NexGen Energy (NXE-T) July 21, '16 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.
Image with caption: "Figure 1: A1 Mineralized Shear Long Section (CNW Group/NexGen Energy Ltd.)". Image available at: http://photos.newswire.ca/images/download/20160721_C6289_PHOTO_EN_739105.jpg
Image with caption: "Figure 2: Arrow Drill Hole Locations (CNW Group/NexGen Energy Ltd.)". Image available at: http://photos.newswire.ca/images/download/20160721_C6289_PHOTO_EN_739107.jpg
Image with caption: "Figure 3: Cannon Drill Hole Locations (CNW Group/NexGen Energy Ltd.)". Image available at: http://photos.newswire.ca/images/download/20160721_C6289_PHOTO_EN_739109.jpg
Leigh Curyer, Chief Executive Officer,
NexGen Energy Ltd.,
+1 604 428 4112,
lcuryer@nexgenenergy.ca ,
www.nexgenenergy.ca ;
Travis McPherson, Corporate Development Manager,
NexGen Energy Ltd.,
+1 604 428 4112,
tmcpherson@nexgenenergy.ca ,
nexgenenergy.ca |
