VANCOUVER, April 14, 2016 /CNW/ - NexGen Energy Ltd.
("NexGen" or the "Company") (TSXV:NXE,
OTCQX:NXGEF) is pleased to announce a new discovery of high
grade mineralization at the Arrow deposit from our on-going
winter-spring drilling program on our 100% owned Rook I Property,
Athabasca Basin, Saskatchewan.
Drill hole AR-16-84c1 represents the strongest uranium
intercept in the A1 shear zone to date in an area that is
untested. Hole -84c1 was angled as a scissor hole with an
azimuth to the northwest which drilled through the A2 High Grade
Domain, and into the A1 shear zone (Figures 1, 2, and 3).
This hole intersected substantial accumulations of semi-massive
pitchblende including 8.35 m of off-scale mineralization
(>10,000 to 48,000 cps) within the A1 shear.
Additionally, hole -84c1 also intersected substantial off-scale
radioactivity (from >10,000 to >61,000 cps) within the A2
High Grade Domain (Figures 1 and 3). Hole -84c1 intersected
6.45 m of off-scale mineralization within 39.5 m of total composite
mineralization confirming the continuity and high grade nature of
the A2 High Grade Domain.
One drill rig will continue to drill northwest azimuth scissor
holes into the A2 and A1 high grade zones throughout the recently
announced 7,500 m spring break-up drilling season (see news release
dated April 4, 2016).
Highlights:
A1 Shear:
- AR-16-84c1 (65 m up-dip and southwest from
AR-15-34b) intersected 55.0 m of total composite
mineralization including 8.35 m of total composite off-scale
radioactivity (>10,000 – 48,000 cps) within a 136.0 m
section (602.5 to 738.5 m), which represents the strongest
mineralization ever encountered within the A1 shear zone.
A2 Shear:
- AR-16-84c1 (scissor hole to AR-15-49c2) intersected
39.5 m of total composite mineralization including 6.45 m
of total composite off-scale radioactivity (10,000 - >61,000
cps) within a 108.0 m section (472.5 to 580.5 m) in the A2 high
grade domain.
Arrow, Activities & Financial
- The land-based and basement hosted Arrow zone currently covers
an area of 865 m by 280 m with a vertical extent of
mineralization commencing from 100 m to 920 m, and remains
open in all directions and at depth.
- The winter 2016 six drill rig program comprising 30,000 m of
drilling is currently transitioning to our spring 2016 three drill
rig program comprising 7,500 m of drilling.
- The Company remains on track for release of an updated NI
43-101 resource estimate on the Arrow deposit due in the second
half of 2016
- The Company has cash on hand of $33M.
A drill hole location map, a cross section of drill hole
AR-16-84c1 and A1 long section are shown in Figures 1 to 3. Table 2
has a summary of the mineralized intervals.
Garrett Ainsworth,
Vice-President, Exploration and Development, commented: "The
importance of this discovery of high grade mineralization within
the A1 shear is clearly evident. Drill hole AR-16-84c1 has
encountered the strongest and widest mineralization in the A1 shear
to date. This high grade mineralization is characterized by
semi-massive pitchblende and redox fronts with abundant
pitchblende, and is what we see associated with the most intense
alteration observed out of any of the Arrow deposit shear zones
(the A1 to A4 shears). The high grade intercept in hole -84c1
is within a large untested area of the A1 shear that now has
potential to host another high grade sub-zone. Hole -84c1 has
also infilled and confirmed the high grade, continuous and
sub-vertical nature of the A2 high grade
domain.
Leigh Curyer, Chief Executive Officer commented: "This winter
program has been incredibly successful at Arrow. Just as with
past programs, Arrow keeps surprising. Hitting 8.25 m of
off-scale mineralization within the A1 shear 65 m from the nearest
hole in that zone is an example that Arrow itself has a
considerable amount of drilling to complete before fully
understanding its ultimate size. The spring break-up program
will target this area and others that have been under tested as
well as further defining the 180 m southwest extension and the A2
High Grade Domain."
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Table 2: Arrow
Deposit Drill Hole Data
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Drill
Hole
|
Athabasca
Group
-
Basement
Unconformity
Depth
(m)
|
Handheld
Scintillometer Results
(RS-120)
|
Hole
ID
|
Azimuth
|
Dip
|
Total
Depth
(m)
|
From
(m)
|
To
(m)
|
Width
(m)
|
CPS
Range
|
AR-16-84c1
|
328
|
-70
|
846.00
|
127.00
|
410.5
|
411.0
|
0.5
|
<500 -
1400
|
|
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|
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421.5
|
425.5
|
4.0
|
<500 -
2800
|
|
|
|
|
|
432.0
|
432.5
|
0.5
|
<500 -
1000
|
|
|
|
|
|
436.5
|
438.0
|
1.5
|
<500 -
1800
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|
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440.5
|
443.5
|
3.0
|
<500 -
1800
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|
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446.0
|
447.5
|
1.5
|
<500 -
1700
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450.5
|
451.5
|
1.0
|
<500 -
940
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462.5
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463.0
|
0.5
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<500 -
550
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472.5
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475.5
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3.0
|
<500 -
850
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478.0
|
479.0
|
1.0
|
<500 -
1250
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489.5
|
490.0
|
0.5
|
<500 -
630
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494.0
|
497.0
|
3.0
|
<500 -
600
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|
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|
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503.0
|
504.5
|
1.5
|
<500 -
1100
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515.0
|
516.5
|
1.5
|
<500 -
700
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535.5
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551.0
|
15.5
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<500 -
61000
|
|
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|
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553.5
|
558.5
|
5.0
|
<500 -
49000
|
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563.5
|
571.0
|
7.5
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<500 -
8100
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|
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|
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579.5
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580.5
|
1.0
|
<500 -
730
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602.5
|
603.0
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0.5
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<500 -
510
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620.0
|
620.5
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0.5
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<500 -
580
|
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628.0
|
630.0
|
2.0
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<500 -
1400
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634.5
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638.5
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4.0
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<500 -
1900
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663.0
|
666.5
|
3.5
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<500 -
5000
|
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679.5
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697.5
|
18.0
|
<500 -
38000
|
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701.0
|
726.0
|
25.0
|
<500 -
48000
|
|
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728.5
|
729.0
|
0.5
|
<500 -
2500
|
|
|
|
|
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738.0
|
739.0
|
1.0
|
<500 -
970
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Parameters:
- Maximum internal dilution 2.00 m downhole
- All depths and intervals are meters downhole
- "Anomalous" means >500 cps (counts per second) total count
gamma readings by gamma scintillometer type RS-120
- "Off-scale" means >10,000 cps (counts per second) total
count gamma readings by gamma scintillometer type RS-120
- Where "Min cps" is <500 cps, this refers to local low
radiometric zones within the overall radioactive interval
Natural gamma radiation in drill core reported in this news
release was measured in counts per second (cps) using a Radiation
Solutions Inc. RS-120 gamma-ray scintillometer. The reader is
cautioned that total count gamma readings may not be directly or
uniformly related to uranium grades of the rock sample measured;
they should be used only as a preliminary indication of the
presence of radioactive minerals. All intersections are downhole.
True thicknesses are yet to be determined.
Split core samples will be taken systematically, and intervals
will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC
17025: 2005 Accredited Facility) of Saskatoon for analysis. All samples sent to
SRC will be analyzed using ICP-MS for trace elements on partial and
total digestions, ICP-OES for major and minor elements on a total
digestion, and fusion solution of boron by ICP-OES. Mineralized
samples are analyzed for U3O8 by ICP-OES and
select samples for gold by fire assay. Assay results will be
released when received and after stringent internal QA/QC protocols
are passed.
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.
ARROW DEPOSIT DRILLING
AR-16-84c1
Hole AR-16-84c1 was a directional hole collared from surface at
an angled orientation (-70°) to the northwest (328° Azimuth). It
was designed as a scissor hole to both verify the thickness of
sub-vertically dipping mineralization in the A2 shear and to test
the A1 shear at depth. Directional drilling was initiated at 204 m.
The A1 and A2 shears were intersected at inclinations of -62° and
-64°, respectively.
The hole intersected bleached and desilicified Athabasca Group
sandstones between 120.2 m and the unconformity at 127.0 m.
Basement lithologies consisted largely of semipelitic gneiss to
granofel, and relatively narrow intervals of pelitic gneiss,
pegmatite, orthogneiss and mylonite (the A1 through A3 shears). The
hole successfully intersected widespread mineralization in the A1,
A2, and A3 shears that was associated with semi-massive to massive
veins, stringers, worm-rock style, chemical solution fronts, blebs
and flecks of pitchblende. For the entire drill hole, a total
composite mineralization of 107.0 m including 14.8 m of off-scale
radioactivity (>10,000 ->61,000 cps) was intersected within a
328.5m section (410.5 to 739.0 m). In the A1 shear, 55.0 m of
composite mineralization was intersected including 8.35 m of
off-scale radioactivity, and in the A2 shear 39.5 m of composite
mineralization was intersected including 6.45 m of off-scale
radioactivity. While in the A3 shear, 12.5 m of composite
mineralization was intersected. The hole was terminated at 846.0 m.
This drill hole represents the discovery of a new zone of
mineralization in the A1 shear.
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.