 |
Denison
Mines Corp.
1100
– 40 University Ave
Toronto,
ON M5J 1T1
www.denisonmines.com
@DenisonMinesCo
|
PRESS RELEASE
DENISON INTERSECTS 5.0%
eU3O8
OVER 4.7 METRES AT
THE
UNCONFORMITY AS DEFINITION AND EXPANSION DRILLING
CONTINUES
ON THE GRYPHON DEPOSIT AT WHEELER
RIVER
Toronto, ON – August 30, 2017 Denison Mines Corp.
(“Denison” or the “Company”) (TSX: DML)
(NYSE MKT: DNN) (NYSE American: DNN) is pleased to report the
intersection of new high-grade unconformity-hosted uranium
mineralization in drill hole WR-689D3 approximately 250 metres
along strike to the northeast and 200 metres up-dip of the Gryphon
deposit, on the Company’s 60% owned Wheeler River project.
Preliminary radiometric equivalent probe results
(“eU3O8”) from
drill hole WR-689D3 are highlighted by an interval of 5.0%
eU3O8 over 4.7 metres,
including 8.5% eU3O8 over 2.7 metres,
from mineralization occurring immediately above the sub-Athabasca
unconformity that is comprised of massive to semi-massive uraninite
(pitchblende) associated with hydrothermal hematite and clay
alteration.
Denison
is also pleased to report that a further ten drill holes have been
completed within the D series of mineralized lenses, which occur
entirely outside of the current resources estimated for the Gryphon
deposit. The results continue to exhibit thick high-grade
mineralized intervals as drilling focuses on expanding
mineralization outwards, on an approximate 25 metre drill spacing,
from the previously released results in drill holes WR-641 (5.3%
U3O8 over 11.0 metres)
and WR-633D3 (1.3% U3O8 over 3.0 metres,
plus 3.3% U3O8 over 13.5 metres,
and 6.2% U3O8 over 2.5
m).
Today's news is highlighted by the following:
●
Discovery of new
high-grade unconformity-hosted mineralization in drill holes
WR-689D3 (5.0% eU3O8 over 4.7 metres)
and WR-690D3 (1.2% eU3O8 over 1.4 metres)
immediately up-dip of previously intersected basement
mineralization that includes drill hole WR-507D2 (19.30%
U3O8 over 1.0 metre)
and drill hole WR-646 (6.20% U3O8 over 2.5
metres).
●
The mineralization
occurring at the unconformity is open along strike in both
directions, and together with the high-grade mineralization
previously discovered in the upper basement has been termed the
“E series” of lenses, representing a new high priority
target area for resource expansion
●
A further ten drill
holes have been completed within the D series lenses, with results
continuing to include thick and high-grade mineralized intervals,
as drilling expands the mineralized zone outwards from drill holes
WR-641 and WR-633D3. Detailed results from the latest drill holes
are provided in Table 1, and include the following
highlights:
o
4.8% eU3O8 over 3.7 metres
in drill hole WR-694
o
3.8% eU3O8 over 3.7 metres
in drill hole WR-690D2
o
2.0% eU3O8 over 5.2 metres
in drill hole WR-657D1
o
6.4% eU3O8 over 1.0 metre in
drill hole WR-690D1
●
Two drill holes
testing for an extension of mineralization outside and near the
fringes of the current resources estimated for the Gryphon
Deposit’s A series lenses successfully intersected high-grade
mineralization:
o
1.5% eU3O8 over 4.6 metres
in drill hole WR-638D4
o
1.3% eU3O8 over 3.6 metres
in drill hole WR-682D1
●
Six additional
infill and delineation drill holes have been completed on the
Gryphon Deposit’s A, B and C series lenses. Detailed results
from the latest drill holes are provided in Table 2, and include
the following highlights:
o
1.3% eU3O8 over 21.8 metres
in drill hole WR-572D1, including 3.9% eU3O8 over 5.3
metres
o
5.8% eU3O8 over 5.4 metres
in drill hole WR-564D3
o
1.8% eU3O8 over 3.9 metres
in drill hole WR-564D3
David Cates, Denison’s President and CEO, commented,
“The
notable high-grade mineralization intersected at the unconformity,
immediately northeast of the Gryphon deposit, presents our
Saskatoon based exploration team with a new and exciting target for
additional exploration – with the potential for further
drilling to continue to expand resources at Gryphon. Coupled with a
steady stream of impressive high-grade intersections within the
basement-hosted D series lenses, the prospect of significant growth
in our estimate of resources for the Gryphon deposit continues to
increase as we work towards completing an updated resource estimate
following the completion of the summer drilling
program.”
Emergence of the E Series Lenses
The E
series lenses, previously reported in several instances as
mineralization along the A or B series plane, occur as a series of
closely spaced stacked lenses at or immediately below the
unconformity (within the basement) approximately 50 metres along
strike to the northeast and 50 to 200 metres up-dip of the current
resources estimated for the Gryphon deposit. Collectively the E
series lenses measure approximately 350 meters along strike
(southwest to northeast) and up to 40 meters along dip (moderately
toward the southeast), with individual lenses varying in
interpreted true thickness from approximately 1 to 3
metres.
The
discovery and initial delineation of the mineralization comprising
the E series lenses was a result of drill holes designed primarily
to test for D series mineralization, which occurs deeper in the
basement. These drill holes resulted in a series of mineralized
basement intersections near the unconformity, which include the
following previously reported results (see Denison’s Press
Releases dated May 26,
2016 and November
17, 2016):
o
19.30%
U3O8
over 1.0 metres in drill hole WR-507D2
o
6.20% U3O8 over 2.5 metres
in drill hole WR-646
o
1.61% U3O8 over 1.0 metres
in drill hole WR-671
o
1.38% U3O8 over 1.0 metres
in drill hole WR-675
The new
unconformity mineralization intersected in WR-689D3 and WR-690D3 is
located in sandstone ‘wedges’ produced as a result of
reverse faulting of the basement units below. The
unconformity-hosted mineralization is interpreted to be the up-dip
unconformity expression of the previously discovered basement
lenses and are assumed to be continuous to semi-continuous in
nature. The mineralization remains open along strike in both
directions along the unconformity to the northeast and southwest
where similar geologic settings exist with mineralized basement
intersections below.
A
significant zone of structural disruption, bleaching and clay
alteration, including dravite, was noted immediately overlying the
mineralization within the sandstone in drill holes WR-689D3 and
WR-690D3. These features are typical of high-grade
unconformity-hosted uranium deposits such as Phoenix, which occurs
approximately 3 kilometres to the southeast on the Wheeler River
property.
Future
exploration of the E series lenses will focus on evaluating the
continuity of the basement lenses as well as their unconformity
expression using drill orientations and spacing appropriate to the
style of mineralization being tested and evaluated.
Continued Expansion of the D Series Lenses
The
summer 2017 drilling within the D series lenses has focussed on
testing around drill holes WR-641 (5.3% U3O8 over 11.0 metres)
and WR-633D3 (1.3% U3O8 over 3.0 metres,
3.3% U3O8 over 13.5 metres,
and 6.2% U3O8 over 2.5 m) on an
approximate 25 metre spacing, with the objective of adding
indicated or inferred resources to the Gryphon deposit. The summer
2017 results, as provided in Table 1, include thick and high-grade
intersections in all directions, which indicate continued expansion
of this high-grade mineralization. The mineralized zone remains
open in numerous areas and now occurs over an area of approximately
70 meters along strike and 200 meters along dip, with interpreted
true thicknesses varying between approximately 2 and 20
metres.
To
date, the delineation drilling within the D series lenses (on a 25
metre spacing), has only tested approximately 50 to 70 metres of
strike length within the D series plane. A further approximate 250
metres of known D series lenses strike remains to be evaluated at
this tighter drill spacing. Furthermore, the D series lenses remain
completely open to the northeast and southwest.
Additional Extension of the A Series Lenses
Drill
hole WR-638D4, which was primarily designed to test for D series
mineralization, intersected 1.5% eU3O8 over 4.6 metres
indicating further expansion of the A series lenses in the up-dip
direction. This result builds on previous expansion drill results
for that area, which include 1.7% eU3O8 over 8.6 metres
in drill hole WR-582D3 (see Denison’s Press Release dated July 24,
2017).
Drill
hole WR-682D1, which was completed approximately 25 metres down-dip
of the current resources estimated for the A series lenses,
intersected 1.3% eU3O8 over 3.6 metres.
This result indicates further expansion of the A series lenses in
that area.
A, B, and C Series Infill and Delineation Nearing
Completion
Infill
and delineation drilling at Gryphon continues, with the objective
of bringing the inferred resources estimated for the deposit to an
indicated level of confidence. In total, 38 infill and delineation
drill holes have been completed with a further four holes
remaining.
The
results within the A and B series lenses continue to show good
consistency with the current inferred block model. Most notable is
the result in drill hole WR-572D1, which returned a mineralized
interval of 1.3% eU3O8 over 21.8 metres,
including 3.9% eU3O8 over 5.3 metres,
which represents a significant expansion of the mineralized extents
of the A and B series lenses in the central portion of the deposit,
indicating potential for resource growth in that area of the
deposit.
Although
drilling has confirmed the continuity of mineralization along the C
series plane, the grades returned from preliminary radiometric
equivalent probe results have been lower than what was expected
when compared to the current inferred block model. This possibly
suggests a different structural control on the C series lens
mineralization and further infill drilling is expected to test this
scenario.
Illustrative Figures
A plan
map of the Gryphon A, B, C, D and E series lenses is provided in
Figure 1. The inset on Figure 1 shows a schematic cross section of
the A, B, C, D and E series lenses and their respective inclined
longitudinal section windows (as shaded rectangles). Figures 2 to 6
provide inclined longitudinal sections of the Gryphon A, B, C, D
and E series lenses respectively.
The
mineralized lenses which occur in the A series plane, immediately
below the unconformity, and along strike to the northeast of the
Gryphon deposit have now been designated E series lenses and
coloured purple. The modelled mineralized lenses shown in Figures 1
to 6 are defined using a 0.05% U3O8 grade shell and
minimum thickness of two metres and have been updated following
receipt of the winter 2017 assay results. There is no certainty
that the modelled mineralized lenses shown will constitute future
mineral resources and they may be subject to modifications as
further drilling data becomes available.
Further
details regarding the Gryphon deposit and the current mineral
resource estimates are provided in the NI 43-101 Technical Report
for the Wheeler River project titled “Preliminary Economic
Assessment for the Wheeler River Uranium Project, Saskatchewan,
Canada" dated April 8, 2016 with an effective date of March 31,
2016. A copy of this report is available on Denison’s website
and under its profile on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov/edgar.shtml.
Detailed Radiometric Equivalent Probe Results
The
following tables provide the radiometric equivalent probe results
from the additional 17 drill holes completed during the summer 2017
exploration program at Wheeler River.
Table 1: Radiometric equivalent probe results for drill holes
targeting the Gryphon D and E series lenses
|
Section
|
Drill Hole
|
From (m)
|
To (m)
|
Length (m)5
|
eU3O8
(%)1,2,4
|
Lens Designation6
|
|
5175GP
|
WR-694
|
566.3
|
567.3
|
1.0
|
0.11
|
E Series
|
|
and
|
571.5
|
572.5
|
1.0
|
0.10
|
E Series
|
|
|
and
|
708.5
|
709.5
|
1.0
|
0.27
|
D Series
|
|
|
and
|
717.8
|
720.5
|
2.7
|
0.62
|
D Series
|
|
|
including3
|
719.4
|
720.4
|
1.0
|
1.0
|
D Series
|
|
|
and
|
722.8
|
726.5
|
3.7
|
4.8
|
D Series
|
|
|
including3
|
723.0
|
725.5
|
2.5
|
7.0
|
D Series
|
|
|
and
|
727.1
|
728.1
|
1.0
|
0.10
|
D Series
|
|
|
5200GP
|
WR-689D2
|
545.8
|
547.2
|
1.4
|
0.32
|
E Series
|
|
and
|
564.8
|
565.8
|
1.0
|
0.46
|
E Series
|
|
|
and
|
628.3
|
629.3
|
1.0
|
0.28
|
A Series
|
|
|
and
|
675.0
|
676.0
|
1.0
|
0.23
|
D Series
|
|
|
and
|
679.8
|
680.9
|
1.1
|
1.0
|
D Series
|
|
|
and
|
686.9
|
689.4
|
2.5
|
0.55
|
D Series
|
|
|
including3
|
688.3
|
689.3
|
1.0
|
1.1
|
D Series
|
|
|
and
|
694.0
|
695.0
|
1.0
|
1.2
|
D Series
|
|
|
and
|
697.8
|
698.8
|
1.0
|
2.3
|
D Series
|
|
|
WR-689D3
|
538.5
|
540.8
|
2.3
|
0.44
|
E Series
|
|
|
and
|
547.4
|
552.1
|
4.7
|
5.0
|
E Series
|
|
|
including3
|
548.9
|
551.6
|
2.7
|
8.5
|
E Series
|
|
|
and
|
565.4
|
566.4
|
1.0
|
0.20
|
D Series
|
|
|
5225GP
|
WR-690D1
|
617.8
|
619.2
|
1.4
|
0.17
|
A Series
|
|
and
|
695.2
|
697.2
|
2.0
|
0.48
|
D Series
|
|
|
and
|
717.9
|
719.9
|
2.0
|
1.5
|
D Series
|
|
|
including3
|
717.9
|
718.9
|
1.0
|
2.8
|
D Series
|
|
|
and
|
724.0
|
725.0
|
1.0
|
6.4
|
D Series
|
|
|
WR-650D1
|
671.1
|
672.2
|
1.1
|
0.30
|
A Series
|
|
|
and
|
676.1
|
677.1
|
1.0
|
0.21
|
A Series
|
|
|
WR-690D2
|
565.5
|
567.0
|
1.5
|
0.88
|
E Series
|
|
|
including3
|
565.9
|
566.9
|
1.0
|
1.2
|
E Series
|
|
|
and
|
664.7
|
665.7
|
1.0
|
0.20
|
D Series
|
|
|
and
|
668.5
|
669.5
|
1.0
|
0.11
|
D Series
|
|
|
and
|
686.4
|
687.4
|
1.0
|
0.53
|
D Series
|
|
|
and
|
694.4
|
695.4
|
1.0
|
0.10
|
D Series
|
|
|
and
|
700.9
|
701.9
|
1.0
|
0.57
|
D Series
|
|
|
and
|
711.0
|
714.7
|
3.7
|
3.8
|
D Series
|
|
|
including3
|
711.2
|
714.5
|
3.3
|
4.2
|
D Series
|
|
|
and
|
717.9
|
721.4
|
3.5
|
0.36
|
D Series
|
|
|
WR-690D3
|
558.8
|
560.2
|
1.4
|
1.2
|
E Series
|
|
|
including3
|
559.1
|
560.1
|
1.0
|
1.6
|
E Series
|
|
|
and
|
573.0
|
574.0
|
1.0
|
0.75
|
E Series
|
|
|
and
|
656.9
|
657.9
|
1.0
|
0.12
|
D Series
|
|
|
WR-654D1
|
723.9
|
725.8
|
1.9
|
0.70
|
D Series
|
|
|
including3
|
724.6
|
725.6
|
1.0
|
1.0
|
D Series
|
|
|
and
|
733.0
|
734.0
|
1.0
|
0.12
|
D Series
|
|
|
and
|
738.8
|
739.8
|
1.0
|
0.11
|
D Series
|
|
|
and
|
745.2
|
746.4
|
1.2
|
4.3
|
D Series
|
|
|
including3
|
745.4
|
746.4
|
1.0
|
5.1
|
D Series
|
|
|
and
|
760.5
|
761.5
|
1.0
|
0.18
|
D Series
|
|
|
WR-638D4
|
710.6
|
715.2
|
4.6
|
1.5
|
A Series
|
|
|
including3
|
712.4
|
715.0
|
2.6
|
2.5
|
A Series
|
|
|
and
|
771.5
|
774.3
|
2.8
|
0.69
|
D Series
|
|
|
including3
|
772.4
|
773.4
|
1.0
|
1.3
|
D Series
|
|
|
and
|
776.5
|
777.5
|
1.0
|
0.46
|
D Series
|
|
|
and
|
786.1
|
787.9
|
1.8
|
3.3
|
D Series
|
|
|
including3
|
786.7
|
787.8
|
1.1
|
5.1
|
D Series
|
|
|
5250GP
|
WR-657D1
|
567.1
|
568.6
|
1.5
|
0.22
|
E Series
|
|
and
|
587.0
|
588.0
|
1.0
|
0.12
|
E Series
|
|
|
and
|
708.2
|
713.4
|
5.2
|
2.0
|
D Series
|
|
|
including3
|
708.6
|
711.7
|
3.1
|
3.1
|
D Series
|
Notes:
1.
eU3O8 is
radiometric equivalent U3O8 from a calibrated
total gamma downhole probe. eU3O8 results are
preliminary in nature and all mineralized intervals will be sampled
and submitted for chemical U3O8
assay.
2.
Intersection
interval is composited above a cut-off grade of 0.1% eU3O8 unless otherwise
indicated.
3.
Intersection
interval is composited above a cut-off grade of 1.0% eU3O8.
4.
Composites are
compiled using 1.0 metre minimum ore thickness and 2.0 metres
maximum waste
5.
As the drill holes
are oriented steeply toward the northwest the true thickness of
both the basement and inconformity mineralization is expected to be
approximately 75% of the intersection lengths (the basement
mineralization is interpreted to dip moderately to the southeast
and the unconformity mineralization is interpreted to be
flat-lying).
6.
Drill holes
targeting the D and E series lens mineralization, in some cases,
also intersect mineralization in the A and/or B and/or C
stratigraphic horizons outside of the Gryphon resource
area.
Table 2: Radiometric equivalent probe results for Gryphon deposit
A, B, C infill, delineation and expansion drill holes
|
Section
|
Drill Hole
|
From (m)
|
To (m)
|
Length (m)5
|
eU3O8
(%)1,2,4
|
Lens Densignation6
|
|
4925GP
|
WR-572D2
|
649.6
|
655.8
|
6.2
|
0.41
|
A Series
|
|
including3
|
654.5
|
655.5
|
1.0
|
1.3
|
A Series
|
|
|
and
|
690.3
|
691.3
|
1.0
|
0.55
|
B Series
|
|
|
and
|
703.8
|
706.4
|
2.6
|
0.25
|
C Series
|
|
|
4950GP
|
WR-682D1
|
728.7
|
729.7
|
1.0
|
0.14
|
A Series
|
|
and
|
758.6
|
759.6
|
1.0
|
0.12
|
A Series
|
|
|
and
|
761.6
|
765.2
|
3.6
|
1.3
|
A Series
|
|
|
including3
|
763.0
|
764.4
|
1.4
|
2.8
|
A Series
|
|
|
4975GP
|
WR-572D1
|
631.3
|
632.3
|
1.0
|
0.15
|
A Series
|
|
and
|
638.2
|
639.2
|
1.0
|
0.10
|
A Series
|
|
|
and
|
639.5
|
661.3
|
21.8
|
1.3
|
A Series
|
|
|
including3
|
650.7
|
651.9
|
1.2
|
2.5
|
A Series
|
|
|
including3
|
654.9
|
660.2
|
5.3
|
3.9
|
A Series
|
|
|
and
|
682.8
|
691.4
|
8.6
|
0.48
|
B Series
|
|
|
and
|
687.6
|
688.6
|
1.0
|
1.7
|
B Series
|
|
|
and
|
690.2
|
691.2
|
1.0
|
1.2
|
B Series
|
|
|
5025GP
|
WR-564D2
|
720.5
|
721.5
|
1.0
|
0.37
|
A Series
|
|
and
|
730.7
|
732.4
|
1.7
|
0.38
|
A Series
|
|
|
and
|
735.5
|
739.4
|
3.9
|
1.8
|
A Series
|
|
|
including3
|
737.0
|
739.0
|
2.0
|
3.2
|
A Series
|
|
|
and
|
757.7
|
758.7
|
1.0
|
0.22
|
B Series
|
|
|
WR-568D2
|
755.7
|
757.7
|
2.0
|
0.20
|
C Series
|
|
|
WR-564D3
|
707.1
|
708.1
|
1.0
|
0.18
|
A Series
|
|
|
and
|
713.4
|
714.4
|
1.0
|
0.14
|
A Series
|
|
|
and
|
716.3
|
721.7
|
5.4
|
5.8
|
A Series
|
|
|
including3
|
717.9
|
720.7
|
2.8
|
11.0
|
A Series
|
|
|
and
|
741.4
|
746.8
|
5.4
|
0.61
|
B Series
|
|
|
including3
|
741.7
|
742.7
|
1.0
|
1.04
|
B Series
|
|
|
including3
|
745.4
|
746.4
|
1.0
|
1.36
|
B Series
|
|
|
and
|
749.7
|
750.7
|
1.0
|
0.16
|
B Series
|
|
|
and
|
757.9
|
763.1
|
5.2
|
0.30
|
C Series
|
|
|
and
|
767.3
|
768.3
|
1.0
|
0.36
|
C Series
|
|
|
and
|
770.4
|
771.4
|
1.0
|
1.5
|
C Series
|
|
|
5075GP
|
WR-568D1
|
728.1
|
734.2
|
6.1
|
0.17
|
A Series
|
|
and
|
739.9
|
743.9
|
4.0
|
0.16
|
B Series
|
Notes:
1.
eU3O8 is
radiometric equivalent U3O8 from a calibrated
total gamma downhole probe. eU3O8 results are
preliminary in nature and all mineralized intervals will be sampled
and submitted for chemical U3O8
assay.
2.
Intersection
interval is composited above a cut-off grade of 0.1% eU3O8 unless otherwise
indicated.
3.
Intersection
interval is composited above a cut-off grade of 1.0% eU3O8.
4.
Composites are
compiled using 1.0 metre minimum ore thickness and 2.0 metres
maximum waste
5.
As the drill holes
are oriented steeply toward the northwest and the basement
mineralization is interpreted to dip moderately to the southeast,
the true thickness of the mineralization is expected to be
approximately 75% of the intersection lengths.
6.
Drill holes
targeting the A, B and C series lens mineralization, in some cases,
also intersect mineralization in the D and/or E stratigraphic
horizons outside of the Gryphon resource area.
Qualified Persons and Data Quality
Dale Verran, MSc, P.Geo, Pr.Sci.Nat., Denison's Vice President,
Exploration, who is a Qualified Person in accordance with the
requirements of NI 43-101 has reviewed and approved the technical
information contained in this release. The Company currently reports
preliminary radiometric equivalent grades ("eU3O8"),
derived from a calibrated downhole total gamma probe, during its
exploration programs and subsequently reports definitive assay
grades following sampling and chemical analysis of the mineralized
drill core. Radiometric
equivalent probe results are subject to verification procedures by
qualified persons employed by Denison prior to disclosure. For
further details on the total gamma downhole probe methods employed
by Denison, QAQC procedures and data verification procedures please
see Denison's Annual Information Form dated March 23, 2017 filed
under the Company's profile on SEDAR (www.sedar.com).
About Wheeler River
Wheeler River is the largest undeveloped high-grade uranium project
in the infrastructure rich eastern portion of the Athabasca Basin
region, in northern Saskatchewan. The project is a joint venture
between Denison (60% and operator), Cameco Corp.
(“Cameco”) (30%), and JCU (Canada) Exploration Company
Limited (“JCU”) (10%), and is host to the high-grade
Gryphon and Phoenix uranium deposits discovered by Denison in 2014
and 2008, respectively. The Gryphon deposit is hosted in basement
rock and is currently estimated to contain inferred resources of
43.0 million pounds U3O8
(above a cut-off grade of 0.2% U3O8)
based on 834,000 tonnes of mineralization at an average grade of
2.3% U3O8. The Phoenix unconformity deposit is
located approximately 3 kilometres to the southeast of Gryphon and
is estimated to include indicated resources of 70.2 million pounds
U3O8 (above a cut-off grade of 0.8%
U3O8) based on 166,000 tonnes of
mineralization at an average grade of 19.1% U3O8,
and is the highest grade undeveloped known uranium deposit in the
world.
On April 4th, 2016, Denison announced the results of a Preliminary
Economic Assessment (“PEA”) for the Wheeler River
Project, which considers the potential economic merit of
co-developing the high-grade Gryphon and Phoenix deposits as a
single underground mining operation. The PEA returned a base case
pre-tax Internal Rate of Return ("IRR") of 20.4% based on the
current long term contract price of uranium (US$44.00 per pound
U3O8), and Denison's
share of estimated initial capital expenditures ("CAPEX") of
CAD$336M (CAD$560M on 100% ownership basis). Exploration results
from the subsequent drilling programs have not been incorporated
into the resource estimate or the PEA. The PEA is
preliminary in nature and includes inferred mineral resources that
are considered too speculative geologically to have the economic
considerations applied to them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic
assessment will be realized. Mineral resources are not mineral
reserves and do not have demonstrated economic viability. On
July 19th, 2016 Denison announced the initiation of a
Pre-Feasibility Study ("PFS") for the Wheeler River property and
the complimentary commencement of an infill drilling program at the
Gryphon deposit to bring the inferred resources to an indicated
level of confidence.
As previously announced on January 10, 2017, Denison has entered
into an agreement with its Wheeler River Joint Venture partners,
Cameco and JCU, to fund 75% of Joint Venture expenses in 2017 and
2018 (ordinarily 60%) in exchange for an increase in Denison's
interest in the project to up to approximately 66%. Under the terms
of the agreement, Cameco will fund 50% of its ordinary 30% share in
2017 and 2018, and JCU is expected to continue to fund its 10%
interest in the project.
About
Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. In addition to its 60% owned Wheeler River
project, which hosts the high-grade Phoenix and Gryphon uranium
deposits, Denison's exploration portfolio consists of numerous
projects covering approximately 359,000 hectares in the Athabasca
Basin region, including 340,000 hectares in the infrastructure rich
eastern portion of the Athabasca Basin. Denison's interests in
Saskatchewan also include a 22.5% ownership interest in the McClean
Lake joint venture (“MLJV”), which includes several
uranium deposits and the McClean Lake uranium mill, which is
currently processing ore from the Cigar Lake mine under a toll
milling agreement, plus a 25.17% interest in the Midwest deposit
and a 63.63% interest in the J Zone deposit on the Waterbury Lake
property. Both the Midwest and J Zone deposits are located within
20 kilometres of the McClean Lake mill.
Denison is also engaged in mine decommissioning and environmental
services through its Denison Environmental Services division and is
the manager of Uranium Participation Corp., a publicly traded
company which invests in uranium oxide and uranium
hexafluoride.
For more information, please contact
|
David
Cates
|
(416) 979-1991 ext.
362
|
|
President and Chief
Executive Officer
|
|
|
|
|
|
Sophia
Shane
|
(604)
689-7842
|
|
Investor
Relations
|
|
|
|
|
|
Follow Denison on Twitter
|
@DenisonMinesCo
|
Cautionary
Statement Regarding Forward-Looking 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",
"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 press release contains forward-looking information pertaining
to the following: exploration (including drilling) and evaluation
activities, plans and objectives; potential mineralization of drill
targets; the estimates of Denison's mineral resources and the
results of its PEA; and Denison’s percentage in its
properties and its plans and agreements with its joint venture
partners, as applicable; and Denison’s percentage in its
properties and its plans and agreements with its joint venture
partners, as applicable. 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.
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 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 accurate and 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 23, 2017
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 press 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 press release. 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.
Figure 1: Plan map of the northeast plunging Gryphon mineralized
lenses projected up to the simplified basement geology at
the
sub-Athabasca unconformity.
Figure 2: Inclined longitudinal section of the Gryphon A series
lenses.
Figure 3:
Inclined longitudinal section of the Gryphon B series
lenses.
Figure 4:
Inclined longitudinal section of the Gryphon C series
lenses.
Figure 5:
Inclined longitudinal section of the Gryphon D series
lenses.
Figure 6:
Inclined longitudinal section of the Gryphon E series
lenses.