VANCOUVER, Aug. 7, 2014 /CNW/ - NexGen Energy Ltd. (TSX-V: NXE) ("NexGen" or the "Company") is pleased to announce the first assay results from the summer 2014 drilling program from the 100% owned portion of the Rook I property, Athabasca Basin, Saskatchewan. These assay results are from drill hole AR-14-15, which is the 15th hole drilled in the Arrow Discovery. The summer 2014 program has been increased from 13,500 to 18,500 m of diamond drilling based on exceedingly encouraging results to date.
Composited drill hole mineralized intersections for AR-14-15 returned two wide intervals of uranium mineralization:
UPPER HIGH GRADE URANIUM INTERVAL = 22.35 m (564.00 – 586.35 m):
LOWER HIGH GRADE URANIUM INTERVAL = 32.0 m (594.0 – 626.0 m):
Drill hole AR-14-15 was drilled as an angled hole (-70° dip) to the northwest (320° azimuth) to target sub-vertical to steeply dipping mineralization at the Arrow Discovery (See news release August 5th, 2014). A cross section showing drill hole AR-14-15 along L4500N is shown below in Figure 1. The drill plan showing the location of AR-14-15, and composited U3O8 mineralized intervals are shown in Figure 2 and Table 1 below, respectively.
Garrett Ainsworth, NexGen's Vice-President, Exploration and Development, commented "We are very pleased with the assay results from AR-14-15, as they confirm and exceed our expectations based on visual assessment of the mineralized intervals. These results include narrow intervals of ultra-high grade, which reinforces the immense size and strength of the mineralizing system that precipitated Arrow. Expansion of the current drill program from 13,500 to 18,500 m will allow us to continue aggressively exploring at Arrow throughout the summer."
Leigh Curyer, CEO commented, "The primary objective of the summer program was to establish a large area of mineralization, which we have achieved very quickly by aggressive large step outs. In only 22 holes, the team has established a mineralized zone of 515 x 180 m. Secondary, was to obtain an assessment on grade. These are the highest grade assay results over significant intervals to date at Arrow, which have exceeded expectation considering the stage of development. Arrow is developing faster than we ever anticipated at the beginning of the program."
Table 1: Arrow Discovery Zone Composited Mineralized Intervals
| Drill Hole |
Athabasca Group - Basement Unconformity Depth (m) |
SRC Geoanalytical Results |
||||||
| Hole ID |
Azimuth |
Dip |
Total Depth (m) |
From (m) |
To (m) |
Interval (m) |
U3O8 (wt%) |
|
| AR-14-15 |
320 |
-70 |
750.00 |
130.90 |
385.30 |
388.75 |
3.45 |
0.04 |
| 406.00 |
409.30 |
3.30 |
0.02 |
|||||
| 422.10 |
427.25 |
5.15 |
0.08 |
|||||
| 437.20 |
439.30 |
2.10 |
0.05 |
|||||
| 498.50 |
504.95 |
6.45 |
0.02 |
|||||
| 564.00 |
586.35 |
22.35 |
3.42 |
|||||
| including |
576.00 |
582.85 |
6.85 |
10.72 |
||||
| including |
578.10 |
582.60 |
4.50 |
15.74 |
||||
| including |
578.10 |
580.70 |
2.60 |
26.10 |
||||
| including |
579.55 |
580.00 |
0.45 |
55.80 |
||||
| 589.85 |
590.45 |
0.60 |
0.97 |
|||||
| 594.00 |
626.00 |
32.00 |
1.52 |
|||||
| including |
597.00 |
612.85 |
15.85 |
2.98 |
||||
| including |
606.50 |
609.65 |
3.15 |
10.40 |
||||
| including |
609.30 |
609.65 |
0.35 |
43.70 |
||||
| 672.70 |
673.70 |
1.00 |
0.17 |
|||||
| 689.50 |
695.00 |
5.50 |
0.04 |
|||||
Composite parameters:
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 the partial and total digestions, ICP-OES for major and minor elements on the total digestion, and fusion solution of boron by ICP-OES. Mineralized samples were analyzed for U3O8 by ICP-OES and gold by fire assay.
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 exploration professionals with a track record in the discovery of unconformity-style uranium deposits in Canada.
NexGen owns a portfolio of highly prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada, including a 100% interest in Rook 1, location of the Arrow Discovery, immediately adjacent to the northeast of the Fission/Alpha Patterson Lake South Discovery, and an option to earn a 70% interest in the Radio Project, immediately adjacent to Rio Tinto's Roughrider Deposit.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed on behalf of Nexgen Energy Ltd., by Garrett Ainsworth, P.Geo., Vice President – Exploration & Development, a qualified person.
Leigh Curyer,
Chief Executive Officer
NexGen Energy Ltd.
+1 604 428 4112,
[email protected],
www.nexgenenergy.ca
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 laws. Generally, but not always, forward looking information is identifiable by the use of words such as "will" and planned" and similar expressions. Forward-looking information is based on the then current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates. Such information is not a guarantee of future performance and undue reliance should not be placed on forward-looking information. Assumptions and factors underlying the Company's expectations regarding forward-looking information contained herein include, among others: that general business and economic conditions will not change in a material adverse manner; that financing will be available if and when needed on reasonable terms; that the Company's current exploration activities can be achieved and that its other corporate activities will proceed as expected; 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 are considered reasonable by management at the time the forward-looking information is given, there can be no assurance that such assumptions will prove to be accurate. Forward-looking information also involves 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, including, among others: risks related to the availability of financing on commercially reasonable terms and the expected use of the proceeds; changes in the market; potential downturns in economic conditions; industry conditions; actual results of exploration activities being different than anticipated; changes in exploration programs based upon results of exploration; future prices of metal; 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 or financing. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. NexGen 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. The reader is cautioned not to place undue reliance on forward-looking information.
Image with caption: "Figure 1: Arrow Discovery L4500N Cross Section (CNW Group/NexGen Energy Ltd.)". Image available at: http://photos.newswire.ca/images/download/20140807_C1393_PHOTO_EN_4710.jpg
Image with caption: "Figure 2: Arrow Discovery Drill Hole Locations (gravity background) (CNW Group/NexGen Energy Ltd.)". Image available at: http://photos.newswire.ca/images/download/20140807_C1393_PHOTO_EN_4711.jpg
Image with caption: "Figure 3: AR-14-15 - Massive to Semi-Massive Pitchblende Mineralization at 579.7 m (CNW Group/NexGen Energy Ltd.)". Image available at: http://photos.newswire.ca/images/download/20140807_C1393_PHOTO_EN_4712.jpg
Image with caption: "Figure 4: AR-14-15 - Massive to Semi-Massive Pitchblende Mineralization at 580.0 m (CNW Group/NexGen Energy Ltd.)". Image available at: http://photos.newswire.ca/images/download/20140807_C1393_PHOTO_EN_4713.jpg
Image with caption: "Figure 5: AR-14-15 - Massive to Semi-Massive Pitchblende Mineralization at 609.5 m (CNW Group/NexGen Energy Ltd.)". Image available at: http://photos.newswire.ca/images/download/20140807_C1393_PHOTO_EN_4714.jpg
SOURCE: NexGen Energy Ltd.
Kin Communications, Tel: 604 684 6730, Toll free 1 866 684 6730, Email: [email protected], Website: http://www.nexgenenergy.ca
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