NexGen Energy Ltd.
TSX VENTURE : NXE

NexGen Energy Ltd.

January 09, 2014 06:30 ET

NexGen Energy Ltd.: Assays Confirm Uranium Mineralisation in 3 Holes at Rook I

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 9, 2014) - NexGen Energy Ltd. (TSX VENTURE:NXE) ("NexGen" or the "Company") is pleased to announce that it has received all analytical results from the first phase summer drill program totalling 3,032.0 m on Rook 1. Rook 1 is immediately adjacent to, and up strike approximately 2.1 km northeast of the high-grade uranium discovery at Patterson Lake South (PLS) made by Fission Uranium/Alpha Minerals.

Highlights

  • Uranium confirmed in hole RK-13-05 as a downhole intercept between 220.5 - 224.5 m of 4.0 m @ 330ppm U3O8.
  • Holes RK-13-03 and -06 intercepted a combination of uranium- and thorium-bearing minerals.
  • All 3 holes were located on separate EM conductors as highlighted in Figure 1 immediately along strike of and adjacent to the Patterson Lake South discovery.

The detailed results are presented in Table 1, while the corresponding radiometric anomalies are shown in Table 2.

Leigh Curyer, CEO of NexGen, states, "Our very first, widely spaced work program at Rook 1 has confirmed uranium mineralisation on trend and on the same interpreted conductors as the PLS discovery made by Fission Uranium in 2011. The Company is well funded, and we are excited to leverage off these very early encouraging results for a successful 2014 winter drill program."

All samples were analysed at Saskatchewan Research Council Laboratories (SRC) by ICP-OES/MS for a suite of elements including U and Th. The latter were analysed by both partial and total digestion techniques. The U values in hole RK-13-05 from partial digestion are generally >90% of the total contained U, thus indicating that the uranium occurs almost wholly within pitchblende/uraninite and not in complex refractory minerals.

Selected check samples from holes RK-13-05 and -06 were analysed by Neutron Activation Analysis (NAA) and by Direct Neutron Counting (DNC) for U and Th at Becquerel Laboratories. Results agreed with the original ICP-OES/MS values from SRC to within <10%, validating NexGen's QA/QC procedures.

Three samples of coarse crushed mineralized material were also analysed by QEMSCAN at SRC to determine detailed mineralogy, especially of radioactive material. Two samples were from hole RK-13-05, and one from hole RK-13-06. In all three samples, uraninite is present as fine-grained intergrowths typically associated with sulphides. Both samples from hole RK-13-05 also contained an altered Ti-rich uraninite mineral that was intergrown and associated with rutile. The sample from hole RK-13-06 contained a complex Ca- and Th-bearing phosphate mineral associated with a Th-bearing monazite and an APS mineral (aluminum phosphate-sulphate) mineral.

It is clear that the structurally-disturbed zones noted in drill core at Rook 1 contain occurrences of elevated U and Th mineralogy. The observed pitchblende occurrences in core attest to complex uranium distribution within small sample zones. NexGen notes that the mineralogy of uranium deposits in the region is quite complex, reflecting a varied reactivation history.

A winter drilling program will commence in January 2014 at the Rook 1 project. The initial focus will be to follow up the uranium mineralization intersected in RK-13-05. In addition, several regional anomalies will also be targeted, these having been interpreted from a combination of aerial and ground geophysical data, and assessment of historic drill core (ie following up geologic trends hosting previously known uranium mineralization).

To view Figures 1 and 2, please visit the following link: http://media3.marketwire.com/docs/nxe109_F1-2.pdf.

Table 1 Rook 1 mineralization analyses (SRC)
Mineralized Intervals (m) ICP-MS (total)
Drill
Hole
Depth
From
Depth
To
Downhole
Width (m)
ppm
U
3O888*
ppm
Th
RK-13-03 149.0 150.0 1.0 6.7 58.0
150.0 151.0 1.0 13.7 204.0
Mean 149.0 151.0 2.0 10.2 131.0
212.0 212.5 0.5 3.2 82.4
212.5 213.0 0.5 2.9 76.2
Mean 212.0 213.0 1.0 3.1 79.3
RK-13-05 220.5 221.0 0.5 509.3 27.0
221.0 221.5 0.5 709.8 14.0
221.5 222.0 0.5 220.5 16.3
222.0 222.5 0.5 270.0 22.4
222.5 223.0 0.5 28.1 18.6
223.0 223.5 0.5 37.6 23.7
223.5 224.0 0.5 379.6 25.0
224.0 224.5 0.5 483.4 26.8
Mean 220.5 224.5 4.0 329.8 21.7
RK-13-06 152.0 152.5 0.5 11.8 260.0
152.5 153.0 0.5 1.2 894.0
153.0 153.5 0.5 12.5 315.0
Mean 152.0 153.5 1.5 8.5 489.7
* Original analyses from SRC by ICP-MS reported as ppm U, converted to ppm U3O8 by NexGen
Table 2 Rook 1 mineralization intercepts by gamma probe
Mineralized Intervals (m)
Drill
Hole
Depth
From
Depth
To
Downhole
Width (m)
Min
cps
Max
cps
RK-13-03 131.9 132.7 0.8 350 508
137.0 137.4 0.4 326 495
149.9 150.4 0.5 345 1143
211.5 211.7 0.2 416 700
RK-13-05 220.1 222.8 2.7 380 4379
223.6 225.3 1.7 347 1771
RK-13-06 151.8 153.9 2.1 481 2297
Measurement by Mt Sopris 2PGA-1000 gamma probe

Downhole radiometric intervals differ slightly from actual core sample intervals. Probe "shoulder" data occasionally indicate a zone of wider radioactivity than actually occurs in core. In the Patterson Lake region, radioactive anomalies may be due solely to thorium, or to uranium, or to a combination. NexGen defines an intercept of > 0.5 m @ 300 cps as indicative of radioactive anomalism, the cause to be confirmed by chemical analysis.

Note that radiometric readings reported in this news release are measured in total counts per second (cps) using a Mt Sopris 2PGA natural gamma radiation down hole probe. Total count radiation readings may not be directly related to actual uranium as other radioactive elements, such as thorium and potassium, are also present in the rock interval measured. The downhole gamma probe data is used purely as an indication of the presence of radioactive materials. General background readings for the project are in the range of 10-200 cps. The actual radioactive source element and grade of the radioactive material will be determined by means of chemical analytical techniques provided by the Saskatchewan Research Council, Saskatoon, Saskatchewan. True thicknesses for the reported radioactive intersections have 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.

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. 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.

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