TORONTO, Sept. 14,
2022 /PRNewswire/ - Denison Mines
Corp. ("Denison" or the "Company") (TSX: DML) (NYSE
American: DNN) is pleased to report that drill hole WF-74A
intersected 4.75% eU3O8 over 13.3
metres (0.05% eU3O8 cut-off), including a
sub-interval grading 25.23% eU3O8 over
0.5 m, as part of the recently
completed summer exploration program at the Waterfound River
property ("Waterfound"). View PDF Version.
Uranium mineralization was encountered in three of the seven
drill holes completed during the summer exploration program,
following up on the winter 2022 discovery of high-grade
mineralization approximately 800 metres to the west of the
Alligator Zone. The discovery from the winter 2022 program was
highlighted by drill hole WF-68, which returned a mineralized
interval of 5.91% eU3O8 over 3.9
metres (see press release dated March
29, 2022). Figure 1 and Figure 2 depict the location of the
Alligator Zone and the 2022 summer drilling, respectively.
Andy Yackulic, P. Geo., Denison's
Director, Exploration, commented, "The mineralized
intersection from WF-74A represents the best mineralized hole
drilled on the Waterfound property to date, and highlights the
potential for the discovery of additional high-grade uranium
mineralization further along strike to the west of the Alligator
Zone. The mineralization in WF-74A appears to be offset to
the north when compared to the interpreted location of
mineralization previously discovered in WF-68. This offset is
notable, as it potentially indicates that a later, cross-cutting
fault may be present between WF-74A and WF-68. The area to the west
of WF-74A is sparsely drilled, thus leaving several kilometres of
the fertile La Rocque conductive corridor open for follow
up."
Denison has an effective 24.68% ownership interest in the
Waterfound River Joint Venture ("Waterfound JV") to which each of
Orano Canada Inc. ("Orano Canada"), Denison, and JCU (Canada) Exploration Company, Limited ("JCU")
are participants. Orano Canada has a 62.42% interest in the
Waterfound JV and is the project operator.
2022 Waterfound River Summer
Exploration Program Highlights
Drill hole WF-74A was completed approximately 40 metres west of
WF-68 and intersected a broad zone of uranium mineralization
grading 4.75% eU3O8 over 13.3 metres (0.05%
eU3O8 cut-off), hosted within faulted
Athabasca sandstone. The
mineralization in WF-74A represents the best mineralized
intersection drilled to date on the Waterfound property, and is
highlighted by multiple narrow intervals of high-grade uranium
hosted within fault strands, interpreted to represent the brittle
reactivation of the D-1 conductor.
At the conclusion of the summer drill program, the
mineralization intersected in WF-74A remains open along strike to
the west and across strike in both directions. Additional drilling
is required in this area to resolve the structural controls on the
high-grade mineralization in WF-74A.
Drill holes WF-73 and WF-73-1 were drilled to test the D-1
conductor approximately 300 m along
strike to the east of high-grade mineralization discovered during
the 2022 winter drilling program in drill hole WF-68. WF-73
intersected perched uranium mineralization approximately 5 metres
above the unconformity, grading 0.09% eU3O8
over 0.2 metres. The follow up hole, WF-73-1, successfully
intersected uranium mineralization (0.34%
eU3O8 over 1.6 metres) located immediately
above the unconformity contact.
The mineralized intersections from the 2022 summer exploration
drilling program are illustrated in Figure 2 and summarized in
Table 1 below.
Table 1 – 2022 Waterfound River Summer Exploration Drilling
Highlights
Drill
Hole
|
Orientation
(azi./dip)
|
From
(m)
|
To
(m)
|
Length
(m)(1)
|
eU3O8
(%)(2)
|
WF-73(3)
|
158°/-69°
|
461.7
|
461.9
|
0.2
|
0.09
|
WF-73-1(3)
|
158°/-67°
|
470.1
|
471.7
|
1.6
|
0.34
|
WF-74A(3)
|
155°/-69°
|
479.2
|
492.5
|
13.3
|
4.75
|
including(4)
|
-
|
484.0
|
484.5
|
0.5
|
25.23
|
and(4)
|
-
|
487.7
|
488.6
|
0.9
|
14.35
|
and(4)
|
-
|
490.2
|
490.5
|
0.3
|
16.30
|
and(4)
|
-
|
491.8
|
492.0
|
0.2
|
17.52
|
Notes:
|
(1) Lengths indicated represent the down-hole length
of mineralized intersections.
|
|
(2) Radiometric
equivalent
U3O8 ("eU3O8")
derived from a calibrated gamma downhole
probe.
|
(3) Mineralized
interval is composited above a cut-off grade of 0.05%
eU3O8.
|
(4) Mineralized
interval is composited above a cut-off grade of 10.0%
eU3O8.
|
Overall, the 2022 summer exploration program consisted of seven
completed diamond drill holes totalling 3,902.6 metres. Each of the
holes completed during the summer drilling program intersected
indicative alteration and structural disruption related to
brittle-ductile deformation along the D-1 conductor trend. In
addition, each of the holes encountered elevated radioactivity in
the basal Athabasca sandstone,
although only holes WF-73, WF-73-1, and WF-74A returned radiometric
equivalent uranium grades exceeding 0.05%
eU3O8.
Radiometric Equivalent Grades,
Sampling, Analysis and Data Verification
Following the completion of a drill hole, the hole is
radiometrically logged using a downhole slimline gamma probe, which
collects continuous readings of radioactivity along the length of
the drill hole. Probe results are then calibrated using an
algorithm calculated from the comparison of probe results against
geochemical analyses in the area. The gamma-log results provide an
immediate radiometric equivalent uranium value (eU%, then converted
to eU3O8%) for the hole, which, except in
very high-grade zones, is reasonably accurate. The Company
typically reports eU3O8, as a preliminary
result and subsequently reports definitive assay grades following
sampling and chemical analysis of the mineralized drill core.
Assay sample intervals are generally 50 centimetres long, except
where higher or lower grade mineralization boundaries fall within
the interval. In that case, two 25 centimetre samples are
collected. Flank samples of 1.0 metre are always collected where
mineralization is located. Systematic geochemistry samples are
collected every 10 metres down the hole.
All assayed core is split in half, with one half retained and
the other sent to the SRC Geoanalytical Laboratory in Saskatoon for analysis. Control samples are
routinely assayed with each batch of core samples analyzed.
About Waterfound
River
The Waterfound River property is located within the eastern
portion of the Athabasca Basin
region of northern Saskatchewan,
approximately 40 kilometres northwest of Denison's 22.5% owned
McClean Lake mill. The Waterfound JV is an unincorporated
contractual arrangement between Orano Canada (62.4223%), Denison
Mines Inc. (11.7767%), and JCU (Canada) Exploration Company, Limited
("JCU") (25.8010%). Denison holds an effective 24.6772%
ownership interest in the Waterfound JV through its direct interest
in the joint venture and its 50% ownership of JCU.
About Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca
Basin region of northern Saskatchewan,
Canada. The Company has an effective 95% interest in
its flagship Wheeler River Uranium Project, which is the largest
undeveloped uranium project in the infrastructure rich eastern
portion of the Athabasca Basin
region of northern Saskatchewan.
Denison's interests in the Athabasca Basin also include a 22.5% ownership
interest in the McClean Lake joint venture, which includes several
uranium deposits and the McClean Lake uranium mill that is
contracted to process the ore from the Cigar Lake mine under a toll
milling agreement, plus a 25.17% interest in the Midwest Main and
Midwest A deposits, and a 67.01% interest in the Tthe Heldeth Túé
("THT", formerly J Zone) and Huskie deposits on the Waterbury Lake
property. The Midwest Main, Midwest A, THT and Huskie
deposits are each located within 20 kilometres of the McClean Lake
mill.
Through its 50% ownership of JCU, Denison holds additional
interests in various uranium project joint ventures in Canada, including the Millennium project (JCU
30.099%), the Kiggavik project (JCU 33.8118%) and Christie Lake (JCU 34.4508%). Denison's
exploration portfolio includes further interests in properties
covering ~300,000 hectares in the Athabasca Basin region.
Denison is also engaged in post-closure mine care and
maintenance services through its Closed Mines group, which manages
Denison's reclaimed mine sites in the Elliot Lake region and provides related
services to certain third-party projects.
Follow Denison on Twitter @DenisonMinesCo
Qualified Persons
The technical information contained in this release has been
reviewed and approved by Mr. Andrew
Yackulic, P. Geo., Denison's Director, Exploration, who is a
Qualified Person in accordance with the requirements of NI
43-101.
Cautionary Statement Regarding
Forward-Looking Statements
Certain information contained in this news release
constitutes 'forward-looking information', within the meaning of
the applicable United States and
Canadian legislation, concerning the business, operations and
financial performance and condition of Denison.
Generally, these forward-looking statements can be identified
by the use of forward-looking terminology such as 'plans',
'expects', 'budget', 'scheduled', 'estimates', 'forecasts',
'intends', 'anticipates', or 'believes', or the negatives and/or
variations of such words and phrases, or state that certain
actions, events or results 'may', 'could', 'would', 'might' or
'will be taken', 'occur', 'be achieved' or 'has the potential
to'.
In particular, this news release contains forward-looking
information pertaining to the following: the interpretation of
exploration results and expectations with respect thereto,
including the interpretation of the results from the Waterfound
River exploration program undertaken by Orano Canada, underlying
assumptions and the Waterfound JV's intentions with respect
thereto; exploration plans and objectives; and expectations
regarding its joint venture ownership interests and the continuity
of its agreements with its partners.
Forward looking statements are based on the opinions and
estimates of management as of the date such statements are made,
and they are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of Denison to be materially different
from those expressed or implied by such forward-looking statements.
For example, the modelling and assumptions upon which the
interpretation of results are based may not be maintained after
further testing or be representative of actual conditions. Denison
believes that the expectations reflected in this forward-looking
information are reasonable but no assurance can be given that these
expectations will prove to be accurate and results may differ
materially from those anticipated in this forward-looking
information. For a discussion in respect of risks and other factors
that could influence forward-looking events, please refer to the
factors discussed in Denison's Annual Information Form dated
March 25, 2022 or subsequent
quarterly financial reports under the heading 'Risk Factors'. These
factors are not, and should not be construed as being
exhaustive.
Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking information
contained in this news release is expressly qualified by this
cautionary statement. Any forward-looking information and the
assumptions made with respect thereto speaks only as of the date of
this news release. Denison does not undertake any obligation to
publicly update or revise any forward-looking information after the
date of this news release to conform such information to actual
results or to changes in Denison's expectations except as otherwise
required by applicable legislation.
Figure 1 – Location – Waterfound River
JV
Figure 2 – 2022 Summer Exploration Drilling – Alligator
Extension
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SOURCE Denison Mines Corp.