EDITOR: | February 19th, 2014

NexGen Drills 26.2 Meters of Highly Anomalous Radioactivity on First Hole at Arrow, Rook I, SW Athabasca Basin Highlights

| February 19, 2014 | No Comments
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February 19, 2014 (Source: Marketwired) — Highlights:

  • Significant Uranium Mineralisation discovered named “Arrow” Prospect, 4.5kms north of the southern boundary of Rook I
  • RK-14-21 at Arrow is the first drill hole in Target Area “C” and still continuing
  • Revising and expanding 6,000m drill program to aggressively follow up on Arrow

NexGen Energy Ltd. (TSX VENTURE:NXE) (“NexGen” or the “Company”) is pleased to announce the discovery of a new zone of uranium mineralisation in the Rook 1 project in the SW Athabasca Basin.

The first hole at Arrow, RK-14-21, is still being drilled. From 204.8-231.0m downhole, it has intersected 26.2m of sheared graphitic and garnetiferous breccia, with localized haematite-carbonate-graphite-chlorite alteration, set within a chloritised garnetiferous gneiss. The breccia contains zones of pitchblende disseminations & veinlets with downhole widths varying between 0.2-2.9m. Two zones of massive chloritic clay were intersected, 3.3m between 98.0-101.2m, and 3.0m between 108.0-111.0m. At 318.5m downhole, a 2cm pitchblende vein occurs centrally within a 50cm zone of intense haematite alteration. The balance of the hole logged to date (322.0m as at Mon 17 Feb) comprises medium/coarse-grained garnetiferous quartz-feldspar gneiss, with localized shearing.

A number of significant radioactive zones have been measured using a hand-held Exploranium GR-110 total count scintillometer (see Table). Currently, NexGen defines “significant” as a minimum of 5cm >500 cps (counts per second). The hole has not yet been probed radiometrically downhole, as it is still being drilled. All core to hand has been scanned by GR-110 scintillometer and detailed scintillometer radiometrics are available only to 321.75m downhole (Table 2). All radiometric anomalies have been scanned with an Exploranium GR-135 spectrometer, and this has confirmed that all radiometric activity is due to uranium (with minimal or no thorium input).

Andrew Browne, NexGen’s Vice-President, Exploration and Development, commented “The Arrow prospect represents a totally new zone of uranium mineralisation in the SW Athabasca Basin, completely unrelated to any other known occurrence in the region. Its discovery demonstrates the commitment and geoscientific expertise of NexGen’s technical team of employees and consultants.”

Leigh Curyer, NexGen’s CEO, commented “Arrow is the result of the disciplined focus and approach of Andrew and the NexGen technical team. I congratulate them on a terrific result at such an early stage in the exploration program. We are immediately revising our original 6000m program in terms of drilling logistics in order to substantially expand the program at Arrow and the other 11 western located Rook I target areas. The result indicates the potential of this south-western section of the Athabasca Basin in becoming a new prolific uranium district.”

Other results

At Area A, hole RK-13-05 had a downhole intercept between 220.5-224.5m of 4.0m @ 330 ppm U3O8 (press release of 9 January 2014).

Five holes have been completed for a better understanding of the uranium previously intersected at Area A (holes RK-14-14, -15, -16, -18, and -19). All five confirmed the presence of the brecciated shear zone with localized anomalous radioactivity, although levels were of apparent lower values than from the summer drill program. Samples are being selected for check chemical analysis.

As noted in the press release of 20 January 2014, further drilling is being targeted towards a number of new anomalous areas generated internally by a detailed interpretation of all available public and NexGen data. Two of these new target areas have been designated Arrow and Dagger. Three drill holes have been completed at Dagger, whilst RK-14-21 is continuing at Arrow.

Two of the holes at Dagger, RK-14-20 and -22, intersected brecciated graphitic sheared gneissic material with localized small zones of alteration and anomalous radioactivity.

Of the twelve separately identified target areas in this western section of Rook I, only three have been drilled to date, A, C and D. All three have uranium mineralisation.

To view the figures and table associated with this press release, please visit the following link: http://media3.marketwire.com/docs/NexGEN_figures.pdf.

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a handheld Exploranium GR-110 total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down-hole; core interval measurements and true thickness is yet to be determined.

Qualified Person

Andrew Browne, FAusIMM(CP), NexGen’s Vice President, Exploration & Development, is a “qualified person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed and approved the contents of this news release.

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, an option to earn a 70% interest in the Radio Project, immediately adjacent to Rio Tinto’s Roughrider Deposit and a 100% interest in Rook 1, immediately adjacent to the north east of Patterson Lake South.

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.

Website: http://www.nexgenenergy.ca

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. Further, mineralization on properties held by third parties adjacent to NexGen’s properties (including Patterson Lake South) 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. 


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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