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All amounts in Canadian dollars unless specified otherwise
Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTC:ELVUF) is pleased to announce the discovery of a uranium mineralised zone extending continuously over a further 10 kilometres to the northeast of the Koppies 2 resource. On 4 May 2022, in an ASX release titled “22% Increase in Mineral Resources”, the Company announced the initial JORC (2012) Inferred Mineral Resource Estimate (“MRE”) of 20.3 million pounds (“Mlb”) eU3O8 at its Koppies Uranium Project in Namibia (See Page 8). The announcement also identified the potential to expand the mineralisation of Koppies beneath, adjacent and to the northeast.
Highlights:
- Uranium mineralisation identified, extending the anomaly another 10 km to the northeast of Koppies.
- Mineralisation is up to 1,000 metres wide.
- Mineralisation is generally less than 10 metres below surface.
- Potential to add significantly to existing 20 Mlb U3O8 mineral resource at Koppies.
Subsequent to identifying the potential for mineralisation to the northeast, a field trip was undertaken in July 2022 to ground truth the regional trend northeast of Koppies 2 within the radiometric anomaly identified from the airborne survey completed in 2008. This area is now referred to as Koppies 3 (see Figure 2). Following that field trip, it was decided to drill five lines progressively along the radiometric anomaly, with the fifth drill line 10 kilometres northeast of Koppies 2. All five drill lines intersected uranium mineralisation greater than 100 ppm eU3O8.
Figure 1 highlights the mineralisation identified to date at Koppies 3 and the drilling completed on Koppies 3 Extension to the northeast of Koppies.
Elevate Uranium’s Managing Director, Murray Hill, commented:
“The potential of Koppies continues to improve with each drill line. We currently have a mineral resource of 20.3 million pounds of uranium at Koppies and we have identified that uranium mineralisation extends for another 10 kilometres to the northeast of the Koppies 1 and 2 resources. As is the case at Koppies 1 and 2, the uranium mineralisation is shallow and generally less than 10 metres below the surface.
This discovery has the potential to substantially expand the Koppies uranium resource. A second drill rig has been mobilised to Koppies to accelerate the drill program.”
Figure 1 The New Discovery at Koppies 3 Extension
Click here for the full ASX Release for the full ASX Release
This article includes content from Elevate Uranium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
EL8:AU
Renforth’s Parbec Surface Program Concluded, Succesfully Intersects Mineralized Lenses
The Diorite Nose/NW area was initially trenched in 2017, returning 1.55 g/t Au over 9m, including 3.94 g/t over 1m (press release May 9 2019). This area was expanded to create a bedrock exposure which was washed, mapped and channelled, with some adjacent unwashed stripping also undertaken. This exposure revealed felsite and porphyry units forming discontinuous lenses, demonstrated as mineralized in prior trenching, and dykes which strongly cross-cut the regional structures, namely the Cadillac Break. In addition to this at least 3 low-angle quartz veins were discovered in the NW and an area of the Cadillac Break schists which contains multiple narrow lenses of diorite, felsite and quartz which strongly resemble mixed-lithology mineralized zones seen in several of Renforth’s drillholes in the NW.
The southern Sediment/Splay area was trenched over a diorite/schist unit (a Diorite Splay) forming a prominent ridge and ended in the Pontiac Sediments in the south. This area was mapped in a preliminary fashion only as washing was not possible due to equipment breakdown. The target of this trenching was mineralized veins intersected along the south margin of the diorite in drill holes, several veins were uncovered on surface in expected locations when projected to surface.
The undrilled area of the Cadillac Break with outcrop was stripped and exposed two lenses of a type of felsite set in schist close to the south margin of a large diorite. This area could not be washed but samples were selected.
The undrilled area near the ramp was stripped in the vicinity of the previous grab sample of 1.04 g/t Au taken on a narrow ridge. Stripping revealed a number of bulbous ridges in the area of the original showing, numerous quartz veins were exposed over 5m in strike, these were sampled. Also exposed was a 1.5m wide felsite-type structure striking almost N/S, perpendicular to the Break, this program has highlighted several of these, their presence is of interest as they could have been missed in drilling to date, which has all been carried out perpendicular (almost N/S) to the Break where it would be alongside the structures.
Samples were cut, bagged and tagged in the field by the geologists, they have been delivered for assay and will be reported upon once results are available.
Brian H. Newton P.Geo, a qualified person pursuant to the guidelines contained in National Instrument 43-101, has approved the technical information found in this press release.
For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
T:905-831-9606
E: nicole@renforthresources.com
#269 – 1099 Kingston Road, Pickering ON L1V 1B5
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
Click here to connect with Renforth Resources (CSE:RFR) for an Investor Presentation.
Source: www.accesswire.com
New Tenements Approved to Commence Geological Works
HIGHLIGHTS
- C29 has received Category four (4) exploration works approval for its newly granted southern & northern tenements.
- Immediate commencement of airborne geophysical & ground engaging geological programs excluding drilling.
- The Company anticipates that the drilling contractor will commence mobilisation to site for the initial diamond drilling program at the Ulytau tenement by the end of this week.
The Company’s geology team is already established on site with the impending initial diamond drilling program commencing shortly at its Ulytau tenement (#1860-EL) and will simultaneously commence airborne geophysics programs on Ulytau and the southern tenement (#2786-EL). Refer Figure 1 for Ulytau Uranium Project Tenement locations and geophysical survey flight lines.
The Category 4 approval has been granted in rapid time and once again demonstrates the efficiency of the Kazakhstan regulators and the respected relationship that C29 Metals has established at all levels of government and regulators.
The Company anticipates that the drilling contractor will commence mobilisation to site for the initial diamond drilling program at the Ulytau tenement by the end of this week.
Exploration activities on the Company’s northern tenement (#2826-EL) are scheduled for Q1 of CY2025.
C29 Metals Managing Director, Mr Shannon Green, commented:
“It is very exciting to have the Category four (4) exploration approval granted enabling our geology team to immediately commence both boots on ground and airborne field works. This once again demonstrates the positive operating environment in Kazakhstan and the support the company is enjoying”.
Airborne Geophysical survey
The airborne geophysical survey is a helicopter borne electromagnetic survey over EL1860 and EL2786. Refer Figure 1 for Ulytau Uranium Project Tenement locations and geophysical survey flight lines.
Figure 1 - Ulytau project tenement locations & geophysical survey flight lines
The survey will acquire electromagnetics, magnetics and radiometrics. Modern advancements in processing of electromagnetic surveys allow a much more sophisticated interpretation. To this end, Intrepid geophysics based in Melbourne, Victoria have been engaged to oversee survey design and processing. The processing will be completed using the proprietary “Moksha” 2.5D inversion technique detailed In Paterson, 2021 “2.5D Airborne Electromagnetic inversion: A review of the benefits of moving to a higher dimension”.
Click here for the full ASX Release
This article includes content from C29 Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Cameco Reports Document Filings
Cameco( TSX: CCO; NYSE: CCJ) reported today that it filed a technical report for the Inkai operation on a voluntary basis under National Instrument 43-101 Standards of Disclosure of Mineral Projects ("NI 43-101"). The technical report is being filed to provide updated information relating to the Inkai operation and not as a result of a requirement under NI 43-101. The technical report has been posted on our website and SEDAR+ at www.sedarplus.ca and on EDGAR on the SEC website at www.sec.gov . Our website, SEDAR+ and EDGAR are not part of this press release and are not incorporated by reference herein. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions and exclusions therein.
Additionally, Cameco filed a short form base shelf prospectus dated November 12, 2024 (the "Base Shelf Prospectus") with the securities regulatory authorities in each of the provinces and territories of Canada, and a corresponding shelf registration statement on Form F-10 with the United States Securities and Exchange Commission under the Multijurisdictional Disclosure System (File No. 333-283140) (the "U.S. Registration Statement"). These filings allow Cameco to make offerings of common shares, preferred shares, warrants, subscription receipts, debt securities and units or any combination thereof, having an aggregate offering price of up to $2 billion (US) (or its equivalent in another currency) during the next 25 months in Canada and the United States. The specific terms of any offering of securities will be set forth in a shelf prospectus supplement.
In addition, Cameco has entered into an equity distribution agreement (the "Distribution Agreement") dated November 12, 2024 with TD Securities Inc., CIBC World Markets Inc. and Scotia Capital Inc., as Canadian agents, and TD Securities (USA) LLC, CIBC World Markets Corp. and Scotia Capital (USA) Inc., as U.S. agents, to establish an at-the-market equity program (the "ATM Program") that allows Cameco to issue, at its discretion, up to $500 million (US) (or its Canadian dollar equivalent) of common shares from treasury to the public from time to time. The ATM Program is established pursuant to a prospectus supplement to the Base Shelf Prospectus (the "Canadian ATM Supplement"), and a corresponding prospectus supplement to the U.S. Registration Statement (the "U.S. ATM Supplement"). The ATM Program will be effective until December 12, 2026, unless fully utilized or terminated before such date in accordance with the terms of the Distribution Agreement.
Subject to the terms of the Distribution Agreement, the volume and timing of distributions under the ATM Program, if any, will be determined at Cameco's sole discretion. As common shares sold in the ATM Program will be distributed at the prevailing market price at the time of the sale, prices may vary among purchasers during the period of the distribution. Any common shares sold in the ATM Program will be sold in transactions that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 - Shelf Distributions, through the Toronto Stock Exchange, the NYSE or by any other method permitted by law, at the prevailing market price at the time of sale.
Net proceeds of the ATM Program, if any, are expected to fund development opportunities, future acquisitions, repayment of indebtedness, and/or other general corporate purposes.
"Today, our balance sheet is strong, and with the return to our tier-one production run rate and cost basis, we expect continued strong cash flow generation," said Grant Isaac, Cameco's Executive Vice-President and CFO. "And, we are adding to the tools we have available to fund future capital requirements, which include our operating cash flow, our existing credit facilities, new credit facilities, and additional capital raised through debt or equity financings. We believe having all these financial tools in place is prudent, providing us with added flexibility to support our strategy and to self-manage risk into the future."
Cameco has filed the Base Shelf Prospectus and the Canadian ATM Supplement with the securities regulatory authorities in each of the provinces and territories of Canada, and has filed the U.S. Registration Statement and the U.S. ATM Supplement with the United States Securities and Exchange Commission (the "SEC"). Before you invest, you should read these documents and other documents Cameco has filed with the securities regulatory authorities in each of the provinces and territories of Canada or the SEC, as applicable, for more complete information about Cameco and the ATM Program. Copies of the Base Shelf Prospectus, the Canadian ATM Supplement and the Distribution Agreement are available free of charge on SEDAR+ at www.sedarplus.ca , and copies of the U.S. Registration Statement, the U.S. ATM Supplement and the Distribution Agreement are available free of charge on EDGAR on the SEC website at www.sec.gov .
You may also obtain copies of the Base Shelf Prospectus and the Canadian ATM Supplement in Canada from: TD Securities Inc., 1625 Tech Avenue, Mississauga, Ontario, L4W 5P5, Attention: Symcor, NPM, or by telephone at 289-360-2009 or by email at sdcconfirms@td.com ; CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.CanadianProspectus@cibc.com ; or Scotia Capital Inc., 40 Temperance Street, 6th Floor, Toronto, Ontario M5H 0B4, Attention: Equity Capital Markets, or by telephone at 416-863-7704, or by email at equityprospectus@scotiabank.com . You may also obtain copies of the U.S. Registration Statement and the U.S. ATM Supplement in the United States from: TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, Attention: Equity Capital Markets or by email at TD.ECM_Prospectus@tdsecurities.com ; CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.USProspectus@cibc.com ; or Scotia Capital (USA) Inc., 250 Vesey Street, 24th Floor, New York, NY 10281, Attention: Equity Capital Markets or by telephone at 212-255-6854 or by email at us.ecm@scotiabank.com .
No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities in any province, territory, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, territory, state or jurisdiction.
Caution about forward-looking information
Certain information in this news release, including statements regarding potential sales of common shares through the ATM Program, the anticipated use of the net proceeds of the ATM Program and expected continued strong cash flows, constitutes "forward-looking information" within the meaning of applicable securities laws in Canada and the United States, including the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking information and statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by them. Sentences and phrases containing words such as "believe", "estimate", "anticipate", "plan", "will", "intend", "predict", "outlook", "goal", "target", "forecast", "project", "scheduled", "proposed", "expect", "potential", "strategy", and the negative of any of these words, or variations of them, or comparable terminology that does not relate strictly to current or historical facts, are all indicative of forward-looking information or statements.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Cameco as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of Cameco's current annual information form, the Canadian ATM Supplement, the U.S. ATM Supplement and in Cameco's other materials filed with the Canadian securities regulatory authorities and the SEC from time to time, available at www.sedarplus.ca and www.sec.gov , respectively. These factors are not intended to represent a complete list of the factors that could affect Cameco; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Cameco expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112269090/en/
Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com
News Provided by Business Wire via QuoteMedia
NexGen Announces Best Hole to Date and High-Grade Expansion at Patterson Corridor East Concluding a Successful 2024 Drilling Program
- NexGen's 2024 exploration campaign delivered a new discovery on Rook I at Patterson Corridor East ("PCE") 3.5km east of Arrow.
- Subsequent drilling has materially expanded the mineralized zone to 600 m strike length and 600 m vertical extent with 19 of 30 holes intersecting mineralization including 10 holes with multiple intervals >10,000 cps.
- Today's announcement highlights the best hole to date at PCE (RK-24-222) returns 17.0 m wide vein with multiple high intensity (>61,000 cps) occurrences.
- In 2024, PCE is the largest drill program in the Athabasca Basin by any Company at 34,000 meters (m).
NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is proud to announce the completion of its 2024 drilling campaign at Patterson Corridor East (PCE) that included more than 34,000 m across a total of 46 drillholes. Upon initial discovery of intense uranium mineralization at PCE ( see March 11 News Release ), the Company directed all drilling activity to focus exclusively on PCE, whereby 19 of 30 holes intersected mineralization. Bold and systematic spacing of drillhole intercepts have quickly grown the discovery from a single hole to a broad and continuous new uranium discovery. Real-time evaluation of results throughout the duration of the program focused on determining the overall outer extents of the mineralized zone and in parallel, precisely targeting high-grade sub-domains (Figures 1 and 2, Table 1).
In late October, a high-grade portion has presented itself within the overall mineralized zone with upgraded intensity of mineralization in the now best hole to date, RK-24-222 (Figure 3). A 17.0 m wide vein with multiple occurrences of off-scale (>61,000 cps) mineralization (Table1, Figure 3). In addition, RK-24-220 and -223 intersected strong mineralization up to 41,000 cps and 40,000 cps, respectively including multiple intercepts of >10,000 cps. System strength is confirmed by these zones characterized by semi-massive to massive replacement by uraninite. A high-grade sub-domain of the mineralized footprint now covers 100 m of strike and 170 m of depth extent with potential growth in all directions (Figure 2). The high-grade intersection in RK-24-222 represents the fifth drillhole at PCE to return off-scale (>61,000 cps) mineralization, joining previous significant intersections in RK-24-183, -197, -202, and -207.
Leigh Curyer, Chief Executive Officer, commented: "This focused effort has elevated the materiality of PCE and today's results highlight the increasing potential of the PCE system with RK-24-222. With 600 m of strike length and 600 m of depth extent, this new zone located entirely within competent basement rock only 3.5 km from the flagship world-class Arrow deposit has emerged as a compelling and prospective addition to NexGen's dominant portfolio in the south western section of the Athabasca Basin.
NexGen's disciplined dual focus on the advancement of the Rook I Project and the expanded exploration at PCE demonstrates the Company's commitment to unlocking the full potential of this major uranium district at a time where the need for clean affordable safe baseload energy has never been more evident. With the world's leading tech companies all committing to nuclear power in recent month's the outlook is incredibly exciting in the nuclear fuel space."
Assays from disclosed intersections are expected in Q4 2024 and Q1 2025, with reporting to follow. Exploration activity will resume in January 2025 with planning underway for a significant drill program at PCE where the prospectivity for material growth is clearly evident.
Table 1: 2024 Spectrometer results since previous release on August 8, 2024
Drillhole | Unconformity | Handheld Spectrometer Results (RS-125) | ||||||
Hole ID | Azimuth | Dip | Total | From | To (m) | Width | CPS Range | |
RK-24-208 | 310 | -70 | 756 | 104.3 | 435 | 435.5 | 0.5 | |
435.5 | 436 | 0.5 | ||||||
522 | 522.5 | 0.5 | ||||||
523 | 523.5 | 0.5 | ||||||
655 | 655.5 | 0.5 | ||||||
655.5 | 656 | 0.5 | ||||||
657.5 | 658 | 0.5 | ||||||
658.5 | 659 | 0.5 | ||||||
665.5 | 666 | 0.5 | ||||||
666 | 666.5 | 0.5 | ||||||
669.5 | 670.5 | 1 | ||||||
670.5 | 671 | 0.5 | 560 - 950 | |||||
671 | 671.5 | 0.5 | 1400 - 3560 | |||||
673 | 673.5 | 0.5 | ||||||
673.5 | 674 | 0.5 | 500 - 1140 | |||||
674 | 675 | 1 | ||||||
680 | 681 | 1 | ||||||
685.5 | 686 | 0.5 | ||||||
686.5 | 687 | 0.5 | 600 - 800 | |||||
687 | 687.5 | 0.5 | 900 - 3000 | |||||
687.5 | 688 | 0.5 | ||||||
689 | 689.5 | 0.5 | ||||||
689.5 | 690 | 0.5 | 1300 - 5700 | |||||
690 | 690.5 | 0.5 | ||||||
690.5 | 691 | 0.5 | ||||||
691.5 | 692 | 0.5 | ||||||
692 | 692.5 | 0.5 | ||||||
692.5 | 693 | 0.5 | ||||||
693 | 693.5 | 0.5 | ||||||
693.5 | 694 | 0.5 | ||||||
694 | 694.5 | 0.5 | ||||||
694.5 | 695 | 0.5 | ||||||
695 | 695.5 | 0.5 | 550 - 1500 | |||||
695.5 | 696 | 0.5 | ||||||
696 | 696.5 | 0.5 | ||||||
697.5 | 698.5 | 1 | ||||||
RK-24-209 | 310 | -70 | 840 | 110.7 | 395 | 396 | 1 | |
627.5 | 628 | 0.5 | ||||||
695 | 695.5 | 0.5 | ||||||
759 | 759.5 | 0.5 | ||||||
RK-24-210 | 310 | -70 | 1095 | 102.4 | 639 | 639.5 | 0.5 | |
639.5 | 640 | 0.5 | ||||||
640 | 640.5 | 0.5 | ||||||
854 | 854.5 | 0.5 | ||||||
854.5 | 855 | 0.5 | ||||||
855.5 | 856 | 0.5 | ||||||
856 | 856.5 | 0.5 | ||||||
857.5 | 858 | 0.5 | ||||||
858 | 858.5 | 0.5 | ||||||
862 | 862.5 | 0.5 | ||||||
863.5 | 864 | 0.5 | ||||||
869 | 869.5 | 0.5 | ||||||
869.5 | 870 | 0.5 | ||||||
874.5 | 875 | 0.5 | ||||||
875.5 | 876 | 0.5 | ||||||
876 | 876.5 | 0.5 | 2700 - 6500 | |||||
876.5 | 877 | 0.5 | ||||||
877 | 879 | 2 | ||||||
879 | 879.5 | 0.5 | ||||||
879.5 | 880 | 0.5 | ||||||
880 | 880.5 | 0.5 | ||||||
880.5 | 881 | 0.5 | 600 - 1200 | |||||
881 | 881.5 | 0.5 | ||||||
881.5 | 882 | 0.5 | ||||||
882 | 882.5 | 0.5 | ||||||
882.5 | 883 | 0.5 | 800 - 3400 | |||||
883 | 883.5 | 0.5 | ||||||
884.5 | 885 | 0.5 | ||||||
885.5 | 886 | 0.5 | ||||||
886 | 886.5 | 0.5 | ||||||
886.5 | 887 | 0.5 | ||||||
888 | 888.5 | 0.5 | ||||||
888.5 | 889 | 0.5 | ||||||
915.5 | 916.5 | 1 | ||||||
920 | 920.5 | 0.5 | ||||||
921 | 921.5 | 0.5 | ||||||
921.5 | 922 | 0.5 | ||||||
RK-24-211 | 310 | -70 | 1302 | 103.1 | 776.5 | 777 | 0.5 | |
784 | 784.5 | 0.5 | ||||||
1116.5 | 1117 | 0.5 | ||||||
RK-24-212 | 315 | -70 | 137 | 121 | No Significant Intersections | |||
RK-24-213 | 310 | -70 | 936 | 87 | No Significant Intersections | |||
RK-24-214 | 310 | -70 | 989 | 111.6 | 463 | 463.5 | 0.5 | |
466.5 | 467 | 0.5 | ||||||
859.5 | 860 | 0.5 | ||||||
862.5 | 863.5 | 1 | ||||||
863.5 | 864 | 0.5 | ||||||
865 | 865.5 | 0.5 | ||||||
865.5 | 866 | 0.5 | ||||||
866 | 866.5 | 0.5 | ||||||
867.5 | 868 | 0.5 | ||||||
868 | 868.5 | 0.5 | ||||||
868.5 | 869 | 0.5 | ||||||
869.5 | 870 | 0.5 | ||||||
RK-24-215 | 310 | -70 | 840 | 114.8 | 542 | 542.5 | 0.5 | 600 - 1300 |
542.5 | 543 | 0.5 | 2200 - 3200 | |||||
543 | 543.5 | 0.5 | 6000 - 11000 | |||||
543.5 | 544 | 0.5 | ||||||
544 | 544.5 | 0.5 | ||||||
544.5 | 545 | 0.5 | 600 - 3500 | |||||
545 | 545.5 | 0.5 | 500 - 1800 | |||||
545.5 | 546 | 0.5 | ||||||
546 | 546.5 | 0.5 | ||||||
546.5 | 547 | 0.5 | ||||||
547 | 547.5 | 0.5 | ||||||
551.5 | 552 | 0.5 | ||||||
552 | 553.5 | 1.5 | ||||||
564.5 | 565 | 0.5 | ||||||
570 | 570.5 | 0.5 | ||||||
570.5 | 571 | 0.5 | ||||||
571 | 571.5 | 0.5 | ||||||
571.5 | 572 | 0.5 | ||||||
572 | 572.5 | 0.5 | ||||||
583.5 | 584 | 0.5 | ||||||
584.5 | 585 | 0.5 | ||||||
585 | 585.5 | 0.5 | 600 - 1500 | |||||
585.5 | 586 | 0.5 | ||||||
586 | 586.5 | 0.5 | ||||||
586.5 | 587 | 0.5 | ||||||
587 | 588 | 1 | ||||||
588 | 588.5 | 0.5 | 600 - 2000 | |||||
588.5 | 589 | 0.5 | 700 - 2100 | |||||
589 | 589.5 | 0.5 | ||||||
589.5 | 590 | 0.5 | 1200 - 1500 | |||||
590.5 | 591 | 0.5 | ||||||
600 | 600.5 | 0.5 | ||||||
604.5 | 605 | 0.5 | ||||||
608.5 | 609 | 0.5 | ||||||
609 | 609.5 | 0.5 | 800 - 2850 | |||||
609.5 | 610 | 0.5 | ||||||
610 | 610.5 | 0.5 | ||||||
621.5 | 622 | 0.5 | ||||||
622 | 622.5 | 0.5 | ||||||
643 | 643.5 | 0.5 | ||||||
646 | 646.5 | 0.5 | ||||||
646.5 | 647 | 0.5 | ||||||
647 | 647.5 | 0.5 | ||||||
647.5 | 648 | 0.5 | ||||||
648 | 649 | 1 | ||||||
657 | 657.5 | 0.5 | ||||||
658 | 658.5 | 0.5 | ||||||
658.5 | 659 | 0.5 | ||||||
659 | 659.5 | 0.5 | ||||||
665.5 | 666 | 0.5 | ||||||
681 | 681.5 | 0.5 | ||||||
681.5 | 682 | 0.5 | ||||||
RK-24-216 | 310 | -70 | 1071 | 99.7 | 787 | 787.5 | 0.5 | |
787.5 | 788 | 0.5 | 1100 - 3700 | |||||
788 | 788.5 | 0.5 | 800 - 1200 | |||||
788.5 | 789 | 0.5 | ||||||
789.5 | 790 | 0.5 | ||||||
790 | 790.5 | 0.5 | ||||||
790.5 | 791 | 0.5 | ||||||
791.5 | 792 | 0.5 | ||||||
805 | 805.5 | 0.5 | ||||||
805.5 | 806 | 0.5 | ||||||
807.5 | 808.5 | 1 | ||||||
811.5 | 812 | 0.5 | ||||||
815 | 815.5 | 0.5 | ||||||
815.5 | 816 | 0.5 | ||||||
819 | 820 | 1 | ||||||
RK-24-217 | 310 | -70 | 1185 | 105.6 | 519 | 520 | 1 | |
528.5 | 529 | 0.5 | ||||||
709 | 710 | 1 | ||||||
RK-24-217a | 310 | -70 | 120 | 105.1 | No Significant Intersections | |||
RK-24-218 | 310 | -70 | 696 | 109.6 | 325.5 | 326 | 0.5 | |
424.5 | 425 | 0.5 | ||||||
425.5 | 426 | 0.5 | ||||||
463.5 | 464 | 0.5 | ||||||
494.5 | 495 | 0.5 | ||||||
515.5 | 516 | 0.5 | ||||||
516 | 516.5 | 0.5 | ||||||
516.5 | 517 | 0.5 | ||||||
517 | 517.5 | 0.5 | 500 - 4300 | |||||
517.5 | 518 | 0.5 | ||||||
518 | 518.5 | 0.5 | 1000 - 2000 | |||||
518.5 | 519 | 0.5 | ||||||
RK-24-219 | 310 | -70 | 1187 | 99.8 | 758.5 | 759 | 0.5 | |
759.5 | 760 | 0.5 | ||||||
897.5 | 898 | 0.5 | ||||||
982 | 982.5 | 0.5 | ||||||
RK-24-220 | 310 | -70 | 732 | 116 | 387 | 387.5 | 0.5 | |
445.5 | 446 | 0.5 | ||||||
446 | 446.5 | 0.5 | ||||||
446.5 | 447 | 0.5 | ||||||
452 | 452.5 | 0.5 | ||||||
452.5 | 453 | 0.5 | ||||||
453 | 454.5 | 1.5 | ||||||
454.5 | 455 | 0.5 | ||||||
455.5 | 456 | 0.5 | ||||||
456 | 456.5 | 0.5 | 600 - 1300 | |||||
456.5 | 457 | 0.5 | ||||||
457 | 457.5 | 0.5 | 700 - 27000 | |||||
457.5 | 458 | 0.5 | 1700 - 41000 | |||||
459.5 | 460 | 0.5 | ||||||
460 | 461 | 1 | ||||||
461 | 461.5 | 0.5 | ||||||
461.5 | 462 | 0.5 | ||||||
462 | 462.5 | 0.5 | 740 - 2000 | |||||
462.5 | 463 | 0.5 | 3500 - 4500 | |||||
463 | 463.5 | 0.5 | 1300 - 6000 | |||||
463.5 | 464 | 0.5 | 600 - 6500 | |||||
464 | 464.5 | 0.5 | 600 - 2000 | |||||
464.5 | 465 | 0.5 | 700 - 4000 | |||||
465 | 465.5 | 0.5 | ||||||
465.5 | 466 | 0.5 | 1200 - 8200 | |||||
466 | 466.5 | 0.5 | ||||||
477.5 | 478 | 0.5 | ||||||
478 | 478.5 | 0.5 | ||||||
479 | 479.5 | 0.5 | ||||||
479.5 | 480 | 0.5 | ||||||
480 | 480.5 | 0.5 | ||||||
480.5 | 481 | 0.5 | 680 - 1300 | |||||
481 | 481.5 | 0.5 | ||||||
481.5 | 482 | 0.5 | ||||||
482 | 482.5 | 0.5 | ||||||
482.5 | 483 | 0.5 | ||||||
483 | 483.5 | 0.5 | ||||||
483.5 | 484 | 0.5 | ||||||
484 | 484.5 | 0.5 | ||||||
484.5 | 485 | 0.5 | ||||||
485 | 485.5 | 0.5 | 3000 - 16000 | |||||
485.5 | 486 | 0.5 | ||||||
486 | 486.5 | 0.5 | ||||||
486.5 | 487 | 0.5 | ||||||
487 | 488 | 1 | ||||||
489 | 489.5 | 0.5 | ||||||
489.5 | 490 | 0.5 | ||||||
490 | 490.5 | 0.5 | ||||||
490.5 | 491 | 0.5 | ||||||
491 | 491.5 | 0.5 | ||||||
491.5 | 492 | 0.5 | ||||||
495 | 495.5 | 0.5 | ||||||
495.5 | 496 | 0.5 | ||||||
496 | 496.5 | 0.5 | ||||||
496.5 | 497 | 0.5 | ||||||
497 | 497.5 | 0.5 | 2600 - 2600 | |||||
497.5 | 498 | 0.5 | ||||||
498 | 498.5 | 0.5 | ||||||
498.5 | 499 | 0.5 | ||||||
503 | 503.5 | 0.5 | ||||||
503.5 | 504.5 | 1 | ||||||
525.5 | 526 | 0.5 | ||||||
539 | 539.5 | 0.5 | ||||||
539.5 | 540 | 0.5 | 540 - 7300 | |||||
570.5 | 571 | 0.5 | ||||||
579.5 | 580 | 0.5 | ||||||
580 | 580.5 | 0.5 | ||||||
580.5 | 581 | 0.5 | ||||||
583 | 583.5 | 0.5 | ||||||
583.5 | 584 | 0.5 | ||||||
584 | 584.5 | 0.5 | ||||||
596.5 | 597 | 0.5 | ||||||
597 | 597.5 | 0.5 | ||||||
599.5 | 600 | 0.5 | ||||||
RK-24-221 | 310 | -70 | 861.6 | 115.9 | 302 | 302.5 | 0.5 | |
302.5 | 303 | 0.5 | ||||||
303 | 303.5 | 0.5 | ||||||
594.5 | 595 | 0.5 | ||||||
595 | 595.5 | 0.5 | ||||||
597.5 | 598 | 0.5 | ||||||
599 | 599.5 | 0.5 | ||||||
642 | 642.5 | 0.5 | ||||||
642.5 | 643 | 0.5 | ||||||
643 | 643.5 | 0.5 | ||||||
644 | 644.5 | 0.5 | ||||||
650.5 | 651 | 0.5 | ||||||
697.5 | 698 | 0.5 | ||||||
698 | 698.5 | 0.5 | ||||||
RK-24-222 | 354 | -65 | 753 | 108.4 | 588 | 588.5 | 0.5 | 770 - 1200 |
598 | 599.5 | 1.5 | ||||||
602.5 | 603 | 0.5 | ||||||
603 | 603.5 | 0.5 | 640 - 2000 | |||||
603.5 | 604.5 | 1 | ||||||
604.5 | 605 | 0.5 | 3000 - 20000 | |||||
605 | 605.5 | 0.5 | 5800 - 17000 | |||||
605.5 | 605.6 | 0.1 | 18000 - 60000 | |||||
605.6 | 605.7 | 0.1 | >61000 | |||||
605.7 | 606 | 0.3 | 9000 - 60000 | |||||
606 | 606.5 | 0.5 | 1800 - 10000 | |||||
606.5 | 607 | 0.5 | ||||||
607 | 607.4 | 0.4 | 3000 - 60000 | |||||
607.4 | 607.8 | 0.4 | >61000 | |||||
607.8 | 608 | 0.2 | 5000 - 60000 | |||||
608 | 608.2 | 0.2 | 16000 - 60000 | |||||
608.2 | 608.4 | 0.2 | >61000 | |||||
608.4 | 608.5 | 0.1 | 10000 - 60000 | |||||
608.5 | 609 | 0.5 | 6400 - 42000 | |||||
609 | 609.5 | 0.5 | 10000 - 25000 | |||||
609.5 | 610 | 0.5 | 7000 - 25000 | |||||
610 | 610.5 | 0.5 | ||||||
610.5 | 610.9 | 0.4 | 7000 - 60000 | |||||
610.9 | 611 | 0.1 | >61000 | |||||
611 | 611.5 | 0.5 | 4000 - 26000 | |||||
611.5 | 612 | 0.5 | 3000 - 10000 | |||||
612 | 612.5 | 0.5 | 700 - 3000 | |||||
612.5 | 613 | 0.5 | 3000 - 7000 | |||||
613 | 613.5 | 0.5 | 700 - 6000 | |||||
613.5 | 614 | 0.5 | 2000 - 33000 | |||||
614 | 614.5 | 0.5 | 900 - 6000 | |||||
614.5 | 615 | 0.5 | 1900 - 39000 | |||||
615 | 615.5 | 0.5 | 580 - 15000 | |||||
615.5 | 616 | 0.5 | 500 - 5000 | |||||
616 | 616.5 | 0.5 | 900 - 7500 | |||||
616.5 | 617 | 0.5 | 900 - 25000 | |||||
617 | 617.5 | 0.5 | 2800 - 14000 | |||||
617.5 | 618 | 0.5 | 1100 - 3500 | |||||
618 | 618.4 | 0.4 | 1300 - 60000 | |||||
618.4 | 618.5 | 0.1 | >61000 | |||||
618.5 | 619 | 0.5 | 15000 - 31000 | |||||
619 | 619.5 | 0.5 | 9800 - 39000 | |||||
619.5 | 620 | 0.5 | 3400 - 14500 | |||||
620 | 620.5 | 0.5 | 1800 - 24000 | |||||
620.5 | 621 | 0.5 | 2500 - 25000 | |||||
621 | 621.5 | 0.5 | ||||||
622 | 622.5 | 0.5 | ||||||
622.5 | 623 | 0.5 | ||||||
623 | 623.5 | 0.5 | 550 - 18000 | |||||
623.5 | 624 | 0.5 | 500 - 1400 | |||||
624 | 624.5 | 0.5 | ||||||
624.5 | 625 | 0.5 | ||||||
625 | 625.4 | 0.4 | 500 - 60000 | |||||
625.4 | 625.5 | 0.1 | >61000 | |||||
625.5 | 626 | 0.5 | 700 - 40000 | |||||
627 | 627.5 | 0.5 | ||||||
629 | 629.5 | 0.5 | ||||||
640 | 640.5 | 0.5 | ||||||
640.5 | 641 | 0.5 | ||||||
649 | 649.5 | 0.5 | ||||||
658 | 658.5 | 0.5 | ||||||
658.5 | 659 | 0.5 | ||||||
665 | 665.5 | 0.5 | ||||||
668 | 668.5 | 0.5 | ||||||
668.5 | 669 | 0.5 | ||||||
671 | 671.5 | 0.5 | ||||||
687 | 687.5 | 0.5 | ||||||
RK-24-223 | 345 | -66 | TBD | 106.8 | 336 | 336.5 | 0.5 | |
633 | 633.5 | 0.5 | ||||||
633.5 | 634 | 0.5 | ||||||
634 | 634.5 | 0.5 | ||||||
634.5 | 635 | 0.5 | ||||||
635 | 635.5 | 0.5 | ||||||
645.5 | 646 | 0.5 | ||||||
646 | 646.5 | 0.5 | 2100 - 10000 | |||||
646.5 | 647 | 0.5 | 7500 - 24000 | |||||
647 | 647.5 | 0.5 | 1000 - 24000 | |||||
675 | 675.5 | 0.5 | 500 - 4200 | |||||
675.5 | 676 | 0.5 | 1200 - 7200 | |||||
676 | 676.5 | 0.5 | ||||||
678 | 678.5 | 0.5 | ||||||
678.5 | 679 | 0.5 | ||||||
679.5 | 680 | 0.5 | ||||||
689.5 | 690 | 0.5 | ||||||
690 | 690.5 | 0.5 | 5000 - 14000 | |||||
690.5 | 691 | 0.5 | 4000 - 12000 | |||||
691 | 691.5 | 0.5 | ||||||
691.5 | 692 | 0.5 | 3000 - 12000 | |||||
692 | 692.5 | 0.5 | 5000 - 14000 | |||||
692.5 | 693 | 0.5 | ||||||
695.5 | 696 | 0.5 | ||||||
696 | 696.5 | 0.5 | ||||||
696.5 | 697 | 0.5 | ||||||
702.5 | 703.5 | 1 | ||||||
704.5 | 705 | 0.5 | ||||||
713.5 | 714 | 0.5 | ||||||
714.5 | 715 | 0.5 | ||||||
715 | 715.5 | 0.5 | ||||||
716 | 716.5 | 0.5 | 1200 - 1800 | |||||
716.5 | 717 | 0.5 | ||||||
717 | 717.5 | 0.5 | 1500 - 2200 | |||||
717.5 | 718 | 0.5 | ||||||
718 | 718.5 | 0.5 | ||||||
720.5 | 721 | 0.5 | ||||||
721 | 721.5 | 0.5 | ||||||
722 | 722.5 | 0.5 | 1100 - 12000 | |||||
722.5 | 723 | 0.5 | 1500 - 23000 | |||||
723 | 723.5 | 0.5 | 3500 - 37000 | |||||
726 | 726.5 | 0.5 | ||||||
726.5 | 727 | 0.5 | 3000 - 12000 | |||||
727 | 727.5 | 0.5 | ||||||
737.5 | 738 | 0.5 | ||||||
738 | 738.5 | 0.5 | ||||||
743 | 743.5 | 0.5 | ||||||
749 | 750 | 1 | ||||||
756.5 | 757 | 0.5 | ||||||
757.5 | 758 | 0.5 | ||||||
758.5 | 759 | 0.5 | ||||||
759 | 759.5 | 0.5 | ||||||
760 | 760.5 | 0.5 | ||||||
763.5 | 764 | 0.5 | ||||||
764.5 | 765.5 | 1 | ||||||
765.5 | 766 | 0.5 | 900 - 3700 | |||||
766 | 766.5 | 0.5 | 800 - 15000 | |||||
766.5 | 767 | 0.5 | 800 - 25000 | |||||
767 | 767.5 | 0.5 | 1000 - 11000 | |||||
767.5 | 768 | 0.5 | ||||||
772 | 772.5 | 0.5 | ||||||
772.5 | 773 | 0.5 | ||||||
773.5 | 774 | 0.5 | ||||||
774 | 774.5 | 0.5 | ||||||
775 | 775.5 | 0.5 | ||||||
RK-24-224 | 310 | -70 | TBD | 115.8 | TBD | |||
- All depths and intervals are meters downhole, true thicknesses are yet to be determined.
- "Off-scale" refers to >61,000 cps total readings by gamma spectrometer type RS-125.
- Unconformity of 'N/A' denotes a lack of visible contact between Athabasca sandstone and basement rock.
- Maximum internal dilution 2.0 m downhole.
- Minimum thickness of 0.5 m downhole.
- All depths and intervals are metres downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined.
About NexGen
NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company's flagship Rook I Project is being optimally developed into the largest low cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations, and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically, and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada , and the world.
NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol "NXE" and on the Australian Securities Exchange under the ticker symbol "NXG" providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia , with its primary operations office in Saskatoon, Saskatchewan .
Technical Disclosure*
All technical information in this news release has been reviewed and approved by Jason Craven, NexGen's Manager, Exploration, a qualified person under National Instrument 43-101.
Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-125 gamma spectrometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals.
A technical report in respect of the FS is filed on SEDAR ( www.sedar.com ) and EDGAR ( www.sec.gov/edgar.shtml ) and is available for review on NexGen Energy's website ( www.nexgenenergy.ca ).
Cautionary Note to U.S. Investors
This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission ("SEC") set by the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
Forward-Looking Information
The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company's title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at www.sedar.com and Edgar at www.sec.gov .
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company 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 .
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SOURCE NexGen Energy Ltd.
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AuKing Mining
Investor Insight
With a portfolio of advanced stage exploration assets in the uranium, critical minerals and base metals space, AuKing Mining is poised to execute and accomplish its goals of becoming a mid-tier producer, creating significant shareholder value.
Overview
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals, in Western Australia, Tanzania and British Columbia, Canada. The company aims to become a mid-tier copper, uranium and critical metals producer through the acquisition and development of near-term production assets.
AuKing’s portfolio of assets includes the Koongie Park copper-zinc project in Western Australia, the Mkuju uranium project in Tanzania, and the recently acquired Myoff Creek niobium-REE project in British Columbia, Canada.
AuKing has acquired the uranium bearing mineral claim known as the Grand Codroy uranium project approximately 50 km north of Port aux Basque, Newfoundland. Grand Cordroy spans 2,200 hectares and hosts several documented uranium occurrences located along a major radiometric high.
The company is led by an experienced management and board of directors supporting and executing on the company’s strategic goals of becoming a mid-tier producer through its diverse project portfolio.
Company Highlights
- AuKing Mining is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals.
- The company holds a diverse portfolio of advanced exploration assets in Western (Koongie Park), Tanzania (Mkuju) and British Columbia, Canada (Myoff Creek)
- Koongie Park has a mineral resource estimate totalling 21.1 Mt across three well-explored deposits - Onedin, Sandiego and Emull.
- AuKing Mining has completed the purchase of the Grand Codroy uranium exploration project in Newfoundland, Canada.
- AuKing is led by a highly experienced management team executing the company’s strategies to increase shareholder value.
Key Projects
Mkuju Uranium Project (Tanzania)
Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources Limited (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.
During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a proposed 11,000m drilling program that is about to commence at Mkuju. Results included:
Auger drilling:
MKAU23_020 3m @ 1,273ppm U3O8 incl 1m @ 3,350ppm U3O8
MKAU23_045 3m @ 250ppm U3O8 incl 1m @ 410ppm U3O8
Soil samples:
MKGS006 510ppm U3O8
MKGS017 8,800ppm U3O8
MKGS056 960ppm U3O8
Rock chip samples:
MKGS056 2,250ppm
MKGS057 800ppm U3O8
Mkuju project location
Myoff Creek Niobium-REE Project (British Columbia, Canada)
In July 2024, AuKing Mining completed the acquisition of the Myoff Creek niobium/REE project in British Columbia, Canada, known for its rich mineral deposits. The site offers excellent accessibility with well-maintained road infrastructure. The project highlights near-surface carbonatite mineralization that spans an area of 1.4 km by 0.4 km with high-grade historic drilling intercepts that include 0.93 percent niobium and 2.06 percent total rare earth oxides.
There is significant potential to expand the current target area as it remains open at depth and along strike.
HERE AuKing’s exploration team has completed a recent site visit to Myoff Creek and have identified the need for a detailed airborne radiometric survey to be undertaken across the tenure area. This survey is expected to commence in Q4 of 2024 and will include coverage of the area where historical drilling identified significant niobium/REE results – thereby providing a “marker” for potential mineralization across the rest of the Myoff Creek area.
Koongie Park Copper-Zinc Project
Koongie Park project lies within the highly mineralized Halls Creek Mobile Belt. The area also hosts the Savannah (Sally Malay) and Copernicus nickel projects, the former Argyle diamond mine and the Nicolsons gold mining operation of Pantoro Limited. Koongie Park is located about 25 kms southwest of the regional centre of Halls Creek on the Great Northern Highway in northeastern Western Australia.
AuKing owns 100 percent interest (subject to a 1 percent net smelter royalty) in Koongie Park and has received significant historical exploration and drilling since the 1970s. The project contains three deposits of note: Onedin and Sandiego copper-zinc-gold deposits, and the Emull copper deposit.
Onedin and Sandiego are both in advanced exploration stages with a total mineral resource estimate of 4.8 Mt and 4.1 Mt, respectively, containing copper, zinc, gold, silver and lead. The Sandiego prospect boasts a scoping study (released in June 2023) that highlights an 11-year life of mine with a processing capacity of 750 ktpa and pre-production capex of $135 million for a 2.5 year payback. Economics highlight a pre-tax NPV of $177 million and 40 percent IRR.
Koongie Park and neighboring project holdings
The Emull base metal deposit has received significant drilling by previous owner Northern Star Resources several years ago and subsequently by AuKing in 2022. The deposit has a maiden resource estimate of 12.2 Mt, containing copper, zinc, lead and silver, with significant upside potential as more drilling is performed.
Grand Codroy Uranium Project
The Grand Codroy uranium project covers 2,200 hectares with the presence of several documented uranium occurrences located along a major radiometric high. The property is approximately 50 km north of Port aux Basque, Newfoundland.
Project Highlights:
- Uranium Mineralisation: Uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States.
- High Grade Samples: Notable high-grade historical rock samples including:
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2 percent) Cu and 435ppm U
(Sample 3522) - >20,000ppm (2 percent) Cu and 400ppm U - Grand Codroy River #4 – 22,000ppm (2.2 percent) U
- Overfall Brook – 595ppm U
(Source – Newfoundland Labrador Dept of Industry, Energy and Technology)
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2 percent) Cu and 435ppm U
- Significant Exploration Potential: Grand Codroy tenure area largely untouched by modern exploration. Note the impressive results being reported by Infini Resources Limited (ASX:I88) at its Portland Creek uranium project, to the north of Grand Codroy in western Newfoundland.
- Strategic Location: The mineral claim is strategically situated approximately 50 km north of Port aux Basque, Newfoundland.
- Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
- Capital Raising: Placement of $130,000 to sophisticated investors with Melbourne's boutique Peak Asset Management leading the Placement, together with upcoming entitlement offer to existing shareholders.
Board and Management Team
Peter Tighe – Non-executive Chairman
Peter Tighe started his career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea. As the owner and managing director of JH Leavy & Co, Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. Tighe has been a director of Brisbane Markets Limited (BML) since 1999 and is currently the deputy chairman. BML is the owner of the Brisbane Markets site and is responsible for the ongoing management and development of its $400 million asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, and supporting local and regional businesses of the horticulture industry.
Tighe (with his wife Patty) owns Magic Bloodstock Racing (MBR), a thoroughbred horse racing and breeding company. MBR has acquired many horses which are trained and raced across Australia and around the world including “Winx”, one of the greatest thoroughbreds of all time winning more than $26 million in prize money.
Paul Williams – Managing Director
Paul Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm HopgoodGanim Lawyers for 17 years. He ultimately became an equity partner of HopgoodGanim Lawyers before joining Eastern Corporation as their chief executive officer in August 2004. In mid-2006, Williams joined Mitsui Coal Holdings as general counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Williams is well-known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
ShiZhou Yin – Non-executive Director
ShiZhou Yin holds a Master of Professional Accounting degree and is a Chinese-certified public accountant and a senior accountant. From September 1994 to September 2010, Yin served successively as accountant of Beijing No. 2 Water Pipe Factory, audit manager and audit partner of Yuehua Certified Public Accountants Firm, and senior partner of Zhongrui Yuehua Certified Public Accountants Co.
From April 2017 to the present time, Yin has been vice-president, chief financial officer and secretary of the board of JCHX Group Co..
Yin has also been the chairman of the board of supervisors of JCHX Mining Management Co. (Shanghai Stock Exchange Code: 603979) since May 2017. JCHX Mining Management is one of China’s largest mining services companies with operations around the world and has a share market capitalization of approx. US$5 billion.
Chris Bittar – Exploration Manager (MGeoSc, MComm (Finance), BMSc)
Chris Bittar was previously senior project geologist at Pantoro Limited’s Norseman Project in Western Australia, where he supervised the planning and execution of near-mine exploration and resource development programs as part of the Definitive Feasibility Study program at Norseman.
Prior to his Pantoro role, Bittar held senior geologist roles with Millennium Minerals (Nullagine Gold project) and Pilbara Minerals (Pilgangoora Lithium project), and exploration geologist roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project in WA). In these roles, Bittar gained extensive experience in taking projects from greenfield exploration to resource development and up to mine-ready feasibility study stage. This experience included supervision of multiple drilling campaigns, geological interpretation, data management and project reporting. Bittar has also maintained a strong commitment to company safety policies and procedures.
Paul Marshall – Chief Financial Officer and Company Secretary
Paul Marshall is a chartered accountant with a Bachelor of Law degree, and a post Graduate Diploma in Accounting and Finance. He has 30 years of professional experience having worked for Ernst and Young for 10 years, and subsequently twenty years spent in commercial roles as company secretary and CFO for a number of listed and unlisted companies mainly in the resources sector. Marshall has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.
