NexGen Energy (TSXV:NXE)
Market cap: $106 million
Cash estimate: $28 million
Project: Rook 1
Ownership: 100 percent
Project status: Exploration drilling
NexGen Energy announced assays from the third batch of winter drilling results from the Arrow target on its 100% owned Rook 1 project. The project is located in the southwestern Athabasca Basin 2.1 kilometres north of Fission Uranium's (TSX.FCU) Patterson Lake project. Angled drilling intersected steeply dipping zones of basement hosted mineralization in the A2 Shear and A3 shear zones. AR-15-41 intersected the two sub parallel zones at 408 and 622 metres depth grading 2.31% U3O8 over 57 metres and 20.5 metres of 4.30% U3O8. AR-15-41 (the A3 discovery hole) intersected the A2 Zone at 622 metres depth grading 2.82% U3O8 over 27 metres and the A3 zone at 804 with 2.27% U3O8 over 29.5 metres. The Arrow zone has now been outlined in three separate shear zones with A2 and A3 being the most significant. The total area of the three zones extends over an area of 515 metres by 215 metres with a core strike length of 300 metres. The vertical extent starts at 100 metres depth extending to 920 metres. The two key zones remain open in all directions. AR 16-40b intersected an interval of 11.5 metres at 596 metres depth grading 0.99% U3O8 on the A2 shear approximately 200 metres to the northeast of the core A2/A3 mineralization. The Company is planning a five rig summer drilling program targeting a 43-101 resource by late Q4/2015. The Arrow discovery was initially announced on February 19, 2014, where drilling on the edge of the gravity low intersected narrow brecciated shear zones with one intercept that returned 5.75 metres grading 0.37% U3O8 in RK-14-21.
Discovery hole (February 2014): 5.75 metres @ 0.37% U3O8
Discovery hole A3 shear (February 2015): 29.5 metres @ 2.27% U3O8
Current holes: 57 metres @ 2.31% U3O8; 20.5 metres@ 4.30% U3O8
Risks AnalysisData contained in DRILL TRACKER WEEKLY is based on early stage exploration activity. The results are obtained at the very early stages of exploration and therefore, individual results may not be reproducible with additional trenching or drilling, nor may the results ultimately lead to the discovery of an economic deposit. Delineation of a resource body requires an extensive data gathering exercise according to guidelines set out in National Instrument 43-101 before investors can be reliably assured of a competent body of mineralization that may be of economic interest. DRILL TRACKER WEEKLY is designed to highlight individual trench or drill results, which stand out as being materially anomalous and are particularly worth of note - a type of early warning flag for a particular property that warrants further attention. Hence, DRILL TRACKER WEEKLY does not provide a recommendation to buy, sell or hold a specific equity - it is an information reference source to help quantify the meaning and relevance of early stage exploration results. Relevant Disclosures Applicable to: Drill Tracker Weekly 1. The research analyst or a member of the research analyst's household owns and/or has options to acquire shares of the subject issuer. At the date of this release the author, Wayne Hewgill, owns no shares in the companies in this report.
2. Aldridge Minerals Inc. (AGM) is currently covered at Mackie Research Capital Corp. by analyst Barry Allan. Mackie Research Capital Corp. has managed or co-managed an offering of securities by the subject issuer. Mackie Research Capital Corp. has received compensation for investment banking and related services from the subject issuer. Analyst Certification I, Wayne Hewgill certify that the information in this report is sourced through public documents that are believed to be reliable but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report. This report makes no recommendations to buy, sell or hold. Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.
Editorial Disclosure: NexGen Energy is a client of the Investing News Network. This article is not paid-for content.Drill Tracker Weekly: NexGen Confirms Mineralization in Key A2 and A3 Shears Continues to Depth from Uranium Investing News