Rick Rule interviews Craig Parry, president and CEO of IsoEnergy Ltd., about the company’s exploration methodology and discovery of high grade uranium in the Hurricane zone in the eastern Athabasca Basin of Saskatchewan, Canada. Parry says the discovery is shaping up into one of material significance. The Athabasca Basin has the highest-grade uranium district in the world. The global average grade of mined uranium deposits is around 0.2%, while the average grade in the basin is north of 2%. Saskatchewan itself typically ranks in the first or second spot in the list of top jurisdictions in the world for investment in the Fraser Institute’s Survey of Mining Companies, according to Parry.
IsoEnergy was able to make the Hurricane zone discovery in large part because of major shareholder NexGen Energy Ltd., the company from which IsoEnergy spun off in 2016 and of which Parry is a director. NexGen’s success with the Arrow Deposit allowed IsoEnergy to fund exploration at a time when other companies are not because they lack the funding. IsoEnergy has put its foot on licenses and completed deals with others when prices are very low, on the basis that the company can and will do the exploration, says Parry.
The team behind IsoEnergy has an impressive track record. For instance, Steve Bowler was the head of exploration for Denison Mines, where he led the team that discovered the Gryphon Deposit. The IsoEnergy team has already proven up more than 350 million pounds of uranium in the last five or six years.
Listen below to Craig Parry, president and CEO of IsoEnergy, explain the key factors behind the company’s early success.
Interview Date: May 14, 2019