IsoEnergy Reopens the Underground and Initiates Comprehensive Work Program at the Tony M Mine in Utah
IsoEnergy Reopens the Underground and Initiates Comprehensive
Work Program at the Tony M Mine in Utah
- Expands land position in the Henry Mountains by over 400%
Toronto, ON, August 7, 2024 – IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSX: ISO; OTCQX: ISENF)
is pleased to provide an update on the reopening of the underground and comprehensive work program
at the Tony M uranium mine in Utah (“ Tony M” or the “ Mine”). As announced in a press release on
February 29, 2024, the Company made a strategic decision to reopen access to the underground with the
goal of restarting uranium production operations in 2025. The main decline at Tony M was successfully
reopened on July 26, 2024, and several initiatives are now underway in preparation for the comprehensive
work program, as detailed below.
Highlights
• Successful Reopening of the Underground – The main decline at Tony M is now reopened with
initial observations of underground conditions indicating that the main decline and underground
equipment shops are in good condition (Figure 1).
• Rehabilitation in Progress – Tomcat Mining is carrying out the rehabilitation of the underground,
which includes scaling, installation of ground support and ventilation systems (Figure 2). This work
is expected to take 8 to 10 weeks depending on the ground conditions encountered.
• Top Tier Consultants Engaged
o SRK Consulting Limited, a leading international mining consulting firm, has been working
with the Company on the design and implementation of the ventilation plans.
o Call & Nicholas, Inc., an international mining consulting firm that specializes in geological
engineering, geotechnical engineering, and hydrogeology, is working with the Company
on the design and implementation of the ground control plans.
• Underground and Surface Mapping Commencing Shortly – As sections of the underground are
made safe for entry, it is expected that the exploration/geology team will enter the Mine and
begin to map the orebody from underground. This work, which will include a LiDAR survey, which
is expected to commence in 3 weeks and will take approximately 1 month to complete.
• Upcoming Technical / Economic Study – Following completion of the rehabilitation and mapping
programs, the Company intends to complete a technical and economic study, establishing
production rates, operating and capital costs.
IsoEnergy CEO and Director Philip Williams stated, “The reopening of underground at Tony M is an
important step in restarting production and establishing IsoEnergy as a near -term uranium producer.
Long-term uranium prices have nearly doubled, from $41/lb U3O8 to $79/lb U3O8, since we acquired the
Tony M, Danero s and Rim Mines in Utah, and with the exceedingly positive global outlook for nuclear
power we expect that trend to continue. We believe that proven producing assets in tier one jurisdictions,
like Tony M, will be highly coveted by end users making this an ideal time to pursue a restart. We have
assembled a first-rate team of operators and consultants, who I would like to thank for their tireless efforts
in advancing the pr oject to this point , and we look forward to updating all our stakeholders on our
progress as we move forward.”
Tony M Mine Work Program
Over the last year, the Company has been working toward reopening the Tony M underground for access.
Ensuring safe operations is paramount to the Company. The Company has engaged with the San Juan
County mine rescue team as part of its plans. Site communications have been re -established, electrical
systems have been upgraded and refurbished where necessary, including the installation of at least one
new generator that meets tier 4 emission standards. Several new fans have been installed and will
continue to be installed as part of the rehabilitation, along with the refurbishment of several of the
existing fans. The Company is using state of the art radon monitoring.
The main portals were opened July 26 and Tomcat Mining has begun t o assess ground conditions and
work its way into the underground. While the Company estimates 8-10 weeks of rehabilitation work, this
will be dependent on conditions encountered.
As sections of the underground are made safe for entry, it is expected that the exploration/geology team
will enter the mine and begin to map out the orebody from underground. The Company is also in the
process of contracting a surveying company to complete a LiDAR survey of the complete underground at
Tony M, the first time any such survey has been completed at the Mine. This will be an important tool in
the future mine planning at Tony M.
Figure 1 – Underground at Tony M Mine
Figure 2 – Completion of Ventilation Fan Installation at Tony M Mine
Figure 3 – Garfield County Commissioner Jerry Taylor with IsoEnergy COO Marty Tunney underground
(left) and members of the IsoEnergy Team with Garfield County representatives in front of the main
portal (right) at the Tony M Mine
IsoEnergy has guaranteed access to the White Mesa Mill by way of a toll milling agreement with Energy
Fuels, providing a significant advantage to the Company. The White Messa Mill is the only operational
conventional uranium mill in the U.S. with licensed capacity of over 8Mlbs of U3O8 per year. The Mill is
within trucking distance to Tony M.
Staking
The Flatiron area was acquired by staking 370 claims and winning bids on two Utah state leases totalling
an additional 8,680 acres. This represents a 440% increase in IsoEnergy's Henry Mountain land package
that is centred on the Tony M Mine.
About Tony M Mine
The Tony M Mine is located in eastern Garfield County, southeastern Utah, approximately 66 air miles
(107 kilometers) west northwest of the town of Blanding and 215 miles (347 kilometers) south-southeast
of Salt Lake City. The project is the site of the Tony M underground uranium mine that was developed by
Plateau Resources, a subsidiary of Consumer Power Company, in the mid-1970s.
Uranium and vanadium mineralization at the Tony M mine is hosted in sandstone units of the Salt Wash
Member of the Jurassic age Morrison Formation, one of the principal hosts for uranium deposits in the
Colorado Plateau region of Utah and Colorado.
Tony M has the following current mineral resource estimate:
Table 1: Summary of Mineral Resources – Effective Date September 9, 2022
Classification Tons
(short tons)
Grade
(% eU3O8)
Contained Metal
(lbs. eU3O8)
Indicated 1,185,000 0.28 6,606,000
Inferred 404,000 0.27 2,218,000
Notes:
1. Reported in the Technical Report on the Tony M Project, Utah, USA Report for NI 43 -101, prepared for
Consolidated Uranium Inc. by SLR International Corporation; Mark B. Mathisen, Qualified Person, Effective
Date September 9, 2022.
2. CIM (2014) definitions were followed for all Mineral Resource categories.
3. Uranium Mineral Resources are estimated at a cut-off grade of 0.14% U3O8.
4. The cut-off grade is calculated using a metal price of $65/lb U3O8.
5. No minimum mining width was used in determining Mineral Resources.
6. Mineral Resources are based on a tonnage factor of 15 ft3/ton (Bulk density 0.0667 ton/ft3 or 2.14 t/m3).
7. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
8. Past production (1979-2008) has been removed from the Mineral Resource.
9. Totals may not add due to rounding.
10. Mineral Resources are 100% attributable to IsoEnergy and are in situ.
Qualified Person Statement
The scientific and technical information contained in this news release was reviewed and approved by
Dean T. Wilton: PG, CPG, MAIG, a consultant of IsoEnergy who is a “Qualified Person” (as defined in
National Instrument 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., and Australia 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 th e 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:
Philip Williams
CEO and Director
1-833-572-2333
X: @IsoEnergyLtd
www.isoenergy.ca
Neither the TSX Exchange nor its Regulations Services Provider (as that term is defined in the policies of
the TSX 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, including, without limitation, statements with respect to the
expected condition of the main decline and underground equipment shops at Tony M; planned
rehabilitation and work program , the expected timing and potential results and benefits thereof;
expectations regarding the timing and completion of a LIDAR survey at Tony M ; expectations regarding
the preparation and timing of a plans for the potential restart of mining operations at Tony M; the
Company’s ongoing business plan, sampling, exploration and work programs. Generally, but not always,
forward-looking information and statements can be identified by the use of words such as “plans”,
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others, that the results of planned exploration activities are as anticipated, the price of uranium, the
anticipated cost of planned exploration activities, that general business and economic conditions will not
change in a material adverse manner, 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
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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
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financing, uncertainty of additional financing, no known mineral reserves, the limited operating history of
the Company, 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 antic ipated, 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 weather and other natural phenomena and other risks
associated with the mineral exploration industry, environmental risks, changes in laws and regulations,
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