VANCOUVER, April 18, 2016 /CNW/ - NexGen Energy Ltd.
("NexGen" or the "Company") (TSXV:NXE,
OTCQX:NXGEF) is pleased to announce further results from our
recently expanded winter-spring drilling program on our 100% owned
Rook I Property, Athabasca Basin,
Saskatchewan.
Drill hole AR-16-78c4 has intersected dense accumulations of
massive pitchblende, which has expanded the higher grade A2
sub-zone (the "Sub-Zone") which makes up part of the A2 High Grade
Domain (Figure 1, 3 to 6). The mineralization was intersected 59 m
down-dip and northeast of AR-15-44b and features 37.4 m of
off-scale radioactivity (>10,000 to >61,000 cps). This
included 5.5 m at a minimum-of-greater-than 61,000 cps, of which
4.5 m was continuous. On a radioactivity basis, AR-16-78c4
ranks as one of the best holes ever drilled at Arrow.
Importantly, the high grade mineralization encountered in hole
-78c4 was predominately intersected outside of the current
boundary of A2 High Grade Domain (Figure 3).
The A2 High Grade Domain hosts a National Instrument 43-101
compliant Inferred Mineral Resource estimate of 120.5 M lbs of U3O8
contained in 0.41 M tonnes grading 13.26% U3O8, which is within the
total Arrow Deposit Inferred Mineral Resource estimate of 201.9 M
lbs U3O8 contained in 3.48 M tonnes grading 2.63% (see news release
dated March 3, 2016). The maiden
resource estimate on Arrow includes drill holes to October 2015, and does not include the 40 drill
holes completed so far in 2016.
In addition, anomalous radioactivity sourced from uranium
(confirmed with RS-125 spectrometer scintillometer) has been
drilled approximately 1.3 km northeast of the Arrow deposit
(Figure 2). This new area, named Cannon, is
coincident with a gravity low and weakened VTEM conductor. The area
has very similar geophysical, lithological and alteration features
to the Arrow deposit. To date, 11 holes have been drilled at
Cannon, all of which intersected strong-to-intense hydrothermal
alteration. Furthermore, 4 holes have intersected anomalous
radioactivity of up to 1,300 cps (measured by RS-120 hand-held
scintillometer). At least two highly prospective graphitic mylonite
shear zones with large envelopes of strong-to-intense clay
alteration have been identified. Cannon is open in all directions
and is largely untested at the unconformity up-dip from basement
structures that host anomalous radioactivity.
Highlights:
A2 Shear:
- AR-16-78c4 (59 m down-dip and northeast from AR-15-44b)
intersected 120.5 m of total composite mineralization
including 37.4 m of total composite off-scale radioactivity
(>10,000 – >61,000 cps) within a 203.5m section (441.5 to
645.0 m), featuring 4.5 m of continuous mineralization at a
minimum of greater than 61,000 cps in the Sub-Zone.
Table 1: Higher Grade A2
Sub-Zone Drill Hole Comparison
2015
|
AR-15-
59c22
|
AR-15-
54c12
|
AR-15-
58c12
|
AR-15-
622
|
AR-15-
44b2
|
AR-15-
49c22
|
AR-15-
57c32
|
Total composite
mineralization =
|
75.50 m
|
42.00 m
|
86.00 m
|
143.00 m
|
135.60 m
|
73.50 m
|
62.50 m
|
Total Off-scale
(>10,000 to 29,999 cps)3 =
|
11.40 m
|
5.90 m
|
14.30 m
|
17.75 m
|
30.25 m
|
15.70 m
|
4.40 m
|
Total Off-scale
(>30,000 to 60,999 cps)3 =
|
4.50 m
|
3.00 m
|
3.85 m
|
10.60 m
|
7.75 m
|
5.20 m
|
2.50 m
|
Total Off-scale
(>61,000 cps)3 =
|
1.00 m
|
0.50 m
|
2.00 m
|
2.00 m
|
1.50 m
|
2.15 m
|
1.80 m
|
Continuous GT (Grade
x Thickness) =
|
371
|
277
|
200 and
345
|
787
|
655
|
605
|
319
|
2016
|
AR-16-
76c41
|
AR-16-
76c11
|
AR-16-
76c31
|
AR-16-
63c12
|
AR-16-
63c31
|
AR-16-
74c11
|
AR-16-
63c22
|
AR-16-
64c31
|
AR-16-
64c22
|
AR-16-
64c12
|
AR-16-
78c11
|
AR-16-
78c4
|
Total composite
mineralization =
|
105.7 m
|
73.50 m
|
67.5 m
|
55.50 m
|
147.00 m
|
88.00 m
|
138.00 m
|
102.00 m
|
76.00 m
|
74.0 m
|
64.00 m
|
120.5
m
|
Total Off-scale
(>10,000 to 29,999 cps)3 =
|
19.85 m
|
14.75 m
|
14.85 m
|
6.85 m
|
22.10 m
|
21.2 m
|
17.10 m
|
18.75 m
|
15.95 m
|
10.30 m
|
11.60 m
|
25.75
m
|
Total Off-scale
(>30,000 to 60,999 cps)3 =
|
1.00 m
|
2.75 m
|
5.00 m
|
0.50 m
|
3.00 m
|
1.15 m
|
9.90 m
|
2.50 m
|
4.70 m
|
3.70 m
|
3.00 m
|
6.15
m
|
Total Off-scale
(>61,000 cps)3 =
|
0.00 m
|
5.25 m
|
4.50 m
|
0.00 m
|
0.50 m
|
0.00 m
|
13.85 m
|
0.00 m
|
5.50 m
|
0.00 m
|
2.50 m
|
5.50
m
|
Continuous GT (Grade
x Thickness) =
|
Assays
Pending
|
Assays
Pending
|
Assays
Pending
|
203
|
Assays
Pending
|
Assays
Pending
|
638 and
604
|
Assays
Pending
|
541
|
338
|
Assays
Pending
|
Assays
Pending
|
1
radioactivity results previously released
|
2
radioactivity and assays results previously
released
|
3
minimum radioactivity using RS-120 scintillometer
|
|
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, 7,500 m of
drilling program.
- The Company has cash on hand of $33M to fund its 2016 programs.
Drill hole location maps, a cross section of drill hole
AR-16-78c4, and A2 and A3 long sections are shown in Figures 1 to
6. Table 2 has a summary of the mineralized intervals.
Garrett Ainsworth,
Vice-President, Exploration and Development, commented: "Drilling
in the A2 High Grade Domain continues to return exceptional results
as shown by the abundant dense accumulations of massive to
semi-massive pitchblende in drill hole AR-16-78c4, which has
materially expanded this domain. In addition, our regional
drilling 1.3 km northeast of the Arrow deposit has discovered
anomalous radioactivity at Cannon. This new area confirms the
large and robust nature of the uranium mineralizing system
responsible for the Arrow deposit and Bow zone which hosts
potential for additional discoveries along the Patterson Conductor
Corridor."
Leigh Curyer, Chief Executive Officer commented: "The objectives
for the winter 2016 drilling program have been met on all fronts.
Arrow infill drilling continues to confirm the robustness of
mineralization with AR-16-78c4 ranking as one of the best
radioactive results to date at Arrow. The early signs at Cannon are
very encouraging and will be a focus of summer 2016 drill program
balanced with continual Arrow infill, zone expansion, and testing
to the southwest along the conductor corridor. These results place
multiple demands on the available drill rigs and management will
continue to systematically allocate meters in an optimal manner
within the program objectives."
Table 2: Arrow Deposit Drill Hole Data
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-16-78c4
|
138
|
-68
|
705.00
|
110.95
|
369.50
|
372.00
|
2.50
|
<500 -
1300
|
390.50
|
391.00
|
0.50
|
<500 -
800
|
393.50
|
396.00
|
2.50
|
<500 -
1500
|
400.50
|
404.00
|
3.50
|
<500 -
2100
|
441.50
|
450.50
|
9.00
|
<500 -
850
|
469.00
|
477.00
|
8.00
|
<500 -
3400
|
481.00
|
517.50
|
36.50
|
<500 -
>61000
|
523.00
|
555.00
|
32.00
|
<500 -
>61000
|
557.50
|
560.50
|
3.00
|
<500 -
9000
|
563.50
|
564.50
|
1.00
|
<500 -
900
|
575.50
|
579.50
|
4.00
|
<500 -
12000
|
583.50
|
584.00
|
0.50
|
<500 -
1200
|
586.50
|
598.00
|
11.50
|
<500 -
>61000
|
604.50
|
605.50
|
1.00
|
<500 -
1100
|
613.50
|
622.50
|
9.00
|
<500 -
50000
|
633.50
|
637.50
|
4.00
|
<500 -
820
|
640.00
|
640.50
|
0.50
|
<500 -
1200
|
644.50
|
645.00
|
0.50
|
<500 -
520
|
653.50
|
654.00
|
0.50
|
<500 -
2100
|
658.50
|
660.00
|
1.50
|
<500 -
2900
|
663.50
|
678.50
|
15.00
|
<500 -
2900
|
682.50
|
683.00
|
0.50
|
<500 -
1100
|
AR-16-79
|
140
|
-70
|
954.00
|
85.00
|
No Anomalous
Radioactivity
|
AR-16-80c1
|
147
|
-70
|
796.00
|
120.20
|
433.50
|
435.00
|
1.50
|
<500 -
17500
|
440.50
|
441.50
|
1.00
|
<500 -
2800
|
446.50
|
456.00
|
9.50
|
<500 -
6900
|
461.00
|
467.00
|
6.00
|
<500 -
4300
|
486.00
|
490.00
|
4.00
|
<500 -
1000
|
504.00
|
505.50
|
1.50
|
<500 -
550
|
520.00
|
520.50
|
0.50
|
<500 -
520
|
526.00
|
526.50
|
0.50
|
<500 -
1700
|
542.50
|
543.00
|
0.50
|
<500 -
590
|
545.50
|
550.00
|
4.50
|
<500 -
950
|
561.50
|
563.50
|
2.00
|
<500 -
32000
|
575.50
|
579.00
|
3.50
|
<500 -
1700
|
581.50
|
582.00
|
0.50
|
<500 -
530
|
598.00
|
600.00
|
2.00
|
<500 -
1000
|
606.50
|
607.50
|
1.00
|
<500 -
780
|
614.00
|
615.00
|
1.00
|
<500 -
3300
|
617.50
|
618.00
|
0.50
|
<500 -
1250
|
620.50
|
632.00
|
11.50
|
<500 -
3300
|
665.00
|
665.50
|
0.50
|
<500 -
5000
|
671.00
|
672.50
|
1.50
|
<500 -
3440
|
677.00
|
678.00
|
1.00
|
<500 -
3150
|
690.00
|
690.50
|
0.50
|
<500 -
3100
|
721.00
|
723.50
|
2.50
|
<500 -
1700
|
731.00
|
731.50
|
0.50
|
<500 -
510
|
739.00
|
742.00
|
3.00
|
<500 -
9000
|
AR-16-80c2
|
147
|
-70
|
561.00
|
120.20
|
456
|
457.5
|
1.5
|
<500 -
1200
|
463.5
|
468.5
|
5
|
<500 -
>61000
|
475
|
476
|
1
|
<500 -
2500
|
478.5
|
479
|
0.5
|
<500 -
520
|
495.5
|
501
|
5.5
|
<500 -
>61000
|
517
|
517.5
|
0.5
|
<500 -
570
|
527.5
|
528
|
0.5
|
<500 -
1450
|
AR-16-80c3
|
147
|
-70
|
585.00
|
120.20
|
450.5
|
451.5
|
1
|
<500 -
2300
|
469
|
470.5
|
1.5
|
<500 -
24000
|
474.5
|
481
|
6.5
|
<500 -
3400
|
485
|
485.5
|
0.5
|
<500 -
650
|
488.5
|
509
|
20.5
|
<500 -
45000
|
516
|
516.5
|
0.5
|
<500 -
600
|
519
|
520
|
1
|
<500 -
1400
|
537.5
|
544.5
|
7
|
<500 -
2100
|
AR-16-81c1
|
145
|
-69
|
846.00
|
111.00
|
474.5
|
475
|
0.5
|
500 -
2900
|
479.5
|
480
|
0.5
|
<500 -
1100
|
488
|
507
|
19
|
<500 -
56000
|
517.5
|
518.5
|
1
|
<500 -
3000
|
522.5
|
523
|
0.5
|
<500 -
750
|
534
|
534.5
|
0.5
|
<500 -
540
|
555.5
|
556
|
0.5
|
<500 -
800
|
586
|
586.5
|
0.5
|
520 -
12000
|
600
|
602
|
2
|
520 -
2600
|
613.5
|
615.5
|
2
|
<500 -
1200
|
621.5
|
622
|
0.5
|
<500 -
700
|
634
|
634.5
|
0.5
|
<500 -
700
|
640
|
640.5
|
0.5
|
<500 -
2700
|
643
|
644
|
1
|
<500 -
600
|
654
|
656
|
2
|
<500 -
2300
|
669.5
|
670
|
0.5
|
500 -
4700
|
691.5
|
692
|
0.5
|
<500 -
520
|
696.5
|
714.5
|
18
|
<500 -
6000
|
720
|
732
|
12
|
<500 -
17500
|
734.5
|
742.5
|
8
|
<500 -
38000
|
752.5
|
753.5
|
1
|
<500 -
1300
|
759.5
|
764.5
|
5
|
<500 -
4400
|
768.5
|
769
|
0.5
|
<500 -
1600
|
772
|
775
|
3
|
<500 -
34000
|
778.5
|
779.5
|
1
|
<500 -
850
|
798
|
798.5
|
0.5
|
<500 -
4700
|
AR-16-82c1
|
140
|
-75
|
834.00
|
N/A
|
604.5
|
605
|
0.5
|
<500 -
1500
|
656
|
656.5
|
0.5
|
<500 -
660
|
790
|
790.5
|
0.5
|
<500 -
540
|
795
|
795.5
|
0.5
|
<500 -
1400
|
798
|
799.5
|
1.5
|
<500 -
14000
|
AR-16-83
|
140
|
-75
|
792.00
|
N/A
|
No Anomalous
Radioactivity
|
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 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-16-78c4
Hole AR-16-78c4 was a directional hole that departed pilot hole
AR-16-78c3 at a depth of 265 m. It tested the A2 shear 28 m
down-dip and northeast of AR-15-34b (2.20% U3O8 over 70.0 m in the
A2 shear). Directional drilling was initiated at 279 m and the A2
shear was intersected at an inclination of -74°.
Since the hole departed the pilot hole below the unconformity,
no Athabasca Group sandstones were intersected. Basement
lithologies consisted largely of semipelitic gneiss to granofel,
and relatively narrow intervals of pelitic gneiss and mylonite (the
A2 shear). The hole successfully intersected weakly to strongly
anomalous radioactivity in the higher grade sub-zone of the A2
shear that was associated with dense accumulations of massive
pitchblende. Stringers, worm-rock style, chemical solution fronts,
blebs and flecks of pitchblende were also intersected. A total
composite mineralization of 147.0 m including 37.4 m of off-scale
radioactivity (>10,000 ->61,000 cps) was intersected within a
313.5m section (369.5 to 683.0 m). The hole was terminated at 705
m.
AR-16-79
Hole AR-16-79 was a collared from surface at an angled
orientation (-70° dip) to the southeast (140° azimuth). It was
designed to test for the presence of mineralization 630 m southwest
of the Arrow deposit in an area of no previous drilling.
The hole intersected 1 m of bleached Athabasca Group sandstones
above the unconformity at 85 m. Basement lithologies
consisted of largely of semipelitic gneiss to granofel, and
relatively narrow intervals of pelitic gneiss, orthogneiss,
garnetite and mylonite. Highly prospective graphitic shear zones
were intersected over several intervals in the hole which are
interpreted to correspond to those that host the Arrow deposit. No
anomalous radioactivity was encountered in the hole before it was
terminated at 954 m. More drilling is required to fully assess this
highly prospective area.
AR-16-80c1
Hole AR-16-80c1 was a directional hole collared from surface at
an angled orientation (-70° dip) to the southeast (147° azimuth).
It tested the A2 shear 23 m up-dip and southwest of AR-15-54c1
(7.03% U3O8 over 39.5 m in the A2 shear) and the A3 shear 28 m
down-dip and southwest of AR-15-58c2 (0.61% U3O8 over 9.5 m in the
A3 shear). Directional drilling was initiated at 228 m. The A2 and
A3 shears were both intersected at an inclination of -63°.
The hole intersected pervasively bleached and desilicified
Athabasca Group sandstones between 90.0 m and the unconformity at
112.2 m. Basement lithologies consisted largely of semipelitic
gneiss to granofel, and relatively narrow intervals of pelitic
gneiss and mylonite (the A2 through A4 shears). The hole
successfully intersected widespread anomalous radioactivity in the
A2 through A4 shears that was associated with semi-massive veins,
blebs and flecks of pitchblende. A total composite mineralization
of 61.0 m including 0.45 m of off-scale radioactivity (>10,000 –
32,000 cps) was intersected within a 308.5 m section (433.5 to
742.0 m). In the A2 shear, 24.5 m of composite mineralization was
intersected including 0.25 m of off-scale radioactivity. In the A3
shear, 27.0 m of composite mineralization was intersected including
0.2 m of off-scale radioactivity. In the A4 shear, 9.5 m of
composite mineralization was intersected. The hole was
terminated at 792 m.
AR-16-80c2
Hole AR-16-80c2 was a directional hole that departed pilot hole
AR-16-80c1 at a depth of 231 m. It tested the A2 shear 20 m up-dip
and northeast of AR-15-59c2 (5.42% U3O8 over 68.5 m in the A2
shear). Directional drilling was initiated at 243 m and the A2
shear was intersected an inclination of -64°.
Since the hole departed the pilot hole below the unconformity,
no Athabasca Group sandstones were intersected. Basement
lithologies consisted largely of semipelitic gneiss to granofel,
and relatively narrow intervals of pelitic gneiss and mylonite (the
A2 shear). The hole successfully intersected widespread anomalous
radioactivity in the A2 shear that was associated with semi-massive
to massive veins, stringers, chemical solution fronts, blebs and
flecks of pitchblende. A total composite mineralization of 14.5 m
including 3.0 m of off-scale radioactivity (>10,000 - >61,000
cps) was intersected within a 72.0 m section (456.0 to 528.0 m)
before the hole was terminated at 561 m.
AR-16-80c3
Hole AR-16-80c3 was a directional hole that departed pilot hole
AR-16-80c2 at 246 m. It tested the A2 shear 26 m up-dip and
northeast of AR-15-59c2 (5.42% U3O8 over 68.5 m in the A2 shear).
Directional drilling was initiated at 276 m and the A2 shear was
intersected at an inclination of -65°.
Since the hole departed the pilot hole below the unconformity,
no Athabasca Group sandstones were intersected. Basement
lithologies consisted largely of semipelitic gneiss to granofel,
and relatively narrow intervals of pelitic gneiss and mylonite (the
A2 shear). The hole successfully intersected widespread anomalous
radioactivity in the A2 shear that was associated with stringers,
chemical solution fronts, blebs and flecks of pitchblende. A total
composite mineralization of 38.5 m including 2.4 m of off-scale
radioactivity (>10,000 -45,000 cps) was intersected within a
94.0 m section (450.5 to 544.5 m) before the hole was terminated at
585 m.
AR-16-81c1
Hole AR-16-81c1 was a directional hole collared from surface at
an angled orientation (-69° dip) to the southeast (145° azimuth).
It tested the A2 shear 21 m up-dip and southwest of AR-15-59c2
(5.42% U3O8 over 68.5 m in the A2 shear) and the A3 shear 21 m
up-dip and southwest of AR-15-59c1 (0.46% U3O8 over 6.5 m in the A3
shear). Directional drilling was intersected at 249 m. The A2 and
A3 shears were both intersected at an inclination of -64°.
The hole intersected strongly to intensely bleached and
desilicified Athabasca Group sandstones between 90.5 and the
unconformity at 111.0 m. Basement lithologies consisted largely of
semipelitic gneiss to granofel, and relatively narrow intervals of
pelitic gneiss and mylonite (the A2 through A4 shears). The hole
successfully intersected widespread anomalous radioactivity in the
A2 through A4 shears that was associated with stringers, chemical
solution fronts, blebs and flecks of pitchblende. A total composite
mineralization of 81.5 m including 2.3 m of off-scale radioactivity
(>10,000 -56,000 cps) was intersected within a 324.0 m section
(474.5 to 798.5 m). In the A2 shear, 22.0 m of composite
mineralization was intersected including 1.65 m of off-scale
radioactivity. In the A3 shear, 10.0 m of composite mineralization
was intersected including 0.15 m of off-scale radioactivity. In the
A4 shear, 49.5 m of composite mineralization including 0.5 m of
off-scale radioactivity was intersected. The hole was terminated at
850 m.
AR-16-82c1
Hole AR-16-82c1 was a directional hole collared from surface at
an angled orientation (-75° dip) to the southeast (140° azimuth).
It tested the A4 shear as a 120 m up-dip and northeast step-out
from AR-16-77c2 (2.3 m of off-scale radioactivity in the A4 shear;
assays pending). Directional drilling was initiated at 159.0
m and the A4 shear was intersected at an inclination of -70°.
Basement lithologies were intersected beginning at 93.0 m which
consisted largely of semipelitic gneiss to granofel, and relatively
narrow intervals of pelitic gneiss and mylonite (the A2 through A4
shears). No Athabasca Group sandstones were intersected. The hole
successfully intersected anomalous radioactivity to southeast of
the A4 shear that was associated with stringers of, and
fracture-controlled pitchblende mineralization. A total
composite mineralization of 3.5 m including 0.25 m of off-scale
radioactivity (>10,000 - 14,000 cps) was intersected within a
195.0 m section (604.5 to 799.5 m) before the hole was terminated
at 834 m.
AR-16-83
Hole AR-16-83 was collared from surface at an angled orientation
(-70° dip) to the southeast (140° azimuth). It was collared
125 m southeast of AR-16-79 and designed to test for the presence
of mineralization 600 m southwest of the Arrow deposit in an area
of no previous drilling.
Basement lithologies were intersected beginning at 87.0 m which
consisted largely of semipelitic gneiss to granofel, and relatively
narrow intervals of pelitic gneiss and mylonite. No Athabasca Group
sandstones were intersected. Highly prospective graphitic shear
zones were intersected over several intervals in the hole which are
interpreted to correspond to those that host the Arrow deposit. No
anomalous radioactivity was encountered in the hole before it was
terminated at 792 m. More drilling is required to fully assess this
highly prospective area.
CANNON AREA DRILLING
Holes CN-16-01 through CN-16-11 were collared at angled
orientations to the northwest, mostly at azimuths of 335° with dips
of -70°. Athabasca Group sandstones of various thickness were
intersected in every hole. Basement lithologies consisted largely
of semipelitic gneiss, pelitic gneiss, quartzite and orthogneiss,
with relatively narrow intervals of chloritic and graphitic
mylonite. All 11 holes intersected strong to intense hydrothermal
alteration envelopes typically marked by illite-sudoite-hemaite-
mineral assemblages. Holes CN-16-01, -02, -06 and -10 intersected
narrow zones of anomalous radioactivity from greater than 300 to
1,300 cps over intervals from 0.5 to 1.5 m of core length, which
were in close association with mylonitic shear zones. Note that for
regional holes, the Company defines anomalous radioactivity as
greater than 300 cps as measured on the drill core by handheld
scintillometer (RS-120). The alteration zones remain open in all
directions, and at the unconformity, and further drilling is
planned for the summer 2016 program.
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.