© Reuters
VANCOUVER – NexGen Energy Ltd. (TSX: TSX 🙂 (NYSE: NXE) (ASX: NXG), a Canadian uranium exploration and development company, has announced the start of a major 30,000 meter drilling program on its wholly owned properties around the basin southwest Athabasca. This initiative follows the company's exploration results in 2023, which have led to the identification of new priority targets for uranium mineralization.
The company's 2023 exploration program involved extensive geophysical surveys and more than 22,000 meters of drilling, which improved the geological understanding of the potential R7 and Morrow targets on the SW2 property, as well as revealing promising hydrothermal alterations on the SW1 property. Building on these findings, the 2024 drilling 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 energy in achieving carbon neutrality by 2050 and highlighted the industry's projected annual uranium supply shortfall, which is expected to reach 200 million pounds by 2040. Curyer also noted that exploration drilling is a critical component of NexGen's operations, complementing its focus on federal permitting and project engineering.
The 2024 drilling program will focus on ten driving trends, with drilling planned in different seasons. Winter drilling will focus on areas near the Arrow deposit, while summer drilling will focus on areas near the Arrow deposit. Gartner (NYSE:), Gambit and King, among others. The program is designed to identify additional zones of mineralization using innovative and cost-effective approaches.
NexGen Energy, with a cash reserve of approximately C$410 million, 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 moving towards becoming a major low-cost uranium mine, with a commitment to high standards of environmental and social governance.
This press release is based on a press release and includes technical information reviewed and approved by Grant Greenwood, P.Geo, vice president of exploration for NexGen 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 comply with Canadian standards and may not be comparable to similar information disclosed by U.S. companies.
This article was generated with the support of ai and reviewed by an editor. For more information consult our T&C.
