EDITOR: | February 24th, 2015

NexGen Drills Best Angled Hole to Date; Discovers New High Grade Zone at Arrow

| February 24, 2015 | No Comments
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NexGen-Energy-200x125February 24, 2015 (Source: CNW) — NexGen Energy Ltd. (TSX-V: NXE) (“NexGen” or the “Company”) is pleased to announce ongoing results from our winter 2015 drilling program from our 100% owned Rook I property, Athabasca Basin, Saskatchewan.  Angled drill hole AR-15-39, located between angled drill holes AR-15-37 and -38 (see Figure 1 and February 17, 2015 news release), has discovered significant off-scale radioactivity (>10,000 to >61,000 cps) within the A3 shear (see Figures 1 and 2), and has also intersected substantial off-scale radioactivity (from >10,000 to 57,000 cps) within the A2 shear (see Figures 1 and 3) at the Arrow zone.

Internal nomenclature for the Arrow zone has been developed, and is based on the three prominent northeast to southwest trending structures that are associated with mineralization at Arrow.  The A1 (northernmost) to A3 (southernmost) mineralized shears are shown in Figure 1, and have been designated to assist with better describing the multiple high grade sections within the Arrow zone.

Highlights:

  •  Angled drill hole AR-15-39 intersected 89.15 m total composite mineralization including 16.75 m off-scale radioactivity (>10,000 to >61,000 cps) within a 436.5 m section (433.5 to 870.0 m), where the off-scale radioactivity is associated with dense accumulations of semi-massive to massive pitchblende mineralization;
  • The newly discovered high grade intersection within the A3 mineralized shear (see Figures 1 and 2) in AR-15-39 has returned 9.75 m off-scale radioactivity (>10,000 to >61,000 cps), and represents a 200 m down-dip extension from high grade uranium assay intervals in drill holes AR-14-08 and -13;
  • AR-15-39 reinforces the continuity of semi-massive to massive pitchblende mineralization within the A2 mineralized shear with 7.0 m off-scale radioactivity (>10,000 to 57,000 cps).
  •  The Arrow zone is currently at an area of 515 x 215 m with the vertical extent of mineralization commencing from 100 to 817.5 m, and it remains open in all directions and at depth.
  • 37 of 39 drill holes completed at Arrow to date have intersected uranium mineralization (as defined by uranium assay or the presence of >500 cps radioactivity using an RS-125 gamma spectrometer).

At Arrow, a total of 5,518.9 m has been reported on from the winter 2015 drill program.  Drill hole locations are shown in Figure 1, and long sections illustrating the mineralized pierce points within the A2 and A3 shears at the Arrow zone are shown in Figures 2 and 3, respectively.  Drill hole details and scintillometer (handheld RS-120) results are summarized in Table 1.

Garrett Ainsworth, NexGen’s Vice-President, Exploration and Development, commented “The importance of this new discovery of wide and concentrated high grade uranium mineralization from AR-15-39 within the A3 mineralized shear can’t be overstated.  Visible uranium mineralization (9.75 m of off-scale radioactivity) discovered in the A3 shear with AR-15-39 is analogous to the uranium mineralization that was discovered in the A2 shear with AR-14-15 (4.8 m off-scale radioactivity) during the summer 2014 drill program (see August 5th, 2015 news release). Vertical extent of mineralization has now been traced from as shallow as 100 m to depths of 820 m, which continues to show the impressive strength of the uranium mineralizing system that precipitated out into the Arrow zone.”

Leigh Curyer, Chief Executive Officer commented, “The similarities in the intensity of mineralization between AR-14-15 (A2 shear) and AR-15-39 (A3 shear) are clearly evident. AR-14-15 led to defining the vertical extent of the high grade zone in the A2 shear with AR-14-30 (composite grade thickness of 909) which is currently extended 81 meters to the southwest. Opening up the A3 shear to a similar sized envelope of high grade as A2, expands the total potential of Arrow exponentially in terms of size and grade from that previously understood. Arrow is quickly becoming a significant discovery on a world scale with relatively very few holes drilled.”

Table 1: Arrow Zone Drill Hole Data

Drill Hole

Athabasca Group –
Basement
Unconformity Depth
(m)

Handheld Scintillometer Results (RS-120) 

Hole ID

Azimuth

Dip

Total
Depth
(m)

From (m)

To (m)

Width (m)

CPS Range

AR-15-39

140

-70

987.00

106.45

433.50

434.00

0.50

<500 –  1000

439.50

449.50

10.00

<500 –  2100

609.00

612.50

3.50

<500 –  3300

622.50

649.00

26.50

<500 –  57000

682.00

683.00

1.00

<500 –  2500

747.50

751.00

3.50

<500 –  5000

754.50

755.00

0.50

<500 –  500

761.00

762.00

1.00

<500 –  1300

765.00

779.00

14.00

<500 –  41000

788.50

790.50

2.00

<500 –  31000

797.00

798.00

1.00

<500 –  1500

805.50

806.00

0.50

<500 –  1400

809.00

812.00

3.00

<500 –  29000

814.50

833.65

19.15

<500 –  >61000

842.00

844.50

2.50

<500 –  7000

869.50

870.00

0.50

<500 –  1200

Parameters:

  • Maximum internal dilution 2.00 m downhole
  • All depths and intervals are meters downhole
  • “Anomalous” means >500 cps (counts per second) total count gamma readings by gamma scintillometer type RS-120
  • “Off-scale” means >10,000 cps (counts per second) total count gamma readings by gamma scintillometer type RS-120
  • 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-120 gamma-ray scintillometer. 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

AR-15-39:

Hole AR-15-39 was drilled at an angled orientation (-70° dip) to the southeast (140° azimuth) designed to test the A2 shear between holes AR-15-37 (9.35 m of off-scale radioactivity; assays pending) and AR-15-38 (4.5 m of off-scale radioactivity; assays pending), and the A3 shear down-dip from high grade uranium assay intervals intersected in AR-14-08 and -13.

The hole intersected bleached and locally strongly desilicified Athabasca Group sandstones between 91.0 m and the unconformity at 106.5 m. Basement lithologies consisted largely of semipelitic gneiss to granofel, and locally graphitic pelitic gneiss and mylonite (the A1 to A3 shears). The hole successfully intersected widespread anomalous radioactivity within the A2 and A3 shears that was associated with visible semi-massive to massive, veins, worm rock-style, chemical solution fronts, stringers, blebs, and flecks of pitchblende and coffinite mineralization with rare secondary uranium minerals. A total composite mineralization of 89.15 m including 16.75 m of off-scale radioactivity (>10,000 to >61,000 cps) was intersected within a 436.5 m section (433.5 to 870.0 m). The hole, which was terminated at 987.0 m, represents an interpreted 200 m down-dip step-out from AR-14-08 and -13 on the A3 high-grade mineralized shear.

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 basement and 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 I, 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 (CNW Group/NexGen Energy Ltd.)”. Image available at: http://photos.newswire.ca/images/download/20150224_C5307_PHOTO_EN_12474.jpg

Image with caption: “Figure 2: A3 Mineralized Shear Long Section (CNW Group/NexGen Energy Ltd.)”. Image available at: http://photos.newswire.ca/images/download/20150224_C5307_PHOTO_EN_12475.jpg

Image with caption: “Figure 3: A2 Mineralized Shear Long Section (CNW Group/NexGen Energy Ltd.)”. Image available at: http://photos.newswire.ca/images/download/20150224_C5307_PHOTO_EN_12476.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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