Denison Mines Corp. (TSX:DML)(NYSE MKT:DNN) ("Denison" or the
"Company") has completed a second fence of drilling in the vicinity
of drill hole WR-489 that has extended unconformity uranium
mineralization along strike by 65 metres. The area is 2.1
kilometres northeast of the Phoenix deposits and is now being
referred to as the 489 Zone.
Wheeler River
The winter drill program is now complete at Wheeler River. A
total of 14,577 metres was drilled in 27 drill holes. Sixteen of
the drill holes were completed on five different exploration target
areas (489 Zone, K Zone, Phoenix North, 232 area and the REA area)
on the Wheeler River property. The highlight of the program was the
discovery of new unconformity related uranium mineralization at the
489 Zone. Located approximately 2.1 kilometres northeast of the
Phoenix deposits the 489 Zone straddles the sub-Athabasca
unconformity at a vertical depth of 380 meters below surface, on
top of faulted graphitic gneiss. Rock types, alteration and
structure are similar to the Phoenix deposits. Mineralization has
now been intersected on both drill hole fences completed to date -
65 metres apart, and the zone is open along strike in both
directions. A summer drill program is planned to aggressively
follow up on these results.
The table below summarizes the mineralized intersections. Figure
1 (http://media3.marketwire.com/docs/dml424-F1.pdf) shows the
location of the 489 Zone relative to the Phoenix deposits.
489 Zone Drilling Results
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Hole-ID Radiometric Probe Chemical Assay
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From To Length eU3O8 From To Length U3O8
(m) (m) (m) (%)1 (m) (m) (m) (%)
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WR-489 387.8 392.4 4.6 0.14 387.3 392.8 5.5 0.13
----------------------------------------------------------------------------
WR-511A 375.5 377.0 1.5 0.46 Pending
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and 378.3 379.3 1.0 0.17 Pending
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and 387.8 388.9 1.1 0.24 Pending
----------------------------------------------------------------------------
Note: 1. eU3O8 is radiometric equivalent uranium from a total gamma down-
hole probe
On the other four exploration target areas, encouraging
geochemistry and alteration was observed at Phoenix North, and the
K Zone. Further work is required to follow up on these results -
some of which will be a part of this summer's activities. No
significant mineralization, alteration or geochemistry was observed
at the 232 and REA areas.
The remainder of the winter program consisted of four drill
holes to infill two small Inferred portions of the Phoenix A
deposit. As previously reported, high grade uranium mineralization
was intersected in all four of these drill holes (see news release
March 14, 2013). Another five drill holes explored for basement
mineralization proximal to the north end of the Phoenix A deposit.
Although no significant mineralization was intersected, this area
remains open for further testing.
The Wheeler River property lies between the McArthur River mine
and Key Lake mill complex in the Athabasca Basin in northern
Saskatchewan. Denison is the operator and holds a 60% interest in
the project. Cameco Corporation holds a 30% interest and JCU
(Canada) Exploration Company, Limited holds the remaining 10%
interest.
Hatchet Lake
As reported previously, uranium mineralization was intersected
at Hatchet Lake in two drill holes on the northern portion of the
Crooked-Richardson Lakes trend. Chemical assays have now been
received for this drilling and the best result was in drill hole
RL-13-16, which intersected 0.45% U3O8 over 2.3 metres beginning at
124.0 metres down the drill hole. Further drilling is required to
follow up on these results.
Qualified Person
The disclosure of a scientific or technical nature contained in
this news release was prepared by Steve Blower, P.Geo., Denison's
Vice President, Exploration, who is a Qualified Person in
accordance with the requirements of NI 43-101. For a description of
the quality assurance program and quality control measures applied
by Denison, please see Denison's Annual Information Form dated
March 13, 2013 filed under the Company's profile on SEDAR at
www.sedar.com.
About Denison
Denison Mines Corp. is a uranium exploration and development
company with interests in exploration and development projects in
Canada, Zambia and Mongolia. Including the world class Phoenix
deposits, located on its 60% owned Wheeler River project, Denison's
exploration project portfolio includes 32 projects and totals over
530,000 hectares in the Eastern Athabasca Basin region of
Saskatchewan. Denison's interests in Saskatchewan also include a
22.5% ownership interest in the McClean Lake Joint Venture, which
includes several uranium deposits and the McClean Lake uranium
mill, one of the world's largest uranium processing facilities, and
a 25.17% interest in the Midwest deposit, which is located 15
kilometres from the McClean Lake mill. Internationally, Denison
owns 100% of the conventional heap leach Mutanga project, in
Zambia, and an 85% interest in the in-situ recovery projects held
by the Gurvan Saihan Joint Venture, in Mongolia.
Denison is engaged in mine decommissioning and environmental
services through its Denison Environmental Services (DES) division
and is the manager of Uranium Participation Corporation (TSX:U), a
publicly traded company which invests in uranium oxide in
concentrates and uranium hexafluoride.
Cautionary Statements
Certain information contained in this press release constitutes
"forward-looking information", within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and similar
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" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates"
or
"does not anticipate", or "believes", 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".
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.
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 correct and such
forward-looking information included in this press release should
not be unduly relied upon. This information speaks only as of the
date of this press release. In particular, this press release may
contain forward-looking information pertaining to the following:
the estimates of Denison's mineral reserves and resources; capital
expenditure programs; expectations regarding the toll milling of
Cigar Lake ores; exploration and development expenditures and
reclamation costs; expectations of market prices and costs; supply
and demand for uranium; possible impacts of litigation and
regulatory actions on Denison; exploration, development and
expansion plans and objectives; future royalty and tax payments and
rates; Denison's expectations regarding raising capital and adding
to its mineral reserves and resources through acquisitions and
exploration; and receipt of regulatory approvals, permits and
licences under governmental regulatory regimes.
There can be no assurance that such statements will prove to be
accurate, as Denison's actual results and future events could
differ materially from those anticipated in this forward-looking
information as a result of those factors discussed in or referred
to under the heading "Risk Factors" in Denison's Annual Information
Form dated March 13, 2013, available at http://www.sedar.com, and
in its Form 40-F available at http://www.sec.gov, as well as the
following: global financial conditions; the ability of Denison to
meet its obligations to its creditors and the uncertainty of
funding; volatility in the market price of the Company's shares and
the risk of dilution from future equity financings; the impact of
volatility in uranium prices on the valuation of Denison's mineral
reserves and resources and the market price of its shares; public
acceptance of nuclear energy and competition from other energy
sources; failure to realize benefits from transactions; competition
for properties; the imprecision of mineral reserves and resources
estimation; Denison's ability to expand and replace its mineral
reserves and resources; uncertainty as to reclamation and
decommissioning liabilities; reliance on other operators; technical
innovation rendering Denison's products and services obsolete;
property title risk; liabilities inherent in mining operations and
the adequacy of insurance coverage; delays in obtaining permits and
licences for development properties; the speculative nature of
exploration and development projects; difficulty complying with
changing government regulations and policy, including without
limitation, compliance with environment, health and safety
regulations; uncertainty surrounding Denison's operations in
foreign jurisdictions; potential claims of Canada's first nations
people; dependence on key personnel; the potential influence of
Denison's largest Shareholder, Korea Electric Power Corporation;
potential conflicts of interest for the Company's directors who are
engaged in similar businesses; and limitations of disclosure and
internal controls.
Accordingly, readers should not place undue reliance on
forward-looking statements. These factors are not, and should not
be construed as being, exhaustive. Statements relating to "mineral
reserves" or "mineral resources" are deemed to be forward-looking
information, as they involve the implied assessment, based on
certain estimates and assumptions that the mineral reserves and
mineral resources described can be profitably produced in the
future. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement.
Denison does not undertake any obligation to publicly update or
revise any forward-looking information after the date of this press
release to conform such information to actual results or to changes
in Denison's expectations except as otherwise required by
applicable legislation.
Contacts: Denison Mines Corp. Ron Hochstein President and Chief
Executive Officer (416) 979-1991 ext 232 (416) 979-5893 (FAX)
Denison Mines Corp. Steve Blower Vice President, Exploration (604)
689-7842 www.denisonmines.com
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