NexGen Releases Further Assays From Winter 2015 Program and Confirms Broad High-Grade Mineralization in the A2 and A3 Shears at Arrow
VANCOUVER, May 27, 2015 /CNW/ - NexGen Energy Ltd. (TSX-V: NXE) ("NexGen" or the "Company") is pleased to report assay results for the third batch of drill holes (angled holes AR-15-39 and -39w1 to -41) from the successful winter 2015 program at the Arrow zone on our 100% owned Rook I property, Athabasca Basin, Saskatchewan. Significant expansion of the high grade cores within A2 and A3 shears have confirmed and exceeded expectations with assay results from angled drill holes AR-15-39, -39w1 (wedged hole), and -41. Angled drill hole AR-15-40b assays have confirmed the presence of high grade uranium at the northeast edge of the Arrow zone, which is approximately 100 m northeast from AR-14-05 (29.0 m at 1.04% U3O8; see news release dated June 2, 2014).
Highlights:
(Note: given that some holes go through both the A2 and A3 shears, they have been split to show the intersections in each shear to assist the reader)
Angled holes
A2 Shear
- AR-15-41 assays 57.0 m at 2.31% U3O8 (408.0 to 465.0 m) including 16.5 m at 7.43% U3O8;
- AR-15-39 assays 27.0 m at 2.82% U3O8 (622.5 to 649.5 m);
- AR-15-39w1 assays 26.0 m at 1.85% U3O8 (627.5 to 653.5 m);
A3 Shear
- AR-15-41 assays 20.5 m @ 4.30% U3O8 (739.0 to 759.5 m);
- AR-15-39 assays 29.5 m @ 2.27% U3O8 (804.5 to 834.0 m);
Northeast Edge of Arrow
- AR-15-40b assays 11.5 m at 0.99% U3O8 (596.0 to 607.5 m);
- The Arrow Zone is currently 515 m by 215 m with the vertical extent of mineralization commencing from 100 m and extending down to 920 m, and remains open in all directions;
- Preparations are underway for the expanded five rig summer 2015 drill program to start in early- to mid-June.
Garrett Ainsworth, NexGen's Vice-President, Exploration and Development, commented "These latest assays from the A2 and A3 high grade cores are impressive, and will greatly contribute to the growth of Arrow. In addition, drill hole AR-15-40b has shown excellent potential for Arrow to expand in strike length further to the northeast. We are very much looking forward to the summer 2015 drill campaign, where planning has included directional drilling of the A2 and A3 high grade cores, strike length extensions of Arrow, and aggressively testing highly prospective regional targets along the Patterson and Derkson conductor corridors."
Leigh Curyer, Chief Executive Officer commented, "This batch of assays provide further evidence of how the A2 and A3 shears are developing in size and grade. We look forward to the receipt of the remaining assays from the winter 2015 program which includes holes AR-15-42a, 43a, 44b and 45b. The bi-annual technical review of the results of the winter exploration program has been completed and the Company is targeting an initial resource at Arrow before the end of Q4 2015 or Q1 2016."
| Table 1: Arrow Zone Drill Hole Data | ||||||||
| 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-15-39 | 140 | -70 | 987.00 | 106.45 | 433.00 | 451.50 | 18.50 | 0.07 |
| 500.00 | 500.50 | 0.50 | 0.01 | |||||
| 522.00 | 523.00 | 1.00 | 0.02 | |||||
| 587.50 | 588.00 | 0.50 | 0.02 | |||||
| 608.00 | 613.00 | 5.00 | 0.08 | |||||
| 622.50 | 649.50 | 27.00 | 2.82 | |||||
| 681.50 | 686.50 | 5.00 | 0.04 | |||||
| 692.00 | 692.50 | 0.50 | 0.02 | |||||
| 695.50 | 696.00 | 0.50 | 0.05 | |||||
| 745.00 | 755.50 | 10.50 | 0.06 | |||||
| 760.50 | 762.00 | 1.50 | 0.10 | |||||
| 765.00 | 779.00 | 14.00 | 1.12 | |||||
| 788.50 | 790.50 | 2.00 | 1.74 | |||||
| 796.00 | 798.50 | 2.50 | 0.17 | |||||
| 804.50 | 834.00 | 29.50 | 2.27 | |||||
| 842.00 | 844.50 | 2.50 | 0.12 | |||||
| 869.50 | 870.00 | 0.50 | 0.06 | |||||
| AR-15-39w1 | 143 | -70 | 984.00 | n/a | 429.50 | 431.00 | 1.50 | 0.02 |
| 435.50 | 448.50 | 13.00 | 0.03 | |||||
| 451.50 | 457.00 | 5.50 | 0.11 | |||||
| 481.00 | 482.00 | 1.00 | 0.01 | |||||
| 537.00 | 538.00 | 1.00 | 0.14 | |||||
| 544.50 | 545.50 | 1.00 | 0.16 | |||||
| 563.00 | 563.50 | 0.50 | 0.01 | |||||
| 573.00 | 573.50 | 0.50 | 0.03 | |||||
| 576.00 | 576.50 | 0.50 | 0.05 | |||||
| 582.00 | 589.00 | 7.00 | 0.08 | |||||
| 606.00 | 615.00 | 9.00 | 0.74 | |||||
| 627.50 | 653.50 | 26.00 | 1.85 | |||||
| 725.00 | 726.00 | 1.00 | 0.06 | |||||
| 753.50 | 759.00 | 5.50 | 0.49 | |||||
| 760.00 | 761.00 | 1.00 | 0.01 | |||||
| 775.00 | 780.50 | 5.50 | 0.09 | |||||
| 783.00 | 783.50 | 0.50 | 5.94 | |||||
| 798.00 | 801.00 | 3.00 | 0.08 | |||||
| 819.00 | 828.00 | 9.00 | 0.97 | |||||
| 830.50 | 840.00 | 9.50 | 0.17 | |||||
| 842.50 | 850.00 | 7.50 | 0.12 | |||||
| 854.50 | 890.50 | 36.00 | 0.72 | |||||
| 917.50 | 918.00 | 0.50 | 0.12 | |||||
| 936.00 | 937.00 | 1.00 | 0.08 | |||||
| 943.00 | 944.50 | 1.50 | 0.58 | |||||
| 950.00 | 952.50 | 2.50 | 0.42 | |||||
| AR-15-40b | 140 | -70 | 852.00 | 99.60 | 373.00 | 374.00 | 1.00 | 0.03 |
| 557.00 | 557.50 | 0.50 | 0.42 | |||||
| 596.00 | 607.50 | 11.50 | 0.99 | |||||
| 676.50 | 677.50 | 1.00 | 0.02 | |||||
| 682.00 | 688.50 | 6.50 | 0.11 | |||||
| 692.00 | 695.00 | 3.00 | 0.32 | |||||
| AR-15-41 | 140 | -75 | 885.00 | 109.70 | 383.00 | 405.00 | 22.00 | 0.06 |
| 408.00 | 465.00 | 57.00 | 2.31 | |||||
| 480.00 | 490.00 | 10.00 | 0.05 | |||||
| 512.50 | 515.50 | 3.00 | 0.06 | |||||
| 599.50 | 607.00 | 7.50 | 0.06 | |||||
| 609.50 | 693.50 | 84.00 | 0.43 | |||||
| 696.00 | 704.00 | 8.00 | 0.50 | |||||
| 708.00 | 716.00 | 8.00 | 1.41 | |||||
| 727.00 | 731.00 | 4.00 | 1.11 | |||||
| 734.00 | 736.00 | 2.00 | 4.98 | |||||
| 739.00 | 759.50 | 20.50 | 4.30 | |||||
| 762.00 | 764.50 | 2.50 | 1.55 | |||||
| 768.50 | 773.50 | 5.00 | 1.55 | |||||
| 777.00 | 780.00 | 3.00 | 0.31 | |||||
| 796.00 | 798.00 | 2.00 | 2.41 | |||||
| 806.50 | 812.00 | 5.50 | 0.26 | |||||
| 822.50 | 823.50 | 1.00 | 1.06 | |||||
Composite parameters:
- Minimum thickness 0.5 m 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
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.
Option Grant
The Board has approved the granting of 4,825,000 options priced at $0.50 per option, expiring 27 May 2020, vesting a 1/3rd immediately, 1/3rd the first anniversary and the remaining 1/3rd on the second anniversary of the grant to members of the Board, management and employees under the terms and conditions of the Company's option plan.
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 basement and 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 I, location of the Arrow Discovery, immediately adjacent to the northeast of the Fission/Alpha JV 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
lcuryer@nexgenenergy.ca
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.
SOURCE NexGen Energy Ltd.
Contact
Kin Communications, Tel: 604 684 6730, Toll free 1 866 684 6730, Email: nxe@kincommunications.com, Website: http://www.nexgenenergy.ca