NexGen Energy Ltd.: Rook 1 Drilling Update
September 25, 2013 (Source: Marketwired) — NexGen Energy Ltd. (TSX VENTURE:NXE) (“NexGen” or the “Company”) is pleased to announce, as at September 22, 2013, it has completed 8 diamond drill holes using two drill rigs at the Rook 1 project, totaling 1,957m of the planned 3,000m drill program. The drilling covers an area approximately 700m along interpreted extensions of the Patterson Lake South (PLS) 3B conductor and a parallel conductor approximately 800m to the east (Fig 1).
The primary targets comprise zones of interpreted coincident resistivity, EM, gravity, and magnetic anomalism in the basement. Some of these zones are interpreted to be continuations of the geophysical features found at the Fission / Alpha Patterson Lake South project. The current published boundaries of the PLS mineralization, where now 5 separate high-grade uranium discoveries have been made, cover a strike length of approximately 1.2km; its northern known limit is 2.1km south-westerly along strike from Rook 1 (Fig 1).
- All holes intersected varying types of structural zones in basement lithologies, ranging from small fractures through to wide heavily brecciated material; maximum downhole width was 38.3m in hole RK-13-03.
- Holes RK-13-02, -03, -04, -05, -06, and -07 intersected graphitic basement lithologies.
- All holes intersected varying widths of haematisation, chloritisation, argillisation, and calc-silicate alteration in the basement lithologies, generally associated with structural zones.
- Several holes intersected zones of elevated radiometric readings using a hand scintillometer, the most notable reading being to a maximum of 1000 counts per second (cps) over 0.5m in hole -06 from 152.6m downhole depth.
- Shallow basement rock was encountered in the 8 holes, ranging from 48.7m to 82.6m downhole.
- The current 3000m drill program will continue into early October subject to weather conditions. Planning is already underway for a winter campaign testing the immediate area within this zone of drilling.
Leigh Curyer, CEO of NexGen states, “Our technical team has done a terrific job in only the first 8 holes to be drilled in this zone of Rook I. The signatures seen in the core from these holes confirm the prospectivity of Rook I and provide a high level of confidence around the geophysical surveys previously conducted. To be in this position, this early in the exploration program is very exciting for us and our shareholders.”
Basement lithologies intersected comprise a variety of quartz-feldspar-biotite (± garnet ± cordierite) microgneiss and gneiss, with local graphitic units. Local alteration has been noted, primarily being haematisation, chloritisation, calc-silicate alteration, and local argillisation, especially associated with fracture zones. A number of fault structures and breccia zones have been noted, some being haematised (eg Fig 2), and others exhibiting fluidised brecciation. The structural disruptions vary in intersected length from 0.5m-38.3m.
In addition, small zones of elevated radiometric readings using a hand scintillometer have been found in several holes, the most notable being to a maximum of 1000 counts per second (cps) over 0.5m in hole 6 from 152.6m downhole depth.
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Samples have been taken routinely for geochemistry and alteration analysis. Final results are expected within two months. Magnetic susceptibility measurements have been taken on all basement core, and other samples have been taken for gravity measurements.
Note that radiometric readings reported in this news release are measured in counts per second (cps) using a handheld Exploranium GR110G total count gamma radiation scintillometer. Total count scintillometer readings may not be directly related to actual uranium or other radioactive elements and minerals present in the rock interval measured. It is used purely as an indication of the presence of radioactive material. General background readings are in the range of 40-100cps elsewhere. The grade of the actual material must be verified by chemical or other definitive analytical techniques. The amount of radioactivity is usually highly variable in uranium mineralised zones. True thicknesses are yet to be determined.
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.
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.
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.
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.
To view Figures 1 and 2, please visit the following link: http://media3.marketwire.com/docs/nxe0925fig12.pdf.
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