Mountain Lake

Overview

Highlights

• Located in Nunavut, Canada within the Hornby Bay Basin
• The project was staked by IsoEnergy in 2017 and was previously owned in a 50:50 JV by Pitchstone Exploration Ltd. and Triex Minerals Corporation
• 220 holes had been drilled by previous operators and higher grade potential identified (up to 5.19% never followed up)

Historical Mineral Resource Estimate:

Category	Tonnes (M)	Grade (% U3O8)	Contained (M lbs)
Indicated	1.6	0.23	8.2

For additional information regarding the Mountain Lake project, please refer to the Technical report entitled  "Mountain Lake Property Nunavut" dated February 15, 2005 reported by Triex Mineral Corporation.

This resource is a historical estimate under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources.  As a result, the historical estimate is not being treated as a current mineral resource.

Geology

Uranium mineralization at Mountain Lake is hosted within sandstone of the mid-Proterozoic Dismal Lakes Group within the Hornby Bay Basin.  The deposit is a shallow-dipping (5-10 degrees) tabular zone of strata-bound mineralization that extends from the top of the bedrock (10-30 metres below surface) down to approximately 180 metres below surface at its deepest point.  Overall the mineralization covers an area measuring 1,300 metres long and up to 320 metres wide.  The thickness ranges from 1.0 to 6.5 metres.  High grade mineralization is locally present, with drill intersections returning up to 5.19% U3O8 over 0.9 metres.

Exploration Potential

IsoEnergy intends to complete a detailed review of all historical data from the property and develop an exploration plan to discover new uranium deposits or extensions of existing mineralization.