Denison Mines Corp. (TSX:DML)(NYSE MKT:DNN) ("Denison" or the
"Company") is pleased to announce that drill hole WR-525 along the
western margin of the Phoenix A deposit intersected 10.3 metres of
43.2% eU3O8, which represents the highest grade x thickness product
(GT) of any drill hole on the Wheeler River property at 445.0
%m.
Wheeler River
The summer 2013 drill program is well underway with 15 of 23
planned drill holes having been completed; four at Phoenix A, three
at Phoenix North and eight at the 489 Zone. The inset in the
attached figure shows the location of the drilling areas relative
to the Phoenix deposits. The highlights of the program to date are
summarized in the table and discussed in more detail below.
Wheeler River Summer 2013 Drilling Highlights To Date
----------------------------------------------------------------------------
Hole-ID Area From (m) To (m) Length (m) eU3O8(i)(%)
----------------------------------------------------------------------------
WR-525 Phoenix A 410.4 413.9 10.3 43.2
WR-526 Phoenix A 405.4 408.5 1.7 16.4
WR-527 Phoenix A 403.7 406.8 3.1 13.0
WR-518 489 Zone 407.5 410.1 3.2 0.3
(i) eU3O8 is radiometric equivalent uranium oxide calculated from a total
gamma down-hole probe
All four drill holes completed at Phoenix A were designed to
evaluate possible high grade extensions outside of the higher grade
domain as defined in the most recent mineral resource estimate
dated December 31, 2012. Three of the four drill holes have
intersected high grade mineralization, with WR-525 intersecting the
highest GT of any drill hole on the property. WR-525 was drilled
west of the current western margin of the higher grade domain and
intersected 10.3 metres of 43.2% eU3O8 (GT=445.0 %m). WR-526 and
WR-528 were drilled east of the current eastern margin of the
higher grade domain and they intersected 1.7 metres of 16.4% eU3O8
(GT=27.9 %m) and 3.1 metres of 13.0% eU3O8 (GT=40.3 %m),
respectively. The Phoenix A drill hole locations are shown on the
attached figure. The intersection in WR-525 may result in
additional holes being drilled along the western margin of Phoenix
A this summer.
The other objectives of the summer program were to follow-up on
the low grade mineralization identified at the 489 Zone and
complete further drilling at the Phoenix North area. At the 489
Zone, low grade mineralization was intersected in WR-518 on the
first fence to follow up on mineralization intersected in the
winter 2013 drilling program. This first fence was a 300 metre step
out along strike to the northeast of previously reported
mineralization. Drill hole WR-518 intersected 3.2 metres of 0.32%
eU3O8. Drilling is currently underway on the next 300 metre
step-out to the northeast. Drilling at the 489 Zone continues to
show positive indications for the discovery of higher grade
mineralization, including the presence of strong graphitic fault
zones in the basement and encouraging sandstone alteration and
geochemistry. Drilling in the Phoenix North area has not returned
any significant mineralization at this time, however several
targets remain there.
As mineralization in the Phoenix deposit is sub-horizontal and
the drill holes in the table are vertical, the true thickness is
expected to be approximately equal to the intersection length. 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.
Other Activities
Denison is also completing exploration programs at seven other
Athabasca Basin properties this summer; Waterbury Lake (60%
Denison, 40% KEPCO), Packrat (100% Denison), South Dufferin (100%
Denison), Johnston Lake (100% Denison) and Moon Lake (55% Denison,
45% Uranium One). Linecutting and geophysical surveying is underway
at Waterbury Lake and will be followed by diamond drilling on two
new target areas in August. A six hole diamond drilling program is
underway on structural/geophysical targets at the Packrat property.
At South Dufferin, a program consisting of 10 diamond drill holes
on geophysical targets is planned to begin at the end of July. At
Johnston Lake a program of linecutting and ground geophysics is
currently underway. This will be followed by a six hole diamond
drilling program later in the summer to follow up on historic
uranium intersections there. At Bachman Lake (100% Denison),
International Enexco is funding a five drill hole exploration
program to evaluate electromagnetic conductors to earn a 20%
interest. The Bachman Lake program will be carried out
simultaneously with a two hole drilling program at Moon Lake.
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 is a uranium exploration and development company with
interests in exploration and development projects in Canada,
Zambia, Namibia, and Mongolia. Including the high grade Phoenix
deposits, located on its 60% owned Wheeler project, Denison's
exploration project portfolio includes 50 projects and totals
approximately 658,000 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, plus a 25.17% interest in the Midwest deposit and a 60%
interest in the J-Zone deposit on the Waterbury property. Both the
Midwest and J-Zone deposits are located within 20 kilometres of the
McClean Lake mill. Internationally, Denison owns 100% of the
conventional heap leach Mutanga project in Zambia, a 75% interest
in the newly acquired Dome project in Namibia, 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 division and is
the manager of Uranium Participation Corporation, a publicly traded
company which invests in uranium oxide 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 mineral resources;
expectations regarding the toll milling of Cigar Lake ores; capital
expenditure programs, estimated exploration and development
expenditures and reclamation costs; expectations of market prices
and costs; supply and demand for uranium ("U3O8"); possible impacts
of litigation and regulatory actions on Denison; exploration,
development and expansion plans and objectives; expectations
regarding adding to its mineral reserves and resources through
acquisitions and exploration; and receipt of regulatory approvals,
permits and licenses 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 the 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/edgar.shtml.
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.
Cautionary Note to United States Investors Concerning Estimates
of Measured, Indicated and Inferred Mineral Resources: This press
release may use the terms "measured", "indicated" and "inferred"
mineral resources. United States investors are advised that while
such terms are recognized and required by Canadian regulations, the
United States Securities and Exchange Commission does not recognize
them. "Inferred mineral resources" have a great amount of
uncertainty as to their existence, and as to their economic and
legal feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or other economic
studies. United States investors are cautioned not to assume that
all or any part of measured or indicated mineral resources will
ever be converted into mineral reserves. United States investors
are also cautioned not to assume that all or any part of an
inferred mineral resource exists, or is economically or legally
mineable.
To view the map associated with this release, please visit the
following link: http://media3.marketwire.com/docs/dml724i.pdf.
Contacts: Denison Mines Corp. Ron Hochstein President and Chief
Executive Officer (604) 689-7842 Denison Mines Corp. Steve Blower
Vice President, Exploration (604) 689-7842 www.denisonmines.com
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