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NexGen Announces Additional Mineralization Discovered at Patterson Corridor East, Assays from RK-24-183 and Commencement of Expanded Summer Exploration Program

Press Release

VANCOUVER, BC, May 29, 2024 – NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce drilling at Patterson Corridor East (“PCE”) has intersected mineralization in RK-24-193 over 67.5 metres (m) (383.5 to 451 m) across various intervals including up to 7,500 cps over 1.5 m (Figures 1 to 4, Table 1). RK-24-193 is located 275 m southwest along strike of RK-24-183 (discovery hole) and at approximately the same depth below surface.

In addition, assays from RK-24-183 confirm high grade uranium veins across a 20 m interval with several intersections totalling 13.5 m at 0.78% U3O8 including 0.5 m (348.0 to 348.5 m) at 10% U3O8 and another 0.5 m (356.5 to 357 m) at 6.23% U3O8 (Table 2). For reference, the Arrow discovery hole RK-14-21 assayed 5.75 m at 0.37% U3O8, including 0.25 m at 5.77% U3O8.

Collectively, these results of multiple narrow intersections of mineralization in two holes represent a current strike length of 275 m at PCE, suggesting a potential upper edge to mineralization highly analogous to the early holes at Arrow (Figure 1). Consequently, the summer drilling program has been expanded to 4 drill rigs and targeting 22,000 m at PCE (Figure 2).

Leigh Curyer, Chief Executive Officer, commented: “Our team has assessed the geological similarities between RK-24-183 and RK-24-193 and the upper areas of Arrow, which indicates the high prospectivity of an additional mineralized system 3.5 km east of Arrow. Consequently, the growing potential of this latest discovery will drive the focus of the summer exploration program to determine the potential size and extent of mineralization. Efficient and bold testing of the overall system is the first priority.

It is an exciting time at NexGen with the Company recently advancing the Federal Environmental Assessment process for the Rook I Project through the submission of responses to the remaining Information Requests, as well as advancing detailed engineering and exploring a new discovery in parallel.”

RK-24-193

This new hole intersected elevated radioactivity over 67.5 m (Table 1) with mineralization style and alteration intensity strongly resembling up dip projections that were seen during the early discovery holes at Arrow.

In addition, drill results further south in RK-24-180, RK-24-192, and RK-24-194 indicate a possible repetition of prospective structure that correlates well with the local gravity low, a typical indicator of potential hydrothermal alteration. Numerous brittle reactivated structures and associated intense alteration within these three drillholes highlight a potential supplementary uranium-bearing trend within the same system. This has doubled the size of the system to be tested this summer with an approximate extent of 1.5 km long by 1.2 km wide (Figure 2). Potential remains in most directions within this highly prospective area.

Summer Drilling

Focus of the expanded summer program is on assessing the broad hydrothermal system at PCE (Figure 2) and expanding the mineralized footprint. Robust analysis and interpretation processes will be utilized to actively assess potential while efficiently testing priority targets.

Over 22,000 m of diamond drilling is planned for the PCE system utilizing four drill rigs. This represents a near tripling of drilling from the winter to summer program. Optionality exists with planning underway to increase the total based on drill results. Targets will primarily be tested between 400 and 700 m below surface to test potential depth extensions, as is present at Arrow. Summer drilling will significantly advance the investigation of PCE while highlighting geological relationships that can be applied elsewhere within NexGen’s exploration portfolio (Figure 5).

Table 1: 2024 Spectrometer results to date

Drillhole

Unconformity
Depth (m)

Handheld Spectrometer Results (RS-125) 

Hole ID

Azimuth

Dip

Total
Depth
(m)

From
(m)

To (m)

Width
(m)

CPS Range

RK-24-179

310

-70

462

138

141

141.5

0.5

<500 – 1,100

150

151

1

<500

154

155

1

<500 – 560

156.5

157

0.5

<500

RK-24-180

310

-70

366

102.3

No Significant Intersections

RK-24-181

310

-70

573

115.7

191.5

192

0.5

<500

RK-24-182

310

-70

411

N/A

No Significant Intersections

RK-24-183

310

-70

501

125.3

347.5

350

2.5

500 – 52,000

350

351

1

<500 – 1,200

351

354

3

700 – 16,200

354

355

1

<500 – 570

355

358

3

1,300 – >61,000

358

358.5

0.5

790 – 2,100

358.5

362.5

4

<500 – 680

362.5

363

0.5

<500 – 1,070

363

365

2

<500

365

365.5

0.5

800 – 7,700

365.5

367

1.5

<500

367

367.5

0.5

<500 – 28,000

RK-24-184

280

-70

534

137.7

No Significant Intersections

RK-24-185

310

-70

396

N/A

312.5

313.5

1

<500

335

335.5

0.5

<500

RK-24-186

310

-70

440

128.2

181.5

182

0.5

<500 – 700

211

212

1

<500 – 600

RK-24-187

310

-70

501

116.8

163

164.5

1.5

<500

191

191.5

0.5

<500 – 830

RK-24-188

310

-70

510

120.5

338

340

2

<500

410.5

412.5

2

<500

418.5

421.5

3

<500

RK-24-189

310

-70

537

130

No Significant Intersections

RK-24-190

310

-70

547

123.8

No Significant Intersections

RK-24-191

310

-70

402

N/A

266

267

1

<500 – 700

RK-24-192

310

-70

444

108.5

No Significant Intersections

RK-24-193

310

-70

621

N/A

383.5

384.5

1

<500 – 820

389.5

390

0.5

<500 – 1,330

393.5

394

0.5

<500

401.5

402.5

1

580 – 640

413

413.5

0.5

<500

417.5

418.5

1

<500

419

420.5

1.5

<500 – 7,500

423

425

2

<500 – 700

426.5

428

1.5

<500 – 1,100

428.5

429

0.5

<500

430

430.5

0.5

<500 – 3,100

432

434

2

<500 – 2,850

435

437

2

<500

442

443

1

<500 – 510

449

451

2

<500 – 2,700

RK-24-194

310

-70

420

98.8

190.5

191

0.5

<500

  • All depths and intervals are meters downhole, true thicknesses are yet to be determined.
  • “Off-scale” refers to >61,000 cps total readings by gamma spectrometer type RS-125.
  • Unconformity of ‘N/A’ denotes a lack of visible contact between Athabasca sandstone and basement rock.
  • Maximum internal dilution 2.0 m downhole.
  • Minimum thickness of 0.5 m downhole.
  • All depths and intervals are metres downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined.

Table 2: 2024 Assay results to date

Drillhole

Unconformity
Depth (m)

SRC Geoanalytical Results
(Cutoff 0.01%)

Hole ID

Azimuth

Dip

Total
Depth
(m)

From
(m)

To (m)

Width
(m)

U3O8
(wt%)

RK-24-179

310

-70

462

138

No Significant Intersections

RK-24-180

310

-70

366

102.3

No Significant Intersections

RK-24-181

310

-70

573

115.7

No Significant Intersections

RK-24-182

310

-70

411

N/A

No Significant Intersections

RK-24-183

310

-70

501

125.3

347.5

361

13.5

0.78

including

348

348.5

0.5

10.0

including

356.5

357

0.5

6.23

362.5

363

0.5

0.07

365

365.5

0.5

0.55

367

367.5

0.5

1.42

369.5

370

0.5

0.01

RK-24-184

280

-70

534

137.7

No Significant Intersections

RK-24-185

310

-70

396

N/A

312.5

313.5

1

0.01

335

335.5

0.5

0.05

RK-24-186

310

-70

440

128.2

No Significant Intersections

RK-24-187

310

-70

501

116.8

No Significant Intersections

RK-24-188

310

-70

510

120.5

412

412.5

0.5

0.02

418.5

419

0.5

0.01

419.5

420

0.5

0.01

422.5

424

1.5

0.01

RK-24-189

310

-70

537

130

No Significant Intersections

RK-24-190

310

-70

547

123.8

No Significant Intersections

RK-24-191

310

-70

402

N/A

No Significant Intersections

RK-24-192

310

-70

444

108.5

No Significant Intersections

RK-24-193

310

-70

621

N/A

Assays Pending

RK-24-194

310

-70

420

98.8

No Significant Intersections

  • All depths and intervals are meters downhole, true thicknesses are yet to be determined.
  • Unconformity of ‘N/A’ denotes a lack of visible contact between Athabasca sandstone and basement rock.
  • Maximum internal dilution 2.0 m downhole.
  • Minimum thickness of 0.5 m downhole.
  • Cutoff grade 0.01% U3O8.
  • All depths and intervals are metres downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined.

About NexGen
NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company’s flagship Rook I Project is being optimally developed into the largest low cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations, and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically, and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada, and the world.

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol “NXE” and on the Australian Securities Exchange under the ticker symbol “NXG” providing access to global investors to participate in NexGen’s mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary operations office in Saskatoon, Saskatchewan.

Technical Disclosure*
All technical information in this news release has been reviewed and approved by Jason Craven, NexGen’s Manager, Exploration, a qualified person under National Instrument 43-101.

Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-125 gamma spectrometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals.

A technical report in respect of the FS is filed on SEDAR ( www.sedar.com ) and EDGAR (www.sec.gov/edgar.shtml ) and is available for review on NexGen Energy’s website (www.nexgenenergy.ca ).

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