VANCOUVER, June 8, 2015 /CNW/ - NexGen Energy Ltd. (NXE:TSXV) ("NexGen" or the "Company") is pleased to announce that drilling is underway at our 100% owned Arrow Zone, Rook I property, located in the southwest part of Saskatchewan's Athabasca Basin.
The summer 2015 drill program will utilize five diamond drill rigs. Two rigs are currently in operation with all five scheduled to be turning by June 20th.
- Two drill rigs will focus on testing the extents of high grade uranium mineralization in the A2 and A3 cores as the company drives Arrow towards an initial resource estimate,
- A third rig will test previously undrilled areas of the A1, A2 and A3 shears targeting high grade uranium mineralization akin to that found in AR-15-44b (40.45m of off-scale radioactivity – assays pending),
- The fourth and fifth rigs will test high priority regional geophysical targets on the Rook I property along the Patterson and Derkson Conductor Corridors. (see Figure 1).
Leigh Curyer, NexGen's Chief Executive Officer commented "The commencement of our summer drilling program which is the largest to date at Rook I, represents an exciting time for NexGen and our shareholders. We anticipate this program to culminate in delivering an initial National Instrument 43-101 compliant resource at Arrow. The regional targets along are the culmination of a dedicated review of geophysical and historical data and fits well with our team's focused exploration philosophy".
The exploration target at Arrow consists of high grade uranium mineralization hosted in basement rocks starting at approximately 100 meters below surface. The Rook I property is prospective both in the immediate area of the Arrow zone, and further along strike (4 km to the NE and 3 km to the SW) from Arrow which is open for potential expansion in all directions. Rook I straddles the edge of the Athabasca Basin boundary which gives rise to not only basement-hosted mineralization targets, but also to unconformity-style and sandstone-hosted mineralization targets with a plethora of northeasterly striking EM conductors existing within largely untested corridors (Derkson, R-Seven, Morrow, Mirror, Laurie) that show favourable breaks and flexures within coincident gravity and magnetic lows.
Two of the three rigs working at Arrow will employ directional drilling methods administered by TECH Directional Services Inc. of Millertown, Newfoundland, who will work closely with diamond drilling contractor Aggressive Drilling Ltd. of Saskatoon, Saskatchewan during the summer program. The implementation of directional drilling at Arrow will allow for precise and systematic testing of the A2 and A3 shears, and is expected to result in significantly increased drilling efficiency in terms of time and total cost.
Arrow is just within the edge of the Athabasca Basin, is entirely on land and can be predominantly drilled all year round. The EM conductor hosting the Arrow zone continues to both the northeast and southwest, and will be tested along strike in both directions during the summer drill campaign. Regionally on the Rook I property, the company has developed a number of high priority geophysical targets with similar features to Arrow that include multiple areas on the largely untested Derkson conductor corridor, at the Fury target area and along strike from the Bow discovery to the northeast on land.
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.
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 Western Section, Patterson and Derkson Conductor Corridors (CNW Group/NexGen Energy Ltd.)". Image available at: http://photos.newswire.ca/images/download/20150608_C5718_PHOTO_EN_17684.jpg
For further information: Kin Communications, Tel: 604 684 6730, Toll free 1 866 684 6730, Email: [email protected], Website: http://www.nexgenenergy.ca