NexGen Energy (TSX: NXE) reported this morning that it has expanded a broad and continuous discovery at its Rook I project, following an initial discovery announcement back in March. The discovery, referred to as Patterson Corridor East, or PCE, saw a 34,000 metre program conducted across it this summer, which has now been completed.
Drilling reportedly saw 19 of 30 holes intersect mineralization, with systematic spacing expanding the mineralized zone to a strike length of 600 metres, with a 600 metre vertical extent. A high grade domain reportedly covers 100 metre of strike and 170 metres of depth extent, which has the potential to grow in all directions.
Assays have not yet been released on the drill results, with NexGen instead opting to release handheld spectrometer results in 1 metre and 0.5 metre intervals. Highlights from the results include the best hole to date, RK-24-222, which intersected a 17.0 metre wide vein with multiple occurrences in excess of >61,000 cps mineralization. Other highlights include Rk-23-220, which intersected mineralization up to 41,000 cps, and RK-24-223, which intersected mineralization up to 40,000 cps.
Assays from the drill holes are expected to be released across Q4 2024 and Q1 2025. Drilling is slated to resume in January, with a significant drill program currently being planned.
READ: NexGen Revised Economics Estimate $1.93B In Annual Free Cash Flow From Rook I Project
“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,” commented Leigh Curyer, CEO of NexGen.
NexGen Energy last traded at $10.11 on the TSX.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
