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Uranium Explorer Adds Mineralization to 'World-Class Project'

Source: Streetwise Reports


October 11, 2017 ( Newswire) A company that has tallied up a series of impressive uranium discoveries on its Athabasca Basin property reported positive results for another 22 drill holes, and a pair of analysts have taken note.

In an Oct. 2 announcement, NexGen Energy Ltd. (NXE:TSX; NXE:NYSE.MKT) reported "radioactivity results for 22 holes as part of the on-going summer drilling program on our 100% owned, Rook I property, Athabasca Basin, Saskatchewan."

Among the results: "Infill hole AR-17-147c3 intersected 79.5 m of total composite mineralization including 17.35 m of total composite off-scale radioactivity (>10,000 to >61,000 cps) within a 114.5 m section (542.0 to 656.5 m). This intersection is the most extensive off-scale radioactivity intersected in the A3 shear to date," the company stated.

Writing for Eight Capital following the company's announcement, analyst David Talbot wrote that ". . .management seems to be doing it all: delineation, expansion and exploration drilling should each be accretive to resources."

Analyst Rob Chang of Cantor Fitzgerald also commented on NexGen's report, writing "The apparent record intercept in the A3 shear will serve to upgrade the confidence of mineralization in that area. Moreover, the expansion in the southwest and northeast gaps will serve to add additional mineralization to what is already a world-class project."

"Positive scintillometer results from 22 wide-ranging holes foreshadow the success we expect over the next couple of years," Talbot continued. "Even though growing a 302 MM lb U3O8 deposit with a PEA seems less material, these step-out and exploration holes could help keep investors' attention."

The company also reported that "In the resource growth areas of the southwest and northeast gaps, broad zones of mineralization including off-scale radioactivity have been intersected throughout."

Commenting on other aspects of the NexGen report, Chang noted that "eight diamond drill rigs targeting 35,000m are active at the Arrow Deposit and South Arrow performing infill, step-out, and exploration drilling. A sonic drill rig is also on site testing subsurface conditions as part of the pre-feasibility geotechnical study."

In addition, the analyst reported that "NexGen continues to be extremely well funded with cash on hand of $185M."

Cantor Fitzgerald has a CA$5.65 target price for NexGen; the shares are currently trading around CA$2.75.

In summing up his commentary on the NexGen news, Talbot wrote, "NXE shares have been flat as has much of the uranium industry. However, volumes appear to have increased sector wide, particularly since a physical holder of uranium upsized a $37 MM bought deal. Should investors hedge bets during a period of prolonged low uranium prices, they will likely look to the cream of the crop. We believe NXE qualifies."

Eight Capital's target price on NexGen is CA$6.10.

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1) Tracy Salcedo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She owns, or members of her immediate household or family own, securities of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.

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