NexGen Energy reports encouraging Rook I uranium results
NexGen Energy Ltd. [NXE-TSXV; NXGEF-OTCQX] has released the first results from its 30,000-metre winter 2016 drilling program on the 100%-owned Rook I property in the Athabasca basin, northern Saskatchewan.
All four angled holes reported in this news release have intersected significant amounts of visible uranium mineralization and off-scale radioactivity highlighted by hole AR-16-64c2 which intersected broad intervals of very dense massive pitchblende mineralization in the higher-grade A2 subzone. Near continuous off-scale radioactivity was measured over a 27.2-metre section and also featured 5.5 metres measuring a minimum of greater than 61,000 counts per second in hole -64c2. This represents the most radioactivity with a minimum reading of greater than 61,000 cps ever drilled in any hole at the nearby high-grade Arrow Zone and further validates the company’s thesis that the subzone comprises continuous accumulations of massive to semi-massive pitchblende mineralization across the currently defined 203 m strike length. The subzone remains open in all directions.
Furthermore, in the A3 shear, hole AR-16-59c5, which was drilled 46 metres downdip and southwest from hole AR-15-61c2 (8.52% U3O8 over 10.5 metres and 6.30%t U3O8 over 37.0 metres in the A3 shear), intersected 41.5 metres of total composite mineralization, including 2.95 metres of total composite off-scale radioactivity (greater than 10,000 to 40,000 cps) within a 119.5-metre section (723.5 to 843.0 m) further expanding the mineralized footprint in this shear which remains open in all directions.
The land-based and basement-hosted Arrow Zone currently covers an area of 645 x by 235 metres with a vertical extent of mineralization commencing from 100 to 920 metres, and remains open in all directions and at depth. The winter 2016 program comprising 30,000 metres of drilling is now fully operational with six drill rigs active. The company has cash on hand of $33-million.
Garrett Ainsworth, vice-president, exploration and development, said, “These first radioactivity results of the winter program are simply exceptional. They highlight the continuity of the higher-grade A2 subzone, established by substantial massive to semi-massive pitchblende, and consistent true width. Hole AR-16-64c2 has a similar radioactivity profile to AR-15-49c2 (returned continuous grade times thickness (GT) of 605), except it has more than double the minimum greater than 61,000 cps of 5.5 m. Further, the results in the A3 are very exciting with respect to defining the higher-grade zones within this shear.”
Leigh Curyer, CEO, commented, “A terrific start to the 2016, 30,000 m, six-rig winter program. The rapid development of the Arrow zone and exploration of the Rook I property is in top gear, and we look forward to delivering the ongoing drill results on the A2 subzone, the four shears and more broadly along strike from Arrow.”