VANCOUVER, July 11, 2016 /CNW/ - NexGen Energy Ltd.
("NexGen" or the "Company") (TSXV:NXE) is pleased to
announce that the Summer 2016 drill program has now begun at our
100% owned, Rook I Property, Athabasca Basin, Saskatchewan.
The summer 2016 program will be the largest seasonal drilling
program at Rook I to date and will be comprised of a minimum
35,000 m of diamond drilling using seven rigs. Six
rigs are now fully operational at site with two at Arrow, two at
the 180 m southwest area and two regional rigs currently testing
the Patterson Corridor southwest of Arrow. The seventh rig is on
site and will commence drilling at Arrow shortly. This
summer program is budgeted at $14M
and is fully funded with cash on hand of approximately
$100M.
There are three primary objectives of the summer 2016 drill
program:
- Core drilling at the Arrow Deposit using directional drilling
technology;
- Step-out and exploration drilling at the Arrow Deposit aimed at
discovering and delineating new areas of mineralization,
- In-fill drilling to advance the inferred resource estimate into
the indicated category at the Arrow Deposit,
- Step-out drilling 180 m to the southwest of Arrow where
extensive massive pitchblende mineralization was recently
discovered;
- Regional exploration drilling at several high-potential target
areas on the Patterson conductor corridor (Figure 1).
In addition, construction of an all-weather access road from
Highway 955 to the Rook I camp and property has been
completed. Development studies are well underway, and the
Rook I camp has undergone infrastructure expansion to accommodate
increased exploration and development activity.
Leigh Curyer, Chief Executive Officer, commented: "The summer
drilling program's objective is to continue to expand and delineate
the foot print of the Arrow Deposit and in parallel explore the
highly prospective 9kms of the Patterson Conductor Corridor located
on Rook I. The increase in the size of the program reflects the
geological setting of Arrow and the Patterson Conductor Corridor
demanding a significant level of additional drilling. In
conjunction, NexGen has undertaken the commencement of
environmental and engineering programs to optimize the continued
development of Arrow."
Core Drilling at the Arrow Deposit:
Two rigs are currently drilling at the Arrow Deposit and are
concentrating on both resource growth and expansion as well as
in-fill drilling in the A1 through A4 shears. The Arrow Deposit
remains open in most directions. Large areas in each of the Arrow
shears are completely undrilled and will be targeted during
the summer. Recent discoveries of high grade mineralization in the
A1 and A4 shears shows that there is excellent potential for
significant additional mineralization both within the currently
defined envelope at Arrow and outside of it. Both rigs are using
Devico directional drilling technology with the assistance of Tech
Directional Services Inc.
Drilling 180 m southwest of Arrow:
Two rigs are currently in operation at the area 180 m southwest
of the Arrow Deposit. This new area was discovered in mid-March
after publishing the maiden Inferred mineral resource estimate for
the Arrow Deposit which comprised 201.9M lbs of U3O8 at 2.63% U3O8
contained in 3.48M tonnes (see News Release dated March 3, 2016). The Company will be following-up
on the early success from winter and spring drilling which included
AR-16-90c3 which drilled 8.05 m of off-scale mineralization
including 1.5 m of minimum-greater-than-61,000 cps radioactivity
(see News Release dated June 13,
2016). Drilling in this area will concentrate on both
systematic delineation and aggressive step-outs.
Regional Exploration Drilling:
Two rigs are currently drilling high-potential targets on the
Patterson conductor corridor. These target areas, show similar
geophysical characteristics to Arrow with coincident VTEM and
gravity anomalies. The Company believes these targets represent
excellent potential for new discoveries on the Rook I property.
Project Development Activities:
Concurrently with this large summer 2016 drilling program, the
Company is advancing the project towards the next stage in
development. Construction of a fully permitted 13.5 km all-season
access road from Provincial Highway 955 to the Rook I camp and
property has been completed. Geotechnical, metallurgical,
consultation, and environmental studies are currently well
underway. These studies will form the basis of further
development work including economic studies and permitting
activities in the future.
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.
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 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. The Arrow Deposit's maiden
Inferred mineral resource estimate is 201.9 M lbs U3O8 contained in
3.48 M tonnes grading 2.63% U3O8. Rook I also hosts the Bow
Discovery which is 3.7 km along trend and northeast of Arrow and
was made in March 2015.
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.
Forward-Looking Information
This news release contains "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 April 13, 2016
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.