NexGen Energy (TSX-V:NXE, StockForum), a Vancouver-based firm engaged in the acquisition, exploration and development of early stage uranium properties, announced that the company had uncovered its best hole to date at the Arrow Discovery, Rook 1, Southwest Athabasca Basin.
Highlights from the drill program included RK-14-30 which intersected the widest and strongest radiometrically anomalous zones discovered to date totaling 47.2 metres containing various individual zones resulting in 8.3 metres greater than 10,000 cps.
According to the new release, holes RK-14-28 and RK-14-29 completed drilling as announced on March 13, 2014 and also showed uranium mineralization which now makes seven out of the eight holes at Arrow that have intersected uranium mineralization with a minimum strike length of 215 metres open to the southwest.
It went on to note, “These holes are the successful completion of NexGen's winter drilling program at the Rook. In total, 17 holes were completed during the winter for 7,442.2 meters (Table 1), completing a grand total of 10,474.4 meters having been drilled at Rook 1 including the 2013 summer program.”
NexGen Vice President Exploration and Development, Andrew Browne, commented, “The dimensions of the Arrow discovery have now been significantly broadened in only 8 holes.”
He went on to explain, “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.”
Company CEO, Leigh Curyer, concluded, “We are extremely pleased with the discovery of Arrow. 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. Arrow is open and we are fully funded with $15M cash in the bank to aggressively drill it and other Rook I prospects throughout 2014.”
NexGen was in the news recently when the company closed a $11.5 million bought deal financing.
Shares bumped 3.41% on the news to $0.455 per share.
Currently there are 139.5m outstanding shares with a market cap of $63.5 million.