Denison Mines, a primarily uranium developer with interests in Canada, Mongolia, and Zimbabwe, including the world-class Phoenix deposits at Wheeler River (60%-owned), with over 1.31M acres in Saskatchewan’s Eastern Athabasca Basin, reported yesterday that the company has intersected some choice mineralization just north of the Phoenix deposits at Wheeler, as well as high-grade mineralization in the infill drill holes.
Also in the report is news about the 7,776 feet of drilling in thirteen holes at the Hatchet Lake property (50%-owned) up in the northeastern Athabasca. Originally only 11 holes were planned but they just had to get in two more because of the new uranium intercept, with the best results coming back as 0.20% eU3O8 (e, indicates radiometric equivalent uranium via total down-hole gamma probe) over 6.2 feet some 408 feet down from surface.
At the main Wheeler target we have similarly encouraging data from the latest ongoing program, consisting of infill drilling and exploration using a pair of drills. Eighteen of the planned twenty eight holes have already been drilled with the very first hole, put in some and 1.3 miles northeast of the Phoenix deposits, hitting some nice mineralization in faulted graphitic pelitic gneiss just under the indentified sub-Athabasca unconformity (some 1,247 feet down).
Gamma probe data back from the first drill hole in the program looks good, with total down-hole results showing average grades of 0.13% eU3O8 over 15 feet. Similar intense clay and hematite alteration as found at Phoenix is present, and while it isn’t possible to know the true thickness of the slice, the company is in follow-up drilling and will map as much as they can.
Four infill holes were also done in the Phoenix A deposit to improve delineation and confidence in two chunks of the deposit that were classified as inferred during the last mineral resource update. With high-grade uranium coming back in all four holes, confidence is running high at DNN, with the best hole coming back 36.3% eU3O8 over 11.5 feet. Due to sub-horizontal mineralization it should be noted that mineralization thickness is projected here as being roughly equivalent to the intersection length (with lengths ranging from 3.28 feet up to the aforementioned 11.5 feet).
In yet more drilling news, a third 100%-owned property, Moore Lake, has seen twelve holes in two target areas. This is a high-priority dig for DNN and although no significant mineralization has been encountered to date there are some geologically solid leads that the company intends to follow up on. Some drilling work at the Wolly and McLean Lake joint ventures was also done with no salient results and the company has also reported that ground geophysical and line-cutting work is underway at five other properties.
VP of Exploration for DNN, Steve Blower P.Geo., acted as the NI 43-101 qualified person for this information and the QA measures employed are available at the company’s profile on SEDAR. Denison Mines is also engaged in decommissioning and environmental services via their Denison Environmental Services division and runs Uranium Participation Corp. (U.TO) an investment holding company which invests in uranium oxide concentrates and uranium hexafluoride.
For more information on Denison Mines, please visit www.DenisonMines.com
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