VANCOUVER, April 4, 2016 /CNW/ - NexGen Energy Ltd.
("NexGen" or the "Company") (TSXV:NXE,
OTCQX:NXGEF) is pleased to announce that drilling in 2016 will
continue uninterrupted from the end of the winter through to the
commencement of summer. Additionally, the Company has been
approved and issued a permit to construct an all-season access road
to our project located on our 100% owned Rook I Property,
Athabasca Basin, Saskatchewan.
As a result of the winter 2016 program success, the Company has
decided to continue its drill program uninterrupted through the
shoulder season of mid-April to early-June before the summer 2016
program is scheduled to begin. This shoulder season program
will comprise 7,500 m drilled with three diamond drill rigs, that
will all be utilizing TECH directional drilling. This program
will focus on the 180 m southwest extension of Arrow (see News
Releases dated March 15 and 30, 2016)
and the infilling the A2 High Grade Domain (which includes the
higher grade A2 sub-zone). The budget for this program is
$3 million.
Additionally, NexGen is pleased to announce it has been approved
and issued a permit by the Saskatchewan Ministry of Environment to
construct an all-season access road from Provincial Highway 955 to
the Rook I Project, which will span approximately 13 km that will
primarily utilize existing trails. This road will support the
rapidly developing Arrow Deposit and further optimize exploration
and development at the Rook I property, in a highly capital
efficient manner. Construction of this access road will
commence shortly and scheduled to take approximately two months to
complete with a budget of $1.25
million.
NexGen has $34 million cash on
hand and is well funded for all planned drilling and development
programs well into 2017.
Garrett Ainsworth,
Vice-President, Exploration and Development, commented: "The winter
2016 drill program has been exceptionally successful. We are
very pleased to continue drilling in between the winter and summer
2016 programs. The ability to drill through Spring break-up at the
Arrow Deposit is attributed to its land based location with
overburden that has good drainage."
Leigh Curyer, Chief Executive Officer commented: "The decision
to continue drilling uninterrupted is in direct response to the
high level of success we have had this winter program with the
infill of the A2 High Grade Domain and the newly discovered
southwest extension at Arrow. The decision to construct the all
weather road to the Project reflects our commitment to
exceptionally high standards of operations incorporating safety as
our priority. We would like to thank the Saskatchewan Ministry of
Environment for their diligent work in processing our permit
application for our camp access road as we progress Arrow along its
development path."
The technical information in this news release has been approved
by Garrett Ainsworth, P.Geo., Vice
President – Exploration & Development, a qualified person for
the purposes of National Instrument 43- 101 – Standards of
Disclosure for Mineral Projects. Mr. Ainsworth reviewed the data
disclosed in this news release, including the sampling, analytical
and test data underlying the information contained in this news
release.
The mineral resource at the Arrow Deposit was completed by RPA
Inc. and has an effective date of January
14, 2016. The mineral resource is reported at a cut-off
grade of 0.25% U3O8. The cut-off is based on a long-term uranium
price of USD$65/lb U3O8. The mineral
resource is classified into the inferred category based on the CIM
Definition Standards. For details regarding the geology and
mineralization of the Arrow Deposit, the drilling, sampling and
analytical procedures followed and the estimation methodology used
in the preparation of the mineral resources, please refer to the
Company's Amended and Restated News Release dated March 3, 2016, which is available under the
Company's profile on the SEDAR website at www.sedar.com.
About NexGen
NexGen is a British Columbia
corporation with a focus on the acquisition, exploration and
development of Canadian uranium projects. 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.
NexGen owns a portfolio of highly prospective uranium
exploration assets in the Athabasca Basin, Saskatchewan, Canada, including a 100%
interest in Rook I, location of the Arrow Discovery in February 2014. The Arrow Deposit's maiden
Inferred mineral resource estimate is 201.9 M lbs
U3O8 contained in 3.48 M tonnes grading 2.63%
U3O8. Rook I also hosts the Bow
Discovery which is 3.7 km along trend and northeast of Arrow and
was made in March 2015.
The TSXV has neither approved nor disapproved the contents of
this press release. Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking Information
This news release contains "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, the proposed
use of proceeds and 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 connation 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, and 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, pending assay
results may not be consistent with preliminary results, discretion
in the use of proceeds, alternative sources of energy, aboriginal
title and consultation issues, reliance on key management and other
personnel, potential downturns in economic conditions, 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 NexGen Energy Ltd.