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NexGen Releases First Assays from Recently Completed Arrow Drilling Program Including 12.0 m at 33.78% U3O8 and 8.0 m at 32.88% U3O8

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NexGen Releases First Assays from Recently Completed Arrow Drilling Program Including 12.0 m at 33.78% U3O8 and 8.0 m at 32.88% U3O8

 

 

 

 

 

NexGen Energy Ltd. (TSX: NXE) (NYSE MKT: NXE) is pleased to report the first batch of assay results for twenty holes from the Company’s recently completed Phase I Feasibility-stage drilling program at the 100% owned, Rook I Project in the Athabasca Basin, Saskatchewan.

 

The 2019 Arrow drilling program targeted the A2 and A3 High-Grade Domains to deliver an optimization of the mine plan at a drill hole spacing of between 9 m and 17 m (based on a geostatistical data spacing report compiled by Clayton V. Deutsch from Resource Modeling Solutions). The holes are designed to in-fill the A2 high-grade domain and elevate the resource from indicated to measured. All drill holes were collared at a steep inclination, then shallowed out between -55° and -60° before intersecting the target by utilizing the latest in directional drilling technology. The results below highlight intersections through the A2 High-Grade Domains only, for complete hole results please see results Table 1.

 

A2 High-Grade Domain Highlights

 

  • AR-19-225c1 intersected 36.0 m at 11.36% U3O8 (564.0 to 600.0 m) including 12.0 m at 33.78% U3O8 (570.0 to 582.0 m). The target was intersected at a dip of -56.4° approximately 7.0 m up-dip from AR-16-063c3 (15.0 m at 8.28% U3O8 and an additional 119 m at 2.3% U3O8);
  • AR-19-221c1 intersected 26.0 m at 10.39% U3O8 (523.5 to 549.5 m) including 8.0 m at 32.88% U3O8 (527.5 to 535.5 m). The target was intersected at a dip of -57° approximately 9.0 m along strike to the northeast of AR-16-111c1 (60.0 m at 4.70% U3O8 including 17.0 m at 15.79% U3O8);
  • AR-19-224c1 intersected 21.0 m at 15.36% U3O8 (554.5 to 575.5 m) including 14.0 m at 22.69% U3O8 (554.5 to 568.5 m).. The target was intersected at a dip of -58.7° approximately 13.0 m up-dip from AR-16-064c1 (48.5 m at 6.97% U3O8);
  • AR-19-222c1 intersected 58.0 m at 4.12% U3O8 (493.5 to 551.5 m) including 13.0 m at 17.14% U3O8 (528.5 to 541.5 m). The target was intersected at a dip of -58.7° approximately 9.0 m up-dip from AR-16-091c2 (40.5 m at 12.69% U3O8 including 25.0 m at 19.97% U3O8);
  • AR-19-227c2 intersected 49.0 m at 2.93% U3O8 (460.0 to 509.0 m) including 3.0 m at 22.66% U3O8 (504.0 to 507.0 m). The target was intersected at a dip of -59.2° approximately 13.0 m down-dip from AR-19-227c1 (44.0 m at 1.73% U3O8 including 7.0 m at 9.69% U3O8).

 

Drill hole locations are shown in Figure 1, full drilling results can be found in Table 1. Drill hole descriptions can be found at www.nexgenenergy.ca

 

Development, Activities & Financial

 

  • Expediting Arrow to Feasibility focusing on mine optimization plans based on Measured and Indicated mineral resources.
  • NexGen commenced an Environmental Assessment on the Rook I Project on April 29, 2019 in accordance with the requirements of both the Environmental Assessment Act and the Canadian Environmental Assessment Act, 2012 (“CEAA 2012”) after receiving acceptance of the Rook I Project Description (Technical Proposal) by the Canadian Nuclear Safety Commission (“CNSC”) and the Saskatchewan Ministry of Environment (“SMOE”). In addition, NexGen filed an Initial Licence Application with the CNSC under the Nuclear Safety and Control Act in order to obtain a Licence to Prepare Site and Construct for the Project.
  • As of September 30, 2019, the Company had cash-on-hand of approximately $75 million which fully funds NexGen for all drilling, feasibility and development programs planned this year.
  • Recently completed winter 2019 Arrow drilling program was comprised of 131 holes totaling 57,282.4 m of which 117 drill holes, totaling 50,968 m. Fourteen drill holes totaling 6,314.4 m were primarily designed to test the geotechnical and hydrogeological characteristics of the rock mass in areas of proposed mine workings and UGTMF – these holes are still pending release.

 

Leigh Curyer, Chief Executive Officer, commented: “Today’s assay results from Arrow once again highlight the continuity of high-grade intersections. The regular and uniform return of broad high grade intercepts is unique especially when considering the basement hosted and land-based technical setting of the project. There are over 100 more assays pending to be released in the coming months to be incorporated into the Feasibility Study scheduled for H1 2020. In parallel, the team is working on all aspects of the Environmental Assessment with studies scheduled for completion in H2 2020. As recently reported by uranium industry observers, the uranium market dynamics have improved significantly and are forecast to improve further in the short, medium and long term. In addition, the expanding initiative to commercially deploy small modular reactors is seen as an important measure to address the world’s climate change challenge in a safe, environmentally responsible manner. NexGen is uniquely positioned for this initiative as we progress through development.”

 

Troy Boisjoli, Vice-President, Operations and Project Development, commented: “The initial assay release from our recently completed 2019 Feasibility-stage Arrow drill program continues to deliver a continuation of high grade mineralization across the A2 and A3 high-grade domains. When taking into account the shallow angle of intersection using the latest in directional drill technology, these results today are among the very best ever encountered at Arrow. Today’s results along with rest of the Arrow drilling program will be incorporated into the updated Mineral Resource estimate for use in the Feasibility Study. The results demonstrate the strength of the Arrow Deposit and of the drilling process – which is both time efficient and cost effective – and has achieve significant results in a short period of time.”

 

Table 1: Arrow Deposit Drill Hole Data

 

 

Drill Hole Athabasca Group – Basement
Unconformity Depth (m)
SRC Geoanalytical Results
Hole ID Azimuth Dip Total Depth (m) From (m) To (m) Width (m) U3O8 (wt%)
AR-19-221c1 327 -65 576 129.5 431.50 433.50 2.0 0.08
          442.50 449.50 7.0 0.02
          477.50 487.50 10.0 0.03
          495.50 498.50 3.0 0.06
          502.50 507.50 5.0 0.01
          510.50 517.50 7.0 0.11
          523.50 549.50 26.0 10.39
        incl. 527.50 535.50 8.0 32.88
          556.50 557.50 1.0 0.01
AR-19-221c2 327 -65 597.5 N/A 408.00 408.50 0.5 0.05
          426.50 430.50 4.0 0.06
          437.50 438.50 1.0 0.02
          441.50 442.50 1.0 0.01
          479.00 480.00 1.0 0.017
          484.00 489.00 5.0 0.01
          494.00 523.00 29.0 0.07
          540.00 563.00 23.0 1.86
        incl. 541.00 548.00 7.0 4.22
          591.50 592.00 0.5 0.021
AR-19-222c1 327 -65 597.5 133.45 400.50 404.50 4.0 0.07
          422.00 426.00 4.0 0.05
          437.50 440.50 3.0 0.18
          445.50 482.50 37.0 0.08
        incl. 456.50 459.50 3.0 0.48
          489.50 490.50 1.0 0.02
          493.50 551.50 58.0 4.12
        incl. 528.50 541.50 13.0 17.14
        incl. 544.50 547.50 3.0 2.73
          557.50 559.50 2.0 0.14
          576.50 577.50 1.0 0.03
          581.50 582.50 1.0 0.01
AR-19-222c2 327 -65 594 N/A 405.00 406.00 1.0 0.03
          412.00 413.00 1.0 0.04
          417.00 418.00 1.0 0.16
          433.00 471.00 38.0 0.14
          474.00 493.00 19.0 0.03
          497.00 539.00 42.0 3.83
        incl. 509.00 522.00 13.0 11.81
        incl. 534.00 535.00 1.0 2.41
          543.00 547.00 4.0 0.50
        incl. 544.00 545.00 1.0 1.90
AR-19-223c1 327 -65 588 133.6 435.00 439.00 4.0 0.06
          442.00 443.00 1.0 0.01
          446.00 460.00 14.0 0.20
          464.00 487.00 23.0 0.02
          490.00 529.00 39.0 0.09
          532.00 549.00 17.0 1.82
        incl. 539.00 542.00 3.0 8.45
          553.00 561.00 8.0 0.17
          567.00 571.00 4.0 0.05
AR-19-223c2 327 -65 615.5 N/A 428.50 438.50 10.0 0.01
          444.50 467.50 23.0 0.08
        incl. 455.50 460.50 5.0 0.25
          472.50 475.50 3.0 0.01
          478.50 481.50 3.0 0.01
          487.50 516.50 29.0 0.04
          522.50 531.50 9.0 0.02
          536.50 558.50 22.0 4.48
        incl. 541.50 550.50 9.0 10.79
          564.50 576.50 12.0 0.32
        incl. 567.50 568.50 1.0 2.44
          581.50 583.50 2.0 0.01
AR-19-223c3 327 -65 586.5 N/A 417.50 418.00 0.5 0.04
          425.00 426.00 1.0 0.08
          435.00 448.00 13.0 0.08
          451.00 460.00 9.0 0.12
          462.50 465.00 2.5 0.02
          468.50 470.50 2.0 0.03
          473.00 495.00 22.0 0.04
          498.00 551.00 53.0 0.67
        incl. 536.00 545.00 9.0 3.58
          559.00 566.00 7.0 1.20
        incl. 562.00 564.00 2.0 3.96
          570.00 575.00 5.0 0.02
AR-19-224c1 327 -65 597.5 129.45 443.00 456.00 13.0 0.03
          465.00 466.00 1.0 0.04
          469.00 474.00 5.0 0.09
          497.50 506.50 9.0 0.04
          509.50 512.50 3.0 0.03
          519.50 551.50 32.0 0.04
        incl. 549.50 550.50 1.0 0.35
          554.50 575.50 21.0 15.36
        incl. 554.50 568.50 14.0 22.69
AR-19-224c2 327 -65 612.5 N/A 441.00 454.00 13.0 0.04
          462.00 464.00 2.0 0.01
          476.00 479.00 3.0 0.17
          492.00 503.00 11.0 0.08
          506.00 509.00 3.0 0.04
          512.00 514.00 2.0 0.02
          518.00 519.00 1.0 0.03
          523.00 532.00 9.0 0.01
          538.00 572.00 34.0 8.96
        incl. 550.00 564.00 14.0 20.99
          580.00 586.00 6.0 0.21
        incl. 582.00 583.00 1.0 1.07
AR-19-225c1 327 -65 627.5 128.7 450.00 450.50 0.5 0.03
          474.00 474.50 0.5 0.01
          494.00 496.00 2.0 0.02
          500.00 507.00 7.0 0.04
          520.00 526.00 6.0 0.05
          531.00 532.00 1.0 0.13
          536.00 542.00 6.0 0.01
          545.00 546.00 1.0 0.16
          554.00 556.00 2.0 0.02
          559.00 561.00 2.0 0.02
          564.00 600.00 36.0 11.36
        incl. 570.00 582.00 12.0 33.78
AR-19-225c2 327 -65 636.5 N/A 472.50 474.50 2.0 0.04
          478.50 480.50 2.0 0.13
          530.50 536.50 6.0 0.02
          556.50 598.50 42.0 3.08
        incl. 574.50 589.50 15.0 8.31
          601.50 607.50 6.0 0.02
AR-19-226c1 327 -65 564.5 131.5 362.00 363.00 1.0 0.02
          446.50 447.50 1.0 0.04
          456.50 468.50 12.0 0.03
          472.50 473.50 1.0 0.13
          480.50 483.50 3.0 0.03
          491.50 508.50 17.0 0.11
        incl. 506.50 508.50 2.0 0.35
          512.50 528.50 16.0 9.65
        incl. 512.50 516.50 4.0 32.75
          536.50 539.50 3.0 0.41
AR-19-226c1a 327 -65 177 144.15 No Anomolous Radioactivity
AR-19-226c2 327 -65 567 N/A 453.00 454.50 1.5 0.02
          457.50 458.00 0.5 0.03
          463.00 469.00 6.0 0.02
          474.50 475.00 0.5 0.02
          489.50 523.50 34.0 2.34
        incl. 512.50 522.50 10.0 7.64
          526.50 530.50 4.0 0.06
          541.50 542.50 1.0 0.01
          547.00 549.00 2.0 0.15
          553.00 554.00 1.0 0.01
AR-19-227c1 327 -65 525.5 138.3 440.00 447.00 7.0 0.02
          450.00 453.00 3.0 0.01
          463.00 507.00 44.0 1.72
        incl. 476.00 483.00 7.0 9.69
AR-19-227c2 327 -65 540.5 N/A 429.00 430.00 1.0 0.01
          439.00 441.00 2.0 0.03
          454.00 456.00 2.0 0.02
          460.00 509.00 49.0 2.93
        incl. 479.00 482.00 3.0 5.13
        incl. 489.00 492.00 3.0 4.08
        incl. 497.00 500.00 3.0 9.06
        incl. 504.00 507.00 3.0 22.66
          513.00 518.00 5.0 0.57
AR-19-228c1 327 -65 663.5 134 458.00 484.00 26.0 0.19
        incl. 462.00 467.00 5.0 0.52
          487.00 488.00 1.0 0.08
          492.00 493.00 1.0 0.07
          504.00 506.00 2.0 0.04
          512.00 524.00 12.0 0.52
        incl. 514.00 519.00 5.0 1.04
          535.00 536.00 1.0 0.01
          548.00 554.00 6.0 0.01
          567.00 570.00 3.0 0.03
          575.00 582.00 7.0 0.10
          598.00 625.00 27.0 2.56
        incl. 613.00 623.00 10.0 6.76
          629.00 639.00 10.0 0.50
        incl. 629.00 632.00 3.0 1.61
          646.00 649.00 3.0 0.03
          652.00 654.00 2.0 0.01
          658.00 661.00 3.0 0.03
AR-19-228c2 327 -65 672.5 N/A 459.50 481.50 22.0 0.33
        incl. 464.50 469.50 5.0 0.90
          486.50 487.00 0.5 0.02
          509.00 511.00 2.0 0.09
          515.00 536.00 21.0 0.33
        incl. 519.00 521.00 2.0 1.45
          557.50 558.00 0.5 0.01
          560.50 563.50 3.0 0.01
          573.50 575.50 2.0 0.01
          581.00 585.00 4.0 0.02
          597.00 610.00 13.0 0.03
          616.00 627.00 11.0 5.76
        incl. 624.00 627.00 3.0 18.84
          630.00 634.00 4.0 0.10
          637.00 663.00 26.0 0.26
        incl. 641.00 645.00 4.0 1.30
AR-19-233c1 327 -65 534.5 133.7 447.50 450.50 3.0 0.22
          453.50 491.50 38.0 1.85
        incl. 472.50 480.50 8.0 4.02
        incl. 489.50 491.50 2.0 5.97
          494.50 503.50 9.0 0.37
        incl. 500.50 501.50 1.0 3.05
          508.50 509.50 1.0 0.04
AR-19-233c2 327 -65 537.5 N/A 457.00 511.00 54.0 1.96
        incl. 473.00 489.00 16.0 5.85
          522.00 523.00 1.0 0.04

 

Parameters:

 

  • Maximum internal dilution 2.0 m downhole
  • Minimum thickness of 0.5 m downhole
  • Cutoff grade 0.01% U3O8
  • All depths and intervals are metres downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined
  • Directional drilling has often resulted in mineralization intersected at a more favourable and shallower dip

 

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 uranium industry professionals with a successful track record in the discovery of uranium deposits and in developing projects through discovery to production.

 

NexGen owns a 100% interest in Rook I, location of the Arrow Deposit discovered in February 2014, the Bow discovery in March 2015, the Harpoon discovery in August 2016 and the Arrow South discovery in July 2017, including an expansive portfolio of prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada. NexGen is the recipient of the PDAC’s 2018 Bill Dennis Award and the 2019 Environmental and Social Responsibility Award.

 

Technical Disclosure

 

The technical information in this news release with respect to the PFS has been reviewed and approved by Paul O’Hara, P.Eng. of Wood., David Robson, P.Eng., M.B.A., and Jason Cox, P.Eng. of RPA, each of whom is a “qualified person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

 

The Mineral Resource Estimate was completed by Mr. Mark Mathisen, C.P.G., Senior Geologist at RPA and Mr. David Ross, P.Geo., Director of Resource Estimation and Principal Geologist at RPA. Both are independent Qualified Persons in accordance with the requirements of National Instrument (NI) 43-101 and they have approved the disclosure herein. All other technical information in this news release has been approved by Mr. Troy Boisjoli, Geoscientist Licensee, Vice President – Operations & Project Development for NexGen. Mr. Boisjoli is a qualified person for the purposes of NI 43-101 and has verified the sampling, analytical, and test data underlying the information or opinions contained herein by reviewing original data certificates and monitoring all of the data collection protocols. All other technical information in this news release has been approved by Mr. James Hatley, a Professional Engineer, Senior Vice-President – Project Development for NexGen. Mr. Hatley is a qualified person for the purposes of NI 43-101 and has reviewed the underlying the information or opinions contained herein on mine design.

 

Posted October 9, 2019

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