NexGen Significantly Expands Strike Length of Higher Grade A2 Sub-Zone with AR-15-57c3 intersecting 5.0m at 49.60% U3O8 Within 31.5m at 10.03% U3O8
VANCOUVER, Nov. 30, 2015 /CNW/ - NexGen Energy Ltd. (TSX-V: NXE) ("NexGen" or the "Company") is pleased to report assay results from six angled directional holes from our highly successful summer 2015 drilling program on our 100% owned Rook I property, Athabasca Basin, Saskatchewan.
With hole AR-15-57c3, the higher grade A2 sub-zone (the "Sub-Zone", see Figure 2) strike length has now been expanded by approximately 25% from 162 m to 203 m. This Sub-Zone is currently defined by holes AR-15-59c2 bordering the southwest of the zone and AR-14-30 to the northeast. Hole AR-15-57c3 has confirmed strong continuity of high-grade mineralization northeast of hole AR-15-49c2 and is now interpreted to continue to AR-14-30. Hole -57c3 was drilled 37 m up-dip and northeast of AR-15-49c2 (50.0m at 12.01% U3O8, see news release dated September 8, 2015).
Additionally, assay results from two other strongly mineralized drill holes (AR-15-59c2 and -62) within the Sub-Zone remain pending. Further testing for northeast and southwest extensions of the Sub-Zone will be a priority for the winter 2016 drill program.
Furthermore, hole AR-15-57c3 continued with impressive assay results in the A3 shear by returning 50.5 m at 2.74% U3O8. In addition, AR-15-57c2 intersected strong mineralization in the A3 shear returning 29.5m at 5.89% U3O8. A significant volume of mineralization in now quickly developing in the vicinity of these two drill holes within the A3 shear. Further drill testing of this new developing higher grade area is currently planned for the upcoming winter 2016 drill program.
Drill hole locations, and the A2 and A3 long sections are shown in Figures 1 to 4, angled drill hole results from the A2 sub-zone are in Table 1, and assay results are shown in Table 2.
Highlights:
A2 Shear
- AR-15-57c3 (81 m up-dip and northeast from AR-15-44b) intersected 31.5 m at 10.03% U3O8 (409.5 to 441.0m) including 15.0 m at 20.38% U3O8 (427.0 to 442.0 m) and 5.0 m at 49.60% U3O8 (434.5 to 439.5 m) within the Sub-Zone;
- AR-15-54c3 (152 m down-dip and southwest from AR-15-44b) intersected 27.0 m at 1.79% U3O8 (658.5 to 685.5 m) in the A2 high-grade shear.
| Table 1: Higher Grade A2 Sub-Zone Angled Drill Holes | |||||||
| AR-15-59c21 | AR-15-54c11 | AR-15-58c12 | AR-15-621 | AR-15-44b2 | AR-15-49c22 | AR-15-57c31 | |
| Total composite mineralization = | 75.50 m | 42.00 m | 86.00 m | 143.0 m | 135.60 m | 73.50 m | 62.50 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 | 4.40 m |
| Total off-scale (>30,000 to 60,999 cps)3 | 4.50 m | 3.00 m | 3.85 m | 10.6 m | 7.75 m | 5.20 m | 2.50 m |
| Total off-scale (>61,000 cps)3 | 1.00 m | 0.5 m | 2.00 m | 2.0 m | 1.50 m | 2.15 m | 1.80 m |
| Continuous GT (Grade x Thickness) | Assays | 277 | 200 & 345 | Assays | 655 | 605 | 319 |
| 1 radioactivity results previously released | |||||||
| 2 radioactivity & assay results previously released | |||||||
| 3 minimum radioactivity using RS-125 gamma spectrometer | |||||||
A3 Shear
- AR-15-57c2 (96 m up-dip and to the northeast from AR-15-48c1) intersected 29.5 m at 5.89% U3O8 (580.5 to 610.0 m) including 15.5m @ 10.27% U3O8 in the A3 shear;
- AR-15-57c3 (49m up-dip and to the northeast from AR-15-48c1) intersected 50.5 m at 2.74% U3O8 (579.5 to 630.0 m) in the A3 shear;
- AR-15-54c2 intersected 14.5 m at 2.66% U3O8 (671 to 685.5 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 for a fully-funded 2016 are well advanced. A winter drilling program is scheduled to commence in early January 2016 along with environmental monitoring and baseline studies followed by a summer drilling program and engineering studies to provide a sound basis for the commencement of future feasibility studies.
- A maiden NI 43-101 resource estimate on the Arrow zone scheduled for the first half of 2016.
- 14 assays remain pending from the summer 2015 drill program.
- The Company has cash on hand of approximately $16.5M. Additionally, the Company announced a $20M bought deal financing on November 18, 2015 which is scheduled to close on or about December 9, 2015.
Garrett Ainsworth, NexGen's Vice-President, Exploration and Development, commented "Assay results from hole AR-15-57c3 in the A2 sub-zone have far surpassed our expectations. We have now increased the strike length of the sub-zone by 41 m (162 to 203 m), which has an average true thickness of approximately 27.3 m calculated from seven drill holes (assays pending on two drill holes). The significant expansion of the sub-zone during the summer drill program has been a huge accomplishment, which is marked by several angled drill intercepts that rank among the world's best in terms of continuous GT (grade x thickness) on public record. In addition, wide intervals of high grade uranium mineralization continue to pile up in the A3 high grade core as described in this release with holes AR-15-57c2 and -57c3. Preparations are well underway for an exciting winter 2016 drill program that will focus on continuing to develop Arrow and Bow, bold step-outs to the southwest and northeast of Arrow, testing for additional higher grade zones within the currently defined area of mineralization, and regional targets that share similar geophysical signatures to Arrow and Bow."
Leigh Curyer, Chief Executive Officer commented, "The rapid emergence of the A2 sub-zone during summer 2015 has been a highlight amongst many at Arrow which had a 100% hit rate during the season intersecting uranium mineralization. To discover the sub-zone whilst systematically testing the A2 shear at approximately 50 m centers has elevated Arrow to another magnitude in a relatively short period of time. With a strong treasury balance, forecasted to be $31M to begin 2016, the Company is well positioned to execute on all drilling and engineering programs well into 2017 and advance Arrow at an optimal rate of progress."
| Table 2: Arrow Zone Assay Results | ||||||||
| Drill Hole | Athabasca Group - | SRC Geoanalytical Results | ||||||
| Hole ID | Azimuth | Dip | Total | From (m) | To (m) | Interval | U3O8 (wt%) | |
| AR-15-54c2 | 140 | -76 | 891.00 | 109.00 | 521.00 | 525.50 | 4.50 | 0.11 |
| 531.50 | 548.50 | 17.00 | 0.46 | |||||
| 558.00 | 560.50 | 2.50 | 1.24 | |||||
| 564.00 | 565.50 | 1.50 | 0.27 | |||||
| 592.50 | 599.00 | 6.50 | 0.06 | |||||
| 602.00 | 605.00 | 3.00 | 0.01 | |||||
| 617.00 | 623.50 | 6.50 | 0.08 | |||||
| 629.00 | 632.50 | 3.50 | 2.32 | |||||
| 636.50 | 642.00 | 5.50 | 0.12 | |||||
| 648.00 | 649.50 | 1.50 | 0.03 | |||||
| 655.00 | 664.00 | 9.00 | 0.51 | |||||
| 671.00 | 685.50 | 14.50 | 2.66 | |||||
| 688.00 | 721.00 | 33.00 | 0.35 | |||||
| 725.00 | 725.50 | 0.50 | 0.05 | |||||
| 738.50 | 739.50 | 1.00 | 0.10 | |||||
| 742.00 | 742.50 | 0.50 | 0.02 | |||||
| 747.00 | 768.50 | 21.50 | 0.08 | |||||
| 793.00 | 794.00 | 1.00 | 0.04 | |||||
| 801.50 | 802.00 | 0.50 | 0.02 | |||||
| 804.50 | 806.00 | 1.50 | 0.12 | |||||
| 810.00 | 817.50 | 7.50 | 0.06 | |||||
| 825.50 | 828.00 | 2.50 | 0.11 | |||||
| AR-15-54c3 | 140 | -76 | 1060.00 | 109.00 | 628.00 | 630.00 | 2.00 | 0.07 |
| 642.50 | 643.00 | 0.50 | 0.15 | |||||
| 649.50 | 650.50 | 1.00 | 0.18 | |||||
| 654.50 | 655.50 | 1.00 | 0.26 | |||||
| 658.50 | 685.50 | 27.00 | 1.79 | |||||
| 691.50 | 693.00 | 1.50 | 0.06 | |||||
| 696.00 | 698.00 | 2.00 | 0.03 | |||||
| 713.50 | 718.00 | 4.50 | 0.06 | |||||
| 783.00 | 786.00 | 3.00 | 0.04 | |||||
| 857.00 | 858.00 | 1.00 | 0.22 | |||||
| 865.00 | 866.50 | 1.50 | 0.01 | |||||
| 872.00 | 879.00 | 7.00 | 0.07 | |||||
| 920.50 | 921.50 | 1.00 | 0.05 | |||||
| 924.50 | 925.00 | 0.50 | 0.27 | |||||
| AR-15-57c1 | 140 | -73 | 468.00 | 109.30 | 358.50 | 360.50 | 2.00 | 0.03 |
| 367.50 | 371.50 | 4.00 | 0.02 | |||||
| 374.50 | 376.50 | 2.00 | 0.02 | |||||
| 381.50 | 404.50 | 23.00 | 0.06 | |||||
| 410.00 | 426.50 | 16.50 | 0.06 | |||||
| 435.00 | 436.00 | 1.00 | 0.02 | |||||
| 440.50 | 449.50 | 9.00 | 0.05 | |||||
| 452.00 | 462.00 | 10.00 | 0.05 | |||||
| AR-15-57c2 | 140 | -73 | 822.00 | 109.30 | 329.00 | 343.50 | 14.50 | 0.01 |
| 353.00 | 419.50 | 66.50 | 0.12 | |||||
| 448.50 | 449.50 | 1.00 | 0.02 | |||||
| 527.00 | 530.00 | 3.00 | 0.02 | |||||
| 544.00 | 575.50 | 31.50 | 0.80 | |||||
| 580.50 | 610.00 | 29.50 | 5.89 | |||||
| including | 589.00 | 604.50 | 15.50 | 10.27 | ||||
| 612.50 | 613.00 | 0.50 | 2.66 | |||||
| 617.50 | 620.50 | 3.00 | 0.44 | |||||
| 628.50 | 629.00 | 0.50 | 0.02 | |||||
| 633.00 | 634.00 | 1.00 | 0.05 | |||||
| 644.00 | 644.50 | 0.50 | 0.01 | |||||
| 648.00 | 653.50 | 5.50 | 0.13 | |||||
| 659.50 | 671.00 | 11.50 | 0.13 | |||||
| 740.00 | 741.00 | 1.00 | 0.30 | |||||
| 744.50 | 745.00 | 0.50 | 0.06 | |||||
| AR-15-57c3 | 140 | -73 | 831.00 | 109.30 | 362.00 | 443.00 | 81.00 | 3.94 |
| including | 434.50 | 439.50 | 5.00 | 49.60 | ||||
| including | 427.00 | 442.00 | 15.00 | 20.38 | ||||
| including | 409.50 | 441.00 | 31.50 | 10.03 | ||||
| 555.00 | 558.00 | 3.00 | 0.03 | |||||
| 561.50 | 577.00 | 15.50 | 0.10 | |||||
| 579.50 | 630.00 | 50.50 | 2.74 | |||||
| 633.50 | 634.00 | 0.50 | 0.01 | |||||
| 638.50 | 641.00 | 2.50 | 1.88 | |||||
| 659.00 | 660.00 | 1.00 | 0.06 | |||||
| 664.50 | 668.50 | 4.00 | 0.59 | |||||
| 672.50 | 681.50 | 9.00 | 1.64 | |||||
| 758.00 | 759.50 | 1.50 | 0.04 | |||||
| 783.50 | 784.50 | 1.00 | 0.08 | |||||
| AR-15-59c1 | 150 | -75 | 936.00 | 102.20 | 427.50 | 428.50 | 1.00 | 0.02 |
| 431.00 | 432.50 | 1.50 | 0.28 | |||||
| 437.50 | 454.50 | 17.00 | 0.18 | |||||
| 458.00 | 461.00 | 3.00 | 0.02 | |||||
| 463.50 | 468.00 | 4.50 | 0.03 | |||||
| 470.50 | 472.00 | 1.50 | 3.19 | |||||
| 517.00 | 517.50 | 0.50 | 0.03 | |||||
| 540.00 | 541.50 | 1.50 | 0.05 | |||||
| 560.00 | 566.50 | 6.50 | 0.46 | |||||
| 569.00 | 572.00 | 3.00 | 0.02 | |||||
| 585.50 | 587.00 | 1.50 | 0.04 | |||||
| 589.50 | 594.50 | 5.00 | 0.05 | |||||
| 601.00 | 630.50 | 29.50 | 0.11 | |||||
| 634.00 | 651.50 | 17.50 | 0.06 | |||||
| 655.50 | 660.00 | 4.50 | 0.17 | |||||
| 666.50 | 669.00 | 2.50 | 0.09 | |||||
| 671.50 | 677.00 | 5.50 | 0.06 | |||||
| 679.50 | 689.00 | 9.50 | 0.03 | |||||
| 702.50 | 708.50 | 6.00 | 0.02 | |||||
| 735.50 | 742.50 | 7.00 | 0.08 | |||||
| 754.50 | 756.00 | 1.50 | 0.08 | |||||
| 769.00 | 769.50 | 0.50 | 0.01 | |||||
| 775.50 | 788.50 | 13.00 | 0.15 | |||||
| 792.50 | 793.50 | 1.00 | 0.68 | |||||
| 801.00 | 803.00 | 2.00 | 5.40 | |||||
| 818.00 | 819.00 | 1.00 | 8.44 | |||||
| 824.00 | 826.50 | 2.50 | 5.48 | |||||
| 832.50 | 833.50 | 1.00 | 0.93 | |||||
| 846.00 | 848.50 | 2.50 | 2.99 | |||||
| 855.50 | 856.50 | 1.00 | 0.15 | |||||
| 874.00 | 876.00 | 2.00 | 0.35 | |||||
Composite parameters:
- Minimum thickness 0.5 m downhole
- Cutoff grade 0.01% U3O8
- Maximum internal dilution 2.00 m downhole
- U3O8 analyzed by ICP-OES at SRC Laboratories, Saskatoon, Saskatchewan
- All depths and intervals are meters downhole, true thicknesses are yet to be determined
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.
The technical information in this news release has been approved by Garrett Ainsworth, P.Geo., Vice President – Exploration & Development, a qualified person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Ainsworth reviewed the data disclosed in this news release, including the sampling, analytical and test data underlying the information contained in this news release. Mr. Ainsworth has verified that the results are accurate by reviewing the official assay certificates provided to the Company.
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.
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