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NexGen Announces Maiden Mineral Resource Estimate for the Arrow Deposit of 201.9 M lbs at 2.63% U3O8
Mar. 03, 2016 03:29PM PST
Company NewsNexGen Energy Ltd. (TSXV:NXE, OTCQX:NXGEF) announced the results of its maiden independent Mineral Resource estimate for the Arrow uranium deposit on the Company’s 100% owned Rook I property in Saskatchewan’s Athabasca basin. Based on holes drilled and assayed to the end of October 2015 (AR-14-01 to AR-15-62), the estimate is an Inferred Mineral Resource of 201.9 M lbs of U3O8 contained in 3.48 M tonnes of mineralization grading 2.63% U3O8.
NexGen Energy Ltd. (TSXV:NXE, OTCQX:NXGEF) announced the results of its maiden independent Mineral Resource estimate for the Arrow uranium deposit on the Company’s 100% owned Rook I property in Saskatchewan’s Athabasca basin. Based on holes drilled and assayed to the end of October 2015 (AR-14-01 to AR-15-62), the estimate is an Inferred Mineral Resource of 201.9 M lbs of U3O8 contained in 3.48 M tonnes of mineralization grading 2.63% U3O8.
Garrett Ainsworth, Vice-President, Exploration and Development, commented:
Arrow is now officially a world class high grade uranium deposit containing 201.9 M lbs at 2.63% U3O8 of Inferred Mineral Resources. This maiden resource is based on 59,796 m of drilling where 80 out of 82 holes hit disseminated to massive uranium mineralization associated with four stacked sub-vertical shear zones starting from 100m below surface. Arrow is uniquely 100% land based with mineralization entirely basement-hosted with very low concentrations of deleterious elements associated with the uraninite-dominated mineralization presenting straightforward geochemistry with respect to processing. The Arrow deposit’s maiden resource is an incredible milestone for NexGen and its shareholders, and showcases the southwest Athabasca Basin as one of the most important districts globally.
Leigh Curyer, Chief Executive Officer commented:
Arrow has developed into the largest undeveloped uranium asset in the AthabascaBasin. It has been achieved at an unprecedented speed and truly sets one for the record books in terms of cost of discovery at approximately $0.13 per pound U3O8. An achievement reflecting the technical expertise, commercial management and disciplines of the entire NexGen team. Arrow is in its infancy and the NexGen team is looking forward to continued resource and project development to achieve its goal of becoming a major global supplier of nuclear fuel.