NexGen announced it has successfully concluded a 54-hole winter drilling campaign at the Arrow and Arrow South targets, as well as a regional program.
NexGen Energy (TSX:NXE, NYSEAMERICAN:NXE) announced it has successfully concluded a 54-hole winter drilling campaign at the Arrow and Arrow South targets, as well as a regional exploration program.
The project located on the company’s Rook 1 uranium property in Saskatchewan’s Athabasca Basin unearthed mineralization in a new shear called A0 Shear.
According to a press release, “AR-18-187c3 intersected 33.0 m of total composite mineralization including 0.3 m of total composite off-scale radioactivity within a 67.5 m section in the A0 shear.”
In addition to this latest discovery, the final drill hole of the 2018 winter program intersected off-scale mineralization 160 m northwest of the A0 shear. NexGen said this new area of mineralization has yet to be defined but may be feasible for future expansion of the Arrow Deposit.
The company began the winter drill programme with four targets in mind, further exploration of the A1 and A2 Shear expansion of Shear A2 Shear A3 infill and regional exploration.
“The four winter 2018 drill program objectives were successfully reached,” VP operations and development, Troy Bosijoli said. “Additionally, expansion of mineral resources within the A1 and A2 shear zones from the AR-18-189 series holes demonstrate Arrow remains open on strike.”
During the winter drill campaign, which comprised of 30,208 m, exploration focused to the northeast of the Arrow deposit, intersected significant mineralization within the A1 and A2 shears. The systematic step-outs to the northeast are believed to be promising, indicating Arrow remains largely open and untested at these elevations in the A1 and A2 shears.
“The targeted winter drill campaign focused on converting inferred to indicated, expanding the overall footprint in previously untested areas and understanding future growth potential of Arrow,” NexGen CEO, Leigh Curyer stated in the company announcement. “Troy and his team are already in planning for a summer 2018 exploration and development program.”
After facing a brief tumble yesterday afternoon, NexGen stocks opened Friday (May 4) at US$2.06, down 22 percent from its week-high of US$2.14 on Wednesday (May 2).
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.