NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE) became the first company to receive full Provincial Environmental Assessment (EA) approval for a Saskatchewan uranium project in over two decades.
On Thursday, NexGen announced the milestone and said it will now be required to undergo a federal technical review examining the environmental impact statement it received from Saskatchewan’s government.
“Throughout the rigorous EA process, the Government of Saskatchewan recognized the unparalleled value and future opportunities the Rook I Project will provide for local communities, Saskatchewan and Canada,” said NexGen’s CEO Leigh Curyer.
The company has filed a series of applications with Saskatchewan’s Ministry of Environment for the construction and development of infrastructure at the Athabasca Basin project. This will include water and mine waste management facilities among other things prior to eventual production.
“NexGen’s Rook I Project will help build our local communities and create jobs for many northerners while providing an ethically and sustainably produced supply of uranium to world markets,” said Saskatchewan’s Premier Scott Moe.
NexGen aims for Rook I to be top global uranium supplier
NexGen wants to develop the project into one of the world’s top uranium-producing assets. The region in which the Rook I project resides is arguably the best uranium mining jurisdiction in the world and unarguably hosts the world’s highest-grade uranium mine, Cigar Lake.
ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF) is a company that holds rights to 10 per cent of resources discovered on certain portions of the land package held by NexGen in the Athabasca Basin. ATHA completed the Basin’s largest-ever electromagnetic survey this year to identify new high-grade uranium deposits in the region.
ATHA does not need to contribute financially to NexGen’s exploration efforts on those portions of its land package.
The junior explorer’s CEO Troy Boisjoli says he developed a strong understanding of how valuable NextGen’s portfolio was during his time serving as its vice president of exploration prior to taking his current leadership role with ATHA.
Uranium’s spot price recently ascended to a dollar figure not seen in the past 15 years at approximately US$73.50 per pound. The commodity and the nuclear industry have been attracting renewed interest from investors and hedge funds.
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