NexGen reports ‘high-calibre’ uranium results from drilling at PCE target in Saskatchewan

Drilling by NexGen Energy (TSX, NYSE: NXE; ASX: NXG) has returned results as high as 0.5 metre grading 68.8% uranium oxide (U3O8) at its Patterson Corridor East (PCE) target in northwestern Saskatchewan.That result, in hole RK-25-232, was part of a 15-metre intercept at 15.9% U3O8 from 552.4 metres depth, including 3 metres grading 47.8% U3O8 and 1.5 metres at 29.4%, NexGen reported Tuesday. PCE is about 3.5 km east of NexGen’s main Arrow deposit in the Athabasca basin, about 750 km north of Saskatoon.“RK-25-232 is an exceptionally high-calibre intersection considering the program is very early in the evaluation of PCE,” NexGen CEO Leigh Curyer said in a release. “Identical to Arrow, mineralization at PCE is wholly hosted in competent basement rock and exhibits all the same characteristics of an intense high-grade mineralized system.”Project approval loomsThe PCE results come as NexGen prepares for Canadian Nuclear Safety Commission hearings later this year and early next year for its Rook 1 project. It’s the final stage of approval that is to render a decision on Canada’s largest development-stage uranium project.NexGen shares gained 1.1% to C$8.87 apiece on Tuesday morning in Toronto, for a market capitalization of C$5 billion. The stock has traded in a 12-month range of C$5.59 to C$12.51.High grades at depthHole RK-24-222 also returned significant results, with 17 metres grading 3.85% U3O8 from 753 metres depth, including 3 metres at 10.1% U3O8 and 0.5 metre grading 28.2% U3O8 within massive replacement style mineralization, NexGen said.RK-24-207 cut 9.5 metres at 2.91% U3O8 from 801 metres depth, including 0.5 m at 28.2% U3O8. Since March 2024, NexGen has drilled more than 47,425 metres at PCE across 64 holes, with 35 of them intersecting mineralization.11-year mineNexGen has proposed Rook 1 as an underground mine and mill development, centred around the Arrow deposit.Rook 1 has potential for an initial 11-year mine capable of producing 21.7 million lb. of U3O8 annually during the first five years, with production estimated to reach as high as 30 million lb. per year, according to a feasibility study update published last August.With C$1.3 billion in capital expenditures, it is projected to be the largest and lowest-cost uranium mine in the world. The project contains 3.7 million measured and indicated tonnes, grading 3.1% U3O8.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com