NexGen Energy Ltd.: Corporate Update On Its Planned Summer Exploration Activities at Radio, Rook I and South-West Athabasca Basin Margin Properties
May 15, 2013
NexGen Energy Ltd. (TSX.V:NXE) ("the Company" or "NexGen") is pleased to release its corporate update on planned summer exploration activities at Radio, Rook I and South-West Athabasca Basin Margin properties.
Planned Summer Drilling:
At Radio, located immediately adjacent to Rio Tinto's Roughrider deposit, ground logistic preparations are currently underway for a 4,400 metre diamond drilling program focused on the target area immediately east of Radio's western boundary that covers the interpreted structural extension that hosts the adjacent Roughrider discovery. Drilling will commence on completion of the breakup.
At Rook I, which is immediately adjacent to the North East of the Patterson Lake South (PLS) uranium discoveries, owned 50/50 by Fission Uranium Corporation and Alpha Minerals Inc, the Company has recently completed a ground gravity survey over the iced lakes section of the Rook 1 claim group. The data is currently being processed.
In addition, the Company plans to conduct several lines of ground DC resistivity in the southern section of Rook 1 adjacent to and along strike from the Patterson Lake South (PLS) uranium discoveries in early summer. The location of the proposed survey is shown on Figure 1. This survey will assist the drill hole targeting for a 1500 metre diamond drilling campaign to commence shortly thereafter.
Figure 1 -- Rook I, Planned resistivity grid
South-West Athabasca Basin Margin Properties: Rook 1 / R-Seven / Meanwell Lake / Bishop 1 / Bishop 2
An updated geophysical re-interpretation of the entire southern Athabasca Basin margin is being undertaken, focusing on NexGen's 100% owned projects. The Rook1 / R-Seven / Meanwell Lake / Bishop1 / Bishop 2 area is being worked on currently. Several areas of lesser technical data have been identified where new information is required.
Planning is advanced for a detailed low-level radiometric/magnetic/VLF-EM aerial survey to cover NexGen's 100% owned Rook 1, Bishop 1, Bishop 2, and Meanwell Lake properties, see Figure 2 below. This area has only ever been subject to historical widely-spaced government radiometric surveys, which did not detect the PLS uranium boulder field. The survey is planned for late spring / early summer to minimise the masking effect of snow, meltwater, and swamp. The objectives of this survey include detection of any uranium or alteration features at the surface, obtain detailed aeromagnetics for basement geology interpretation, and to improve location of basement conductors using aerial EM.
Figure 2 -- Planned radiometrics / magnetics / EM survey over Rook I and adjoining South-West Athabasca Basin Margin properties.
Andrew Browne, NexGen's Vice- President, Exploration and Development, a "qualified person" for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects 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 (PLS) and holds one of the most dominant land positions on the Western side of the Athabasca Basin.
Leigh Curyer, Chief Executive Officer
NexGen Energy Ltd.
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 "expects" "anticipates", "believes", "projects", "plans", and similar expressions. Forward-looking information is prospective and by its nature requires the Company to make certain assumptions and is subject to inherent risks and uncertainties. Such information is not a guarantee of future performance and undue reliance should not be placed on forward-looking information. 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, which may cause actual results in future periods to differ materially from any projections of future results expressed or implied by such forward-looking information, including 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; environmental risks; community relations; and delays in obtaining governmental 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.