EDITOR: | September 17th, 2014

NexGen Drills 123.90 m Total Composite Mineralization Including 10.13 m of Total Composite Off-scale at the Arrow Zone

| September 17, 2014 | No Comments
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NexGen-Energy-200x125September 17, 2014 (Source: CNW) — NexGen Energy Ltd. (TSX-V: NXE) (“NexGen” or the “Company”) is pleased to announce radioactivity results from the last two drill holes (AR-14-31 and -32) of the summer 2014 drilling program on the 100% owned Rook I property, Athabasca Basin, Saskatchewan.  Drill holes AR-14-31 and -32 were 15 m step outs to the northeast and southwest along strike from AR-14-30, which returned 206.6 m total composite mineralization including 53.85 m off-scale radioactivity (see news releases from August 26th, and September 3rd, 2014). The Company is also pleased to announce uranium geochemical results for drill holes RK-14-31 to -42 also reported in this news release.  Figure 1 shows the 32 drill holes that have tested the Arrow zone to date.  The down-hole gamma logs for AR-14-31 and -32 are shown in Figures 2 and 3.

Highlights:

  • AR-14-32 intersected 123.90 m total composite mineralization including 10.13 m off-scale radioactivity (>10,000 cps) within a 343.45 m section (328.15 to 671.60 m).
  • AR-14-31 intersected 107.9 m total composite mineralization within a 460.35 m section (186.00 to 646.35 m).
  • Strike length extension of the concentrated high grade uranium mineralization encountered in AR-14-30 has been confirmed.
  • RK-14-37 assays 1.08% U3O8 over 18.25 m (456.80 to 475.05 m), 1.31% U3O8 over 11.85 m (522.40 to 534.25 m), and 5.35% U3O8 over 4.60 m (569.6 to 574.2 m).
  • 30 of 32 drill holes completed at Arrow to date have intersected uranium mineralization.
  • SRK Consulting Inc. has been retained to review all data on the Arrow zone to assist with the optimization of targeting in future drill programs.
  • Working capital of $6.5 million.

The summer 2014 drill program, which has totalled 18,885.8 m in 33 drill holes on the Rook I property is now complete (24 drill holes at the Arrow zone, and 9 drill holes regionally).  Drilling at the Arrow zone has delineated mineralization over a strike length of 515 m, a width of 215 m, and a depth extent of 650 m, which remains open in all directions.  Additional drilling is planned in winter 2015 to continue to delineate and expand the Arrow zone.  Drill hole details and spectrometer (handheld RS-125) results from AR-14-31 and -32 are summarized in Table 1.  Uranium geochemical results from RK-14-31 to -42 are summarized in Table 2.

Garrett Ainsworth, NexGen’s Vice President, Exploration and Development, commented “Drill holes AR-14-31 and -32 conclude NexGen’s tremendously successful summer drill campaign with advancing the Arrow zone.  These last two holes have extended the strike length of robust mineralization from AR-14-30, which intersected the strongest and densest accumulations of high grade mineralization to date.  After only 32 drill holes we have confirmation that the Arrow zone is a significant showing in the southwest Athabasca, which is located on land and within competent basement rocks.”

Leigh Curyer, CEO commented, “I commend the expertise and dedication of the entire NexGen team in developing Arrow in only 32 holes. An extensive primary area of mineralization has been delineated early in the summer and now in the final phase of the program, the team has identified a very intensive high grade zone within this delineated area. We look forward to receiving the remaining assays from the “AR” designated holes and planning for the winter drill program.”

Table 1: Arrow Zone Drill Hole Radioactivity Results

Drill Hole

Athabasca Group –

 Basement

 Unconformity Depth

 (m)

Handheld Scintillometer Results (RS-125)

Hole ID

Azimuth

Dip

Total

 Depth (m)

From (m)

To (m)

Width (m)

CPS Range

AR-14-31

230

-90

672.00

99.10

186.00

186.25

0.25

1000 – 2000

209.90

210.00

0.10

500 – 1000

252.10

253.60

1.50

<500 – 1000

256.65

273.60

16.95

<500 – 5500

276.00

280.70

4.70

<500 – 2200

284.05

284.25

0.20

500 – 800

301.60

336.10

34.50

<500 – 10000

338.40

338.60

0.20

1000 – 1300

340.70

357.45

16.75

<500 – 4000

366.55

367.80

1.25

<500 – 700

382.10

388.20

6.10

<500 – 5000

391.40

393.90

2.50

<500 – 550

396.35

411.00

14.65

<500 – 10000

465.60

465.85

0.25

500 – 700

582.25

582.55

0.30

<500 – 900

605.50

605.65

0.15

1000 – 2000

613.60

615.65

2.05

<500 – 2500

618.80

618.90

0.10

<500 – 800

624.25

625.50

1.25

<500 – 3000

636.00

639.15

3.15

<500 – 1500

645.35

646.35

1.00

<500 – 2000

AR-14-32

230

-90

750.75

105.45

328.15

333.00

4.85

<500 – 1600

335.80

336.30

0.50

<500 – 700

339.00

341.70

2.70

<500 – 800

347.25

350.00

2.75

<500 – 500

352.10

357.85

5.75

<500 – 4500

360.30

360.70

0.40

<500 – 500

376.40

377.90

1.50

<500 – 500

381.90

382.40

0.50

<500 – 600

387.25

390.90

3.65

<500 – 1000

396.80

403.90

7.10

<500 – 5000

406.65

408.65

2.00

<500 – 800

482.15

485.80

3.65

<500 – 1200

488.75

491.00

2.25

<500 – >10000

495.50

495.80

0.30

500 – 1000

499.95

500.80

0.85

500 – 2800

503.65

510.45

6.80

<500 – 4000

515.50

534.10

18.60

<500 – >10000

536.30

537.55

1.25

<500 – 500

541.10

549.55

8.45

<500 – >10000

552.20

558.00

5.80

<500 – >10000

571.80

572.80

1.00

<500 – 1000

575.50

578.30

2.80

<500 – 2000

584.50

584.65

0.15

2000 – 4000

586.70

587.10

0.40

<500 – 2000

592.75

618.50

25.75

<500 – >10000

621.90

622.65

0.75

400 – 800

656

664.35

8.35

<500 – >10000

666.55

668.2

1.65

500 – 1000

Parameters:

  • Maximum internal dilution 2.00 m downhole
  • All depths and intervals are meters downhole
  • “Anomalous” means min 5 cm at >500 cps (counts per second) total count gamma readings by gamma spectrometer type RS-125
  • “Off-scale” means >10,000 cps (counts per second) total count gamma readings by gamma spectrometer type RS-125
  • Where “Min cps” is <500 cps, this refers to local low radiometric zones within the overall radioactive interval

Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-125 gamma-ray spectrometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals. All intersections are downhole. Core interval measurements and true thicknesses are yet to be determined.

Split core samples will be taken systematically, and intervals will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis.  All samples sent to SRC will be analyzed using ICP-MS for trace elements on the partial and total digestions, ICP-OES for major and minor elements on the total digestion, and fusion solution of boron by ICP-OES.  Mineralized samples are analyzed for U3O8 by ICP-OES and select samples for gold by fire assay.  Assay results will be released when received.

ARROW ZONE DRILLING

Hole AR-14-31 was vertically (-90°) collared 15 m northeast of AR-14-30 to test mineralization along strike.  This hole deviated to the east to southeast from the intended target, and was interpreted to trace along the outside of the semi-massive to massive mineralization encountered in drill hole AR-14-30.  Nonetheless, a total composite of 107.90 m mineralization was intersected within a 460.35 m section (186.00 to 646.35 m).  Athabasca Group sandstone was intersected from 87.0 m to the unconformity depth of 99.1 m where strong bleaching and desilicification were observed.  Basement geology consists of semipelitic gneiss from 99.1 to 606.6 m, which is underlain by intercalated semipelitic gneiss and graphitic pelitic gneiss from 606.6 to 638.9 m.  Semipelitic gneiss persists from 638.9 m to the end of hole depth at 672.0 m.  Structures have steeply dipping mineralized veins to core angle that are intercalated with disseminated pitchblende often within dravite-quartz breccias below 205.2 m.

Hole AR-14-32 was vertically (-90°) collared 15 m southwest of AR-14-30 to test mineralization along strike.  This hole deviated slightly less than AR-14-31, and returned a total composite of 123.90 m mineralization including 10.13 m off-scale radioactivity (>10,000 cps) within a 343.45 m section (328.15 to 671.60 m).  Athabasca Group sandstone was intersected from 95.8 m to the unconformity depth of 105.4 m where moderate desilicification was observed.  Basement geology consists of semipelitic gneiss from 105.4 to 469.5 m, which is underlain by intercalated semipelitic gneiss and graphitic pelitic gneiss from 469.5 to 618.0 m.  Semipelitic gneiss persists from 618.0 m to the end of hole depth at 750.75 m.   Brittle faulting is common from 105.4 to 307.4 m.  Shearing, locally brittle reactivated, was observed from 416.0 to 425.0 m and 423.0 to 438.0 m.  A graphitic chloritic mylonite is prevalent from 469.5 to 475.0 m.

GEOCHEMICAL RESULTS

The Arrow zone uranium assay results correlate with the strong radioactivity previously reported from drill holes RK-14-31, -32, -34, -35, -37, and -39.  The “RK” designated drill holes within the Arrow zone have outlined a broad area of mineralization that contains numerous interpreted dilation zones associated with high grade uranium mineralization, which was the focused target of the “AR” designated drill holes.

No significant uranium geochemical values were received from any of the Rook I regional drill holes which include RK-14-33, -36, -38, and -40 to -42.  Further examination of the multi-element geochemical results from these drill holes in ongoing to identify anomalous pathfinder element trends.

Table 2: Arrow Zone Drill Hole Geochemical Results

Drill Hole

Athabasca Group –

 Basement

 Unconformity Depth

 (m)

SRC Geoanalytical Results

Hole ID

Azimuth

Dip

Total

 Depth

 (m)

From (m)

To (m)

Interval

 (m)

U3O8 (wt%)

RK-14-31

140

-75

750.00

94.10

95.80

96.60

0.80

0.01

216.30

270.00

53.70

0.09

292.50

320.70

28.20

0.13

376.40

382.40

6.00

0.10

387.50

393.30

5.80

0.08

397.30

404.30

7.00

0.11

407.30

470.40

63.10

0.12

495.40

496.40

1.00

0.02

499.40

511.30

11.90

0.03

514.30

517.30

3.00

0.06

532.30

571.00

38.70

0.09

583.10

585.00

1.90

0.04

590.00

600.10

10.10

0.03

618.10

623.65

5.55

0.38

634.62

636.60

1.98

0.19

639.10

643.00

3.90

0.29

650.80

652.10

1.30

5.91

RK-14-32

140

-75

659.00

110.20

355.15

357.00

1.85

0.01

380.00

381.30

1.30

0.02

502.20

509.80

7.60

0.17

514.30

515.65

1.35

0.65

615.75

621.00

5.25

0.03

625.00

626.70

1.70

0.08

654.50

658.65

4.15

0.02

RK-14-34

140

-75

726.00

105.40

115.85

175.25

59.40

0.07

181.25

278.00

96.75

0.12

290.50

302.00

11.50

0.04

540.00

541.20

1.20

6.56

565.70

566.80

1.10

0.05

575.50

575.85

0.35

0.08

578.65

581.30

2.65

0.10

583.60

584.30

0.70

0.09

590.00

591.00

1.00

0.09

597.90

598.40

0.50

0.02

603.65

603.95

0.30

1.64

606.30

610.00

3.70

0.12

621.90

625.50

3.60

0.67

686.70

687.00

0.30

0.09

RK-14-35

140

-75

759.00

98.50

480.50

480.90

0.40

0.08

491.70

493.20

1.50

0.46

524.35

527.20

2.85

0.21

600.55

603.85

3.30

0.90

657.50

658.00

0.50

0.19

660.50

661.10

0.60

0.53

682.70

683.00

0.30

0.04

RK-14-37

140

-75

734.00

105.40

377.40

380.50

3.10

0.04

386.50

394.00

7.50

0.10

401.00

414.50

13.50

0.12

421.80

422.80

1.00

0.02

427.80

429.80

2.00

0.05

444.80

445.80

1.00

0.01

456.80

475.05

18.25

1.08

477.45

478.40

0.95

0.43

482.40

485.45

3.05

1.96

487.65

487.95

0.30

0.45

494.70

496.30

1.60

0.18

499.30

499.95

0.65

2.66

505.45

507.45

2.00

1.24

518.50

520.15

1.65

0.38

522.40

534.25

11.85

1.31

541.20

547.00

5.80

0.17

549.60

550.00

0.40

0.67

554.85

555.10

0.25

1.28

560.50

566.00

5.50

0.29

569.60

574.20

4.60

5.35

580.00

581.00

1.00

1.79

586.65

587.20

0.55

7.78

603.60

605.80

2.20

0.55

645.00

645.25

0.25

0.03

724.00

724.55

0.55

0.02

RK-14-39

140

-67

699.00

102.20

540.70

544.25

3.55

0.90

595.75

596.00

0.25

1.56

643.20

643.55

0.35

0.19

Composite Parameters:

  • Minimum thickness 0.25 m downhole
  • Cutoff grade 0.01% U3O8 (weight %)
  • Maximum internal dilution 2.00 m downhole
  • U3O8 analyzed by ICP-OES at SRC laboratories, Saskatoon
  • All depths and intervals are meters downhole

Split core samples were taken systematically, and intervals were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis.  All samples were analyzed using ICP-MS for trace elements on the partial and total digestions, ICP-OES for major and minor elements on the total digestion, and fusion solution of boron by ICP-OES.  Mineralized samples were analyzed for U3O8 by ICP-OES and gold by fire assay.

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 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, location of the Arrow Discovery, immediately adjacent to the northeast of the Fission/Alpha Patterson Lake South 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.

Leigh Curyer,
Chief Executive Officer
NexGen Energy Ltd.
 

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 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: Arrow Zone Drill Hole Locations (gravity background) (CNW Group/NexGen Energy Ltd.)”. Image available at: http://photos.newswire.ca/images/download/20140917_C2486_PHOTO_EN_5680.jpg

Image with caption: “Figure 2: AR-14-31 Down-Hole Gamma Log (CNW Group/NexGen Energy Ltd.)”. Image available at: http://photos.newswire.ca/images/download/20140917_C2486_PHOTO_EN_5681.jpg

Image with caption: “Figure 3: AR-14-32 Down-Hole Gamma Log (CNW Group/NexGen Energy Ltd.)”. Image available at: http://photos.newswire.ca/images/download/20140917_C2486_PHOTO_EN_5682.jpg


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


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