Drill Tracker Weekly: NexGen Confirms Mineralization In Key A2 And A3 Shears Continues To Depth


Drill Tracker Weekly is not exclusive to Resource Investing News and is published with permission from Mackie Research Capital Corporation. It highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.

NexGen Energy (TSXV:NXE)

Price: $0.54

Market cap: $106 million

Cash estimate: $28 million

Project: Rook 1

Country: Canada

Ownership: 100 percent

Resources: N/A

Project status: Exploration drilling

nexgen 1 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.

nexgen 2

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