- NexGen Energy (TSX:NXE) reveals a new discovery at Patterson Corridor East (PCE) in the Athabasca Basin in Saskatchewan
- Follow-up drilling has significantly extended the mineralized zone to 600 metres (m) along strike and 600m in depth
- Nineteen of 30 holes returned mineralization, including 10 holes with multiple intervals exceeding 10,000 counts per second
- Shares of NexGen are up 0.40 per cent to C$10.15 as of 10:11 a.m. ET
NexGen Energy (TSX:NXE) reveals a new discovery at its Patterson Corridor East (PCE) in the Athabasca Basin in Saskatchewan.
In a press release, the company said the program, which included over 34,000 metres of drilling across 46 holes, significantly expanded the mineralized zone and confirmed the potential of the newly discovered high-grade uranium system.
Notably, the company identified its best hole to date, RK-24-22, in October, which intersected a 17.0-meter-wide vein with multiple occurrences of off-scale (>61,000 cps) mineralization.
In brief terms, “multiple occurrences of off-scale (>61,000 cps) mineralization“ means that the drill hole encountered several sections of extremely high radioactivity, with readings exceeding the maximum measurement limit of the detection equipment. This indicates very high-grade uranium mineralization, suggesting a strong and concentrated uranium deposit.
“This focused exploration effort has significantly elevated the materiality of the Patterson Corridor East zone, and the results from RK-24-222 continue to underscore the growing potential of the PCE system,” Leigh Curyer, CEO of NexGen Energy, said in a news release. “With a 600-meter strike length and 600 meters of vertical depth, this new zone lies within competent basement rock just 3.5 kilometres from our world-class Arrow deposit. It represents a highly prospective addition to NexGen’s dominant land position in the southwestern Athabasca Basin.”
Two additional holes, RK-24-220 and RK-24-223, also returned significant mineralization with readings of up to 41,000 cps and 40,000 cps, including several intervals greater than 10,000 cps. These high-grade intersections are characterized by semi-massive to massive uraninite replacement, further confirming the potential of this emerging uranium discovery.
Assay results for the newly reported intersections are expected in Q4 2024 and Q1 2025, with further updates to follow. Exploration at PCE will resume in January 2025, with planning already underway for an expanded drill program to explore the significant growth potential of the PCE discovery.
NexGen Energy is a uranium development company focused on advancing its flagship Rook I Project in the Athabasca Basin of northern Saskatchewan.
Shares of NexGen are up 0.40 per cent to C$10.15 as of 10:11 a.m. ET.
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(Top image: NexGen Energy)