NexGen Commences 6,000-Meter Winter Drilling Program at Rook I Project, Western Athabasca Basin, Saskatchewan
January 20, 2014
NexGen Energy Ltd. (TSX-V:NXE) ("NexGen" or the "Company") is pleased to announce that it has commenced a two drill, 6,000 meter program on the Rook I project. The Rook I project is immediately adjacent to, and on trend, northeast from Fission Uranium's high-grade uranium discovery, Patterson Lake South ("PLS") project.
The program will focus on targets generated from the results of the 2013 summer drilling program where 3 holes intersected uranium mineralization across an area covering 1.6km x 1.2km directly adjacent to and along strike from PLS and covering the interpreted extension of the PLS 3b conductor. Hole RK-13-05 from the summer program had a downhole intercept between 220.5-224.5m of 4.0m @ 330ppm U3O8.
Further, previously identified targets based on detailed geophysical surveys of the Rook I project will also be tested later in the program. These surveys have included aerial VTEM and magnetics, ground gravity, and DC resistivity. Interpretation of the results from these surveys and from the aerial radiometric and EM survey in late 2013 has revealed further target areas. One interpreted large structural zone will be covered by a detailed ground gravity survey to more closely define drill targets as a part of the winter program (see Figure 1).
Leigh Curyer, NexGen's CEO commented, "Rook I has multiple targets based on the results of the 2013 summer drilling program and previous geophysical programs conducted over the past two years . We are fully funded to execute this program, and look forward to another successful drill program over the coming months."
The company currently has $7.8M in treasury with an estimated budget of $3M for the Rook I winter program.
Figure 1: Rook I Project -- Area for gravity survey
Andrew Browne, FAusIMM(CP), NexGen's Vice President, Exploration & Development, is a "qualified person" for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and has reviewed and approved the contents of this news release.
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, an option to earn a 70% interest in the Radio Project, immediately adjacent to Rio Tinto's Roughrider Deposit and a 100% interest in Rook 1, immediately adjacent to the north east of Patterson Lake South.
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.
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. Further, mineralization on properties held by third parties adjacent to NexGen's properties (including Patterson Lake South) are not necessarily indicative of mineralization on NexGen's properties.
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.