NexGen Hits 22.35 m at 3.42% U3O8 in AR-14-15 Including 4.5 m at 15.74% U3O8 at the Arrow Discovery
August 7, 2014
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):
- 3.42% U3O8 over 22.35 m
- Including 10.72% U3O8 over 6.85 m
- Including 15.74% U3O8 over 4.50 m
- Including 26.10% U3O8 over 2.60 m
- Highest assay within the interval: 55.8% U3O8 over 0.45 m
- 1.52% U3O8 over 32.0 m
- 10.40% U3O8 over 3.15 m
- Highest assay within the interval: 43.7% U3O8 over 0.35 m
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."
Figure 1: Arrow Discovery L4500N Cross Section
Figure 2: Arrow Discovery Drill Hole Locations (gravity background)
Table 1: Arrow Discovery Zone Composited Mineralized Intervals
- Minimum thickness 0.25m downhole
- Cutoff grade 0.01% U3O8 (weight %)
- Maximum internal dilution 2.00 m downhole
- U3O8 analyzed by ICP-OES at SRC laboratories, Saskatoon
- All depths and intervals are meters downhole
Figure 3: AR-14-15 - Massive to Semi-Massive Pitchblende Mineralization at 579.7 m
Figure 4: AR-14-15 - Massive to Semi-Massive Pitchblende Mineralization at 580.0 m
Figure 5: AR-14-15 - Massive to Semi-Massive Pitchblende Mineralization at 609.5 m
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.
Chief Executive Officer
NexGen Energy Ltd.
+1 604 428 4112
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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.