NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX:NXE, NYSE MKT:NXE) is pleased to announce that the summer 2018 drilling program has commenced at the 100% Company owned, Rook I property, in the Athabasca Basin, Saskatchewan.
The summer 2018 drilling program will target 20,400 m using four diamond drill rigs which is estimated to cost $8.3 million and will focus on three key objectives:
- Test the newly identified area 160 m northwest of the A0 shear zone where hole AR-18-208c1, the last hole of the winter 2018 drill program, intersected 10.5 m of total composite mineralization including 0.2 m of off-scale radioactivity (>10,000 to 32,800 cps), identifying a potentially entirely new zone of mineralization.
- Test near-Arrow Deposit targets, with systematic wide spaced step-outs from known mineralization. Target areas are along strike to the southwest of AR-16-090c3 which intersected 13.0 m at 8.09% U3O8 and northeast of AR-18-189c4 that intersected 40.0m of total composite mineralization including 3.9m of off-scale radioactivity (>10,000 to >61,000 cps) in the A1 and A2 shear zones.
- Drilling to determine locations for potential shafts including footwall characterization holes. Results will be incorporated into the maiden Pre-Feasibility Study (“PFS”) to be released late Q3 / early Q4 2018. Target area locations are shown in plan and long section view in Figures 1 to 3.
Development, Activities & Financial
- Pre-feasibility staged technical studies continue to advance, updated Mineral Resource Estimate and maiden Pre-Feasibility Study scheduled for the end of Q3 / early Q4 2018.
- The Company has cash on hand of approximately $145 million.
Troy Boisjoli, Vice-President, Operations and Project Development, commented: “This summer’s drill program focusses on meeting the following objectives; increasing the order of magnitude understanding of the Arrow Deposit globally and advancing project characterization for future development. From discovery to date, there has been 218,000 m of drilling at Arrow, yet the deposit remains open on strike, across strike and down dip. The drilling will target the areas on strike of Arrow in both directions as well as 160 m northwest of the recently discovered A0 shear. The shaft pilot hole program will be the most technical of any drilling projects undertaken to date at the Arrow Deposit. ”
Leigh Curyer, Chief Executive Officer, commented: “The team is looking forward to boldly testing the newly discovered zones at Arrow. The conclusion of the 2018 winter drill program left many zones to test. This program focuses on continued exploration to determine the yet to be defined global nature of mineralization at Arrow, whilst advancing project characterization for future development. Further, the new state of the art core logging facility was recently commissioned on time and budget in readiness for summer. The facility is considered one of the most leading edge facilities world-wide for geological core analysis and is a credit to the entire NexGen team for its concept and construction.”
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 AthabascaBasin, 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.
Source: NexGen Energy Ltd.