Rook I claims host conductors which are believed to host PLS discovery (Company)

Rook I claims host conductors which are believed to host PLS discovery (Company)

Patterson Lake uranium explorer, NexGen Energy (NXE:TSXV), released the results of their aerial geophysical surveys along their southern Athabasca basin margins, at the Rook and Dufferin areas.  The surveys identified five zones of elevated U-channel radiometrics on the Rook I property of which two are in the area where they completed their initial 12 hole drill campaign.  These two zones will be focused on in the upcoming winter drill campaign which is expected to begin in January.  The radiometric data is being interpreted to assist in the discovery of radioactive boulder trains which may exist in the region. This type of outcropping and subcropping of uraniferous boulder trains at Fission/Alpha’s Patterson Lake South property are detectable by detailed aeroradiometric survey.

Leigh Curyer, President and CEO states, “Further detailed interpretation is ongoing with the data being integrated with the summer 2013 drill program results. We have the most dominant land position along the shallower sections of the south-western edge of the Athabasca Basin with multiple areas of exploration focus. We are well capitalized, and look forward to finalizing our exploration strategy at Rook I for 2014, which will incorporate following up on specific mineralized drill holes together with existing geophysical targets best accessible during the winter.”

NexGen is focused on three separate conductors at Rook I, one of which they believe to be the same conductor that hosts the PLS discovery.  This summer NXE drilled 3,000m in 12 holes.  All 12 holes encountered alteration and 3 of them encountered mineralization.   Two rigs completed 12 holes in an area of approximately 1.6km x 1.2km, with the closest two holes being 200m apart. NXE is still reviewing the initial drill results to build a winter drill program to follow up in the vicinity of the drill holes that encountered mineralization.

The company has a little less than $5 million in cash which will be more than enough for their 2014 winter drill campaign.  They intended to raise $1.8 million late in the summer, but demand was strong and they ended up closing $5 million at $0.35 per unit at the end of August.

Read: Rook I Aerial Survey Identifies 5 Zones of Elevated U-Channel Radiometrics

Related: NexGen Energy Recaps Drilling Results