VANCOUVER, BC, Feb. 8, 2023
/CNW/ - NexGen Energy Ltd. ("NexGen" or the "Company")
(TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce the
commencement of an expanded 2023 exploration program designed to
follow-up positive results from the 2022 exploration drill program
and to test prospective areas that have been highlighted by
detailed 2022 geophysical surveys. Additionally, NexGen has planned
a substantial geophysical program in 2023 for drill target
generation across high priority areas of NexGen's mineral tenure
(SW1, SW2 and SW3) in the southwest Athabasca Basin, Saskatchewan. The geophysical program includes
cosmic ray muon tomography initiated in 2022 on the Patterson
Corridor at NexGen's 100% owned Rook I property as part of Ideon
Technologies' early access program for first implementation of
innovative muon detecting instrumentation in boreholes.
Leigh Curyer, Chief Executive Officer, commented: "Through
exploration drilling and strategic geophysical surveys, NexGen is
progressing high priority targets to advance towards the discovery
of additional material mineralization. The focus of
this expanded exploration program is to test for new "Arrow-type"
mineralized zones across our dominant land position in the
southwest Athabasca Basin. The
application of muon tomography in 2022 is another example of
NexGen's identification and application of industry leading
techniques which focuses on further optimization of drilling time,
cost, and elite environmental management.
It's an exciting time at NexGen with the permitting and
licensing of Rook I advancing, as we transition into detailed
engineering and in parallel, a targeted drill program incorporating
extensive data analysis. NexGen is delivering a key component in
addressing three major global challenges – decarbonization, energy
security and access to energy for all, in a manner that is setting
new standards in sustainability for all stakeholders, incorporating
a highly efficient use of capital."
Grant Greenwood, Vice President,
Exploration, commented: "The 2022 exploration program has
highlighted numerous areas for follow-up drilling in 2023 and
speaks to the systematic testing of NexGen's vast and many
prospective targets across NexGen's land tenure. The 2023 drill
program builds upon previous drill results and the 2022 geophysical
program has elevated numerous targets for further investigation
where pronounced stacked anomalies are now drill-ready. Also, with
the recent discovery of high-grade mineralization by F3 adjacent to
NexGen's SW1 property, we are excited to refine approximately 12 km
of strike length along this trend which exists on our property as
just one component of the 2023 program."
2023 Drilling
2023 exploration drilling will systematically test priority
conductors that have been highlighted by encouraging 2022 drilling
results, as well as geophysical survey results that identified
drill-ready stacked anomalies. This drill program – targeting nine
(9) conductive trends – has a planned total of 22,500 metres with
up to three (3) drill rigs in operation.
Drill target areas:
- SW2 – 2023 drilling is planned for the fertile Patterson
Corridor and seven (7) additional prospective conductive trends of
which the majority have not been drilled to date by NexGen (listed
below from west to east) that are parallel to the conductor hosting
the Arrow Deposit (Figure 1).
-
- Patterson Corridor (PLC) – Systematic testing along
trend of Arrow. This fertile trend has a strike length of
approximately 9 km on the Rook I property and remains prospective
for further investigation. Five (5) drill holes for 3,000 metres
are planned in 2023.
- PLC East – During the 2022 exploration drill
program, encouraging brittle structure and hydrothermal alteration
was intersected on this segmented, conductive trend. This conductor
is proximal to Arrow and 2,300 metres in seven (7) holes are
planned in 2023.
- Derkson West – Similar geometry to the PLC with a
northeast-southwest trending conductor along magnetic gradient,
coincident with local gravity lows. 2023 drilling will follow-up
positive 2022 results. Four (4) holes for 1,500 metres are planned
on this conductor.
- Derkson – This high priority portion of the Derkson
corridor for testing in 2023 contains discrete and strong
conductive responses with interpreted structural disruption.
Systematic drilling along prospective conductors in gravity lows is
planned to include two (2) holes for 750 metres.
- Derkson East – Targeting a significant flexure of
an underexplored conductor within a gravity low interpreted as
localized structural disruption. Two (2) holes for 750 metres are
planned for 2023.
- Fury – 2023 drilling to target gravity lows uncovered by
the 2022 ground gravity survey that are coincident with pronounced
conductors. Two (2) holes for 700 metres are planned.
- R Seven – 2022 ground gravity has highlighted
numerous sections of this complex and prospective conductive
corridor that has approximately 32 km of verified conductive strike
length that is underexplored. Approximately 5 km of this conductive
trend is planned for initial testing in 2023 with ten (10) drill
holes for 3,000 metres, spanning the Athabasca Basin boundary.
- Morrow – Approximately 11 km of segmented conductors is
present within this corridor with complex geometry that is
coincident with gravity lows that have been highlighted by 2022
ground gravity. This corridor is untested and the 2023 program has
ten (10) holes planned for 3,000 metres.
- SW1 – 2023 drilling is planned on the SW1 portion of the
fertile trend hosting F3 Uranium Corp's PLN discovery as well as on
the prospective and underexplored Gartner Corridor along with
(Figure 2).
-
- F3 Uranium Trend – F3 Uranium Corp's recent PLN
discovery is on a trend that is interpreted to extend onto the SW1
property. The NexGen portion of the trend has an approximate strike
length of 12 km and is actively undergoing analysis to bring the
area to a drill-ready state in early 2023.
- Gartner Corridor – The 2022 ground EM survey
highlighted numerous locations with interpreted structural
disruption for focusing hydrothermal fluids along the approximately
13 km long, northwest-southeast striking Gartner conductive trend.
Located in the central region of the SW1 property, fifteen drill
holes for 7,500 metres are planned in 2023 along this
corridor.
2023 Geophysics (Figure
3)
- SW1 – Ground EM, resistivity, and gravity surveys are
planned for high priority conductive trends on the SW1 property.
Evaluation of historical geophysical surveys along strike to the
northwest of F3 Uranium Corp's recent PLN discovery will determine
drill targets or the requirement of additional geophysical surveys
to develop the fertile trend for drilling. Approximately 12 km of
strike length on this trend is interpreted to be on NexGen's SW1
property (Figure 2).
- SW2 – In August 2022, six
borehole muon detectors were deployed within hole AR-22-269, with
the deepest positioned 540 m
downhole, resulting in the ongoing successful capture of
muons. Drill hole AR-22-269 tested down dip of South Arrow
while also being ideally placed to image density contrast
associated with South Arrow uranium mineralization. This
high-resolution density survey will determine further drilling at
South Arrow and inform additional muon tomography application along
the fertile Patterson Corridor in 2023. Potential further
application of muon tomography on the Patterson Corridor has the
benefit of investigating more rock mass than conventional step-out
drilling while reducing metres, cost, and environmental
disturbance. See below for additional information on muon
tomography technology.
Additionally, a high-resolution magnetic survey is planned over the
complex R Seven corridor prior to drill testing this high priority
area in summer 2023. The survey is designed to gain greater
resolution across the conductor, highlighting prospective
cross-cutting features to prioritize structure that can focus
uranium mineralization associated with hydrothermal fluids.
- SW3 – A ground gravity survey across the southeastern
portion of the SW3 property is planned for 2023 along with ground
resistivity on a prospective conductor in the north-central portion
of the property. Both surveys are designed to image the subsurface
for hydrothermal alteration associated with uranium mineralization
and advance these prospective areas towards drilling in subsequent
programs.
Muon Tomography
Muon Tomography uses energy from supernova explosions in space
to provide 3D imaging down to 1km beneath the Earth's surface and
is the only straight-line geophysical methodology that can
accurately determine location of any density anomalies indicative
of uranium mineralization. As part of the 2022 exploration program,
NexGen partnered with Ideon Technologies' early access program for
borehole muon tomography, becoming one of the first companies
globally to embrace the innovative new approach to mineral
exploration that integrates proprietary detectors, inversion
technologies, and software algorithms to produce 3D density models
of features – like uranium pods – underground. It provides the
ability to accurately locate subsurface anomalies and reduces the
need for expensive drilling activity while lowering environmental
impact and increasing exploration certainty in the subsurface.
About NexGen
NexGen Energy is a Canadian company focused on delivering clean
energy fuel for the future. The Company's flagship Rook I Project
is being optimally developed into the largest low cost producing
uranium mine globally, incorporating the most elite standards in
environmental and social governance. The Rook I Project is
supported by a NI 43-101 compliant Feasibility Study which outlines
the elite environmental performance and industry leading economics.
NexGen is led by a team of experienced uranium and mining industry
professionals with expertise across the entire mining life cycle,
including exploration, financing, project engineering and
construction, operations and closure. NexGen is leveraging its
proven experience to deliver a Project that leads the entire mining
industry socially, technically and environmentally. The Project and
prospective portfolio in northern Saskatchewan will provide generational
long-term economic, environmental, and social benefits for
Saskatchewan, Canada, and the
world.
NexGen is listed on the Toronto Stock Exchange, the New York
Stock Exchange under the ticker symbol "NXE" and on the Australian
Securities Exchange under the ticker symbol "NXG" providing access
to global investors to participate in NexGen's mission of solving
three major global challenges in decarbonization, energy security
and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary
operations office in Saskatoon,
Saskatchewan.
www.nexgenenergy.ca
Technical Disclosure
All technical information in this news release has been
reviewed and approved by Grant Greenwood, P.Geo, NexGen's Vice
President, Exploration, a qualified person under National
Instrument 43-101.
A technical report in respect of the FS is filed on SEDAR
( www.sedar.com ) and EDGAR
(www.sec.gov/edgar.shtml ) and is available for review on
NexGen Energy's website (www.nexgenenergy.ca ).
Cautionary Note to U.S. Investors
This news release includes Mineral Reserves and Mineral
Resources classification terms that comply with reporting standards
in Canada and the Mineral Reserves and the Mineral
Resources estimates are made in accordance with NI 43-101. NI
43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
mineral projects. These standards differ from the requirements of
the Securities and Exchange Commission ("SEC") set by the SEC's
rules that are applicable to domestic United
States reporting companies. Consequently, Mineral
Reserves and Mineral Resources information included in this news
release is not comparable to similar information that would
generally be disclosed by domestic U.S. reporting companies subject
to the reporting and disclosure requirements of the SEC
Accordingly, information concerning mineral deposits set forth
herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
Forward-Looking
Information
The information contained herein contains "forward-looking
statements" within the meaning of applicable United
States securities laws and regulations and "forward-looking
information" within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is not
limited to, statements with respect to mineral reserve and mineral
resource estimates, the 2021 Arrow Deposit, Rook I Project and
estimates of uranium production, grade and long-term average
uranium prices, anticipated effects of completed drill results on
the Rook I Project, planned work programs, completion of further
site investigations and engineering work to support basic
engineering of the project and expected outcomes. Generally, but
not always, forward-looking information and statements can be
identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negative connotation
thereof or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved" or the negative
connotation thereof. Statements relating to "mineral
resources" are deemed to be forward-looking information, as they
involve the implied assessment that, based on certain estimates and
assumptions, the mineral resources described can be profitably
produced in the future.
Forward-looking information and statements are based on the
then current expectations, beliefs, assumptions, estimates and
forecasts about NexGen's business and the industry and markets in
which it operates. Forward-looking information and statements are
made based upon numerous assumptions, including among others, that
the mineral reserve and resources estimates and the key assumptions
and parameters on which such estimates are based are as set out in
this news release and the technical report for the property , the
results of planned exploration activities are as anticipated, the
price and market supply of uranium, the cost of planned exploration
activities, that financing will be available if and when needed and
on reasonable terms, that third party contractors, equipment,
supplies and governmental and other approvals required to conduct
NexGen's planned exploration activities will be available on
reasonable terms and in a timely manner and that general business
and economic conditions will not change in a material adverse
manner. Although the assumptions made by the Company in providing
forward looking information or making forward looking statements
are considered reasonable by management at the time, there can be
no assurance that such assumptions will prove to be accurate in the
future.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual results, performances and achievements of NexGen to
differ materially from any projections of results, performances and
achievements of NexGen expressed or implied by such forward-looking
information or statements, including, among others, the existence
of negative operating cash flow and dependence on third party
financing, uncertainty of the availability of additional financing,
the risk that pending assay results will not confirm previously
announced preliminary results, conclusions of economic valuations,
the risk that actual results of exploration activities will be
different than anticipated, the cost of labour, equipment or
materials will increase more than expected, that the future price
of uranium will decline or otherwise not rise to an economic level,
the appeal of alternate sources of energy to uranium-produced
energy, that the Canadian dollar will strengthen against the U.S.
dollar, that mineral resources and reserves are not as estimated,
that actual costs or actual results of reclamation activities are
greater than expected, that changes in project parameters and plans
continue to be refined and may result in increased costs, of
unexpected variations in mineral resources and reserves, grade or
recovery rates or other risks generally associated with mining,
unanticipated delays in obtaining governmental, regulatory or First
Nations approvals, risks related to First Nations title and
consultation, reliance upon key management and other personnel,
deficiencies in the Company's title to its properties, uninsurable
risks, failure to manage conflicts of interest, failure to obtain
or maintain required permits and licences, risks related to changes
in laws, regulations, policy and public perception, as well as
those factors or other risks as more fully described in NexGen's
Annual Information Form dated February
25, 2022 filed with the securities commissions of all of the
provinces of Canada except Quebec and in
NexGen's 40-F filed with the United States Securities and Exchange
Commission, which are available on SEDAR
at www.sedar.com and Edgar
at www.sec.gov .
Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information or statements or
implied by forward-looking information or statements, there may be
other factors that cause results not to be as anticipated,
estimated or intended. Readers are cautioned not to place
undue reliance on forward-looking information or statements due to
the inherent uncertainty thereof.
There can be no assurance that forward-looking information
and statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on forward-looking statements or information. The Company
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.
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SOURCE NexGen Energy Ltd.