Listen in for an interview with IsoEnergy President & CEO, Craig Parry, and Vice President of Exploration, Steve Blower. Thanks very much to the ISO team for the update on this exceptional uranium exploration company and their discovery in the eastern part of the Athabasca Basin.

Please note, this interview contains forward-looking statements. This is not sponsored content.

 Peter Bell: Hello, my name is Peter Bell and I'm here with Mr. Craig Parry and Steve Blower from IsoEnergy. Hello gentlemen!

Craig Parry: Hi Peter. How are you?

Peter Bell: Wonderful. Exciting to talk to you, there's some absolutely stunning news releases that have come from the company recently. I've never quite seen anything like this. I've gone back and studied a few of the other discoveries in the area, but I'm not an uranium expert by any means. I wonder -- for the geologist there, Steve -- have you worked on anything quite like this before?

Steve Blower: My previous employer was Denison Mines and and we drilled off a couple of deposits down and on the Wheeler River property, one of which we found when I was there. I had a bit of experience like this but it doesn't happen very often, I can tell you that. Extremely exciting.

Peter Bell: The grades leave me puzzled -- the comparison between a half meter at 38% U308 versus other intersections with fractions of a percent. I wonder if that is normal in some sense -- how much of an outlier are these high-grade intercepts?

Steve Blower: Certainly, the Athabasca is noted for its high-grade uranium. When you get to mine-able deposits, you're certainly going to have intersections of those sorts of grades in the Athabasca. It depends on what sort of scale you're looking at it. They're extremely high-grade and, yes, you don't drill these very often in your career.

Peter Bell: Holes one, two, and three that are out -- four five and six pending. We've seen some very helpful guidance and the company materials around your exploration approach to come in at an angle there and hit the dipping structures. I appreciate some of the basic information you've put out there.

Steve Blower: Great. That's terrific.

Craig Parry: Peter, I would just make the point about high-grade analysis -- the eastern Athabasca Basin is home to the highest grade uranium mines in the world like Cigar Lake and MacArthur River. That's why we're out there exploring, that's why we focus entirely on that part of the world.

Craig Parry: Of course, NexGen's got its truly world-class, tier one type Arrow deposit down in the southwestern part of the basin. One of the focuses for us is to look for basement-hosted mineralization. If there's a Cigar Lake or a Phoenix to be found on one of our properties, then we're not going to turn our nose up at that either. It's looking like we've got that sort of potential on this particular property.

Craig Parry: I'd make the point that to the west boundary of our property, Cameco has the Larocque North zone. It's about 500 meters away. That's a mineralized system. Then, there's another drill hole KER-07 five hundred meters to the east of where we've made this discovery. We know this mineralized system has some strike extent to it. For us, it's really a question of testing that thoroughly over the next few months. You'll see more drilling. We're drilling as we speak. We're on hole eight now and making good progress there. One of the questions we're going to answer, as a company, is whether we extend this drill program and keep it going or not. I think the results speak for themselves. At the moment, we're onto something that's really quite a significant discovery.

Peter Bell: Thank you very much. I'm looking at the locations there of KER-05, 6, and 7 -- those are a couple kilometers away in the case of KER-05. I wonder, stepping out versus trying to focus in on this high-grade area?

Steve Blower: The first job we had with this drill program was to make sure we understood the controls on the mineralization here. The only really good way to do that is to do some pretty detailed drilling around this discovery. That's what we're doing. We think we've got a handle on things now. Certainly, by the time we get ready for a follow-up program here we'll be in a position to step-up more aggressively and start to test some of the rest of that strike length. You're right, there's just a ton of prospective geology here. We've got lots of work ahead of us.

Peter Bell: And the deposit type with this kind of high-grade, does it usually track along? Do you see continuation of this grade? What, geologically, might you expect?

Steve Blower: Geologically, we do tend to expect the mineralization will follow the conductors. They are sitting on top of them from what we've seen so far, where the conductor is the graphite in the basement. The idea is to follow that graphite along, but there's actually a lot of graphite here. It's a very thick package. Certain portions seem to be better mineralized than others, and that's what we've been trying to figure out. Exactly what faults and graphitic packages are controlling the mineralization? It looks like we've got a handle on it.

Peter Bell: Again, the high-grade any precedent for that extending laterally, significantly?

Steve Blower: Well, the really big and wild precedent, I suppose, is Cigar Lake, which is two kilometers of mineralization. That's out there as a precedent for what you might be able to achieve. I'm not trying to say that that we've got one of those yet, but some of the geology is definitely quite similar. And extending the other way, widthwise, we've got about 40 meters of width on the mineralized zone. It's actually still open to the south. We haven't closed it off at all. That's a good sized body of mineralization. We talked about Phoenix being 40 meters wide, on average. It's possible that we've got a pretty significant body of mineralization here.

Peter Bell: Any surprises with faulting going on at depth or anything?

Steve Blower: No, not really. It's a really nicely faulted graphitic package. There are at least three major faults in there that we've identified. We've actually named them and can see them as we step to adjacent sections. That's key -- that's what we want to see. We want to see some nice, continuous, big, strong structures and that's clearly what we've got.

Peter Bell: Craig, I'd ask -- Thorburn Lake, Radio, Geiger -- all these other things. How do you juggle all that?

Craig Parry: Good question. It's pretty straightforward at the moment -- the Hurricane Zone will take up all our funding for the time being. We've got something substantial there and will keep drilling it out. We're very fortunate that we've got five and a half million in the bank at the moment, having raised that money in December. We're well-funded for the next year of work programs there, but you're spot-on. We've got Thorburn Lake, which sits right next door to that great Cigar Lake deposit. We want to get in and test more of the targets there. Of course, we've got Radio, which is probably the most exciting thing for me apart from Larocque East where Steve's outlined that we have a significant extent of mineralized and conductive terrain. We want to get to test more of that.

Craig Parry: Our Geiger property is a sort of classic example of what we're trying to do in in IsoEnergy and that is to put our foot on as much prospective ground in Eastern Athabasca as you can, get in, and explore it. Of course, one of the things on that front is the Eastern Athabasca has never been fully and effectively explored for basement-hosted mineralization. As part of the broader NexGen group, we've got a lot of IP and understanding of that basement-hosted type mineralization. Now, we're employing some of that knowledge to explore for basement-hosted mineralization in the Eastern Athabasca.

Craig Parry: And the other thing to consider, Geiger is a great example of it, is that during 2008-2010 a hell of a lot of money was raised in the uranium sector and a lot of drill holes were drilled -- first- and second-pass drilling, generally, that intersected a lot of mineralization out there. If you look at the map on our Geiger property, which is in our presentation on our website, then you'll see that there's actually over seven mineralized intercepts there that have never been followed up. They are simply walk-up drill targets. That's an exciting proposition for us to get in and explore those.

Craig Parry: Now, the challenge is that the Hurricane Zone discovery is going to attract all of our attention for the time being but we've got a huge amount of targets to follow-up immediately beyond that. We'll keep going and take a judicious approach to following up those targets over time, as well.

Peter Bell: I appreciate this slide in the deck with some guidance around work plans timelines. I noticed a lot of it is Q1-2019, this is the busy time for you. I see mention of Hurricane Zone geochemistry results, is that geochemical sampling of drill core or is that surface work?

Steve Blower: That's the core sampling. The beauty of uranium exploration is that you get to release radioactivity results and then follow that up later with with assay results. That refers to the chemical assays.

Peter Bell: Good work getting the assays out so quickly. The ones that have come so far have been surprisingly fast.

Steve Blower: Yes, I think we were lucky to be one of the first in this winter. We knew we were hitting right away, so we were pretty much the first ones filling up the lab with samples.

Peter Bell: And Larocque East summer drilling plans, how firm or clear is that yet?

Steve Blower: The details of it are not very clear yet, but it's pretty clear that we will be drilling there this summer as these results just require it, first of all. And, secondly, we've raised quite a bit of flow-through in December with that bought deal financing. We've got to spend those dollars in 2019. Clearly, we're going to be drilling more at Larocque East.

Peter Bell: Wonderful thank you very much, Steve. Craig, maybe last moment here for you if there's anything you'd like to say.

Craig Parry: Sure. think I've got to congratulate the team -- Andy Carmichael and others have done a tremendous job. As this proves up to be a deposit, the geological detective work that's gone into it has been tremendous and it becomes clear that they've done a fantastic job to define this target and make this discovery, which is a tremendous outcome for all of us, particularly our shareholder. We are all very excited. Look out for more results. We'll be drilling well into March with plenty more good results to come.

Craig Parry: We want to get in and do some more geophysical work to better define our targets going forward. Come summer, we will be doing more drilling. Shareholders and investors can expect a lot more news flow over the next six months or so from us.

Peter Bell: Craig Parry and Steve Blower of IsoEnergy -- thank you very much.

Craig Parry: Thanks, Peter.


To dig deeper into the story, read the company news releases here, http://www.isoenergy.ca/news/