Athabasca-Basin uranium explorer, NexGen Energy, has released assay results from its Winter Drill Program at the Rook 1 project, confirming that all 8 holes drilled at the Arrow target hit uranium mineralization.
Two of the standout holes demonstrate both high grade and potential scale for this early stage uranium discovery. Hole RK-14-27 encountered maximum continuous intersection of 29 meters of 1.04% U3O8, RK-14-30 intersected 30 individual zones of uranium mineralization totalling 124.1 meters at 0.68% U3O8. The mineralization is basement hosted, which is considered an amenable host for mining in the Athabasca-Basin.
Today's results are also impressive considering the company only started looking at Arrow last summer, and lends credibility to the technical team's ability to find deposits.
Andrew Browne, NexGen's Vice-President, Exploration and Development, commented "The actual uranium assays at Arrow are outstanding in terms of the location of uranium, the high grade, thickness, and continuity between holes on sections. Based on these initial assay results and our current geological interpretation of Arrow's distinctive characteristics, we are very confident with respect to the potential of Arrow to host substantial bulk tonnage basement mineralization."
David Talbot, a leading uranium analyst with Dundee Capital Markets, continued to recommend investors buy NexGen in a note out Monday morning. "We believe NXE may have started to hit onto something important in the Athabasca Basin," Talbot commented. "All holes remain wide open in every direction," he added.
A summer drill program at Arrow started last week (details) and the company has a strong balance sheet to carry out its exploration activities, having closed an $11.5 million bought deal financing two months ago.
To view the complete press release including all tables and images, follow this link: NexGen announces assays confirm multiple high-grade zones of uranium mineralization at Arrow, Rook 1
@tommyhump 3 yrs ago stock would have taken off on the news of a new discovery in the basin. Sad days in the resource mkts
— Cdn Intl Minerals (@CIN_TSXV) June 2, 2014
NexGen is a Pacific Website Co client and we own shares which means we are very biased. Always do your own due diligence.