One of the few bright spots on what looked like a cataclysmic Wednesday of losses -- and all the more remarkable, given as it took place in the beleaguered energy field – involved Vancouver-based IsoEnergy Ltd. (TSX-Venture:ISO).
The company was out Wednesday with final assay results from its winter 2020 drilling program at the Hurricane zone. Discovered in 2018 at the Larocque East property, the Hurricane zone is a recent discovery of high-grade uranium mineralization. Larocque East is 100% owned by IsoEnergy and is located in Saskatchewan’s prolific Eastern Athabasca Basin.
One drill hole LE20-52 showed an assay average of 22.7% U3O8 over 7.5m from 318.5 to 326.0m, including 67.2% U3O8 over 2.5m from 322.5 to 325.0m.
Another drill hole LE20-53 assays average 11.7% U3O8 over 10.5m from 317.5 to 328.0m, including 40.4% U3O8 over 3.0m from 324.5 to 327.5m.
CEO Craig Parry said, “These latest results from our winter program come at a crucial time for the uranium exploration and mining sector. In recent days we have seen the major producers announce extended closures of their mines and mills which we estimate has reduced global uranium production volumes by over 50%.”
ISO shares galloped four cents, or 8.3%, to 52 cents, on volume topping 820,000 shares.
