NexGen expands Sask program after high-grade uranium results

NexGen Energy (TSX: NXE; NYSE: NXE; ASX: NXG) says it will add a fifth drill rig to its program at Patterson Corridor East (PCE) in Saskatchewan, following new results showing continuous high-grade uranium mineralization.

Highlight hole RK-26-293 returned 4.7 metres measuring more than 10,000 counts per second (CPS), including 0.1 metres of more than 61,000 cps. These readings point to potential for additional mineralized continuation nearby and below, says the company. Other holes of interest included RK-26-290c1, with a cumulative 19.5 metres of more than 10,000 cps, and RK-26-294, with 6.9 metres of more than 10,000 cps with 3.1 metres above 61,000 cps. 

PCE is located in the Athabasca Basin, more than 600 km southeast of Saskatoon. 

“Growth of the high-grade subdomain continues to exceed expectations with expansions across the areas of focus with mineralization still open in most directions,” said Jason Craven, NexGen’s vice-president of exploration.

At one point shares rose 33¢ Wednesday morning in Toronto, before returning to about its previous close.

Program expansion

NexGen says it has completed 20,138.7 metres of its planned 42,000 metre program. These results from PCE have prompted NexGen to expand its efforts, adding a fifth drill rig to continue advancing this uranium discovery.  

Samples are also continuously being submitted to the independent Saskatchewan Research Council Geoanalytical Laboratory (SRC). The company says results are expected soon. At the same time, NexGen is continuing construction of its Rook I project at its arrow deposit just 3.5 km west of PCE.  

Leigh Curyer, NexGen’s CEO, added, “The team is delivering on multiple fronts and simultaneously expanding the long-term growth profile of NexGen as a world leader in the provision of this key energy fuel.”