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Thursday, Aug 11, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Mining

NexGen Energy hits the target with the Athabasca Basin Arrow Deposit

The Rook I project—home to the Arrow Deposit—has been found to be home to multiple unexplored electromagnetic conductors and structure corridors.

NexGen Energy (TSX: NXE) (NYSE: NXE) announced that drill assays from 2021 confirm the presence of an uranium mineralized zone below the known Arrow Deposit at Camp East.

The company started its 2022 drilling focused on regional exploration targets at the 100 per cent owned Rook I project, and a geophysical program over areas of NexGen’s mineral tenure in the southwest portion of the Athabasca Basin in Saskatchewan.

“The 2021 exploration drilling successfully intersected uranium mineralization. In addition to mineralization, these encouraging 2021 exploration results share alteration and structural similarities to those intersected in the discovery hole at Arrow (AR-14-01 or RK-14-21). NexGen is poised to advance high priority targets on the Rook I property in a systematic fashion from Arrow proximal outwards. The geophysical survey plans are strategic initiatives in developing highly prospective conductors in greenfield areas of the well situated NexGen mineral tenure in the emerging southwest Athabasca Basin uranium district,” said Grant Greenwood, vice president of exploration for NexGen Energy.

NexGen is a B.C.-based uranium explorer focused on developing the Rook I Project in the Athabasca Basin and readying it for production. The project is supported by a NI 43-101 compliant Feasibility Study outlining the company’s environmental performance as well as its economics.

NexGen

2022 Exploration Target Areas

The Rook I project—home to the Arrow Deposit—has been found to be home to multiple unexplored electromagnetic conductors and structure corridors. What this means is reactivity, or the company has sent scientists with their instruments out there to bombard the area with gamma rays and find out what comes back reactive. That’s the general test for uranium. Next up for NexGen’s exploration program is about focusing on these underexplorered targets and trying to verify what the results of the tests. The program will help determine priorities for drilling.

This drill program – testing six conductive trends – is designed to evaluate prospective targets systematically with aggressive step-outs along high priority conductors.

Drilling targets areas (from West to East):

  • Patterson Corridor (PLC) – Systematic testing along trend of Arrow, as well as at Camp East where 2021 drilling intersected anomalous radioactivity. This fertile trend has a strike length of approximately 9 km on the Rook I property and remains highly prospective for further investigation.
  • Mirror – Testing location with conductive response variation along the edge of a gravity low. The Mirror conductor is parallel immediately to the east of the Arrow conductor and of high priority.
  • PLC East – Tests of segmented conductive responses on edges of gravity lows. PLC East is located proximal to the Arrow conductor with similar geometry.
  • Derkson West – Follow-up of positive results from 2021 by testing along strike in both directions. Similar geometry to the PLC with a northeast-southwest trending conductor along magnetic gradient, coincident with local gravity lows.
  • Derkson – Systematic drilling along prospective conductors in gravity lows. This high priority portion of the Derkson corridor for testing in 2022 contains discrete and strong conductive responses with interpreted structural disruptions.
  • Derkson East – Targeting significant flexure of an underexplored conductor within a gravity low interpreted as localized structural disruption.

All of the target areas show similar characteristics to what was originally found at Arrow, including strong conductive signatures with numerous off-sets coinciding with discrete gravity lows and steep magnetic gradients.

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