NexGen's Joint Venture Partner, Forum Uranium Corp. Reports Wide Zone of
Continuous, Shallow Uranium Mineralization at Otis West, Northwest
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/05/13 -- NexGen
Energy Ltd. (TSX VENTURE:NXE) ("NexGen" or the "Company") is pleased
to announce that its joint venture partner, Forum Uranium Corp., has
reported shallow uranium mineralization from assayed drilling at Otis
West (previously reported gamma ray scintillometer radioactivity in
the news release dated April 10, 2013), part of the Northwest
Athabasca Project. Grades of up to 1.80% U3O8 were intersected in 5
of 9 holes drilled on this target immediately south of the Maurice
Bay deposit. The mineralized zone remains open to depth and to the
This is the fourth target drilled on the property that has
intersected basement-hosted uranium mineralization typical of uranium
deposits in the western Athabasca Basin such as Patterson Lake South,
Cluff Lake and Shea Creek.
-- 24.5 metres grading 0.21% U3O8, including 1.80% U3O8 over 0.5 metres
-- Mineralization in 5 holes from two drill fences at 50 metre spacing
-- Mineralization remains open to the east along an unconformity offset
Otis West lies on the south side of the Maurice Bay deposit
(historical resource(i) of 1.5 million pounds of uranium grading 0.6%
U3O8) in a strong gravity low. Mineralization is hosted mainly within
basement rocks along a major fault (the Otis fault) parallel to the
Maurice Bay fault (Figure 1). This zone was intersected in diamond
drillholes NWA-60 and 61 and by drillholes NWA-56, 63 and 64 on a
section 50 metres further east. The mineralization shows a vertical
extent of 110 metres and remains open to the east (Figure 2). Very
strong boron values in the overlying sandstone (up to 1.18%) are
associated with this mineralization. Boron is a strong pathfinder
indicator for economic uranium deposits in the Athabasca Basin.
Future drill programs will continue drilling along the Otis Fault to
Table 1: Significant assay results from the Otis West Drill holes.
Hole Number From To Width(ii) Grade
(Metres) (Metres) (Metres) (% U3O8)
NWA-56 101.5 102.0 0.5 0.185%
104.0 104.5 0.5 0.123%
NWA-60 125.5 129.0 3.5 0.166%
145.5 146.0 0.5 0.101%
NWA-61 96.8 97.3 0.5 0.243%
NWA-63 131.0 170.5 39.5 0.152%
incl. 143.5 168.0 24.5 0.211%
incl. 144.0 144.5 0.5 1.803%
NWA-64 186.5 194.5 7.0 0.055%
(ii) Downhole width
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.
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, a "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.
To view the map associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/NexGen-NXE.pdf.
Figure 1: Unconformity Contour Map of the Maurice Bay Deposit Area.
Blue to black colours are deep sandstone (70 to 120m). Yellow to red
colours are 0 to 50m deep sandstone. Yellow stars are historical
drillholes, the majority of them stopping at or near the unconformity
contact. The red dots are Forum drill holes from 2013 in the Otis
West area. The Maurice Bay deposit, the high grade A Zone
mineralization and the Otis West mineralization are all associated
with an offset (fault) in the unconformity.
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 highly prospective 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
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
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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
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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 changes in
exploration programs based upon results of exploration; future prices
of metal; availability of third party contractors; availability of
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as actual results and future events could differ materially from
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NexGen Energy Ltd.
Chief Executive Officer
+61 409 679 104
604 684 6730 or Toll free 1 866 684 6730
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