VANCOUVER, Jan. 28, 2015 /CNW/ - NexGen Energy Ltd. (NXE:TSXV) ("NexGen" or the "Company") is pleased to report on initial results from an ongoing ground gravity survey by MWH Geo-Surveys Ltd. at our 100% owned Rook I property, located in the southwest part of Saskatchewan's Athabasca Basin.
- Six high priority drill targets have been identified at the "Fury Area" based on geophysical data consisting of VTEM, ground gravity, and magnetics (see Figure 1;
- The "Fury Area" is located approximately 13.5 km to the southeast of the Arrow zone in a section of the Rook I property that is thought to have 10 to 20 m of overburden overlying basement rocks;
- All six high priority drill targets have similar geophysical features that led to the discovery of the Arrow zone in February 2014. These features include VTEM conductors with diminishing conductance approaching offsets, flexures, and breaks that are associated with gravity and magnetic lows;
- The potential for shallow high grade uranium mineralization at the Fury Area has warranted drilling of up to 4,500 m during this winter 2015 program.
Garrett Ainsworth, Vice President, Exploration & Development commented, "The target rich nature of the Rook I property is becoming increasingly evident based upon the results of this and other recent geophysical surveys across the property. The attractiveness of the Fury Area is threefold: it has very similar geophysical signatures to the Arrow zone, has projected depths to basement rock at 10 to 20 meters from surface, and is along trend from encouraging drilling to the south. I look forward to one of our three rigs mobilizing to Fury shortly."
A ground gravity survey was initiated in December 2014 on the Fury Area (Figure 1) to refine drill targeting on the Derkson East conductor corridor, which is also 1.2 km north-northeast along strike from shallow radioactive drill intersections within graphitic pyritic pelitic gneiss (favourable host rock) at Fission Uranium Corp's Far East area, PLS property (see Fission Uranium Corp's news releases dated August 11th and September 25th, 2014). NexGen's Fury Area is further enhanced by the occurrence of a large cluster of uraniferous radiometric anomalies located approximately 4 to 5 km down-ice to the southwest (see Fission 3.0 and Brades news release dated October 15th, 2014). High grade uranium boulders discovered at the PLS property by the Alpha-Fission joint venture in June 2011 were initially identified in 1977 by Canadian Occidental as radiometric, radon and uraniferous soil anomalies, that likely originated approximately 5 km up-ice (northeast) or further from a bedrock source that hosts the Triple R Deposit.
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 unconformity-style and basement hosted 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 1, location of the Arrow 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.
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.
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.
Image with caption: "Figure 1: Rook I Property, Fury Target Areas (gravity background) (CNW Group/NexGen Energy Ltd.)". Image available at: http://photos.newswire.ca/images/download/20150128_C6789_PHOTO_EN_11572.jpg
For further information: Kin Communications, Tel: 604 684 6730, Toll free 1 866 684 6730, Email: [email protected], Website: http://www.nexgenenergy.ca