NexGen Commences Maiden Exploration Drilling on Prospective SW1 Property

VANCOUVER: NexGen Energy Ltd. (NexGen or the Company) (TSX: NXE, NYSE MKT: NXE) is pleased to announce that an exploration drill program consisting of a minimum 4,000 m is scheduled to begin in early September at our 100pc owned, SW1 property (approximately 10 km northwest of Rook I), in the Athabasca Basin, Saskatchewan.

SW1 Overview

Since the acquisition by NexGen of the SW1 property (the Property) in 2012, NexGen has systematically developed the property through testing with numerous studies and geophysical surveys. The resulting geophysical signature on the Property, particularly the Gartner Lake Corridor (GLC), displays strong similarities to the Rook I property (Figure 1) which hosts Arrow, Canada's largest to-be developed uranium deposit currently in the Environmental Assessment process. Those similar characteristics include a strong conductive signature with numerous off-sets coincident with discrete gravity lows and steep magnetic gradients (Figure 2, Figure 3). Analysis of historic drilling has also revealed prospective structure and alteration that coincides with highly-favourable geophysical properties for potential uranium mineralization.

Geophysical History

The Property is situated on the western limb of a regional fold structure with the Patterson Lake Uranium Corridor and the Arrow Deposit situated on the eastern limb (Figure 1). Historical drill core from the Property show that the area contains similar host rocks as the Arrow Deposit. Given this geological affiliation, NexGen commissioned the same airborne geophysical techniques that led to the discovery of the Arrow Deposit in February 2014. A VTEM survey defined several discrete and disjointed conductive corridors on the Property, similar to what was seen at Arrow. Follow-up ZTEM surveys were conducted in conjunction with HeliFalcon gravity gradiometry surveys over the entire Property. These surveys defined additional corridors and numerous gravity anomalies, several of which are coincident with the dislocation of the conductors (Figure 4), similar to the Arrow Deposit (Figure 4). The development of the Property has led to high-confidence targets that are prime for focused exploration through drilling.

Drill Program

Exploration drilling with a minimum of 4,000 m, utilizing 2 drill rigs, will commence imminently on the Property. The program is designed to test the highest-priority anomalies, analogous to those at the Arrow Deposit, for uranium mineralization that has been highlighted by geophysical surveys and the analysis of historic drilling.

Leigh Curyer, Chief Executive Officer, commented We look forward to the SW1 maiden drill program commencing after completing an extensive geophysical analysis of the area over the past 5 years. NexGen's portfolio is host to Arrow and an extensive list of high priority targets generated through the team's extensive use of multiple geophysical surveys and objective approach to exploration. The SW1 program is being led by a sub exploration team as results from the 2019 Phase I Arrow drilling programs are analyzed and incorporated into the Feasibility Study and Environmental Assessment studies.

Troy Boisjoli, Vice-President, Operations and Project Development, commented The 2019 SW1 exploration drill program is the culmination of extensive detailed work by the NexGen team for the development of the SW1 property - a methodical build of focused work and high-level interpretation that is akin the strategy that led to the discovery of the Arrow Deposit in February 2014. We are looking forward to the opportunity to drill test targets with analogous geophysical signatures to Arrow and excited about this next stage of exploration on the SW1 property.
(PRN | 8 months ago)

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NexGen Commences Maiden Exploration Drilling on Prospective SW1 Property