NexGen Intersects 46 meters at 10.32% U3O8 in AR-14-30
October 6, 2014 (Source:CNW) — NexGen Energy Ltd. (NXE:TSXV) (“NexGen” or the “Company”) is pleased to report assay results for hole AR-14-30 from the 2014 summer drilling program at the Arrow zone on the 100% owned Rook I property, Athabasca Basin, Saskatchewan. Hole AR-14-30 returned the best assay results ever drilled at the Arrow discovery, and ranks amongst the best drill results in Athabasca Basin (Table 1).
- AR-14-30 assay confirms Arrow as a significant high grade uranium discovery with multiple high grade zones of mineralization over vertical extents resulting in a Composite Grade Thickness (“GT”) of 909.63
- Minimum thickness 0.25m 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
- The robustness of the high grade mineralization is further validated when applying a 50 times increased cut-off grade of 0.5% U3O8, which results in the composite Grade (U3O8%) x Thickness (meters) (“GT”) of AR-14-30 only decreasing by 1.1% to a GT of 899.91. (See website for tables at cut-off 0.01%, 0.05%, 0.1% and 0.5%).
- The high grade U3O8 assays also include notable concentrations of gold (10.0 m @ 10.78 g/t), silver and copper with potential economic interest, as shown in Table 2.
- Consistent with all previous assays from Arrow, AR-14-30 returned very low concentrations of deleterious metals (arsenic, antimony, selenium), also shown in Table 2.
- The Arrow Zone is currently 515 meters x 215 meters with the vertical extent of mineralization commencing from 100 meters down to 730 meters. It remains open in all directions and at depth.
Garrett Ainsworth, NexGen’s Vice-President, Exploration and Development, commented “Assays for AR-14-30 are simply spectacular showing high grade intervals over substantial vertical extents. It has significantly enhanced our understanding of the structural controls and orientation of mineralization within the Arrow zone, and substantiated the potential to discover additional zones of Athabasca Group and basement unconformity hosted mineralization to the northeast of Arrow along 4 km of untested strike length.”
Leigh Curyer, CEO commented, “AR-14-30 signals the arrival of Arrow as a significant high grade uranium discovery. At such an early stage (32 holes to date), Arrow’s characteristics of being land based, commencing at 100 meters from surface and with sound metallurgy, are all very positive factors for its future development. This together with the obvious potential for discovery of additional Arrows on NexGen’s dominant western Athabasca Basin land package is very exciting for the company and shareholders.”
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Overview of AR-14-30
Drill hole AR-14-30 was the first vertical hole drilled at the Arrow zone to target the upper and lower vertical limits of sub-vertical to steeply dipping high grade mineralization encountered in AR-14-15. A cross section showing drill hole AR-14-30 along L4500N is shown in Figure 1, and the drill plan showing the location of AR-14-30 is shown in Figure 2.
AR-14-30 Geochemical Data
Geochemical data shows very low arsenic, antimony, and selenium values associated with the uranium mineralization represented from composited uranium assay intervals reported in this news release (Table 2). This has important metallurgical significance as it indicates that the Arrow zone is not likely to have high deleterious metal concentrations found in some Athabasca uranium deposits. High arsenic, antimony, and selenium may require special processing and disposal costs.
The composited uranium assay intervals show strongly anomalous gold, silver, and copper values. There is some correlation of uranium values with these metals of potential economic interest, which are reported by SRC Geoanalytical Laboratories data to occur more frequently with the samples of higher-grade uranium mineralization.
Gold has been reported elsewhere in the Athabasca Basin uranium deposits. At the Cluff Lake Mine (>60 million lbs produced), located approximately 74 km north of the Arrow zone, a gold saving circuit was installed during the operation of the mill. The Saskatchewan Mineral Deposit Index (report 1150A) shows Cluff Lake deposits yielded over 8,000 ounces of gold produced in 1987 from the D Zone and Dominique-Janine deposits. UEX Corporation has reported drill intervals with high grades of gold at the Shea Creek deposits, located approximately 58 km north of the Arrow zone. Gold associated with high grade uranium from drill core has also been reported at the PLS mineralized zones located approximately 6.4 km southwest of Arrow.
Table 2 highlights composited arsenic, antimony, selenium, gold, silver, and copper intersections as they relate to the composited uranium intervals from drill hole AR-14-30.
- Minimum discrete sample interval is 0.25 m
- Cut-Off grade 0.01% U3O8 and maximum 2.00 m internal dilution
- “Including*” – Cut-Off grade of 0.5 g/t Au and maximum 2.00 m internal dilution
- Intervals based on U3O8 and Au Cut-Offs. No Cut-Off used for silver or copper
- “na” – U3O8 composite interval was not assayed for Au throughout
- 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.
Winter 2015 Drilling
Drill planning for winter 2015 is well underway, geophysics is currently being undertaken to identify target zones for Athabasca Group and unconformity hosted mineralization to the north east of Arrow along 4 km of untested strike length.
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, 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.
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.
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