Hole AR-15-54c1 Returns 27.5m at 10.09% U3O8 Including 12.0m at 20.01% U3O8 and 2.5m at 51.16% U3O8 Within the Higher Grade A2 Sub-Zone
VANCOUVER, Nov. 3, 2015 /CNW/ - NexGen Energy Ltd. (TSX-V: NXE) ("NexGen" or the "Company") is pleased to report assay results from five angled holes from our highly successful summer 2015 drilling program on our 100% owned Rook I property, Athabasca Basin, Saskatchewan.
Assay results from AR-15-54c1 which was drilled 87 m up-dip and southwest of AR-15-44b (56.5 m at 11.55% U3O8) have again confirmed the presence of dense accumulations of massive pitchblende in the higher grade A2 sub-zone. This substantial zone of uranium mineralization is currently defined by six holes over a strike length of at least 162 m. Assay results from two of these six holes remain pending. Also in the A2 shear, assays from AR-15-53c2 returned significant mineralization 91 m down-dip from AR-15-44b.
Additionally, within the A3 shear, holes AR-15-56c1 and AR-15-51 both returned widespread mineralization from an area that remains wide open in the southwestern portion of the A3 high-grade shear. Holes AR-15-56c1 and -51 were drilled 225 m and 196 m down-dip and to the southwest, respectively from AR-15-48c1 (24m at 5.43% U3O8). These assay results are located in the zone where AR-15-61c2 was drilled and returned the strongest radioactivity results recorded in the A3 shear to date (See News Release dated October 29th, 2015).
Drill hole locations, and the A2 and A3 long sections are shown in Figures 1 to 4, and assay results are shown in Table 1.
Highlights:
A2 Shear
- AR-15-54c1 (87 m up-dip and southwest from AR-15-44b) intersected 27.5 m at 10.09% U3O8 (492.0 to 519.5 m) including 12.0 m at 20.01% U3O8 (500.5 to 512.5 m) and 2.5 m at 51.16% U3O8 (510.0 to 512.5 m) in the higher grade A2 sub-zone;
- AR-15-53c2 (91 m down-dip from AR-15-44b) intersected 35.0 m at 4.88% U3O8 (576.0 to 611.0 m) including 6.0 m at 20.17% U3O8 (591.5 to 597.5 m) in the A2 shear.
| AR-15-59c21 | AR-15-54c1 | AR-15-58c12 | AR-15-621 | AR-15-44b2 | AR-15-49c22 | ||
| Total composite mineralization = | 75.50 m | 42.00 m | 86.00 m | 143.00 m | 135.60 m | 73.50 m | |
| Total Off-scale (>10,000 to 29,999 cps)3 = | 11.40 m | 5.90 m | 14.30 m | 17.75 m | 30.25 m | 15.70 m | |
| Total Off-scale (>30,000 to 60,999 cps)3 = | 4.50 m | 3.00 m | 3.85 m | 10.60 m | 7.75 m | 5.20 m | |
| Total Off-scale (>61,000 cps)3 = | 1.00 m | 0.5 m | 2.00 m | 2.00 m | 1.50 m | 2.15 m | |
| Continuous GT (Grade x Thickness) = | Assays | 278 | 200 and 345 | Assays | 655 | 605 | |
| 1 radioactivity results previously released | |||||||
| 2 radioactivity and assays results previously released | |||||||
| 3 minimum radioactivity using RS-125 gamma spectrometer | |||||||
A3 Shear
- AR-15-56c1 (225 m down-dip and to the southwest from AR-15-48c1) intersected 6.5 m at 12.06% U3O8 (721.5 to 728.0 m) and an additional 28.0 m at 1.14% U3O8 (770.0 to 798.0 m) in the A3 shear;
- AR-15-51 (196 m down-dip and to the southwest from AR-15-48c1) intersected 25.0 m at 1.20% U3O8 (670.0 to 695.0 m) in the A3 shear;
Arrow, Activities & Financial
- The land-based and basement hosted Arrow zone currently covers an area of 645 m by 235 m with a vertical extent of mineralization commencing from 100 m to 920 m, and remains open in all directions and at depth.
- Preparations are well underway for a substantial winter 2016 drill program set to commence in early January 2016.
- The Company remains on track for release of the maiden NI 43-101 resource estimate on the Arrow zone due in the first half of 2016.
- The Company has cash on hand of approximately $18M.
Garrett Ainsworth, Vice-President, Exploration and Development, commented "These high grade assay results from hole AR-15-54c1 are characteristic of the higher grade A2 sub-zone, which is thus far delineated across a 162 m strike length from northeast to southwest by holes AR-15-49c2, -44b, -62, -58c1, -54c1, and -59c2. All of these holes in the higher grade A2 sub-zone demonstrate strong continuity and grades that are constantly in excess of 10% U3O8 over wide intervals. In addition, the A3 has produced significant assay results with AR-15-51 and -56c1 producing strong mineralization across wide intervals."
Leigh Curyer, Chief Executive Officer commented, "These assay results continue to demonstrate the robustness of the higher grade A2 sub zone and now, the A3 shear is regularly producing results that rival the A2 high grade core. We look forward to receiving the remaining 22 assays from the summer program which will include strong holes based on previously reported radioactivity. All these assay results will contribute to the resource estimate scheduled for the first half of 2016. Planning for an expanded winter 2016 campaign is already well underway which will continue to test the currently defined extents of Arrow together with high-priority targets along the conductor corridor to the southwest, northeast towards Bow, and on the Derkson corridor."
Table 2: Arrow Zone Assay Results
| Drill Hole | Athabasca Group - | SRC Geoanalytical Results | ||||||
| Hole ID | Azimuth | Dip | Total Depth (m) | From (m) | To (m) | Interval | U3O8 (wt%) | |
| AR-15-51 | 140 | -75 | 1014.00 | 104.10 | 483.00 | 486.00 | 3.00 | 0.02 |
| 513.00 | 514.00 | 1.00 | 0.19 | |||||
| 522.00 | 526.00 | 4.00 | 0.04 | |||||
| 529.00 | 534.00 | 5.00 | 0.05 | |||||
| 539.00 | 539.50 | 0.50 | 0.03 | |||||
| 544.00 | 548.50 | 4.50 | 0.53 | |||||
| 557.50 | 564.50 | 7.00 | 0.22 | |||||
| 567.50 | 569.00 | 1.50 | 0.36 | |||||
| 571.50 | 572.00 | 0.50 | 0.01 | |||||
| 576.50 | 584.00 | 7.50 | 0.46 | |||||
| 585.50 | 618.00 | 32.50 | 0.25 | |||||
| 619.50 | 621.00 | 1.50 | 0.05 | |||||
| 624.50 | 633.50 | 9.00 | 0.61 | |||||
| 636.00 | 638.50 | 2.50 | 0.08 | |||||
| 640.50 | 641.50 | 1.00 | 0.03 | |||||
| 645.00 | 646.50 | 1.50 | 0.23 | |||||
| 649.00 | 650.00 | 1.00 | 0.25 | |||||
| 652.00 | 664.00 | 12.00 | 0.52 | |||||
| 670.00 | 695.00 | 25.00 | 1.20 | |||||
| 698.00 | 711.50 | 13.50 | 0.45 | |||||
| 722.00 | 727.50 | 5.50 | 0.26 | |||||
| 733.00 | 734.00 | 1.00 | 1.04 | |||||
| 736.50 | 760.50 | 24.00 | 0.20 | |||||
| 764.50 | 766.50 | 2.00 | 0.79 | |||||
| 769.00 | 770.00 | 1.00 | 0.06 | |||||
| 796.50 | 797.00 | 0.50 | 0.03 | |||||
| 800.00 | 801.00 | 1.00 | 0.02 | |||||
| 810.50 | 816.50 | 6.00 | 0.06 | |||||
| 819.00 | 820.00 | 1.00 | 0.36 | |||||
| 839.50 | 842.50 | 3.00 | 0.08 | |||||
| 857.00 | 857.50 | 0.50 | 0.93 | |||||
| 869.00 | 872.00 | 3.00 | 0.03 | |||||
| 885.50 | 886.00 | 0.50 | 0.03 | |||||
| 888.50 | 889.00 | 0.50 | 0.02 | |||||
| 893.00 | 895.00 | 2.00 | 0.09 | |||||
| 898.50 | 899.00 | 0.50 | 0.06 | |||||
| 904.50 | 905.00 | 0.50 | 0.12 | |||||
| 908.00 | 910.50 | 2.50 | 0.03 | |||||
| 917.00 | 917.50 | 0.50 | 0.07 | |||||
| 975.00 | 976.00 | 1.00 | 0.14 | |||||
| AR-15-53c2 | 141 | -77 | 684.00 | 114.00 | 439.50 | 440.00 | 0.50 | 0.09 |
| 441.50 | 442.00 | 0.50 | 0.08 | |||||
| 548.50 | 549.50 | 1.00 | 0.03 | |||||
| 562.50 | 568.50 | 6.00 | 0.09 | |||||
| 571.50 | 573.50 | 2.00 | 0.06 | |||||
| 576.00 | 611.00 | 35.00 | 4.88 | |||||
| including | 591.50 | 597.50 | 6.00 | 20.17 | ||||
| 613.50 | 628.00 | 14.50 | 0.09 | |||||
| 641.50 | 655.50 | 14.00 | 0.23 | |||||
| AR-15-54c1 | 140 | -76 | 816.00 | 109.00 | 437.50 | 438.00 | 0.50 | 0.02 |
| 469.50 | 484.50 | 15.00 | 0.67 | |||||
| 488.50 | 528.00 | 39.50 | 7.03 | |||||
| including | 492.00 | 519.50 | 27.50 | 10.09 | ||||
| including | 500.50 | 512.50 | 12.00 | 20.01 | ||||
| including | 510.00 | 512.50 | 2.50 | 51.16 | ||||
| 608.00 | 640.00 | 32.00 | 0.07 | |||||
| 685.50 | 688.00 | 2.50 | 0.02 | |||||
| 692.00 | 692.50 | 0.50 | 0.27 | |||||
| 701.50 | 702.00 | 0.50 | 0.05 | |||||
| 704.00 | 705.50 | 1.50 | 0.02 | |||||
| 707.00 | 707.50 | 0.50 | 0.29 | |||||
| 737.50 | 740.00 | 2.50 | 2.01 | |||||
| AR-15-55 | 140 | -75 | 924.00 | 103.60 | 545.50 | 552.00 | 6.50 | 0.06 |
| 554.50 | 557.50 | 3.00 | 0.02 | |||||
| 583.00 | 584.50 | 1.50 | 1.13 | |||||
| 605.00 | 611.50 | 6.50 | 0.12 | |||||
| 670.50 | 671.00 | 0.50 | 0.10 | |||||
| AR-15-56c1 | 139 | -76.5 | 996.00 | 110.40 | 550.00 | 569.00 | 19.00 | 0.08 |
| 578.50 | 588.00 | 9.50 | 0.17 | |||||
| 594.00 | 600.00 | 6.00 | 0.79 | |||||
| 602.50 | 605.00 | 2.50 | 0.10 | |||||
| 607.50 | 608.00 | 0.50 | 0.01 | |||||
| 618.50 | 619.50 | 1.00 | 0.04 | |||||
| 624.50 | 641.50 | 17.00 | 0.14 | |||||
| 649.50 | 660.50 | 11.00 | 4.20 | |||||
| 663.50 | 664.50 | 1.00 | 0.15 | |||||
| 667.50 | 668.50 | 1.00 | 0.41 | |||||
| 685.00 | 686.50 | 1.50 | 0.04 | |||||
| 721.50 | 728.00 | 6.50 | 12.06 | |||||
| 748.50 | 752.00 | 3.50 | 0.06 | |||||
| 755.00 | 756.00 | 1.00 | 0.10 | |||||
| 760.50 | 761.50 | 1.00 | 0.05 | |||||
| 764.00 | 765.00 | 1.00 | 0.04 | |||||
| 770.00 | 798.00 | 28.00 | 1.14 | |||||
| 801.50 | 807.50 | 6.00 | 0.04 | |||||
| 810.00 | 811.00 | 1.00 | 0.07 | |||||
| 846.00 | 861.50 | 15.50 | 0.62 | |||||
| 864.50 | 879.00 | 14.50 | 0.14 | |||||
| 886.00 | 889.50 | 3.50 | 0.07 | |||||
| 895.00 | 900.50 | 5.50 | 0.49 | |||||
| 909.50 | 910.50 | 1.00 | 0.12 | |||||
| 935.00 | 935.50 | 0.50 | 0.06 | |||||
| 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 partial and total digestions, ICP-OES for major and minor elements on a total digestion, and fusion solution of boron by ICP-OES. Mineralizaed samples were analyzed for U3O8 by ICP-OES and gold by fire assay.
All assays batches reported herein are subjected to and have passed rigorous internal QA/QC protocols that include, but are not limited to, the blind insertion of standard reference materials, blank materials and field duplicates into the sample stream at both random and systematic intervals.
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 uranium industry professionals with a successful track record in the discovery of world class uranium deposits and in developing projects through discovery to production.
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 in February 2014 and Bow Discovery in March 2015.
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" and "forward looking statements" within the meaning of applicable Canadian securities laws. Forward-looking information and statements include, but are not limited to, statements with respect to planned exploration activities, the future interpretation of geological information; whether results thereof will lead to estimated mineral resources and the timing of such estimates. Generally, but not always, forward looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connation thereof. Forward-looking information and statements are 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 forward information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the price of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, 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 and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements 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 or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, alternative sources of energy, aboriginal title and consultation issues, reliance on key management and other personnel; potential downturns in economic conditions; actual results of exploration activities being different than anticipated; changes in exploration programs based upon results; 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.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. 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.
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