Northwest Athabasca Joint Venture: NexGen's Joint Venture Partner Forum Uranium Corp, Reports Drill Results of 1.34% U3O8 Over 3
Northwest Athabasca Joint Venture: NexGen's Joint Venture Partner Forum Uranium Corp, Reports Drill Results of 1.34% U3O8 Over 3 Metres From Shallow Depths at Zone A
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/09/13 -- NexGen Energy Ltd. (TSX VENTURE:NXE) ("NexGen" or the "Company") is pleased to announce that its joint venture partner Forum Uranium Corp., has reported drill results from Zone A and the Barney zone targets on the Northwest Athabasca project. Results from the 30 metre intercept of uranium mineralization at Otis West are still pending.
-- Zone A- 3 metres of 1.34% U3O8, including 2.48% U3O8 over 0.5 metres at a depth of 90 metres. -- Zone A- Mineralization associated with a 1km long NW trending fault. -- Barney- 2.32% U3O8 over 0.5 metres.
Zone A lies on the north side of the Maurice Bay deposit(i) (historical resource of 1.5 million pounds of uranium grading 0.6% U3O8) and is hosted mainly within basement rocks along a major NW trending fault (Figure 1). The mineralization within NWA-65 and NWA-66 appears to be associated with this fault which has a strike length of at least 1 kilometre.
Table 1: Significant assay results from the Zone A Drill holes. Hole Number From To Width(ii) Grade (Metres) (Metres) (Metres) (% U3O8) NWA-65 80.5 83.5 3.0 0.14% NWA-66 88.5 91.5 3.0 1.34% includes 90.0 91.5 1.5 1.86% includes 91.0 91.5 0.5 2.48% (ii) Downhole width
Previous drill holes on Zone A completed in 1978 (MAU-543 and MAU-545) intersected 6m of 5.65% U3O8 from 113 to 119m and 3m of 1.08% U3O8 from 113 to 116m respectively, giving the high-grade portion of the mineralized zone an interpreted vertical extent of at least 30.5 metres. Further exploration along the strike of this structure is strongly recommended.
Five holes were drilled on the Barney target to follow up on mineralization encountered in four holes in Barney North and to further test the gravity low on Barney South. Drill hole NWA-53 intersected 0.5m of 2.32% U3O8 from 169 to 169.5m in a graphitic shear. Follow-up drilling is recommended for up-dip extensions and on strike to the east.
Maurice Bay Deposit(i)
A 1.5 million pound historical uranium resource grading 0.6% U3O8 for the Maurice Bay deposit, as reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7 has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.
Note: To view Figures 1 and 2 associated with this release, please click the following link: http://media3.marketwire.com/docs/nxe0509.pdf.
Quality Assurance and Quality Control
Core samples are collected and shipped in sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory for geochemical analysis using the Uranium ICP Package. This package is the preferred analytical technique for detecting uranium and pathfinder elements in the alteration halos of unconformity-type uranium deposits in the Athabasca Basin.
Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's Vice President, Exploration, "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects has reviewed and approved the contents of this news release.
NW Athabasca Joint Venture
The NW Athabasca project is a joint venture between NexGen Energy Ltd. and Forum Uranium Corp., as to 60% and Cameco Corporation as to 27.5% and AREVA Resources Canada Inc. as to 12.5%.
NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of exploration professionals with a track record in the discovery of unconformity-style uranium deposits in Canada.
NexGen owns a portfolio of uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada, including, an option to earn a 70% interest in the Radio Project, immediately adjacent to Rio Tinto's Roughrider Deposit and a 100% interest in Rook 1, immediately adjacent to the north east of Patterson Lake South.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, but not always, forward looking information is identifiable by the use of words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. Forward-looking information is prospective and by its nature requires the Company to make certain assumptions and is subject to inherent risks and uncertainties. Such information is not a guarantee of future performance and undue reliance should not be placed on forward-looking information. Although the assumptions made by the Company in providing forward looking information are considered reasonable by management at the time the forward-looking information is given, there can be no assurance that such assumptions will prove to be accurate. Forward-looking information also involves known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from any projections of future results expressed or implied by such forward-looking information, including the speculative nature of mineral exploration. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. NexGen undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
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