VANCOUVER, Jan. 29, 2018 /CNW/ - NexGen Energy Ltd.
("NexGen" or the "Company") (TSX:NXE, NYSE MKT:NXE) is pleased
to announce that the winter 2018 drill program has begun at our
100% owned, Rook I property, in the Athabasca Basin, Saskatchewan.
The winter 2018 program will consist of approximately
25,000 m using eight drill rigs and
focus on a number of key objectives. At the Arrow Deposit, drilling
will focus on further A3 high grade zone definition, targeting the
large untested areas surrounding the A1 – A5 shears, potential
extensions of the shears particularly to the north east, and
definition of newly discovered high grade mineralization northwest
of the A1 shear (see News Release dated January 17, 2018). At South Arrow, drilling will
continue to focus on defining the extent of uranium mineralization
in all directions. Further, highly ranked geophysical targets on
the Arrow, South Arrow and Mirror conductors will be targeted due
to the results of geophysical surveys conducted predominantly in
2016 and 2017.
Development, Activities & Financial
- Pre-feasibility staged technical studies including geotechnical
work, hydrogeological work, and metallurgy continue in advance of
the maiden Pre-Feasibility Study scheduled for Q3/2018.
- The Company has cash on hand of approximately $155 million.
Figure 1 shows the winter 2018 drilling areas. Figures 2 and 3
show the three-dimensional geophysical signature of the Mirror
target area. Figure 4 shows the high priority Area 8 resistivity
low anomaly amongst others. The association of these
anomalies and mineralization at Arrow and South Arrow is
evident.
Leigh Curyer, Chief Executive Officer, commented: "The Company
is focusing on multiple objectives in 2018 in parallel to drilling
at Rook I. Key personnel appointments in 2017 has placed NexGen in
a solid position to advance the various components of the Arrow
Pre-Feasibility Study and other studies focused on optimizing the
development of Arrow. The winter 2018 drilling will focus on
testing in areas that hold high potential for additional
mineralized shears, extensions of existing mineralized shears and
new high grade sub zones in close proximity to Arrow.
Further, drilling at South Arrow located 400
m south of Arrow, will continue to focus on determining the
extent of mineralization discovered in 2017. Additionally, the
Company will begin to test highly ranked geophysical targets within
a 2 km radius of Arrow and along the Patterson Corridor, which is
largely unexplored on Rook I, yet hosts four known uranium
mineralized zones. We look forward to delivering the results of
drilling and the development studies throughout 2018."
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 uranium deposits and in
developing projects through discovery to production.
NexGen owns a portfolio of prospective uranium exploration
assets in the Athabasca Basin,
Saskatchewan, Canada, including a
100% interest in Rook I, location of the Arrow Deposit in
February 2014, the Bow discovery in
March 2015, the Harpoon discovery in
August 2016 and the Arrow South
discovery in July 2017. The Arrow
deposit's updated mineral resource estimate with an effective date
of December 20, 2016 was released in
March 2017, and comprised
179.5 M lbs U3O8 contained in
1.18 M tonnes grading 6.88% U3O8 in
the Indicated Mineral Resource category and an additional
122.1 M lbs U3O8 contained in
4.25 M tonnes grading 1.30% U3O8 in
the Inferred Mineral Resource category.
Technical Information
All scientific and technical information in this news release
has been prepared by or reviewed and approved by Mr. Garrett Ainsworth, P.Geo., Vice President –
Exploration & Development for NexGen. Mr. Ainsworth is a
qualified person for the purposes of National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101"),
and has verified the sampling, analytical, and test data underlying
the information or opinions contained herein by reviewing original
data certificates and monitoring all of the data collection
protocols.
For details of the Rook I Project including the quality
assurance program and quality control measures applied and key
assumptions, parameters and methods used to estimate the mineral
resource please refer to the technical report entitled "Technical
Report on the Preliminary Economic Assessment of the Arrow Deposit,
Rook 1 Property, Province of Saskatchewan, Canada" dated effective
September 1, 2017 (the "Rook 1
Technical Report") prepared by Jason J.
Cox, David M. Robson,
Mark B. Mathisen, David A. Ross, Val
Coetzee and Mark Wittrup,
each of whom is a "qualified person" under NI 43-101. The Rook I
Technical Report is available for review under the Company's
profile on SEDAR at www.sedar.com.
U.S. investors are advised that while the terms "indicated
resources" and "inferred resources" are recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize these terms. U.S. investors are cautioned not to
assume that any part or all of the material in these categories
will ever be converted into mineral reserves.
Forward-Looking Information
The information contained herein contains "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 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 the activities, events
or developments that the Company expects or anticipates will or may
occur in the future. 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.
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 proposed transaction will be completed, 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, 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
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, 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, imprecision of mineral resource estimates, the
appeal of alternate sources of energy and sustained low uranium
prices, aboriginal title and consultation issues, exploration
risks, 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 licenses, changes in laws,
regulations and policy, competition for resources and financing,
and other factors discussed or referred to in the Company's Annual
Information Form dated March 31, 2017
under "Risk Factors".
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. 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.
SOURCE NexGen Energy Ltd.