Greg Klein reports that NexGen Energy just reported the highest grade intersects ever encountered in uranium exploration. Reporting some winter results from the Patterson Lake South-adjacent Rook 1 project on June 15, the company announced the Arrow zone is the most continually mineralized intersection so far. Located on the southwestern edge of the A2 and A3 shears, hole AR-15-44b showed a major interval of increasingly high grades:
9.56% U3O8 over 68.5 metres (206 feet), starting at 499.5 metres in downhole depth drilled at a -75 degree dip
(within zone: 11.55% over 56.5 metres)(170 feet)
(within zone: 20.68% over 20 metres (60 feet)
(within zone: 70% over 1 metre (3 feet)
True widths were not provided. But VP of exploration and development Garrett Ainsworth commented when increasing the internal dilution from two metres to 4.5 metres, this drill hole returns a total composite interval of 168.5 metres at 5% U3O8 (455.5 to 624 metres), representing an estimated true thickness of 43.6 metres with only 1.2 metres of estimated true thickness internal dilution.
A $9-million, 25,000-metre (75,000 feet) summer drilling program began last week. Among the targets will be further stepouts southwest of AR-15-44b, as well as additional drilling on the Bow discovery 3.7 kilometres northeast of Arrow. The company plans a maiden resource by year-end.
Arrow covers 515 metres by 215 metres, with basement-hosted mineralization beginning at about 100 metres (300 feet) in depth, extending to 920 metres (aka a depth of 2,800 fet) and remaining open in all directions. Highly successful financing leave NexGen with a working capital of about $30 million.
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