|From: LoneClone||6/22/2019 9:41:14 PM|
|Appia Identifies 900 Meter-Long Uranium Mineralization Trend on the Loranger Property|
NewsfileJune 18, 2019
Toronto, Ontario--(Newsfile Corp. - June 18, 2019) - Appia Energy Corp. (CSE: API) (OTCQB: APAAF) (FSE: A0I.F) (FSE: A0I.MU) (FSE: A0I.BE) (the "Company" or "Appia") is pleased to report the assay results from the completed diamond drill program (the "Program") on the Loranger property (the "Property"). The Property is located 28 km southeast of Cameco's Rabbit Lake mill, Athabasca Basin, northern Saskatchewan.
Highlights of the winter drilling include 3.15 m of 0.032 wt% U3O8 at 96.75 m drill hole depth in hole LOR-19-03 and 0.7 m grading 0.066 wt% U3O8 at 105.5 m drill hole depth in hole LOR-19-02. U3O8 assay results for the drill holes are presented in Table 1. A total of 1,063 metres was completed in eight drill holes covering three target areas (Figure 1).
Mr. James Sykes, Appia's Vice-President, Exploration and Development, comments: "We are pleased with the drill results. First, we've confirmed uranium mineralization in two target areas, and especially the drill holes within Target Area 2 (LOR-19-01 to LOR-19-04A), a 900 m long area, all intersected uranium mineralization. Second, we observed uranium "depletion" associated with a massive hydrothermal fluid fault network system encountered in Target Area 1 (LOR-19-07A and LOR-19-08), indicating uranium has been mobilized and potentially "re-deposited" somewhere along the structural trends. Third, the uranium mineralization drill hole assay results mostly correlate with hydrothermal alteration styles and re-mobilized ductile/brittle structural zones encountered in both target areas. In particular, we observe redox fronts (hematite +/- limonite with bleaching) showing elemental ratios (Up/Ut, Tht/Ut, Pb206/Pb204) typical of uranium fluid pathways. Fourth, boron (a uranium pathfinder element) is commonly elevated (i.e. >100 ppm and at least more than twice the background) in the re-mobilized graphitic/carbonaceous material ductile/brittle structural zones, with drill hole LOR-19-08 exhibiting the highest concentrations of boron (121 to 263 ppm B)."
Together with the 2017 program, the Company has tested only 5 of the 22 previously identified gravity low targets and covered only 2.3 km of the 94.0 total km of conductive strike length; with a cumulative total of 15 drill holes and 2,524 total metres drilled. The Company plans to continue exploring the Property with diamond drilling, ground gravity geophysics, and ground radiometric prospecting in combination with geological mapping.
Split core samples were taken over 0.1 to 1.2 m core lengths covering scintillometer readings, hydrothermal alteration and ductile/brittle structures. All the drill core samples were shipped from the project site and hand-delivered to the Saskatchewan Research Council's ("SRC") Geoanalytical Laboratory in Saskatoon, SK.
Geochemical assay results were provided by SRC's Geoanalytical Laboratory, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory in Saskatoon, SK, for multi-element analysis using the ICPMS and Boron Lab Packages. All reported values were provided from SRC as U ppm and were converted to U3O8 wt% by Appia using a conversion factor of 1.1792/10000.
All geochemical results reported herein have passed rigorous internal QAQC review and compilation. The technical content in this news release was reviewed and approved by Dr. Irvine R. Annesley, P.Geo, Advisor to the Board of Directors of Appia, and a Qualified Person as defined by National Instrument 43-101.
Appia is a Canadian publicly-traded company in the uranium and rare earth element sectors. The Company is currently focusing on delineating high-grade critical rare earth elements ("REE") and uranium on the Alces Lake property, as well as prospecting for high-grade uranium in the prolific Athabasca Basin on its Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 61,364 hectares (151,633 acres) in Saskatchewan.
The Company also has a 100% interest in 12,545 hectares (31,000 acres), including rare earth element and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario, which historically produced over 300 million pounds of U3O8 and is the only Canadian camp that has had significant rare earth element (yttrium) production.
Appia's technical team is directed by James Sykes, who has had direct and indirect involvement with over 550 million lbs. U3O8 being discovered in five deposits in the Athabasca Basin.
Appia has 65.0 million common shares outstanding, 86.2 million shares fully diluted.
Cautionary Note Regarding Forward-Looking Statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward- looking statements and shareholders are cautioned not to put undue reliance on such statements.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Tom Drivas, President, CEO and Director: (tel) 416-546-2707, (fax) 416-218-9772 or (email) email@example.com
James Sykes, VP Exploration & Development, (tel) 306-221-8717, (fax) 416-218-9772 or (email) firstname.lastname@example.org
Frank van de Water, Chief Financial Officer and Director, (tel) 416-546-2707, (fax) 416-218-9772 or (email) email@example.com
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|TABLE 1: LORANGER PROJECT - WINTER 2019 DRILL HOLE U3O8 ASSAY RESULTS |
|DDH ||Target Area ||Az.* ||Dip ||EOH* (m) ||From (m) ||To (m) ||Interval (m) ||Vertical Depth (m) ||U3O8 (wt%) |
|LOR-19-01 ||2 ||320 ||-60 ||141.0 ||55.15 ||55.30 ||0.15 ||48.16 ||0.011 |
| || || || || ||59.50 ||59.75 ||0.25 ||51.84 ||0.012 |
| || || || || ||Composite Total || ||0.40 || ||0.012 |
|LOR-19-02 ||2 ||320 ||-60 ||123.0 ||87.90 ||88.55 ||0.65 ||77.15 ||0.037 |
| || || || || ||105.50 ||106.20 ||0.70 ||92.58 ||0.066 |
| || || || || ||115.50 ||115.85 ||0.35 ||101.54 ||0.023 |
| || || || || ||Composite Total || ||1.70 || ||0.046 |
|LOR-19-03 ||2 ||330 ||-60 ||159.0 ||82.45 ||82.65 ||0.20 ||71.58 ||0.014 |
| || || || || ||96.75 ||99.90 ||3.15 ||84.30 ||0.032 |
| || || || || ||102.95 ||104.05 ||1.10 ||89.30 ||0.040 |
| || || || || ||108.60 ||109.05 ||0.45 ||94.30 ||0.085 |
| || || || || ||Composite Total || ||4.90 || ||0.038 |
|LOR-19-04 ||2 ||320 ||-60 ||21.0 ||Hole abandoned in overburden, restarted as LOR-19-04A |
|LOR-19-04A ||2 ||320 ||-60 ||90.3 ||63.20 ||63.40 ||0.20 ||54.48 ||0.017 |
| || || || || ||72.70 ||73.00 ||0.30 ||62.55 ||0.010 |
| || || || || ||78.95 ||79.05 ||0.10 ||67.87 ||0.012 |
| || || || || ||80.20 ||80.30 ||0.10 ||68.97 ||0.028 |
| || || || || ||83.45 ||83.80 ||0.35 ||71.45 ||0.012 |
| || || || || ||85.45 ||85.55 ||0.10 ||73.37 ||0.017 |
| || || || || ||Composite Total || ||1.15 || ||0.014 |
|LOR-19-05 ||3 ||160 ||-60 ||58.3 ||Hole abandoned in overburden, not restarted |
|LOR-19-06 ||3 ||0 ||-90 ||140.6 ||No significant results |
|LOR-19-07 ||1 ||170 ||-60 ||15.0 ||Hole abandoned in overburden, restarted as LOR-19-07 |
|LOR-19-07A ||1 ||170 ||-60 ||131.8 ||No significant results |
|LOR-19-08 ||1 ||230 ||-45 ||183.0 ||133.25 ||133.50 ||0.25 ||91.99 ||0.011 |
| || || || || ||148.85 ||150.00 ||1.15 ||103.04 ||0.020 |
| || || || || ||Composite Total || ||1.40 || ||0.018 |
|Cut-off grade = 0.01% U3O8 || || || || || || || |
|Maximum consecutive internal dilution = 2.0 m down hole || || || |
|True widths have yet to be determined || || || || || || |
|All Uranium (ppm) results received by SRC from the ICP-MS Total Digestion lab package were converted to U3O8 (wt%) using a conversion factor of (x1.1792/10000) |
|* "Az." Refers to "drill hole azimuth" and "EOH" refers to "end of drill hole" || |
To view the source version of this press release, please visit newsfilecorp.com
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|From: The Barracuda™||6/27/2019 8:06:22 PM|
|Money talks, bull $hit walks. SWU in lift off mode. CCJ getting ready to rumble. Don't listen to the nattering nabobs of negativism in the uranium market. Look at where the (industry) money is actually going not what the average spec is doing.|
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|From: LoneClone||6/28/2019 9:39:58 AM|
|Skyharbour Discovers New High Grade Uranium Mineralization at Maverick Zone including 2.31% U3O8 over 2.5m within 0.62% U3O8 over 12.0m; Summer 2019 Drill Program Upcoming|
June 20, 2019 07:30 ET | Source: Skyharbour Resources Ltd
VANCOUVER, British Columbia, June 20, 2019 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce the results from its 2019 winter/spring diamond drilling program at its 100% owned, 35,705 hectare Moore Uranium Project, approximately 15 kilometres east of Denison Mine’s Wheeler River project and proximal to regional infrastructure like Cameco’s Key Lake/McArthur River operations in the Athabasca Basin, Saskatchewan.
Moore Uranium Project Claims Map:
Drillhole ML19-06 intersected a broad zone of uranium mineralization from 273.0 metres to 285.0 metres downhole within the growing Maverick East Zone which Skyharbour discovered in 2017. The interval returned 0.62% U3O8 over 12.0 metres with a basal high grade basement-hosted intercept returning 2.5 metres of 2.31% U3O8. This represents one of the broadest zones of uranium mineralization intersected on the property to date and includes a significant basement component illustrating the strong discovery potential below the unconformity. Furthermore, strong potential for high grade uranium mineralization was identified at a newly discovered regional target called the Otter Zone which is 7 kilometres to the northeast of the Maverick Zone. Exploratory drill hole ML19-04 returned 0.15% U3O8 over 0.5 metres in the basement rocks at this new target area.
Moore Uranium Project Main and East Maverick Zones Drilling Map:
Hole ML19-06 was drilled at the eastern end of the growing Maverick East Zone and returned 0.62% U3O8 over 12.0 metres from 273.0 metres to 285.0 metres downhole including 2.31% U3O8 over 2.5 metres.The highest grade portion of this mineralized intercept is hosted in clay altered granitic assemblages within the basement rock and illustrates strong potential for significant down-dip mineralized structures in the zone which will be tested with future drilling.Hole ML19-05 was drilled at the western end of the Main Maverick Zone where it turns westerly and returned two zones of mineralization above and below the unconformity including 0.30% U3O8 over 4.4 metres and 0.27% U3O8 over 1.5 metres at 264.7 metres to 269.1 metres downhole and 274.7 metres to 276.2 metres downhole respectively.Exploratory hole ML19-04 drilled in the newly discovered Otter target area intersected prospective intrusive and graphitic lithologies in the basement rocks accompanied by uranium values up to 0.15% U3O8 over 0.5 metres and anomalous B, Th, Ni, Cu and Mo.Only 2 kilometres of the total 4 kilometre long Maverick corridor have been systematically drill tested leaving robust discovery potential along strike as well as at depth.Planning is currently underway for a summer/fall diamond drilling program to commence in the coming months; additional news and details are forthcoming.
Jordan Trimble, President and CEO of Skyharbour Resources, stated: “We are very pleased with the results from this most recent drill program at our flagship Moore Project as we continue to discover new high grade uranium mineralization in the underlying basement rock at the Maverick corridor as well as making new regional discoveries at the project. We will be commencing a summer drill program to follow up on these results and test more extensively highly prospective potential feeder zones in the basement rock at the Maverick corridor as well as following up on the early success at the newly discovered Otter Zone. Skyharbour is well positioned to benefit from the continuing uranium market recovery with strong discovery potential and ample upcoming news flow from its drilling at Moore, as well as from its partner companies’ Orano Canada Inc. and Azincourt Energy’s recently announced and upcoming exploration programs.”
Richard Kusmirski, Head Geologist of Skyharbour Resources, stated: “The fact that significant uranium mineralization has once again been intersected in untested target areas bodes well for the discovery of additional uranium deposits on the project lands. Furthermore much of this uranium mineralization is associated with basement lithologies a characteristic common to recent discoveries like NexGen’s Arrow Deposit, Fission’s Triple R Deposit and Denison’s Gryphon Deposit.”
Winter/Spring 2019 Drill Program Overview:
The recently completed winter diamond drilling program totaled 2,783 metres in 7 drill holes. These holes tested the southwest portion of the Nutana conductive corridor (hole ML19-01), two discrete conductive targets in the Otter Zone area (holes ML19-02, 03, 04), the Main Maverick Zone (holes ML19-05 and 07) and the Maverick East Zone (hole ML19-06).
Moore Uranium Project Regional Grid Targets Map:
Drill hole ML19-06 was drilled at the eastern end of the Maverick East Zone and returned 0.62% U3O8 over 12.0 metres from 273.0 metres to 285.0 metres downhole including 2.31% U3O8 over 2.5 metres. The highest grade portion of this mineralized intercept is hosted in clay altered granitic assemblages within the basement rock, along with evidence for atypical structural disruption at the unconformity. This combination of lithologic and structural control illustrate the potential for significant down-dip mineralized structures in the zone.
Drill hole ML19-05 was drilled at the western end of the Main Maverick Zone where it turns westerly and returned two zones of mineralization above and below the unconformity including 0.30% U3O8 over 4.4 metres and 0.27% U3O8 over 1.5 metres at 264.7 metres to 269.1 metres downhole and 274.7 metres to 276.2 metres downhole respectively.
Exploratory drill hole ML19-04 drilled in the newly discovered Otter Zone area intersected prospective intrusive and graphitic lithologies in the basement rocks accompanied by uranium values up to 0.15% U3O8 over 0.5 metres and anomalous B, Th, Ni, Cu and Mo. Holes ML19-02 and ML19-03 at the Otter Zone intersected similar lithologic packages with ML19-02 intersecting highly clay altered and tourmalinized pegmatites containing up to 1.26% boron, indicative of a high level of prospectivity for additional uranium mineralization to be discovered. Analysis of the regional geophysical and geological data from the Otter Zone area indicate that it is part of a complex series of graphitic metasedimentary packages folded around and within Hudsonian granitic assemblages. Settings such as these are highly prospective for uranium mineralized deposits in the Athabasca Basin.
Moore Uranium Project Otter Target Drilling Map:
In the south western Nutana target area, hole ML19-01 intersected basement hosted uranium mineralization including 0.10% U3O8 over 0.5 metres from 359.5 metres to 360.0 metres, approximately 75 metres below the unconformity in the basement rocks. The mineralization was hosted within a structurally disrupted graphitic assemblage anomalous in B, V, Ni and Co, illustrating the lithologic, geochemical and mineralized continuity of the Nutana Structural Corridor at depth.
Moore Uranium Project Maverick and Nutana Target Drilling Map:
Upcoming Summer/Fall 2019 Drill Program Plans:
Skyharbour is planning to carry out an innovative drone-assisted airborne magnetic survey to help better identify high-priority, cross-cutting features, and structures along the Maverick conductor corridor. Following that a 2019 summer/fall diamond drilling program is slated to commence in August/September. This drill program will test both unconformity and basement targets along the high grade Maverick corridor, as well as prospective regional targets identified by Skyharbour’s technical team. Of particular interest are potential underlying basement feeder zones to the unconformity-hosted high grade uranium present at the Maverick corridor. These targets have seen limited historical drill testing. Additional drilling will also be undertaken, dependent on local field conditions, on the landward portions of the recently discovered Otter Zone targets along strike of hole ML19-04.
Uranium Market Commentary and Update:
The uranium market is showing signs of recovery and analysts that cover the sector have stated that there could be a sustained upswing as they are currently seeing some of the best fundamentals since pre-Fukushima. This should be supportive of higher uranium prices as a major supply-side response is playing out while the sticky demand-side continues to improve. Primary uranium production declined to approx. 138 million lbs U3O8 in 2018 with recent closures and project deferrals while demand continues to rise and is expected to be approx. 196 million lbs as per UxC in 2019. The spot uranium price is just under $25 / lb U3O8 which is still well below the average all-in global cost of production and significant price appreciation is needed to justify this production as well as developing new mines to ensure sustainable and secure supply to meet growing global demand.
More recently, headlines have been dominated by the upcoming “Section 232 Petition” decision by the White House following a U.S. Department of Commerce investigation and the submission of a report on the effects of uranium imports into the U.S. The review period will be over in the middle of July with a ruling to follow which will remove the recent uncertainty surrounding the Section 232 Petition and is expected to help get U.S. nuclear utilities back to buying uranium in the market and contracting. Furthermore, major production cuts and depleting mine reserves appear to be working their way into the uranium market and driving prices higher. The two largest producers, Cameco and KazAtomProm, have announced large supply cuts in 2017 and 2018 including Cameco’s suspension of operations at the world’s largest uranium mine, McArthur River. Additionally, several new uranium holding companies and funds have emerged to purchase physical material effectively taking further spot supply from circulation. Lastly, Cameco has commenced and will continue to buy millions of pounds of uranium directly in the spot market in 2018 and 2019 to fulfill their contracts.
On the demand side, there are 447 operating nuclear reactors and 56 new reactors under construction globally with hundreds more that have been ordered, planned and proposed. China continues to be at the forefront of demand growth and has the largest reactor pipeline including 43 operating reactors, 13 under construction and another 213 planned, ordered or proposed, making up a significant portion of the global pipeline of non-operating units. Additionally, India recently announced that the country has approved the construction of 12 new nuclear reactors to generate base-load, clean, reliable electricity.
Moore Uranium Project Overview:
In June 2016, Skyharbour secured an option to acquire Denison Mine's Moore Uranium Project, on the southeastern side of the Athabasca Basin, in northern Saskatchewan. The project, now 100% owned by the Company, consists of 12 contiguous claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, approx. 15 kilometres east of Denison’s Wheeler River project, and 39 kilometres south of Cameco’s McArthur River uranium mine. Unconformity style uranium mineralization was discovered on the Moore Project at the Maverick Zone in April 2001. Historical drill highlights include 4.03% eU3O8 over 10 metres including 20% eU3O8over 1.4 metres, and in 2017, Skyharbour announced drill results including 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. In addition to the Maverick Zone, the project hosts other mineralized targets with strong discovery potential which the Company plans to test with future drill programs. The project is accessible via winter and ice roads which simplifies logistics and lowers costs.
Moore Lake Uranium Project Geophysics Map:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium and thorium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with six drill-ready projects. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high grade uranium mineralization at the Maverick Zone with drill results returning up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour has signed option agreements with Orano Canada Inc. and Azincourt Energy whereby Orano and Azincourt can earn in up to 70% of the Preston Project through a combined $9,800,000 in total exploration expenditures, as well as $1,700,000 in total cash payments and Azincourt shares. Preston is a large, geologically prospective property proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit. The Company also owns a 100% interest in the Falcon Point Uranium Project on the eastern perimeter of the Basin which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. The project also hosts a high-grade surface showing with up to 68% U3O8 in grab samples from a massive pitchblende vein, the source of which has yet to be discovered. The Company's 100% owned Mann Lake Uranium project on the east side of the Basin is strategically located adjacent to the Mann Lake Joint Venture operated by Cameco, where high-grade uranium mineralization was recently discovered. Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
President and CEO
For further information contact myself or:
Corporate Development and Communications
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
More articles issued by Skyharbour Resources Ltd More articles related to: Company Announcement
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|To: LoneClone who wrote (18214)||6/28/2019 9:42:22 AM|
| Paladin sells idled Malawi mine to Hylea |
24th June 2019
By: Esmarie Iannucci
Creamer Media Senior Deputy Editor: Australasia
PERTH (miningweekly.com) – Uranium miner Paladin Energy has struck a deal with ASX-listed Hylea Metals to divest of its shareholding in the Kayelekera mine, in Malawi, for A$5-million.
Paladin owns 65% of the Kayelekera project, joint venture partner Chichewa holds a 20% interest and the Malawi government a 15% stake.
Under the deal with Paladin, Hylea will pay A$5-million, consisting of A$200 000 in cash and A$4.8-million in Hylea shares. The shares will be issued in two tranches, the first of which will be subjected to a 12-month voluntary escrow, while the second tranche will be completed on the third anniversary of the transaction.
The issue price of the shares will be based on the lower of the 30-day volume-weighted average share price at the time of issue, or the price of a Hylea capital raising in the 90 days preceding the share issue.
Paladin will also receive a 3.5% royalty on revenues derived from future production at Kayelekera, capped at A$5-million.
Paladin will also be repaid the funds advanced to provide security for the $10-million environmental bond issued to the government of Malawi, with the payments to be made in four tranches.
“The acquisition of 65% of Kayelekera is an excellent opportunity for Hylea. Kayelekera is a world-class uranium asset that has produced over 10.9-million pounds of uranium and represents an opportunity to use the past production information to re-engineer certain mining processes in order to reduce the overall capital cost and operating cost of the operation,” said Hylea MD Simon Andrew.
“We are optimistic about the global uranium market and the outlook for firmer pricing.”
Hylea noted on Monday that the company also had an option to acquire a further 20% interest in Kayelekera through a deal with Chichewa.
Paladin on Monday told shareholders that selling its interest in the project would provide the company with additional capital and other resources, while also eliminating the significant ongoing care-and- maintenance costs associated with Kayelekera.
“The sale is a positive result that will enable Paladin to focus all of its resources on restarting our flagship asset Langer Heinrich by releasing restricted cash resources of around $10-million and realising significant care-and- maintenance cost savings of around $5-million a year,” said Paladin CEO Scott Sullivan.
“It is consistent with our stated strategy of focusing on the re-development of Langer Heinrich while preserving our capital and developing opportunities to monetise noncore assets. With this structure, we also keep some exposure to the upside of this transaction through the A$4.8-million in share placements early in the development cycle.”
Kayelekera was idled in 2014 on the back of low uranium prices. The project includes a 1.5-million-tonne-a-year processing facility and is estimated to host some 28.7-million pounds of uranium oxide.
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|To: LoneClone who wrote (18215)||6/28/2019 9:54:54 AM|
|Denison Announces Initiation of ISR Field Testing as the Summer Field Program Commences at Wheeler River |
Denison Mines Corp. Jun 26, 2019, 06:30 ET
TORONTO, June 26, 2019 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (DML: TSX, DNN: NYSE American) is pleased to announce the commencement of In-Situ Recovery ("ISR") field testing, as part of an active summer 2019 field program planned for the Company's 90% owned Wheeler River Uranium Project ("Wheeler River") in northern Saskatchewan, Canada. Key components of the field program include:
View PDF version
ISR Field Testing: Initiation of an ISR field test program at the Phoenix deposit, designed to collect an extensive database of hydrogeological data. The data will be used to evaluate the ISR mining conditions present at the deposit, and is expected to be incorporated into a detailed ISR mine plan, as part of the completion of a Feasibility Study ("FS") for the project; Environmental Baseline Data Collection: Continuation and expansion of the collection of certain environmental baseline data to support the Wheeler River Environmental Impact Assessment ("EIA"); and Exploration Drilling: Approximately 5,000 metres of diamond drilling in 10 holes expected to focus on the follow-up and expansion of unconformity-hosted uranium mineralization intersected along the K-West trend during the summer 2018 and winter 2019 programs.
David Cates, President and CEO of Denison, commented, "We are pleased to have our summer field program at Wheeler River underway. A significant amount of work has gone into preparing and planning for the ISR field test, which will be the first of its kind in the Athabasca Basin. Denison has assembled a team of seasoned ISR and drilling experts to complement our extensive geological knowledge of the Phoenix deposit – working together to facilitate the planning and implementation of the program. These tests represent an important step in increasing the confidence in the ISR application at Phoenix and de-risking the project as we advance toward a Feasibility Study.
On the exploration front, there remains significant potential on the Wheeler River property. The prospect of discovering additional high-grade deposits, with the potential to form satellite ISR operations, is compelling from both an exploration and economic perspective. Our exploration team has designed a focused program to test for the initial indications of such deposits along the K West trend, which will follow-up on previous encouraging results".
ISR Field Testing
As outlined within the Company's Pre-Feasibility Study ("PFS") completed in late 2018, additional field work is required to increase confidence and reduce risk associated with the application of the ISR mining method at Phoenix. Previous field and laboratory testing, completed as part of the PFS, indicated that flow of mining solution through the ore zone is expected to be viable at rates envisaged for the planned rate of production. The field work planned for 2019 is focused on in-situ testing in the orebody, using water to evaluate hydraulic conditions that can be used to assess mining solution flow between a series of test wells. The information collected through this process is expected to increase the overall confidence of the application of ISR and facilitate detailed mine planning as part of a FS.
Denison has engaged Petrotek Corporation ("Petrotek") to facilitate the design and implementation of ISR field testing at Phoenix. Petrotek specializes in technical evaluation and field operations regarding subsurface fluid flow and injection projects, with experience ranging from feasibility studies to facility operation. The firm has more than 20 years of experience in the ISR uranium mining industry and currently provides consulting services to each of the ISR uranium miners in the United States.
Petrotek and Denison have designed an ISR field testing program specific to the unique geological characteristics of the Phoenix deposit. The testing program aims to provide hydrogeological testing across four areas ("Test Areas") of Phoenix Zone A, covering approximately 65% of the Indicated Mineral Resource estimated for the deposit. The Test Areas have been selected with the objective of covering each of the various fluid flow domains, and combinations thereof, expected to exist within the deposit. The domains have been defined from detailed geological databases and associated models, such that the Test Areas are collectively representative of the deposit as a whole. Data acquired from the ISR field testing program will be utilized to create an integrated hydrogeological model, which will form the basis for ISR wellfield and freeze dome design necessary for the FS and to support the EIA process.
Denison has initiated testing within Test Area 1 and plans to advance to Test Area 2 during the summer 2019 program, with the remaining Test Areas (Test Area 3 and 4) to be completed during 2020. Figure 2 illustrates the Test Areas planned for ISR field testing within Phoenix Zone A. The objective within each Test Area will be to efficiently establish the fundamental hydraulic characteristics of the orebody, the overlying sandstone and overburden formations, and the underlying basement rocks. This will be achieved through the installation of several near-vertical HQ and PQ sized wells between 7 and 15 metres apart and the subsequent pumping, injection and monitoring of ground water to establish the hydraulic connectivity between wells. The program will utilize existing exploration drill holes for well installation, where possible. Certain large-diameter wells, commencing with one well per Test Area, are also planned to determine optimal drilling and installation methodologies for the "commercial-scale wells" expected to be used for production. At this stage, the large-diameter wells are designed to allow for the insertion of larger pumps and additional downhole equipment that will facilitate commercial scale pump and injection tests and the evaluation of certain permeability enhancement techniques.
Additional supportive permeability and porosity tests are planned through the ore zone, and are expected to include hydraulic conductivity tests (packer testing) and downhole geophysics (nuclear magnetic resonance and neutron), where borehole conditions allow. Mineralized core samples from the orebody, obtained in new holes or by wedging from existing boreholes, will be subject to detailed onsite geological and geotechnical logging and permeability (permeameter) testing, and will be preserved to facilitate future planned laboratory-based metallurgical test work.
Environmental Baseline Data Collection
Denison recently announced the initiation of the EIA process for Wheeler River, following acceptance of the Provincial Technical Proposal and Federal Project Description by the relevant regulatory agencies (see Denison's press release dated June 3, 2019). The summer program at Wheeler River will include the continuation and expansion of the collection of certain baseline environmental data to support the EIA. Baseline data collection is expected to include:
Regional hydrogeological testing outside of the Phoenix deposit to establish baseline conditions within the local and regional groundwater system. The data collected, including groundwater levels, flow and quality, will form key inputs to groundwater models for the EIA; Continuation of the collection of aquatic, terrestrial, groundwater and atmospheric data; Continuation of the collection of waste rock geochemical data; and A heritage survey designed to cover certain areas of the project footprint outlined in the PFS (e.g. the airstrip), which were not completed during the previous program in 2017.
Reconnaissance drill testing of the sub-Athabasca unconformity along the 4.5 kilometre-long K-West conductive trend has returned encouraging uranium and base metal sulphide intercepts together with other geological features commonly associated with unconformity-related uranium deposits (see Denison's press releases dated November 12, 2018 and May 1, 2019). Figure 3 illustrates the location of the K-West exploration target area.
Systematic follow-up drilling is warranted in this area, as many of the drill holes completed to date have not intersected the interpreted optimal target horizon, and the current drill hole spacing along strike ranges from 300 to 600 metres.
The summer 2019 exploration program is scheduled to commence in July 2019 and is expected to consist of approximately 5,000 metres of diamond drilling in 10 holes. The drilling is expected to be focused on testing targets along section and along strike of the previous drill holes at K West.
About Wheeler River
Wheeler River is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region, in northern Saskatchewan – including combined Indicated Mineral Resources of 132.1 million pounds U3O8 at an average grade of 3.3% U3O8, plus combined Inferred Mineral Resources of 3.0 million pounds U3O8 at an average grade of 1.7% U3O8. The project is host to the high-grade Phoenix and Gryphon uranium deposits, discovered by Denison in 2008 and 2014, respectively, and is a joint venture between Denison (90% and operator) and JCU (Canada) Exploration Company Limited (10%).
A PFS was completed, considering the potential economic merit of developing the Phoenix deposit as an ISR operation and the Gryphon deposit as a conventional underground mining operation. Taken together, the project is estimated to have mine production of 109.4 million pounds U3O8 over a 14-year mine life, with a base case pre-tax NPV of $1.31 billion (8% discount rate), Internal Rate of Return ("IRR") of 38.7%, and initial pre-production capital expenditures of $322.5 million. The Phoenix ISR operation is estimated to have a stand-alone base case pre-tax NPV of $930.4 million (8% discount rate), IRR of 43.3%, initial pre-production capital expenditures of $322.5 million, and industry leading average operating costs of US$3.33/lb U3O8. The PFS is prepared on a project (100% ownership) and pre-tax basis, as each of the partners to the Wheeler River Joint Venture are subject to different tax and other obligations.
Further details regarding the PFS, including additional scientific and technical information, as well as after-tax results attributable to Denison's ownership interest, are described in greater detail in the NI 43-101 Technical Report titled "Pre-feasibility Study for the Wheeler River Uranium Project, Saskatchewan, Canada" dated October 30, 2018 with an effective date of September 24, 2018. A copy of this report is available on Denison's website and under its profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. In addition to the Wheeler River project, Denison's Athabasca Basin exploration portfolio consists of numerous projects covering approximately 310,000 hectares. Denison's interests in the Athabasca Basin also include a 22.5% ownership interest in the McClean Lake joint venture ("MLJV"), which includes several uranium deposits and the McClean Lake uranium mill, which is currently processing ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest and Midwest A deposits, and a 66.51% interest in the J Zone and Huskie deposits on the Waterbury Lake property. Each of Midwest, Midwest A, J Zone and Huskie are located within 20 kilometres of the McClean Lake mill.
Denison is also engaged in mine decommissioning and environmental services through its Denison Environmental Services division and is the manager of Uranium Participation Corp., a publicly traded company which invests in uranium oxide and uranium hexafluoride.
Follow Denison on Twitter @DenisonMinesCo
The disclosure of scientific and technical information regarding the Wheeler River Project in this news release was reviewed and approved by Dale Verran, MSc, P.Geo., Pr.Sci.Nat., the Company's Vice President, Exploration, a Qualified Person in accordance with the requirements of NI 43-101.
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation concerning the business, operations and financial performance and condition of Denison.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur', 'be achieved' or 'has the potential to'.
In particular, this news release contains forward-looking information pertaining to the following: exploration (including drilling) and evaluation interpretations, activities, plans and objectives; the results of the PFS and expectations with respect thereto; development and expansion plans and objectives, including plans for the EA and other regulatory and feasibility study processes for Wheeler River; expectations regarding Denison's community engagement and MOUs with local communities; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 12, 2019 under the heading 'Risk Factors'. These factors are not, and should not be construed as being exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources and Probable Mineral Reserves: This news release may use the terms 'measured', 'indicated' and 'inferred' mineral resources. United States investors are advised that while such terms have been prepared in accordance with the definition standards on mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 Mineral Disclosure Standards ("NI 43-101") and are recognized and required by Canadian regulations, the United States Securities and Exchange Commission ("SEC") does not recognize them. 'Inferred mineral resources' have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. The estimates of mineral reserves in this news release have been prepared in accordance with NI 43-101. The definition of probable mineral reserves used in NI 43-101 differs from the definition used by the SEC in the SEC's Industry Guide 7. Under the requirements of the SEC, mineralization may not be classified as a "reserve" unless the determination has been made, pursuant to a "final" feasibility study that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Denison has not prepared a feasibility study for the purposes of NI 43-101 or the requirements of the SEC. Accordingly, Denison's probable mineral reserves disclosure may not be comparable to information from U.S. companies subject to the reporting and disclosure requirements of the SEC.
Figure 1. Location map of Wheeler River showing existing and proposed infrastructure. (Full Resolution)
Figure 2. Phoenix Zone A plan view showing Test Areas delineated for ISR field testing. (Full Resolution)
Figure 3. Basement geology map for Wheeler River showing the 2019 exploration targets areas, including K West. (Full Resolution)
SOURCE Denison Mines Corp.
David Cates, President and Chief Executive Officer, (416) 979-1991 ext 362; Sophia Shane, Investor Relations, (604) 689-7842
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (18216)||6/28/2019 9:57:38 AM|
|Fission 3.0 Hits Alteration, Faulting at Cree Bay; Plans Follow-Up Drilling |
First pass drill program returns highly encouraging results
Fission 3.0 Corp. Jun 26, 2019, 03:00 ET
TSX VENTURE SYMBOL: FUU
KELOWNA, BC, June 26, 2019 /CNW/ - FISSION 3.0 CORP. ("Fission 3" or "the Company") is pleased to announce that the first pass drill program at its Cree Bay property in the Athabasca Basin region of Saskatchewan, Canada, has encountered significant faulting, strong hydrothermal alteration and elevated concentrations of pathfinder elements in both holes. Pathfinder elements (such as uranium and boron), can be used to identify prospective mineralized corridors and can assist in vectoring into uranium mineralized areas. In addition, the depth to the basement unconformity was intersected deeper than expected by ~200m. This indicates possible major offset in the vicinity, which can be a favorable setting for hosting high-grade uranium, such as at the MacArthur River deposit. A comprehensive follow-up program is now being planned targeting a drill program during the winter season of 2019-20.
Ross McElroy, COO, and Chief Geologist for Fission, commented,
- Anomalous Sandstone Geochemistry and Radioactivity: A broad envelope of uranium enrichment was identified in holes CB19-001 and CB19-002, together with highly anomalous boron concentrations (an important uranium pathfinder element), associated with a strongly altered and faulted interval within the sandstone. Additionally, both holes recorded a moderate radiometric anomaly at the footwall of the structural / altered interval (up to 573 counts per second (cps) at 225.5m in CB19-001). Follow-up hole CB19-002, targeted the up-dip projection of this faulted / altered interval in CB19-001, and successfully intersected the same zone establishing the orientation of this structural feature, which is required for future testing.
- Results Support Presence of Large-Scale System: The combination of anomalous faulting and hydrothermal alteration high-up in the sandstone and a deeper-than-expected basement unconformity suggests the presence of a major faulting which may potentially be associated with a mineralized system in the vicinity.
- Follow Up Drill Program Now Being Planned: The Company has commenced further analysis of the drill data to assist with drill targeting and planning a follow up drill program in winter season of 2019-20.
"We are very encouraged by the Cree Bay drilling results. We have anomalous radioactivity, major alteration, faulting and elevated geochemical pathfinder elements. We also intersected basement unconformity much deeper than expected. These features are often present and associated with Athabasca uranium deposits and at Cree Bay their presence may be indicative of a nearby pervasive hydrothermal alteration system around large-scale structural setting. We are now in the process of planning an aggressive follow up program to commence this winter."
|Geophysics Feature |
|Hole ID |
|* Down-hole Radiometric Highlights with Mount Sopris 2PGA-1000 Natural Gamma Probe |
|Overburden Depth (m) |
|Basement Unconformity Depth (m) |
|Total Depth (m) |
|From (m) |
|To (m) |
|Width (m) |
|CPS Peak |
|Cree Bay |
|East Channel Fault |
|Basement Resistivity Low |
| || || ||562.6 |
| || || |
|Sandstone Flt |
|No anomalous radioactivity |
| || || || || || || || || || || ||1045.0 |
Further Technical Details
CB19-001: An angled drill hole targeting a DC resistivity geophysical anomaly in the lower sandstone near the East Channel Fault Zone. Athabasca formation sandstone was intersected at a depth of 41m and hosted two large, clay altered and bleached fault zones between approximately 88m - 113m and 148m – 178m respectively. A broad envelope of uranium enrichment was identified in the sandstone column between 75m to 335m, returning values up to 9 ppm along with highly anomalous boron concentrations up to 141 ppm at 178m down hole. A moderate radiometric anomaly was also recorded on the down-hole gamma probe up to 573 counts per second (cps) at 225.5m, just below the altered and faulted sandstone.
The altered fault zones noted above were underlain by a thick sequence of intermittently graphite altered sandstone down to the unconformity at a depth of 568.3m. The zone of graphite alteration approximately corresponds with the location of the DC resistivity anomaly. Basement rocks consisted of moderately to extremely clay altered and bleached pegmatites, granitic to mafic gneisses and semi-pelitic gneisses to schists. The drill hole was terminated at a final depth of 740m in strongly clay altered and bleached pegmatite with no associated anomalous radioactivity.
CB19-002: An angled drill hole targeting the up-dip projection of the geochemically anomalous, altered fault zones intersected in CB19-001. The purpose of CB19-002 was to provide orientation information on the fault zones to assist with future follow-up drilling. Athabasca formation sandstone was intersected at a depth of 37m with clay altered and bleached fault zones occurring between 83m – 119m and 149m – 157m. Anomalous uranium concentrations up to 6 ppm were intersected between 71m – 304m along with highly anomalous boron up to 125 ppm at 158m. Similar to that seen in CB19-001, a moderate radiometric anomaly was recorded on the down-hole gamma probe up to 155 cps at 204m just below the altered fault zones. The drill hole was terminated at a final depth of 305m in weakly altered sandstone.
Prior Cree Bay Exploration: In 2017 a ground DC Resistivity survey was completed in 2 separate grids centered on sections of strong conductivity interpreted from a historic airborne GEOTEM electromagnetic survey on what was then the Cree Bay property. Fission 3 subsequently staked additional ground to cover the most conductive part of this anomaly. The winter 2019 exploration work will thus continue to extend the ground geophysics survey over the anomaly, to determine the highest priority drill targets. The program will consist of a winter 21 line-km ground DC Resistivity survey and 2 lines of Moving Loop TDEM survey will be conducted during April to cover the most geophysically prospective area identified from a historic GEOTEM electromagnetic survey.
About Cree Bay: The Cree Bay property, located 20km south of the town of Stony Rapids, consists of 16 claims totaling 14,080 ha and sits on the inside edge of the north-eastern Athabasca Basin. The property is located along the major SW-NE trending Virgin River Shear Zone. Locally the conductive corridor is bound by the Black Lake Fault to the north and East Channel Fault to the south. The historic Nisto uranium mine, is located ~13km to the northeast, along the Black Lake fault.
Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a Mount Sopris PGA-1000 Natural Gamma Probe and a hand-held RS-125 Scintillometer manufactured by Radiation Solutions. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials.
Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample will be sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK. Analysis will include a 63 element ICP-OES, and boron.
All depth measurements reported, including radioactivity and mineralization interval widths are down-hole, core interval measurements and true thickness are yet to be determined.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol. Chief Geologist and COO for Fission 3.0 Corp., a qualified person.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol "FUU."
ON BEHALF OF THE BOARD
Ross McElroy, COO
Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
SOURCE Fission 3.0 Corp.
For further information: Investor Relations, Ph: 778-484-8030, TF: 844-484-8030, firstname.lastname@example.org, www.fission3corp.com
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (18217)||6/28/2019 11:33:22 AM|
|IsoEnergy Intersects 5.5m of Uranium Mineralization in First Drill Hole of Summer Program at the Hurricane Zone |
Vancouver, BC, June 25, 2019 – IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV: ISO; OTCQX: ISENF) is pleased to announce intersections of uranium mineralization in the first drill hole at its 100% owned Larocque East property (the “Property”) in the Eastern Athabasca Basin of Saskatchewan (Figure 1).
Steve Blower, Vice President of Exploration commented: “This intersection in drill hole LE19-14B helps to confirm the continuity of mineralization within the Hurricane zone and is a good start to the summer program. We look forward to completing aggressive step-out drill holes to the east with most of the remaining planned metres. As well, 3-4 drill holes will be devoted to in-fill drilling within the current Hurricane zone footprint.”
- Drill Hole LE19-14B intersected a 2.0m thick upper zone of sandstone hosted mineralization from 323.0-325.0m
- The upper zone is followed by a 3.5m thick lower zone of dominantly sandstone hosted mineralization sitting on top of the sub-Athabasca unconformity from 327.5-331.0m
- Fifteen planned drill holes remain in the fully funded summer program
Drill Hole LE19-14B
Drill hole LE19-14B is vertically oriented and designed to intersect the Hurricane zone midway between drill holes LE19-08 and LE19-09. After penetrating 41m of overburden followed by Athabasca sandstone, the unconformity was intersected at 330.9m. The lower sandstone was intensely bleached, desilicified, and clay altered below 230.0m. An upper interval of sandstone hosted uranium mineralization (>1,000cps on an RS-125 hand-held spectrometer) was intersected at 323.0-325.0m, and was followed by a lower zone of dominantly sandstone hosted mineralization (>1,000cps) from 327.5-331.0m that sits on top of the sub-Athabasca unconformity. Table 1 compares the radioactivity in LE19-14B against the intersections from the recently completed winter program. Figure 2 shows the location of the drill hole on a plan-view and Figure 3 shows the location on a cross-section.
Fifteen planned drill holes remain in the fully funded summer drilling program. The next drill hole, LE19-15, will be completed as an under-cutting, angled drill hole on the first step-out fence east of drill hole LE19-13. Drill hole LE19-15 will locate the key basement graphitic units and structures beneath the projected extension of the Hurricane zone. It will be followed by a vertical drill hole aimed to intersect the optimal location for the Hurricane zone at the unconformity.
The Larocque East Property
The Property consists of 20 mineral claims totaling 8,371ha. The original portion was purchased in May, 2018 before being expanded by recent staking. The Property is owned 100% by IsoEnergy and is not encumbered by any royalties or other interests. Larocque East is immediately adjacent to the north end of IsoEnergy’s Geiger property and is 35 kilometres northwest of Orano Canada’s McClean Lake uranium mine and mill.
Along with other target areas, the Property covers a 15-kilometre-long northeast extension of the Larocque Lake conductor system; a trend of graphitic metasedimentary basement rocks that is associated with significant uranium mineralization at the Hurricane zone, and in several occurrences on Cameco Corp.’s neighbouring property to the southwest of Larocque East. The Hurricane zone was discovered in July, 2018 and was recently followed up with a 12-hole drilling campaign in the winter of 2019. Eleven of those 12 drill holes intersected substantial uranium mineralization, including 10.4% U3O8 over 3.5m in drill hole LE19-02 and 3.2% U3O8 over 8.5m in drill hole LE19-12. Drilling at Cameco Corp.’s Larocque Lake zone on the neighbouring property to the southwest has returned historical intersections of up to 29.9% U3O8 over 7.0 metres in drill hole Q22-040. Like the nearby Geiger property, Larocque East is located adjacent to the Wollaston-Mudjatik transition zone - a major crustal suture related to most of the major uranium deposits in the eastern Athabasca Basin. Importantly, the sandstone cover on the Property is thin, ranging between 140 metres and 330 metres in previous drilling. In addition to the Hurricane zone discovery, four historical drill holes have intersected weak uranium mineralization at other locations on the Property to date.
Table 1 – 2019 Hurricane Zone Intersections
Figure 1 –Larocque East Property Map
|Hole-ID ||From |
| ||Location |
| || || || || ||U3O8 (%) ||Ni (%) ||Co (%) || |
|LE19-023 ||316.5 ||320.0 ||3.5 ||>1,000 ||0.2 ||0.1 ||0.2 ||Section 4560E |
|and ||326.5 ||330.0 ||3.5 ||>1,000 ||10.4 ||0.8 ||0.0 || |
|incl. ||328.5 ||330.0 ||1.5 ||>20,000 ||23.6 ||1.6 ||0.0 || |
|incl. ||329.0 ||329.5 ||0.5 ||>50,000 ||38.2 ||1.5 ||0.1 || |
|LE19-033 ||324.0 ||324.5 ||0.5 ||>1,000 ||0.2 ||0.1 ||0.0 ||Section 4560E |
|and ||326.5 ||329.5 ||3.0 ||>1,000 ||2.7 ||2.3 ||0.0 || |
|incl. ||328.5 ||329.5 ||1.0 ||>5,000 ||7.6 ||6.6 ||0.1 || |
|incl. ||329.0 ||329.5 ||0.5 ||>20,000 ||13.3 ||11.8 ||0.1 || |
|LE19-043 ||329.0 ||329.5 ||0.5 ||>1,000 ||0.1 ||0.0 ||0.0 ||Section 4560E |
|and ||333.0 ||333.5 ||0.5 ||>1,000 ||0.4 ||0.2 ||0.0 || |
|LE19-053 ||No significantly elevated radioactivity || || || ||Section 4560E |
|LE19-063 ||328.0 ||330.0 ||2.0 ||>1,000 ||0.4 ||0.1 ||0.1 ||Section 4585E |
|and ||332.0 ||336.0 ||4.0 ||>5,000 ||3.8 ||1.1 ||0.0 || |
|incl. ||333.5 ||335.5 ||2.0 ||>10,000 ||5.5 ||0.7 ||0.0 || |
|incl. ||333.5 ||334.0 ||0.5 ||>20,000 ||13.7 ||1.2 ||0.0 || |
|LE19-073 ||325.0 ||331.0 ||6.0 ||>1,000 ||0.4 ||0.8 ||1.4 ||Section 4585E |
|incl. ||328.0 ||328.5 ||0.5 ||>5,000 ||1.0 ||4.9 ||9.3 || |
|LE19-083 ||326.5 ||327.0 ||0.5 ||>1,000 ||0.4 ||0.1 ||0.1 ||Section 4535E |
|and ||333.0 ||336.5 ||3.5 ||>1,000 ||0.8 ||1.5 ||0.4 || |
|incl. ||335.5 ||336.0 ||0.5 ||>10,000 ||3.7 ||8.3 ||1.3 || |
|LE19-093 ||325.0 ||329.5 ||4.5 ||>1,000 ||4.2 ||1.1 ||0.8 ||Section 4535E |
|incl. ||327.0 ||329.0 ||2.0 ||>20,000 ||6.8 ||1.9 ||1.3 || |
|LE19-103 ||331.5 ||333.0 ||1.5 ||>1,000 ||0.6 ||1.7 ||1.9 ||Section 4535E |
|LE19-113 ||333.0 ||333.5 ||0.5 ||>5,000 ||2.1 ||0.1 ||0.1 ||Section 4485E |
|LE19-123 ||320.5 ||329.0 ||8.5 ||>1,000 ||3.2 ||2.1 ||0.2 ||Section 4485E |
|incl. ||324.5 ||327.0 ||2.5 ||>10,000 ||7.2 ||0.6 ||0.0 || |
|incl. ||324.5 ||325.0 ||0.5 ||>20,000 ||3.5 ||0.3 ||0.0 || |
|incl. ||326.0 ||327.0 ||1.0 ||>20,000 ||14.3 ||1.1 ||0.0 || |
|incl. ||328.5 ||329.0 ||0.5 ||>20,000 ||12.8 ||15.0 ||0.4 || |
|LE19-133 ||320.0 ||320.5 ||0.5 ||>1,000 ||0.2 ||0.0 ||0.0 ||Section 4635E |
|and ||321.5 ||324.0 ||2.5 ||>1,000 ||0.6 ||0.2 ||0.5 || |
|incl. ||322.5 ||323.0 ||0.5 ||>10,000 ||1.6 ||0.4 ||1.1 || |
|LE19-14B ||323.0 ||325.0 ||2.0 ||>1,000 ||Pending || || ||Section 4535E |
|and ||327.5 ||331.0 ||3.5 ||>1,000 || || || || |
|incl. ||327.5 ||328.0 ||0.5 ||>5,000 || || || || |
|incl. ||329.0 ||329.5 ||0.5 ||>5,000 || || || || |
| || || || || || || || || |
|Notes: ||1. Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer. |
| ||2. Measurements of total gamma cps on drill core are an indication of uranium content, but may not correlate with uranium chemical assays. |
| ||3. From the Recently Completed Winter 2019 Drilling Program |
Figure 2 –Drill Hole LE19-14B Location Map
Figure 3 –Drill Hole LE19-14B Cross Section
Qualified Person Statement
The scientific and technical information contained in this news release was prepared by Andy Carmichael, P.Geo., IsoEnergy’s Senior Geologist, who is a “Qualified Person” (as defined in NI 43-101 – Standards of Disclosure for Mineral Projects). Mr. Carmichael has verified the data disclosed. As drill hole LE19-14B was drilled vertically into a zone of mineralization that is interpreted to be horizontal, the core lengths are approximately equal to the true thickness. This news release refers to properties other than those in which the Company has an interest. Mineralization on those other properties is not necessarily indicative of mineralization on the Company’s properties. For additional information regarding the Company’s Larocque East Project, including its quality assurance and quality control procedures, please see the Technical Report dated effective May 15, 2019 on the Company’s profile at www.sedar.com.
IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada and a historic inferred mineral resource estimate at the Mountain Lake uranium deposit in Nunavut. IsoEnergy is led by a Board and Management team with a track record of success in uranium exploration, development and operations. The Company was founded and is supported by the team at its major shareholder, NexGen Energy Ltd.
Chief Executive Officer
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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.
This news release shall not constitute an offer to sell or a solicitation of any offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referenced herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and such securities may not be offered or sold within the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements thereunder.
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, planned exploration activities. 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 connotation thereof 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 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 terms and in a timely 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 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 or resources, 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 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 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.
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 intended. 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
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