VANCOUVER, BC, July 28,
2022 /CNW/ - NexGen Energy Ltd. ("NexGen" or the
"Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to
announce drill assays from 2021 confirm discovery of a uranium
mineralized zone below the known Arrow Deposit and at Camp
East:
- Below Arrow – multiple intersections of uranium
mineralization were made significantly below Arrow, including 0.10%
U3O8 over 7.0 m
in AR-21-268 from 1128 m to
1135 m down hole;
- Camp East – uranium concentration of 0.10%
U3O8 in RK-21-140 from 166 m to 167 m down
hole in association with brittle structure and hydrothermal
alteration.
Further, NexGen has commenced 2022 drilling focused on regional
exploration targets at the 100% owned Rook I project (the
"Project"); and an extensive geophysical program over high priority
areas of NexGen's mineral tenure in the southwest Athabasca Basin, Saskatchewan.
Leigh Curyer, Chief Executive Officer, commented: "The
intersection of mineralization below the known Arrow Deposit and
along trend at Camp East highlights the extent and potential for
additional significant discoveries at Rook I. The geology team led
by Grant Greenwood are well
positioned for the 2022 drilling season which incorporates an
extensive regional geophysical survey as a foundation for drilling
in 2023 and beyond."
Grant Greenwood, Vice President,
Exploration, commented: "The 2021 exploration drilling successfully
intersected uranium mineralization. In addition to mineralization,
these encouraging 2021 exploration results share alteration and
structural similarities to those intersected in the discovery hole
at Arrow (AR-14-01 or RK-14-21). NexGen is poised to advance high
priority targets on the Rook I property in a systematic fashion
from Arrow proximal outwards. The geophysical survey plans are
strategic initiatives in developing highly prospective conductors
in greenfield areas of the well situated NexGen mineral tenure in
the emerging southwest Athabasca
Basin uranium district."
2022 Drilling
The Rook I project – home to the Arrow Deposit – hosts numerous,
underexplored electromagnetic conductors (conductors) and
structural corridors. While development of the Arrow Deposit is
progressing optimally, NexGen's 2022 exploration program will focus
on these underexplored targets towards making additional material
discoveries. The program will target high priority areas (Figure 1)
and build off the positive 2021 drilling results that intersected
brittle structural disturbance and hydrothermal alteration on
multiple conductors.
This drill program – testing six (6) conductive trends – is
designed to evaluate prospective targets systematically with
aggressive step-outs along high priority conductors.
Drilling targets areas (from West to East):
- Patterson Corridor (PLC) – Systematic testing along
trend of Arrow, as well as at Camp East where 2021 drilling
intersected anomalous radioactivity. This fertile trend has a
strike length of approximately 9 km on the Rook I property and
remains highly prospective for further investigation.
- Mirror – Testing location with conductive response
variation along the edge of a gravity low. The Mirror conductor is
parallel immediately to the east of the Arrow conductor and of high
priority.
- PLC East – Tests of segmented conductive responses
on edges of gravity lows. PLC East is located proximal to the Arrow
conductor with similar geometry.
- Derkson West – Follow-up of positive results from
2021 by testing along strike in both directions. Similar geometry
to the PLC with a northeast-southwest trending conductor along
magnetic gradient, coincident with local gravity lows.
- Derkson – Systematic drilling along prospective
conductors in gravity lows. This high priority portion of the
Derkson corridor for testing in 2022 contains discrete and strong
conductive responses with interpreted structural disruptions.
- Derkson East – Targeting significant flexure of an
underexplored conductor within a gravity low interpreted as
localized structural disruption.
All target areas exhibit similar geophysical characteristics to
Arrow, including strong conductive signatures with numerous
off-sets coincident with discrete gravity lows and steep magnetic
gradients. Structural interpretations across the property indicate
several conductors lie along significant rheological/lithological
contrasts interpreted to possess structural conditions favourable
for localized uranium mineralization. Additionally, analysis of
previous drilling has also revealed several target areas containing
prospective alteration and geochemical signatures indicative of
uranium bearing systems. The 2022 summer program incorporates 3
rigs for 12,000 meters in total.
These prospective signatures are present within the 2021
Exploration drilling results, in which 18 holes were completed for
a total of 10,849.04 m (Figure 2).
The program tested prospective electromagnetic conductors near
Arrow with 6,400.31 m and a further
4,448.73 m tested significantly below
the current outline of the Arrow Deposit resource (Figure 3).
Brittle structural disturbance and hydrothermal alteration were
intersected in all targeted areas, including anomalous uranium
concentration below Arrow in drill hole AR-21-266 and -268, and at
Camp East in drill hole RK-21-140 (see assay results in Table
1).
Strategic Geophysics
Covering prospective conductive trends on NexGen's SW1, SW2, and
SW3 properties in the southwest Athabasca Basin (Figure 4), this extensive
geophysical program is designed to gain further resolution on
conductors and identify stacked geophysical anomalies for
greenfields exploration drilling.
SW1 (Figure 5) – Ground electromagnetic survey along
approximately 9 km conductor to further refine prospective targets
for follow-up drilling.
Continuity of the conductor suggests a well-developed structural
trend with several breaks and jogs. The ground electromagnetic
survey is designed to focus high-resolution geophysical data over
these prospective features of the SW1 property and highlight
specific areas for follow-up drilling.
SW2 (Figure 6) – Ground gravity survey to generate and
prioritize targets by identifying stacked anomalies.
Through historic magnetic and electromagnetic surveys, the SW2
property is highlighted by numerous broad prospective trends. The
addition of a ground gravity survey in the central portion of the
property is planned for focussing exploration attention to specific
locations along these trends where geophysical anomalies align for
follow-up drilling.
SW3 (Figure 7) – Ground IP/Resistivity survey to generate
and prioritize targets along approximately 6 km of prospective
conductor that straddles the Athabasca Basin boundary, south of Cameco's
Centennial Deposit.
This ground IP/resistivity is designed to provide resolution
over this ideally situated conductor at the edge of the
Athabasca Basin to optimize future
drilling and advance the SW3 property towards discovery.
Table 1: 2021 Exploration Assay Results (Cutoff of 0.01%
U3O8)
Drill
Hole
|
Unconformity
Depth (m)
|
SRC Geoanalytical
Results
|
Hole
ID
|
Azimuth
|
Dip
|
Total Depth
(m)
|
From
(m)
|
To
(m)
|
Width
(m)
|
U3O8 (wt%)
|
AR-21-266
|
314
|
-73
|
1482.73
|
129.50
|
1058.5
|
1060.0
|
1.5
|
0.10
|
AR-21-266a
|
314
|
-73
|
120.00
|
N/A
|
No significant
mineralization
|
AR-21-267
|
314
|
-73
|
1446.00
|
117.30
|
No significant
mineralization
|
AR-21-268
|
314
|
-73
|
1400.00
|
113.75
|
965.0
|
965.5
|
0.5
|
0.01
|
|
|
|
|
|
1125.0
|
1125.5
|
0.5
|
0.04
|
|
|
|
|
|
1128.0
|
1135.0
|
7.0
|
0.10
|
RK-21-131
|
300
|
-65
|
501.00
|
51.00
|
No significant
mineralization
|
RK-21-132
|
300
|
-65
|
468.00
|
34.00
|
No significant
mineralization
|
RK-21-133
|
300
|
-65
|
555.00
|
49.00
|
No significant
mineralization
|
RK-21-134
|
300
|
-65
|
516.63
|
57.70
|
No significant
mineralization
|
RK-21-135
|
310
|
-70
|
534.00
|
81.00
|
No significant
mineralization
|
RK-21-136
|
310
|
-70
|
447.00
|
88.10
|
No significant
mineralization
|
RK-21-137
|
310
|
-70
|
534.00
|
90.70
|
No significant
mineralization
|
RK-21-138a
|
310
|
-70
|
96.88
|
90.00
|
No significant
mineralization
|
RK-21-138
|
310
|
-70
|
486.00
|
82.30
|
No significant
mineralization
|
RK-21-139
|
315
|
-65
|
495.00
|
84.00
|
No significant
mineralization
|
RK-21-140
|
315
|
-70
|
479.40
|
80.95
|
166.0
|
167.0
|
1.0
|
0.10
|
RK-21-141
|
315
|
-70
|
488.00
|
92.10
|
No significant
mineralization
|
RK-21-142
|
315
|
-70
|
465.00
|
84.00
|
No significant
mineralization
|
RK-21-143
|
315
|
-70
|
334.40
|
79.90
|
No significant
mineralization
|
Parameters:
- Maximum internal
dilution 2.0 m downhole
- Minimum
thickness of 0.5 m downhole
- Cutoff grade of
0.01% U3O8
- All depths and
intervals are metres downhole
|
About NexGen
NexGen is a British Columbia
corporation focused on the development of the Rook I Project
located in the southwestern
Athabasca Basin, Saskatchewan, Canada, into
production. The Rook I Project is supported by a NI 43-101
compliant Feasibility Study which outlines elite environmental
performance as well as industry leading economics. Rook I hosts the
Arrow Deposit that hosts Measured Mineral Resources of 209.6
M lbs of U3O8 contained
in 2.18 M tonnes grading 4.35%
U3O8, Indicated Mineral Resources
of 47.1 M lbs of
U3O8 contained in 1.57
M tonnes grading 1.36% U3O8, and
Inferred Mineral Resources of 80.7 M lbs of
U3O8 contained in 4.40
M tonnes grading 0.83% U3O8.
NexGen has a highly experienced team of uranium industry
professionals with a successful track record in the discovery of
uranium deposits and in developing projects through discovery to
production. The Company is the recipient of the 2018 PDAC Bill
Dennis Award for Canadian mineral discovery and the 2019 PDAC
Environmental and Social Responsibility Award.
Technical Disclosure
All technical information in this news release has been
reviewed and approved by Jason Craven , P.Geo, NexGen's
Manager, Exploration, a qualified person under National Instrument
43-101.
A technical report in respect of the FS is filed on SEDAR
( www.sedar.com ) and EDGAR
(www.sec.gov/edgar.shtml ) and is available for review on
NexGen Energy's website (www.nexgenenergy.ca ).
Cautionary Note to U.S. Investors
This news release includes Mineral Reserves and Mineral
Resources classification terms that comply with reporting standards
in Canada and the Mineral Reserves and the Mineral
Resources estimates are made in accordance with NI 43-101. NI
43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
mineral projects. These standards differ from the requirements of
the Securities and Exchange Commission ("SEC") set by the SEC's
rules that are applicable to domestic United
States reporting companies. Consequently, Mineral
Reserves and Mineral Resources information included in this news
release is not comparable to similar information that would
generally be disclosed by domestic U.S. reporting companies subject
to the reporting and disclosure requirements of the SEC
Accordingly, information concerning mineral deposits set forth
herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
Forward-Looking
Information
The information contained herein contains "forward-looking
statements" within the meaning of applicable United
States securities laws and regulations and "forward-looking
information" within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is not
limited to, statements with respect to mineral reserve and mineral
resource estimates, the 2021 Arrow Deposit, Rook I Project and
estimates of uranium production, grade and long-term average
uranium prices, anticipated effects of completed drill results on
the Rook I Project, planned work programs, completion of further
site investigations and engineering work to support basic
engineering of the project and expected outcomes. 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
connotation thereof. Statements relating to "mineral
resources" are deemed to be forward-looking information, as they
involve the implied assessment that, based on certain estimates and
assumptions, the mineral resources described can be profitably
produced in the future.
Forward-looking information and statements are based on the
then current expectations, beliefs, assumptions, estimates and
forecasts about NexGen's business and the industry and markets in
which it operates. Forward-looking information and statements are
made based upon numerous assumptions, including among others, that
the mineral reserve and resources estimates and the key assumptions
and parameters on which such estimates are based are as set out in
this news release and the technical report for the property , the
results of planned exploration activities are as anticipated, the
price and market supply 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,
supplies and governmental and other approvals required to conduct
NexGen'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 in the
future.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual results, performances and achievements of NexGen to
differ materially from any projections of results, performances and
achievements of NexGen expressed or implied by such forward-looking
information or statements, including, among others, the existence
of negative operating cash flow and dependence on third party
financing, uncertainty of the availability of additional financing,
the risk that pending assay results will not confirm previously
announced preliminary results, conclusions of economic valuations,
the risk that actual results of exploration activities will be
different than anticipated, the cost of labour, equipment or
materials will increase more than expected, that the future price
of uranium will decline or otherwise not rise to an economic level,
the appeal of alternate sources of energy to uranium-produced
energy, that the Canadian dollar will strengthen against the U.S.
dollar, that mineral resources and reserves are not as estimated,
that actual costs or actual results of reclamation activities are
greater than expected, that changes in project parameters and plans
continue to be refined and may result in increased costs, of
unexpected variations in mineral resources and reserves, grade or
recovery rates or other risks generally associated with mining,
unanticipated delays in obtaining governmental, regulatory or First
Nations approvals, risks related to First Nations title and
consultation, reliance upon key management and other personnel,
deficiencies in the Company's title to its properties, uninsurable
risks, failure to manage conflicts of interest, failure to obtain
or maintain required permits and licences, risks related to changes
in laws, regulations, policy and public perception, as well as
those factors or other risks as more fully described in NexGen's
Annual Information Form dated February
25, 2022 filed with the securities commissions of all of the
provinces of Canada except Quebec and in
NexGen's 40-F filed with the United States Securities and Exchange
Commission, which are available on SEDAR
at www.sedar.com and Edgar
at www.sec.gov .
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 statements or
implied by forward-looking information or statements, there may be
other factors that cause results not to be as anticipated,
estimated or intended. Readers are cautioned not to place undue
reliance on forward-looking information or statements due to the
inherent uncertainty thereof.
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. The Company
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.
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SOURCE NexGen Energy Ltd.