- NexGen Energy Completes Summer Drilling at Radio,
- Drilling confirms basement geology, alteration and structural features known to occur in the vicinity of uranium mineralization in the Athabasca basin,
- Assays pending
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2013) - NexGen Energy Ltd (TSX VENTURE:NXE) ("the Company" or "NexGen") is pleased to announce that it has completed the first recorded drill program on the Radio uranium property ("Radio"). Radio is located in the high-grade, uranium-rich northeast Athabasca Basin. The Radio property is 2km east of Rio Tinto's Roughrider uranium deposits, and is along trend of the interpreted east-west structural system hosting the Roughrider uranium mineralization.
The drilling confirmed the presence of significant bleaching, desilicification, clay alteration, and structural disruptions in the overlying Athabasca sandstone, and of clay alteration and structures in the basement rocks, particularly in holes RD-13-06, RD-13-08, and RD-13-09. All of these features are known to occur at or in the vicinity of uranium mineralization in the Athabasca Basin. Several sheared and altered graphitic horizons were intersected at least 200 m below the unconformity in the basement rocks in hole RD-13-08. Preliminary structural orientations indicate that the graphitic horizons are dipping southeast and will intersect the unconformity 50 to 100 m northwest of RD-13-08.
Detailed sampling has been done for all 9 holes and samples have been sent to SRC Geoanalytical Laboratories for multi-element analysis and petrography, and to a consultant for clay identification using SWIR techniques (short wave infra-red). Results are expected within the next two months and will be reported when all analytical data has been received.
The helicopter supported drill program tested only the geophysical targets accessible during the summer months. Drilling started on June 20, 2013 and was completed on July 22, 2013 with 3472.9 metres drilled in 9 holes (Table 1). The 9 holes tested 5 locations within the broader target areas as shown on Figure 1.
Leigh Curyer, NexGen's CEO commented "These first 9 holes within the 5 test zones of summer drilling at Radio has confirmed these zones contain the basement geology, alteration and structural features that host uranium mineralization elsewhere in the Athabasca basin. Receipt of the completed assay results in the coming months, together with the previous geophysics, will provide an excellent foundation for a significantly expanded winter drilling program at Radio when NexGen will be able to fully test targets uninhibited by the presence of surface water."
The target areas and drill site locations were defined using a combination of the detailed 2011 airborne magnetic and VTEM electromagnetic surveys, and the 2013 ground resistivity and gravity work. The target areas have resistivity and gravity lows coincident with basement structures interpreted from magnetic surveys and weakly conductive basement lithologies defined by the VTEM survey.
Prior to NexGen acquiring the project, previous exploration on the property had not defined any basement graphitic horizons. Graphitic horizons are the conventional drill targets for uranium mineralization in the Athabasca Basin.
The drilling has shown that the Radio property contains basement geology, alteration and structural features that host uranium mineralization elsewhere in the Athabasca basin. Over the next few months the data from the drilling program - basement geology, alteration, structures, petrophysical measurements on core, geochemical and SWIR analyses - will be reviewed. This data, in combination with a reinterpretation of the existing geophysical data, will be used to re-define drill targets and to plan the follow up winter drilling program, which will include work on priority targets which could not be accessed during the summer drilling.
Table 1: Drill Hole Collar Information
Figure 1: 2013 Summer Diamond Drill Hole Collar Locations is available at the following address: http://media3.marketwire.com/docs/130730_NXE_Figure1.pdf.
Andrew Browne, NexGen's Vice-President, Exploration and Development, a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects has reviewed and approved the contents of this news release.
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 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, immediately adjacent to the North East of Patterson Lake South, and an option to earn a 70% interest in the Radio Project, immediately adjacent to Rio Tinto's Roughrider Deposit. NexGen holds one of the most dominant land positions on the Western side of the Athabasca Basin.
Chief Executive Officer
NexGen Energy Ltd.
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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. Further, mineralization on properties held by third parties adjacent to NexGen's properties are not necessarily indicative of mineralization on NexGen's properties
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.