed during the winter 2024. The surveys were designed to profile an
area in enhanced conductivity was recorded in 2023 VTEM surveys and historic ground EM surveys,
structural disruption and clay alteration are recorded in historic drill hole logs, and density lows were
recorded by a 2022 Falcon gravity survey, all within an east-northeast trending favourable magnetic
low corridor. Summer 2024 diamond drill holes will be planned once the EM survey interpretation is
received.
Other Projects
Additional work is being planned for the summer of 2024 to develop a pipeline of exploration targets on
the Company’s earlier stage projects, including helicopter and drone radiometric and magnetic surveys,
and ground ANT surveys on the Cable, Evergreen, Rapid River, 2Z and Madison projects. Surveys on
additional projects are being considered.
Corporate Update
Under the terms of the option agreement between the Company and Mega Uranium Ltd. (“Mega”) dated
May 14, 2020, as amended (the “Option Agreement”), pursuant to which the Company acquired the Ben
Lomond project in Australia, Mega is entitled to receive certain payments contingent upon the attainment
of certain milestones tied to the spot price of uranium. As the Ux U3O8 Monthly Average Price exceeded
USD$100/lb (the “Pricing Threshold”), Mega is entitled to receive payment of an additional $1,050,000.
As a result of the Pricing Threshold having been met, the Company delivered aggregate consideration to
Mega of $1,050,000 comprised of $525,001.72 in cash and the balance satisfied by the issuance of 125,274
common shares of the Company (“ Common Shares”) at a deemed price of $4.1908 per share, being the
volume-weighted average price of the Common Shares for the five -day period ending on February 23,
2024, being the day on which the Pricing Threshold was achieved. Following this payment, no further
payments are owing to Mega pursuing to the Option Agreement.