EDITOR: | January 27th, 2015

NexGen Energy Ltd.: Rapid Expansion of Arrow Continues with Significant Intercepts of Uranium Mineralization

| January 27, 2015 | No Comments
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NexGen-Energy-200x125January 27, 2015 (Source: CNW) — NexGen Energy Ltd. (TSX-V: NXE) (“NexGen” or the “Company”) is pleased to announce the first set of results from our winter 2015 drilling program from the 100% owned portion of the Rook I property, Athabasca Basin, Saskatchewan.  The program is off to an impressive start with all holes intersecting substantial broad mineralization, including the most intensive to date characterized by massive visible pitchblende mineralization and intensive off-scale radioactivity from >10,000 to 60,000 cps.

Highlights:

  • AR-15-34b intersected 129.0 m total composite mineralization including 10.3 m off-scale radioactivity (>10,000 cps) within a 328.5 m section (400.0 to 728.5 m). This hole extends the known mineralization encountered in drill hole AR-14-30 by 30 m southwest along strike;
  • AR-15-36 intersected 130.0 m total composite mineralization including 2.15 m off-scale radioactivity (>10,000 cps) within a 275.5 m section (102.0 to 377.5 m);
  • AR-15-35 intersected 70.0 m total composite mineralization including 0.75 m off-scale radioactivity (>10,000 cps) within a 217.5 m section (355.0 to 572.5 m);
  • AR-15-33 intersected 33.0 m total composite mineralization including 0.45 m off-scale radioactivity (>10,000 cps) within a 119.5 m section (441.5 to 561 m).

A total of 2,613 m in four diamond drill holes (AR-15-33 to -36) has been completed thus far at the Arrow zone since the winter 2015 program began, and is reported herein.  Drill hole details and spectrometer (handheld RS-120) results are summarized in Table 1.

Garrett Ainsworth, NexGen’s Vice-President, Exploration and Development, commented “Angled drill hole AR-15-34b, has immediately extended the massive to semi-massive pitchblende mineralization observed in AR-14-30 (46.0 m of 10.32% U3O8) to approximately 30 m southwest along strike.  Furthermore, AR-15-36 has encountered mineralization 6.5 m beneath the Athabasca Group and basement unconformity, which is highly encouraging with respect to potential for shallow unconformity-style mineralization to the northeast of Arrow.”

Leigh Curyer, Chief Executive Officer commented, “The first four holes of the winter 2015 campaign have clearly met our objective of substantially expanding the high-grade zone to the southwest of AR-14-30 and broadening shallower mineralization in the northeastern section. The aggressive drilling step outs will continue at Arrow which is reflective of our understanding and confidence in this large system. In parallel, we will look forward to testing the high priority target zones to the northeast of Arrow along the Patterson Conductor corridor and regionally on the target rich Rook I property package.”

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-15-33

320

-70

663.00

141.00

441.50

449.50

8.00

<500 – 1400

465.00

466.00

1.00

650 – 1500

469.50

470.50

1.00

<500 – 1200

474.50

475.50

1.00

<500 – 750

506.50

508.00

1.50

<500 – 3800

512.50

513.00

0.50

<500 – 9100

517.00

517.50

0.50

<500 – 5500

522.00

532.00

10.00

<500 – 3800

549.00

549.50

0.50

<500 – 650

552.00

561.00

9.00

<500 – 14,000

AR-15-34b

320

-70

798.00

130.50

400.00

400.50

0.50

<500 – 600

408.50

409.00

0.50

<500 – 700

418.00

437.00

19.00

<500 – 20,000

441.00

442.00

1.00

<500 – 1200

445.00

452.50

7.50

<500 – 2800

463.00

464.50

1.50

<500 – 2100

471.50

472.00

0.50

<500 – 600

475.50

487.00

11.50

<500 – 1500

490.50

491.00

0.50

<500 – 600

496.00

496.50

0.50

<500 – 550

512.50

514.50

2.00

<500 – 800

526.50

528.50

2.00

<500 – 700

533.50

577.50

44.00

<500 – 57,000

580.00

592.00

12.00

<500 – 60,000

597.00

598.00

1.00

<500 – 6900

638.00

638.50

0.50

<500 – 600

665.50

667.00

1.50

<500 – 1200

672.50

673.00

0.50

<500 – 750

686.50

688.50

2.00

<500 – 2000

693.00

693.50

0.50

<500 – 800

699.00

706.50

7.50

<500 – 2500

710.00

719.50

9.50

<500 – 1000

723.00

723.50

0.50

<500 – 600

726.00

728.50

2.50

<500 – 6000

AR-15-35

320

-75

660.00

117.00

355.00

355.50

0.50

<500 – 600

372.50

375.50

3.00

<500 – 2000

378.50

383.50

5.00

<500 – 1500

390.00

391.00

1.00

<500 – 500

396.50

411.50

15.00

<500 – 14,000

426.00

426.50

0.50

<500 – 1000

434.00

434.50

0.50

<500 – 750

438.50

439.00

0.50

<500 – 850

451.50

452.00

0.50

<500 – 550

456.50

458.00

1.50

<500 – 1300

462.50

463.00

0.50

<500 – 650

465.50

466.00

0.50

<500 – 600

471.50

473.00

1.50

<500 – 3500

477.00

488.00

11.00

<500 – 6500

492.50

493.00

0.50

<500 – 1000

496.00

514.50

18.50

<500 – 7300

555.00

563.50

8.50

<500 – 14,000

568.50

569.00

0.50

<500 – 1000

572.00

572.50

0.50

<500 – 2400

AR-15-36

-90

492.00

96.00

102.00

103.00

1.00

<500 – 1900

111.50

113.50

2.00

<500 – 1100

116.00

137.50

21.50

<500 – 11,000

140.00

142.50

2.50

<500 – 600

146.50

148.00

1.50

<500 – 1000

177.00

216.00

39.00

<500 – 26,000

221.50

222.00

0.50

<500 – 800

254.50

266.50

12.00

<500 – 4100

269.00

280.50

11.50

<500 – 8500

286.00

288.50

2.50

<500 – 2100

291.00

292.00

1.00

<500 – 550

296.00

307.50

11.50

<500 – 2500

321.00

327.50

6.50

<500 – 1400

338.50

339.00

0.50

<500 – 1000

348.00

348.50

0.50

<500 – 550

355.00

365.50

10.50

<500 – 1200

369.00

372.50

3.50

<500 – 1000

375.50

377.50

2.00

<500 – 550

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

AR-15-33:

Hole AR-14-33 was drilled as an angled “scissor” hole to follow up on previously released angled holes AR-14-26 (0.43% U3O8 over 47.5 m) and AR-14-28 (0.41% U3O8 over 83.0 m). This hole intersected desilicified and bleached Athabasca Group sandstone from 117.0 m to the unconformity at 141.0 m.  Basement lithologies consisted largely of intermediate to mafic intrusives, semipelitic gneiss to granofel, and locally graphitic pelitic gneiss and mylonites.  Pervasive dravite alteration occurred locally and typically in association with hematite and clay.  A total composite of 33.0 m of mineralization including 0.45 m of off-scale radioactivity (>10,000 cps) was intersected within a 119.5 m section (441.5m to 561.0m).  This hole was terminated at a depth of 663.0m.

AR-15-34b:

Hole AR-15-34b was drilled as an angled 30 m southwest step out to the high grade mineralization encountered in previously released vertical hole AR-14-30 (10.32% U3O8 over 46.0 m).  This hole intersected bleached and hematite altered Athabasca Group sandstone from 120.0 m to the unconformity at 130.5 m.  Basement lithologies consisted largely of intermediate to mafic intrusives, semipelitic gneiss to granofel, and locally graphitic pelitic gneiss and mylonites.  A broad shear zone and associated graphitic mylonite hosted locally massive pitchblende mineralization from 552.0 to 571.15 m. Semi-massive to massive pitchblende mineralization was also intersected from 586.0 to 587.0 m.  At least three separate uranium mineralized horizons were intersected. A total composite of 129.0 m of mineralization including 10.3 m of off-scale radioactivity (>10,000 cps) was intersected within a 328.5 m section (400.0 m to 728.5 m). The hole was terminated at a depth of 798.0 m.

AR-15-35:

Hole AR-15-35 was drilled as an angled “scissor” hole to test for the presence of uranium mineralization below previously released hole AR-14-05 (1.04% U3O8 over 29.0 m). This hole intersected bleached and desilicified Athabasca Group sandstones from 111.0 m to the unconformity at 117.0 m. Basement lithologies consisted largely of intermediate to mafic intrusives, semipelitic gneiss to granofel, and locally graphitic pelitic gneiss and mylonites. Three mineralized zones were intersected in the hole. Mineralization was locally associated with graphitic and mylonitic shearing. A total composite mineralization of 70.0 m including 0.75 m of off-scale radioactivity (>10,000 cps) was intersected within a 217.5 m section (355.0 to 572.5 m). The hole was terminated at a depth of 660.0 m.

AR-15-36:

Hole AR-15-36 was vertically collared (-90°) to test for potential flat-lying unconformity-style mineralization, and the down- and up-dip limits of mineralization intersected in previously released holes AR-14-26 (0.43% U3O8 over 47.5 m) and AR-14-28 (0.41% U3O8 over 83.0 m). This hole intersected heavily desilicified Athabasca Group sandstone between 77.9 m and the unconformity at 96.0 m. Mineralization was first encountered in intensely clay altered semipelitic gneiss a mere 6.5 m below the unconformity at a depth of 102.5 m, and continued intermittently in at least three zones to a depth of 377.5 m. In the mineralized zones, clay alteration was often so intense that the host rock was unrecognizable as it was completely clay replaced.  A total composite of 130.0 m of mineralization including 2.15 m of off-scale radioactivity (>10,000 cps) was intersected within a 275.5 m section (102.0 to 377.5 m). The hole was terminated at a depth of 492.0 m after it deviated to the northwest and out of the sub-vertical mineralized shear.  As such, the vertical extent of the mineralization encountered remains to be determined.

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.


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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