VANCOUVER, BC, July 26, 2021 /PRNewswire/ - NexGen Energy Ltd.
("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX:
NXG) is pleased to announce commencement of field programs
focused on detailed geotechnical site confirmation studies on the
Project and regional exploration drilling at the 100% owned, Rook I
property (the "Property"), in the Athabasca Basin, Saskatchewan.
Focus of the 2021 Regional Exploration Drilling
Program:
- The Rook I property is host to numerous electromagnetic ("EM")
conductors and structural corridors which have yet to be explored
as the focus has been on the development of the Arrow Deposit over
the last several years.
- Target high priority areas within a 10 km radius of Arrow
including along the Patterson Lake Corridor which hosts the Arrow
Deposit. Together with priority targets along the Derkson Corridor
which is directly parallel and to the east of the Patterson
Corridor that hosts the Arrow Deposit.
-
- Arrow 2.0 Target – exploring greater than 300 m below known mineralization at Arrow to test
for a replication of Arrow at depth where high grade mineralization
remains open.
- Camp East Target – testing strong geophysical targets
along a northeast conductor coincident with a regional
north-northeast trend from Camp East through South Arrow and
Arrow.
- Derkson Corridor – Parallel conductor corridor adjacent
to the east of the Patterson Lake conductor corridor with highly
prospective geophysical targets with known uranium mineralization
drilled in historical drilling northeast, off of the SW2
property.
-
- Derkson East Target – series of northeast-southwest
trending conductors within a strong geophysical and geochemical
footprint.
- Derkson West Target – similar conductor to Patterson
Lake Corridor with northeast-southwest trending conductor along
magnetic gradient. Also, strong geophysical and geochemical
characteristics.
All target areas exhibit similar geophysical characteristics to
Arrow, including strong conductive signatures with numerous
off-sets coincident with discrete gravity lows and steep magnetic
gradients. Structural interpretations across the property suggests
several EM conductors lie along significant
rheological/lithological contrasts which have been interpreted to
possess structural conditions favourable for localizing uranium
mineralization. Additionally, analysis of previous drilling has
also revealed several target areas contain prospective alteration
and geochemical signatures indicative of uranium bearing
systems.
Leigh Curyer, Chief Executive Officer, commented:
"Recommencement of field activities incorporating regional
exploration whilst simultaneously advancing the Rook I Project
through final engineering and permitting is an exciting time for
NexGen. The NexGen group has a tremendous track record of
discovery and the geological team has been looking forward to
recommencing exploration drilling on what they consider to be the
most prospective land package globally. Further, the detailed field
work this summer is a foundation to future surface and underground
infrastructure at the Rook I Project . "
Troy Boisjoli, Vice-President,
Exploration & Community, commented: "We are very excited about
the 2021 exploration program. Over the past number of years,
exploration and drilling activities have been focussed on optimally
developing the strategic Arrow Deposit and this 2021 program is
focusing on making new discoveries by evaluating highly prospective
exploration targets on the Rook I property. The Derkson Corridor is
significantly under-explored. The 2021 exploration program is the
culmination of a rigorous process in defining highly prospective
drill targets. The NexGen geological team is excited to recommence
drilling".
Exploration Focus:
Arrow 2.0 – The Arrow Deposit is open and remains
highly prospective at depth; integration of geophysics (Magnetic
and 3D-ZTEM data) and structural interpretation indicate Arrow is
hosted on the limb of a large-scale fold that extends to great
depth, which suggests the conditions favourable for localizing
uranium mineralization also continue to depth. Furthermore,
drilling at Arrow shows uranium mineralization, brittle structures,
and hydrothermal alteration continue below Arrow. Arrow 2.0 target
is designed to be a significant step down-dip from Arrow at depth
to test for the replication of high-grade mineralization.
Camp East – Lies along a recently defined
north-northeast mineralized trend that includes the Arrow and South
Arrow Deposits. Camp East was initially targeted and drilled in
2016 and returned highly prospective alteration, structural
disruption, and anomalous geochemistry; intersections of anomalous
Boron – a primary pathfinder element – have higher concentrations
than the Arrow Deposit. Targeting at Camp East is focused highly
prospective geophysical areas where bends and off-sets in the
conductor have been interpreted as having increased potential to
localize uranium mineralization within the north-northeast
mineralized trend from Camp East through South Arrow and Arrow.
Derkson Corridor – Exploration will focus on two
target areas on the Derkson Corridor; a parallel conductor to the
southeast of the Patterson Lake Corridor ("PLC") that hosts the
Arrow Deposit and several other zones of high-grade mineralization
along trend.
The first target area lies on a series of northeast-southwest
trending conductors at the edge of a prominent magnetic domain that
represents favourable structural conditions for brittle
reactivation and focusing mineralizing fluids. The target area is
along strike to the southwest of historic drill hole DER-04 that
intersected 2.5 m of 0.24%
U3O8; an indication of a uranium fertile
trend. Previous drilling to the southwest of the first target area
has revealed anomalous boron intersections of up to 424 ppm in
drill hole RK-15-070. Drilling will target northeast of the boron
anomaly at jogs in the conductor that have potential to localize
hydrothermal fluids and uranium mineralization.
The second Derkson target lies along a similar
northeast-southwest trending conductor to the PLC. Drilling in this
area will target zones of structural dilation along the conductor
that are interpreted to represent favourable locations for
localizing uranium mineralization. A prominent jog on the conductor
where the conductive signal weakens along strike of anomalous
geochemistry has been prioritized for early program drilling.
2021 Site Investigation:
In addition to the exploration program, field work will be
completed in support of Front End Engineering Design ("FEED") on
the Rook I Project through advancement of further site
investigations, both underground and surface. Surface
investigations will include the completion of test pits and sonic
boreholes in locations of planned surface infrastructure. The
execution and analysis of these site investigation programs will
build upon significant studies that have been incorporated in the
recently released Feasibility Study ("FS") (see News Release dated
February 22, 2021). Also, diamond
drilling will focus on geological, geotechnical, and
hydrogeological characterization of the rock mass proximal to the
underground Life of Mine ("LOM") infrastructure in support of FEED.
The drilling will further validate the current design and support
the final design of the Underground Tailings Management Facility
("UGTMF").
About NexGen
NexGen is a British Columbia corporation with a focus
on developing the Rook I Project located in the
southwestern Athabasca Basin, Saskatchewan,
Canada into production. Rook I hosts the Arrow Deposit that
hosts Measured Mineral Resources of 209.6 M lbs of
U3O8 contained in 2.18 M tonnes grading 4.35% U3O8,
Indicated Mineral Resources of 47.1 M lbs of
U3O8 contained in 1.57 M tonnes grading 1.36% U3O8,
and Inferred Mineral Resources of 80.7 M lbs of
U3O8 contained in 4.40 M tonnes grading 0.83%
U3O8. The Rook I Project is supported by a NI 43-101
compliant Feasibility Study which outlines elite environmental
performance as well as industry leading economics.
NexGen has a highly experienced team of uranium industry
professionals with a successful track record in the discovery of
uranium deposits and in developing projects through discovery to
production. The Company is the recipient of the 2018 PDAC
Bill Dennis Award for Canadian mineral discovery and the 2019 PDAC
Environmental and Social Responsibility Award.
Technical Disclosure
All technical information in this news release has been reviewed
and approved by Anthony (Tony)
George, P.Eng, NexGen's Chief Project Officer, and
Troy Boisjoli, Geoscientist
Licensee, Vice President, Exploration & Community for NexGen.
Both are a qualified person under National Instrument 43-101
A technical report in respect of the FS is filed on SEDAR
(www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) and is
available for review on NexGen Energy's website
(www.nexgenenergy.ca).
Cautionary Note to U.S. Investors
This news release includes Mineral Reserves and Mineral
Resources classification terms that comply with reporting standards
in Canada and the Mineral Reserves
and the Mineral Resources estimates are made in accordance with NI
43-101. NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
mineral projects. These standards differ from the requirements of
the Securities and Exchange Commission ("SEC") set the SEC's rules
that are applicable to domestic United
States reporting companies. Consequently,
Mineral Reserves and Mineral Resources information included in this
news release is not comparable to similar information that would
generally be disclosed by domestic U.S. reporting companies subject
to the reporting and disclosure requirements of the SEC
Accordingly, information concerning mineral deposits set forth
herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
Forward-Looking Information
The information contained herein contains "forward-looking
statements" within the meaning of applicable United States securities laws and regulations
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 mineral
reserve and mineral resource estimates, the 2021 Arrow Deposit,
Rook I Project and estimates of uranium production, grade and
long-term average uranium prices, anticipated effects of completed
drill results on the Rook I Project, planned work programs,
completion of further site investigations and engineering work to
support basic engineering of the project and expected outcomes.
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. Statements
relating to "mineral resources" are deemed to be forward-looking
information, as they involve the implied assessment that, based on
certain estimates and assumptions, the mineral resources described
can be profitably produced in the future.
Forward-looking information and statements are based on the
then current expectations, beliefs, assumptions, estimates and
forecasts about NexGen's business and the industry and markets in
which it operates. Forward-looking information and statements are
made based upon numerous assumptions, including among others, that
the mineral reserve and resources estimates and the key assumptions
and parameters on which such estimates are based are as set out in
this news release and the technical report for the property , the
results of planned exploration activities are as anticipated, the
price and market supply of uranium, the cost of planned exploration
activities, that financing will be available if and when needed and
on reasonable terms, that third party contractors, equipment,
supplies and governmental and other approvals required to conduct
NexGen's planned exploration activities will be available on
reasonable terms and in a timely manner and that general business
and economic conditions will not change in a material adverse
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 in the
future.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual results, performances and achievements of NexGen to
differ materially from any projections of results, performances and
achievements of NexGen expressed or implied by such forward-looking
information or statements, including, among others, the existence
of negative operating cash flow and dependence on third party
financing, uncertainty of the availability of additional financing,
the risk that pending assay results will not confirm previously
announced preliminary results, conclusions of economic valuations,
the risk that actual results of exploration activities will be
different than anticipated, the cost of labour, equipment or
materials will increase more than expected, that the future price
of uranium will decline or otherwise not rise to an economic level,
the appeal of alternate sources of energy to uranium-produced
energy, that the Canadian dollar will strengthen against the U.S.
dollar, that mineral resources and reserves are not as estimated,
that actual costs or actual results of reclamation activities are
greater than expected, that changes in project parameters and plans
continue to be refined and may result in increased costs, of
unexpected variations in mineral resources and reserves, grade or
recovery rates or other risks generally associated with mining,
unanticipated delays in obtaining governmental, regulatory or First
Nations approvals, risks related to First Nations title and
consultation, reliance upon key management and other personnel,
deficiencies in the Company's title to its properties, uninsurable
risks, failure to manage conflicts of interest, failure to obtain
or maintain required permits and licences, risks related to changes
in laws, regulations, policy and public perception, as well as
those factors or other risks as more fully described in NexGen's
Annual Information Form dated March 11,
2020 filed with the securities commissions of all of the
provinces of Canada except
Quebec and in NexGen's 40-F filed
with the United States Securities and Exchange Commission, which
are available on SEDAR at www.sedar.com and Edgar at
www.sec.gov.
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 statements or
implied by forward-looking information or statements, there may be
other factors that cause results not to be as anticipated,
estimated or intended. Readers are cautioned not to
place undue reliance on forward-looking information or statements
due to the inherent uncertainty thereof.
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.
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SOURCE NexGen Energy Ltd.
