Resource News

NexGen Energy (TSX:NXE) has reported the discovery of a new high grade zone of mineralization 4.7 km northeast of the Arrow Deposit as part of its on-going summer drilling program on its 100 percent owned Rook I property in the Athabasca Basin. As quoted in the press release: Regional drilling approximately 4.7 km northeast of …

NexGen Energy (TSX:NXE) has reported the discovery of a new high grade zone of mineralization 4.7 km northeast of the Arrow Deposit as part of its on-going summer drilling program on its 100 percent owned Rook I property in the Athabasca Basin.
As quoted in the press release:

Regional drilling approximately 4.7 km northeast of Arrow has resulted in a new discovery of high grade uranium mineralization.  Discovery hole HP-16-08 intersected 17.0 m of continuous mineralization (220.0 to 237.0 m) including 4.5 m of off-scale radioactivity (>10,000 to >61,000 cps). This new zone has been named the Harpoon Discovery and is defined by the presence of strong visible uranium mineralization and includes dense accumulations of massive to semi-massive pitchblende mineralization. The discovery hole was a 250 m step-out along trend to the northeast of hole HP-16-06 (also reported in this news release), which encountered 1.5 m of continuous mineralization (<500 to 2200 cps) from 303.0 to 304.5 m.  The Harpoon Discovery is on land and starts at a vertical depth of approximately 210 m.
In addition, uranium occurrences between Arrow and along trend to the northeast at Harpoon have now been traced over a mineralized strike length of 5.6 km all within the Rook I property.
Radioactivity results for the discovery hole and three other holes drilled in the same area are included in this press release. The area was first drilled in the summer of 2015 with four holes (see news release dated September 22, 2015).
Highlights:
Harpoon Discovery

  • Drill hole HP-16-08 intersected 17.0 m of continuous mineralization (220.0 to 237.0 m) including 4.5 m of off-scale radioactivity (>10,000 to >61,000 cps) and dense accumulations of massive to semi-massive pitchblende with maximum radioactivity exceeding 61,000 cps.
  • HP-16-06 intersected 1.5 m of continuous mineralization (<500 to 2200 cps) from 303.0 to 304.5 m, and is located 250 m to the southwest of HP-16-08 towards the Arrow Deposit.
  • The Harpoon Discovery is located on a Rook I internal mineral disposition (northeast of green dashed line in Figure 1) which is subject to a 2% net smelter return royalty (the “NSR”) of which 1% can be repurchased by the Company for $1 million which is held by Advanced Royalty Corp. In addition, Harpoon is subject to a 10% production carried interest held by Rio Tinto Uranium Corporation (“Rio Tinto”) which provides Rio Tinto with a right to 10% of potential future production provided Rio Tinto pays NexGen their 10% pro rata portion of the collective expenditure from June 20, 2005.

Click here to read the full press release.

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