VANCOUVER, July 21, 2016 /CNW/ - NexGen Energy Ltd.
("NexGen" or the "Company") (TSX:NXE,
OTCQX:NXGEF) is pleased to report assay results for 4 holes
from our recently completed winter 2016 drilling program on our
100% owned, Rook I Project, Athabasca Basin, Saskatchewan.
Highlights:
A1 Shear
The discovery of substantial mineralization in the A1
shear has now been confirmed in two holes.
- AR-16-84c1 (discovery hole) intersected 28.5 m at
2.13% U3O8 including 11.0 m at 3.99%
U3O8 and an additional 18.0 m at 0.98%
U3O8 in the A1 shear.
The A1 shear remains mostly untested, and is already host to
mineralization over a strike length of 360 m. Assays from hole
AR-16-84c1 which represent a total composite grade x thickness
("GT") of 79 add to the already released results from hole
AR-16-84c3 which was drilled 33 m down-dip and southwest
from hole -84c1 and intersected 13.0 m at 1.39%
U3O8 (see News Release dated July 19, 2016).
Furthermore, holes AR-16-91c3 and -91c4 have assays pending and
both encountered significant visible uranium mineralization
including 49.5 m of total composite mineralization including 5.0
m of off-scale radioactivity in hole -91c3 and 87.0 m of total
composite mineralization including 4.1 m of off-scale
radioactivity in hole -91c4 (see News Release dated
July 13, 2016).
The new high grade discovery zone in the A1 is wide open to the
northeast (Figure 1). It will be a primary focus of the 35,000 m
summer drill campaign as the Company aggressively pursues resource
growth opportunities through continued infill, expansion and
discoveries at Arrow and the Rook I project.
Cannon Area
The Cannon area is located 1.3 km along strike to the northeast
of Arrow. It was first drilled during the winter 2016 program and
anomalous radioactivity was intersected in several holes (see news
release dated April 18, 2016).
Strongly anomalous uranium concentrations have been confirmed in
three holes at Cannon (Figure 3). A comprehensive data review
is complete. Cannon remains a high priority target and further
drilling is contemplated during the summer 2016 program.
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 summer 2016 program comprising 35,000 m of drilling is
underway with six drill rigs active. A seventh drill rig has been
mobilized to the property and will be put into service
imminently.
- The Company has cash on hand of approximately $100 million.
The A1 long section and plan maps of Arrow and Cannon are shown
in Figures 1 to 3. Assay results are shown in Table 1.
Garrett Ainsworth,
Vice-President, Exploration and Development, commented "The new
high grade zone within the A1 shear has been confirmed with hole
AR-16-84c1 returning a total composite GT of 79, which is largely
open and shows good continuity with high grade mineralization
encountered in previously reported holes AR-16-91c3 and -91c4."
Leigh Curyer, Chief Executive Officer commented: "This new high
grade area within the A1 shear is very exciting and highlights the
potential for growth inside and outside the current resource area
of Arrow. In addition Cannon has been validated as a high
priority target to be further drilled. The Recent high grade
discoveries in the A1 shear, the 180 m southwest area as well as
the successful infill drilling of the A2 Sub-Zone indicates we have
substantial drilling to complete, in order to understand the
ultimate scale of Arrow."
Table 1: Assay
Results
|
|
|
|
Drill Hole
|
Depth to Basement
(m)
|
SRC Geoanalytical
Results
|
Hole ID
|
Azimuth
|
Dip
|
Total
Depth
(m)
|
From (m)
|
To (m)
|
Interval
(m)
|
U3O8 (wt%)
|
AR-16-84c1
|
315
|
-71
|
846.00
|
127.00
|
410.50
|
411.00
|
0.50
|
0.23
|
|
|
|
|
|
419.00
|
426.50
|
7.50
|
0.07
|
|
|
|
|
|
430.00
|
432.50
|
2.50
|
0.03
|
|
|
|
|
|
436.50
|
438.00
|
1.50
|
0.15
|
|
|
|
|
|
440.50
|
452.50
|
12.00
|
0.05
|
|
|
|
|
|
462.50
|
463.50
|
1.00
|
0.01
|
|
|
|
|
|
471.50
|
480.00
|
8.50
|
0.04
|
|
|
|
|
|
489.50
|
490.50
|
1.00
|
0.04
|
|
|
|
|
|
494.00
|
505.00
|
11.00
|
0.02
|
|
|
|
|
|
514.50
|
516.50
|
2.00
|
0.04
|
|
|
|
|
|
533.50
|
551.00
|
17.50
|
2.98
|
|
|
|
|
|
553.50
|
558.50
|
5.00
|
1.29
|
|
|
|
|
|
563.50
|
573.00
|
9.50
|
0.22
|
|
|
|
|
|
577.50
|
581.00
|
3.50
|
0.03
|
|
|
|
|
|
602.50
|
603.00
|
0.50
|
0.05
|
|
|
|
|
|
620.00
|
621.00
|
1.00
|
0.04
|
|
|
|
|
|
627.00
|
638.50
|
11.50
|
0.04
|
|
|
|
|
|
663.00
|
666.50
|
3.50
|
0.11
|
|
|
|
|
|
679.50
|
697.50
|
18.00
|
0.98
|
|
|
|
|
|
701.00
|
729.50
|
28.50
|
2.13
|
|
|
|
|
incl.
|
715.00
|
726.00
|
11.00
|
3.99
|
|
|
|
|
|
738.00
|
741.00
|
3.00
|
0.04
|
CN-16-01
|
335
|
-70
|
337.00
|
98.30
|
164.00
|
166.50
|
2.50
|
0.01
|
CN-16-02
|
335
|
-70
|
378.00
|
101.30
|
219.50
|
220.00
|
0.50
|
0.03
|
CN-16-03
|
335
|
-80
|
156.00
|
90.00
|
No Significant
Intersections
|
CN-16-04
|
335
|
-70
|
378.00
|
101.90
|
No Significant
Intersections
|
CN-16-05
|
335
|
-70
|
353.00
|
101.15
|
No Significant
Intersections
|
CN-16-06
|
335
|
-70
|
612.00
|
104.30
|
256.00
|
257.00
|
1.00
|
0.06
|
CN-16-07
|
335
|
-70
|
450.00
|
104.95
|
No Significant
Intersections
|
CN-16-08
|
335
|
-70
|
333.00
|
106.95
|
No Significant
Intersections
|
CN-16-09
|
335
|
-70
|
338.00
|
104.05
|
No Significant
Intersections
|
CN-16-10
|
335
|
-70
|
501.00
|
107.95
|
No Significant
Intersections
|
CN-16-11
|
317
|
-70
|
393.00
|
87.30
|
No Significant
Intersections
|
|
|
|
|
|
|
Composite parameters:
- Minimum thickness 0.5 m downhole
- Cutoff grade 0.01% U3O8
- Maximum internal dilution 2.00 m downhole
- U3O8 analyzed by ICP-OES at SRC Laboratories, Saskatoon, Saskatchewan
- All depths and intervals are meters downhole, true thicknesses
are yet to be determined
Split core samples were taken systematically, and intervals were
submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025:
2005 Accredited Facility) of Saskatoon for analysis. All samples were
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 were analyzed for U3O8 by ICP-OES and selected samples for
gold by fire assay.
All assay batches reported herein are subjected to and have
passed rigorous internal QA/QC protocols that include, but are not
limited to, the blind insertion of standard reference
materials, blank materials and field duplicates into the sample
stream at both random and systematic intervals.
Technical Information
All scientific and technical information in this news release
has been prepared by or reviewed and approved by Mr. Garrett Ainsworth, P.Geo., Vice President –
Exploration & Development for NexGen. Mr. Ainsworth is a
qualified person for the purposes of National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI
43-101"), and has verified the sampling, analytical, and test
data underlying the information or opinions contained herein by
reviewing original data certificates and monitoring all of the data
collection protocols.
For details of the Rook I Project including the quality
assurance program and quality control measures applied and key
assumptions, parameters and methods used to estimate the mineral
resource set forth above please refer to the technical report
entitled "Technical Report on the Rook 1 Property, Saskatchewan, Canada" dated effective
April 13, 2016 (the "Rook 1
Technical Report") prepared by Mark B.
Mathisen and David Ross, each
of whom is a "qualified person" under NI 43-101. The Rook I
Technical Report is available for review under the Company's
profile on SEDAR 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 an 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 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 and the Bow discovery,
3.7 km along trend and northeast of Arrow, in March 2015 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.
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, planned
exploration activities and preparation and release of an updated
mineral resource estimate. 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, 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.