VANCOUVER, Jan. 5, 2015 /CNW/ - NexGen Energy Ltd. (NXE:TSXV) ("NexGen" or the "Company") is pleased to announce that drilling is underway at the 100% owned Arrow zone, Rook I property, located in the southwest part of Saskatchewan's Athabasca Basin.
The winter 2015 drill program will utilize three diamond drill rigs. Two rigs are presently drilling at the Arrow zone, and will exclusively focus on this land based high-grade, basement hosted uranium discovery. The third drill rig will be deployed around January 15th to target northeast and southwest from Arrow along the Patterson Conductor Corridor which is 7km in strike length through the western section of Rook I (see figure 1), and several other high-priority regional geophysical targets that show similar geophysical signatures to that of the Arrow discovery area.
Arrow is just within the border of the Athabasca Basin, entirely on land and can be predominantly drilled all year round. The EM conductor hosting the Arrow zone trends to the northeast beneath shallow portions of Patterson Lake, which will be tested this winter on the lake ice. Drill fence sections, scissors and vertical drill holes will be completed at the Arrow zone in order to further understand and model the geometries and controls on the high-grade uranium mineralization.
The exploration target at Arrow ranges from shallow to deeper, high-grade uranium mineralization hosted in basement rocks starting at approximately 100 meters below surface (ie. below glacial till, Cretaceous mudstone, Devonian sandstone, and Athabasca Group). The Rook I property is prospective both in the immediate area of the Arrow discovery, 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 additional 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.
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 Western Section, Arrow Discovery, Patterson Conductor Corridor (CNW Group/NexGen Energy Ltd.)". Image available at: http://photos.newswire.ca/images/download/20150105_C6110_PHOTO_EN_9925.jpg
For further information: Kin Communications, Tel: 604 684 6730, Toll free 1 866 684 6730, Email: [email protected], Website: http://www.nexgenenergy.ca