IsoEnergy Ltd. Reports Final Chemical Assays From 2021 Drilling at Hurricane Zone

Highlights:

• 6.5m averaging 20.4% U₃O₈ in southern expansion drill hole LE21-107, including 3.5m averaging 34.5% U₃O₈
• 7.5m averaging 4.5% U₃O₈ in southern expansion drill hole LE21-87A
• Mineralization in drill hole LE21-101 of 0.5m at 3.1% U₃O₈ confirms continued expansion potential

Table 1 - Summer 2021 Drilling Program Results

Tim Gabruch, President and Chief Executive Officer commented: "Following the completion of our 2021 drilling program this past November we are pleased to release these final assay results. These high-grade results have supported the further growth of the Hurricane zone, and hole LE21-101 has highlighted the continued prospectivity of Hurricane. Our winter drilling program is now underway, and we will focus our expansion drilling on the corridor highlighted by this hole. We are looking forward to 2022 being an exciting year for IsoEnergy as we aim to continue to expand the Hurricane zone and also direct increasing attention to exploration drilling to the eastern end of the Larocque East property. Nuclear energy is gaining increased global support for the important role it has to play in providing clean energy. This underscores the importance of work being done to uncover future uranium supply sources, such as Hurricane, to fuel these growing nuclear energy demands."

Andy Carmichael, Vice President of Exploration commented: "The strong mineralization intersected by LE21-107 emphasizes the J-L fault corridor's potential to host additional uranium mineralization and, with LE21-78C1 and LE21-87A, defines a new zone of strong mineralization on the south side of Hurricane. The results of LE21-101 indicate the J-L fault corridor is mineralized 300m east of LE21-107. The primary objective of ongoing winter 2022 drilling at Hurricane is to systematically test the eastern portion of this corridor for significant mineralization."

Southern Expansion

LE21-107 (Section 4485E)

LE21-107 targeted the centre of a 26m gap between previously reported drill holes LE20-71 (2.4% U₃O₈ over 2.0m) and LE21-82 (4.5m averaging 0.9% U₃O₈ including 1.0m 1.4% U₃O₈). LE21-107 intersected 6.5m averaging 20.4% U₃O₈ from 325.5 to 332.0m, including 3.5m averaging 34.5% U₃O₈ from 327.5 to 331.0m. Figures 2 and 3 show the location of the drill hole in plan and section view, respectively.

LE21-87A (Section 4460E)

LE21-87A intersected 7.5m of uranium mineralization from 331.0 to 338.5m averaging 4.5% U₃O₈ including 2.0m averaging 9.2% U₃O₈ from 336.0m to 338.0m and including 1.0m averaging 8.1% U₃O₈ from 334.0m to 335.0m. LE21-87A expanded the Hurricane zone 17m south of drill hole LE21-78C1 (12.0m averaging 5.2% U₃O₈ including 2.0m averaging 27.6% U₃O₈), increasing width of the mineralized footprint to at least 86m on section 4460E. Figures 2 and 4 show the location of the drill hole in plan and section view, respectively.

LE21-103 (Section 4485E)

Drill hole LE21-103 targeted the unconformity 31m south of previously reported drill hole LE21-82. LE21-103 intersected 4.0m of uranium mineralization from 334.5m to 338.5m averaging 0.9% U₃O₈ which includes 0.5m averaging 4.7% U₃O₈ from 337.5 to 338.0m. LE21-103 expanded the Hurricane zone 31m to the south and the mineralized footprint is now at least 125m wide on section 4485E. Figures 2 and 3 show the drill hole in plan and section view, respectively.

LE21-91 (Section 4510E)

Drill hole LE21-91 was completed to test for easterly extensions of mineralization intersected by earlier 2021 drill holes and targeted the unconformity 28m northeast of LE21-82 and 47m east of LE21-78C1. LE21-91 intersected 5.0m averaging 0.7% U₃O₈ from 336.0m to 341.0m. Figures 2 and 5 show the drill hole location in plan and section view, respectively.

LE21-105 (Section 4535E)

Drill hole LE21-105 was completed to test for easterly extensions of mineralization intersected by LE21-91. LE21-105 reached the unconformity 21m east of LE21-91 at a depth of 341.5m, intersecting 0.5m averaging 0.1% U₃O₈ from 339.5 to 340.0m. Figure 2 shows the drill hole in plan view.

Continued Growth Potential

LE21-101 (Section 4785E)

Drill hole LE21-101 tested the prospective graphitic structural corridor bounded by the J- and L-Faults in an area that has seen limited drilling. The drill hole intersected 4.5m of uranium mineralization from 324.5 to 329.0m averaging 0.6% U₃O₈ including 0.5m averaging 3.1% U₃O₈ from 327.5 to 328.0m. Figures 2 and 6 show the drill hole in plan and section view, respectively.

Defining the Zone

LE21-85 (Section 4460E)

Drill hole LE21-85 was drilled to follow up mineralization intersected by previously reported drill holes LE20-57 (11.7% U₃O₈ over 10.0m) and LE20-38 (2.0% U₃O₈ over 7.5m). The drill hole intersected an upper zone of uranium averaging 0.2% U₃O₈ over 1.0m from 321.5m to 322.5m above a lower zone averaging 0.2% U₃O₈ over 0.5m 327.0m to 327.5m. Figures 2 and 4 show the location of the drill hole in plan and section view, respectively.

LE21-93 (Section 4435E)

LE21-93 was drilled to expand mineralization to the north on section 4410E and targeted the unconformity 29m north of previously reported drill hole LE20-42 (0.4% U₃O₈ over 3.0m). The drill hole intersected 0.1% U₃O₈ over 0.5m beginning at 316.0m, 13m above the unconformity. The zone of significant mineralization is interpreted to be closed off to the north on section 4435E. Figure 2 shows the location of drill hole LE21-93 in plan view.

The Larocque East Property and the Hurricane Zone

The 100% owned Larocque East property consists of 33 mineral claims totaling 16,780ha. Two of the project's claims distal to the Hurricane zone are subject to a 2% Net Smelter Returns Royalty of which 1% may be bought back for $1 million at IsoEnergy's discretion. Larocque East is immediately adjacent to the north end of IsoEnergy's Geiger property and is 35km northwest of Orano Canada's McClean Lake uranium mine and mill.

Along with other target areas, the Larocque East 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. and Orano Canada Inc.'s neighbouring property to the southwest of Larocque East. The Hurricane zone was discovered in July 2018 and was followed up with 29 drill holes in 2019, 48 drill holes in 2020, and 16 drill holes in 2021. Dimensions are currently 375m along-strike, up to 125m wide, and up to 12m thick. The zone is open for expansion along-strike to the east and to the north and south on some sections. Mineralization is polymetallic and commonly straddles the sub-Athabasca unconformity 320m below surface. The best intersection to date is 38.8% U₃O₈ over 7.5m in drill hole LE20-76. 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 7.0m 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 uranium deposits in the eastern Athabasca Basin. Importantly, the sandstone cover on the Property is thin, ranging between 140m and 450m in previous drilling.

Qualified Person Statement

The scientific and technical information contained in this news release was prepared by Andy Carmichael, P.Geo., IsoEnergy's Vice President, Exploration, who is a "Qualified Person" (as defined in NI 43-101 - Standards of Disclosure for Mineral Projects). Mr. Carmichael has verified the data disclosed. All radioactivity measurements reported herein are total gamma from an RS-125 hand-held spectrometer. As mineralized drill holes at the Hurricane zone are oriented very steeply (-70 to -90 degrees) into a zone of mineralization that is interpreted to be horizontal, the true thickness of the intersections is expected to be greater than or equal to 90% of the core lengths. 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. All chemical analyses are completed for the Company by SRC Geoanalytical Laboratories in Saskatoon, SK. 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.

About IsoEnergy

IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada. The Company recently discovered the high-grade Hurricane Zone of uranium mineralization on its 100% owned Larocque East property in the Eastern Athabasca Basin. 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.

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.

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, 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

SOURCE IsoEnergy Ltd.



Contact
Tim Gabruch, President and Chief Executive Officer, IsoEnergy Ltd., +1 306-261-6284, info@isoenergy.ca, www.isoenergy.ca; Investor Relations: Kin Communications, +1 604 684 6730, iso@kincommunications.com