IsoEnergy drills 2 metres at 4.17% uranium oxide east of Hurricane
Assays confirm mineralization 500 metres beyond the deposit and higher grades inside Hurricane's southern resource shell.
Mara Quinlan
IsoEnergy Ltd. TSEISO NYSEAMERICANISOU reported on Thursday that hole LE26-254 at Larocque East intersected 2.0 metres grading 4.17 per cent uranium oxide. The intersection sits about 500 metres east of the Hurricane deposit, identifying high-grade mineralization beyond the existing resource footprint.
Shares fell to C$11.27 at the Nov. 4 close in Toronto, as of 4:00 p.m. EST on the TSEISO quote page. That close preceded the assay announcement.
The eastern intersection lies on the L fault zone along the Hurricane South Trend, where the company is testing mineralization outside the deposit. Another hole, LE26-250, returned 3.5 metres grading 3.86 per cent uranium oxide, east of an earlier winter intersection.
Drilling also returned higher grades within Hurricane's previously interpreted low-grade southern shell. Hole LE26-273 intersected 3.0 metres grading 3.53 per cent uranium oxide, giving the company evidence to reassess grades modelled in that part of the resource. The project team is proposing follow-up drilling for 2027 along the L fault's eastward projection.
The Larocque East project is in Canada's eastern Athabasca Basin. Its Hurricane deposit has mineralization at approximately 325 metres depth, according to the Nov. 5 release.
The easternmost highlighted hole began its mineralized interval at a downhole depth of 331.5 metres. It included a half-metre interval grading 15.4 per cent uranium oxide, rather than that grade applying across the full intersection.
The broader intersection in LE26-250 began at 341 metres downhole and included a half-metre interval grading 13.8 per cent uranium oxide. The hole sits 75 metres east of winter hole LE26-248.
Hole LE26-260 also intersected 2.0 metres grading 1.03 per cent uranium oxide on the K fault zone. That intersection lies 45 metres east of the deposit, showing mineralization on a separate structure within the South Trend.
The southern resource-shell intersection began at 328 metres downhole and included a half-metre grading 10.8 per cent uranium oxide. IsoEnergy cautioned that the reported intervals are drillhole lengths, with true thicknesses yet to be determined.
"The LE26-248 and LE26-273 intercepts improve on uranium grades modelled for the southernmost portion of the Deposit in the 2022 resource estimate," vice-president of geology Dan Brisbin said in the release.
The company confirmed uranium mineralization in 18 of the summer program's 26 holes across 550 metres of strike. Thursday's chemical assays substantiate radioactivity readings released on Sept. 8, rather than representing a new drilling campaign.
Hurricane's current indicated resource contains 48.6 million pounds of uranium oxide grading 34.5 per cent, according to the Nov. 5 release. The inferred category contains a further 2.7 million pounds grading 2.2 per cent.
Read more: Uranium Energy Corp signs unhedged contracts for 1.1M pounds
IsoEnergy's project team is proposing 2027 drilling along the sparsely tested eastward projection of the L fault zone.
