VANCOUVER, June 16, 2016 /CNW/ - NexGen Energy Ltd.
("NexGen" or the "Company") (TSXV:NXE,
OTCQX:NXGEF) is pleased to announce further results from our
on-going spring drilling program on our 100% owned Rook I Property,
Athabasca Basin,
Saskatchewan.
Scissor drilling from southeast to northwest at the Arrow
Deposit has confirmed and increased the known width of the
higher grade A2 sub-zone (the "Sub-Zone"). Hole
AR-16-91c2 has intersected 22.4 m of off-scale
radioactivity (>10,000 to >61,000 cps) including a 3.0
m interval of minimum-greater-than-61,000 cps. The central part
of the radioactive intersection consists of widespread massive
to semi-massive pitchblende mineralization and was drilled 38 m
up-dip and northeast of hole AR-15-44b.
The A2 High Grade Domain is associated with dense accumulations
of massive to semi-massive pitchblende. It is currently outlined by
23 holes. Assay results for 5 holes from the Sub-Zone remain
pending and the Company continues to drill with 2 rigs
currently running.
Table 1: Higher
Grade A2 Sub-Zone Angled Drill Holes
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 =
|
75.5m
|
42.0m
|
86.0m
|
143.0m
|
135.6m
|
73.5m
|
62.5m
|
Total Off-scale
(>10,000 to 29,999 cps)3 =
|
11.4m
|
5.9m
|
14.3m
|
17.8m
|
30.3m
|
15.7m
|
4.4m
|
Total Off-scale
(>30,000 to 60,999 cps)3 =
|
4.5m
|
3.0m
|
3.9m
|
10.6m
|
7.8m
|
5.2m
|
2.5m
|
Total Off-scale
(>61,000 cps)3 =
|
1.0m
|
0.5m
|
2.0m
|
2.0m
|
1.5m
|
2.2m
|
1.8m
|
Continuous GT (Grade
x Thickness) =
|
371
|
277
|
200
and
345
|
787
|
655
|
605
|
319
|
2016
|
AR-16-
81c31
|
AR-16-
76c41
|
AR-16-
76c12
|
AR-16-
76c32
|
AR-16-
63c12
|
AR-16-
63c32
|
AR-16-
86c11
|
AR-16-
74c12
|
AR-16-
63c22
|
AR-16-
91c2
|
AR-16-
64c32
|
AR-16-
64c22
|
AR-16-
64c12
|
AR-16-
72c22
|
AR-16-
78c12
|
AR-16-
78c41
|
Total composite
mineralization =
|
48.5m
|
105.7m
|
73.5m
|
67.5m
|
55.5m
|
147.0m
|
90.0m
|
88.0m
|
138.0m
|
89.0m
|
102.0m
|
76.0m
|
74.0m
|
93.0m
|
64.0m
|
120.5m
|
Total Off-scale
(>10,000 to 29,999 cps)3 =
|
5.2m
|
19.9m
|
14.8m
|
14.9m
|
6.9m
|
22.1m
|
8.8m
|
21.2m
|
17.1m
|
13.4m
|
18.8m
|
16.0m
|
10.3m
|
7.0m
|
11.6m
|
25.8m
|
Total Off-scale
(>30,000 to 60,999 cps)3 =
|
4.0m
|
1.0m
|
2.8m
|
5.0m
|
0.5m
|
3.0m
|
2.3m
|
1.2m
|
9.9m
|
6.0m
|
2.5m
|
4.7m
|
3.7m
|
0.5m
|
3.0m
|
6.2m
|
Total Off-scale
(>61,000 cps)3 =
|
2.5m
|
0.0m
|
5.3m
|
4.5m
|
0.0m
|
0.5m
|
2.0m
|
0.0m
|
13.9m
|
3.0m
|
0.0m
|
5.5m
|
0.0m
|
1.7m
|
2.5m
|
5.5m
|
Continuous GT (Grade
x Thickness) =
|
Assays
Pending
|
Assays
Pending
|
762
|
761
|
203
|
274
and
124
|
Assays
Pending
|
160
and
35
|
638
and
604
|
Assays
Pending
|
172
and
92
|
541
|
338
|
156
and
45
|
485
|
Assays
Pending
|
1
radioactivity results previously released
|
2
radioactivity and assays results previously
released
|
3
minimum radioactivity using RS-120 gamma
spectrometer
|
|
A2 Shear:
- AR-16-91c2 (38 m up-dip and northeast from AR-15-44b)
intersected 89.0 m of total composite mineralization
including 22.4 m of total composite off-scale radioactivity
(>10,000 – >61,000 cps) within a 171.5 m section (425.5 to
597.0 m), featuring 3.0 m of minimum-greater-than-61,000 cps
in the Sub-Zone.
Arrow, Activities & Financial
- The land-based and basement hosted Arrow Deposit currently
covers an area of 870 m by 280 m with a vertical extent of
mineralization commencing from 100 m to 920 m, and remains
open in most directions and at depth.
- The spring 2016 program comprising 7,500 m of drilling will be
transitioning to the summer 2016 program in late-June.
- The Company has cash on hand of of approximately $100 million.
A drill hole location map, three-dimensional view of the A2 High
Grade Domain, and an A2 long section featuring the Sub-Zone are
shown in Figures 1 to 3.
Garrett Ainsworth,
Vice-President, Exploration and Development, commented: "Scissor
drill holes have been utilized to verify the thickness of high
grade mineralization in the A2 sub-zone, and to test high grade
mineralization in the A1 shear that was initially discovered by
hole AR-16-84c1. Scissor hole AR-16-91c2 validates and
expands upon the robust and high grade nature of sub-vertical
mineralization contained within the A2 sub-zone."
Leigh Curyer, Chief Executive Officer, commented: "Infilling the
currently defined area of Arrow mineralization is delivering growth
throughout the deposit both in terms of grade and volume.
This scissor hole, along with others previously completed, confirm
Arrow's stacked sub-vertical nature which has been instrumental in
developing Arrow in a time and cost efficient manner."
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-16-91c2
|
327
|
-70
|
915.00
|
132.20
|
387.50
|
388.00
|
0.50
|
<500 -
950
|
396.00
|
396.50
|
0.50
|
<500 -
5400
|
401.50
|
406.00
|
4.50
|
<500 -
3550
|
411.00
|
411.50
|
0.50
|
<500 -
560
|
415.50
|
420.00
|
4.50
|
<500 -
1700
|
425.50
|
428.00
|
2.50
|
<500 -
13000
|
430.50
|
445.00
|
14.50
|
<500 -
9400
|
448.00
|
453.50
|
5.50
|
<500 -
11000
|
460.50
|
461.00
|
0.50
|
<500 -
520
|
464.00
|
468.00
|
4.00
|
<500 -
1200
|
470.50
|
474.00
|
3.50
|
<500 -
1100
|
477.50
|
486.50
|
9.00
|
<500 -
2100
|
491.00
|
491.50
|
0.50
|
<500 -
850
|
494.50
|
495.00
|
0.50
|
<500 -
700
|
503.00
|
506.00
|
3.00
|
<500 -
880
|
517.00
|
518.50
|
1.50
|
<500 -
1400
|
522.00
|
562.50
|
40.50
|
<500 -
>61000
|
573.50
|
574.00
|
0.50
|
<500 -
5700
|
576.50
|
577.00
|
0.50
|
<500 -
900
|
584.00
|
584.50
|
0.50
|
<500 -
580
|
595.00
|
597.00
|
2.00
|
<500 -
700
|
612.00
|
615.50
|
3.50
|
<500 -
2200
|
619.50
|
620.50
|
1.00
|
<500 -
1250
|
638.00
|
641.00
|
3.00
|
<500 -
3500
|
645.00
|
645.50
|
0.50
|
<500 -
3500
|
654.00
|
655.00
|
1.00
|
<500 -
1280
|
718.00
|
718.50
|
0.50
|
<500 -
3550
|
754.50
|
755.00
|
0.50
|
<500 -
550
|
772.00
|
773.00
|
1.00
|
<500 -
1000
|
830.50
|
838.50
|
8.00
|
<500 -
1200
|
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-16-91c2
Hole AR-16-91c2 was a directional hole that departed pilot hole
AR-16-91c1 at a depth of 345 m. It was designed as a scissor hole
to both verify the thickness of the sub-vertical mineralization in
the A2 shear and to test the A1 shear in the area of AR-16-84c1
(8.35 m of off-scale radioactivity; assays pending). Directional
drilling was initiated at 354 m. The A1 and A2 shears were
intersected at inclinations of -71° and -72°, respectively.
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 A1
through A3 shears). The hole successfully intersected extensive
highly anomalous radioactivity in the A2 shear marked by dense
accumulations of semi-massive and massive pitchblende
mineralization along with veins, stringers, chemical solution
fronts, blebs and flecks of pitchblende. Anomalous radioactivity
was also intersected in the A1 and A3 shears as well as to the
northwest of the A1 shear. A total composite mineralization of
118.5 m including 22.4 m of off-scale radioactivity was intersected
within a 451.0 m section (387.5 to 838.5 m) before the hole was
terminated at 915 m. In the A1 shear, 11.0 m of composite
mineralization was intersected. In the A2 shear, 89.0 m of total
composite mineralization including 22.4 m of off-scale
radioactivity was intersected. In the A3 shear 10.5 m of composite
mineralization was intersected. The hole has successfully confirmed
the robust thickness of the sub-vertical mineralization in the
higher grade sub-zone of the A2 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.