© Reuters
VANCOUVER – NexGen Energy Ltd. (TSX: TSX:) (NYSE: NXE) (ASX: NXG), a Canadian uranium exploration and development company, has announced the start of a significant 30,000-meter drilling program at its wholly-owned properties around the southwest Athabasca Basin. This initiative follows the company’s 2023 exploration results, which have led to the identification of new priority targets for uranium mineralization.
The company’s 2023 exploration program involved extensive geophysical surveys and over 22,000 meters of drilling, enhancing the geological understanding of the prospective R7 and Morrow targets on the SW2 property, as well as revealing promising hydrothermal alterations in the SW1 property. Building on these findings, the 2024 drill program aims to further investigate these areas and capitalize on the growing demand for clean, Canadian-sourced uranium.
Leigh Curyer, CEO of NexGen, emphasized the importance of nuclear power in achieving carbon neutrality by 2050 and highlighted the industry’s projected annual supply deficit of uranium, which is expected to reach 200 million pounds by 2040. Curyer also noted that the exploration drilling is a critical component of NexGen’s operations, complementing their focus on Federal permitting and project engineering.
The 2024 drill program will target ten conductive trends, with drilling planned across different seasons. Winter drilling will concentrate on areas near the Arrow deposit, while summer drilling will focus on the Gartner (NYSE:), Gambit, and King corridors among others. The program is designed to identify additional zones of mineralization using innovative targeting and cost-efficient approaches.
NexGen Energy, with a cash reserve of approximately C$410M, is positioned to fund this exploration as well as the continued development of its mineral properties and general corporate purposes. The company’s flagship Rook I Project is progressing towards becoming a major low-cost uranium mine, with a commitment to high environmental and social governance standards.
This news release is based on a press release statement and includes technical information reviewed and approved by Grant Greenwood, P.Geo, NexGen’s Vice President, Exploration, and a qualified person under National Instrument 43-101. NexGen cautions U.S. investors that the terms “Mineral Reserves” and “Mineral Resources” used in this announcement are in accordance with Canadian standards and may not be comparable to similar information disclosed by U.S. companies.
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