NexGen Reports 10.0% U3O8 Over 0.5 Metres At New Discovery

NexGen Energy (TSX: NXE) is reporting that it has hit additional uranium mineralization while drill testing Patterson Corridor East, with the company suggesting that a deposit may exist that is similar in nature to the Arrow deposit.

The commentary is based on preliminary data provided from drilling based on results from a spectrometer for a single hole, as well as the receipt of assays for the discovery hole at the zone. Highlights from the results include:

  • RK-24-183: 0.78% U3O8 over 13.5 metres, including 10.0% U3O8 over 0.5 metres, and including 6.23% U3O8 over 0.5 metres
  • RK-24-193: Up to 7,500 CPS over 1.5 metres, up to 2,850 CPS over 2 metres, up to 2,700 CPS over 2 metres

Mineralization in hole RK-24-193 is said to amount to over 67.5 metres across various intervals, beginning at a depth of 383.5 metres. This mineralization was intersected 275 metres to the southwest of hole RK-24-183, at roughly the same depth.

NexGen meanwhile highlighted that hole RK-24-183 had mineralization across a 20 metre interval, including 0.78% U3O8 over 13.5 metres, whereas the discovery hole for the Arrow deposit amounted to 0.37% U3O8 over 5.75 metres.

“Our team has assessed the geological similarities between RK-24-183 and RK-24-193 and the upper areas of Arrow, which indicates the high prospectivity of an additional mineralized system 3.5 km east of Arrow. Consequently, the growing potential of this latest discovery will drive the focus of the summer exploration program to determine the potential size and extent of mineralization. Efficient and bold testing of the overall system is the first priority,” commented NexGen CEO Leigh Curyer.

WATCH: NexGen CEO: The Russian Uranium Ban “Introduces Pressure On The Already Fragile Supply Chain”

The company currently intends to conduct at least 22,000 metres of drilling at Patterson Corridor East over the summer drill season, which will be conducted via four drill rigs. Targets will mainly be tested between 400 and 700 metres below surface, across an overall footprint of 1.5 kilometres by 1.2 kilometres.

NexGen Energy last traded at $10.84 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.

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