VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/05/13 -- NexGen Energy Ltd. (TSX VENTURE: NXE) ("NexGen" or the "Company") is pleased to announce that its joint venture partner, Forum Uranium Corp., has reported shallow uranium mineralization from assayed drilling at Otis West (previously reported gamma ray scintillometer radioactivity in the news release dated April 10, 2013), part of the Northwest Athabasca Project. Grades of up to 1.80% U3O8 were intersected in 5 of 9 holes drilled on this target immediately south of the Maurice Bay deposit. The mineralized zone remains open to depth and to the east.
This is the fourth target drilled on the property that has intersected basement-hosted uranium mineralization typical of uranium deposits in the western Athabasca Basin such as Patterson Lake South, Cluff Lake and Shea Creek.
-- 24.5 metres grading 0.21% U3O8, including 1.80% U3O8 over 0.5 metres-- Mineralization in 5 holes from two drill fences at 50 metre spacing-- Mineralization remains open to the east along an unconformity offset
Otis West lies on the south side of the Maurice Bay deposit (historical resource(i) of 1.5 million pounds of uranium grading 0.6% U3O8) in a strong gravity low. Mineralization is hosted mainly within basement rocks along a major fault (the Otis fault) parallel to the Maurice Bay fault (Figure 1). This zone was intersected in diamond drillholes NWA-60 and 61 and by drillholes NWA-56, 63 and 64 on a section 50 metres further east. The mineralization shows a vertical extent of 110 metres and remains open to the east (Figure 2). Very strong boron values in the overlying sandstone (up to 1.18%) are associated with this mineralization. Boron is a strong pathfinder indicator for economic uranium deposits in the Athabasca Basin.
Future drill programs will continue drilling along the Otis Fault to the east.
Table 1: Significant assay results from the Otis West Drill holes.Hole Number From To Width(ii) Grade (Metres) (Metres) (Metres) (% U3O8)NWA-56 101.5 102.0 0.5 0.185% 104.0 104.5 0.5 0.123%NWA-60 125.5 129.0 3.5 0.166% 145.5 146.0 0.5 0.101%NWA-61 96.8 97.3 0.5 0.243%NWA-63 131.0 170.5 39.5 0.152% incl. 143.5 168.0 24.5 0.211% incl. 144.0 144.5 0.5 1.803%NWA-64 186.5 194.5 7.0 0.055%(ii) Downhole widthMaurice Bay Deposit(i)
A 1.5 million pound historical uranium resource grading 0.6% U3O8 for the Maurice Bay deposit, as reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7 has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.