Athabasca Basin uranium explorer, NexGen Energy (TSXV:NXE), has drilled their best hole to date at the Arrow Discovery on the Rook 1 project, intercepting a combined 47.2 meters of radioactive mineralization, including 8.3 meters of “off scale” (greater than 10,000 cps), downhole gamma probe results indicate.
Hole RK-14-30 was targeting the interpreted gravity low anomaly at Arrow, and was drilled 215 meters from the original discovery hole, RK-14-21.
Leigh Curyer, NexGen’s CEO commented, “Hole RK-14-30 was a massive step out from the discovery hole RK-14-21, which shows the confidence of our technical team’s view in the discovery.”
The strike length at Arrow is now 215 meters and remains open to the South West.
Andrew Browne, NexGen’s Vice-President, Exploration and Development, commented “The dimensions of the Arrow discovery have now been significantly broadened in only 8 holes (Fig 1 for locations). Detailed petrography and petrophysics are the immediate programs during breakup, and we are looking forward to our summer drilling program to further test the wider Arrow prospect. Additionally, we are greatly motivated to apply what we have discovered at Arrow to other prospects at Rook I.”
The winter drill program at Rook 1 is now over, and saw 7 of 8 holes drilled at Arrow hit. Including the summer 2013 drill program, 10,474.4 meters of drilling has now been completed at Rook 1. NexGen is planning a summer drill program (the summer drilling season in the Athbasca Basin typically gets going in May). Additionally, assays are pending from the winter program.
Following a successful $11.54 million financing completed earlier this month (at $0.45 with half a warrant at $0.65 good for two years), NexGen has $15 million on hand for further exploration and general corporate purposes.
Shares in NexGen last traded at $0.46 at press time, up 4.5% on the news, giving the company a market capitalization of approximately $61.4 million.
Disclosure: I own NexGen Energy and am biased. Exploration stocks are extremely risky and this is not investment advice. Always do your own due diligence.