Exhibit 99.1
 |
Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
|
PRESS
RELEASE
Denison Announces Expansion of High-Grade Uranium
Mineralization at McClean Lake South
Toronto, ON – September
8, 2022. Denison Mines Corp. (“Denison” or the
“Company”) (DML: TSX, DNN: NYSE American) is pleased to
report that assays recently received from exploration drilling
completed at the Company’s 22.5% owned McClean Lake Joint
Venture (“McClean Lake” or “MLJV”), during
the winter of 2022, have resulted in a significant expansion of the
“new” high-grade unconformity-hosted zone of uranium
mineralization discovered in 2021 between the McClean South 8W and
8E pods (see Denison’s news release dated April 14,
2021).
Ten drill holes completed during 2022 by Orano
Canada Inc. (“Orano Canada”), 77.5% owner and operator
of the MLJV, returned notable uranium mineralization, including
drill hole MCS-58, which returned 2.96% U3O8
over 15.5
metres, including
24.49%
U3O8
over 1.5
metres, located approximately 54 metres to the southeast of drill
hole MCS-34, which was completed in 2021 and returned a mineralized
interval of 8.67% U3O8
over 13.5 metres.
Overall,
the results from 2022 have successfully expanded the footprint of
the “new” mineralized zone to approximately 180 metres
in strike length (see Figure 1 and Figure 2).
Andy Yackulic, P.Geo., Denison’s Director,
Exploration, commented, “We
are pleased with the exploration success produced by Orano Canada
as operator of the MLJV – including a significant expansion
of the footprint of high-grade uranium mineralization discovered in
2021 between the McClean South 8W and 8E pods. Based on the results
of the 14 mineralized holes drilled in this area during 2021 and
2022, a third mineralized pod with a strike length of roughly 180
metres has now been interpreted in the McClean South area. Given
the complex structural framework controlling the mineralization of
this “new” pod, and the fact that mineralization
remains open across strike on several fences, additional
exploration drilling is warranted.”
David Cates, Denison’s President & CEO,
added “The
emergence of a ‘new’ mineralized pod in the McClean
Lake South area is quite encouraging for the MLJV. Taken together
with the successful field test of the SABRE mining method completed
in 2021, the excess licensed capacity at the McClean Lake mill, and
the approval of the McClean tailings management facility
(‘TMF’) expansion earlier in 2021, the delineation of
meaningful new uranium mineralization on the McClean Lake property
has the potential to translate into an important source of future
mill feed and ultimately considerable value for the MLJV and its
owners.”
2022 McClean South Exploration Highlights
A
diamond drilling program consisting of 23 drill holes totalling
5,682 metres was completed at McClean South during 2022. The
program was designed to test for the potential expansion of a
‘new’ pod of high-grade mineralization discovered in
2021 between the 8W and 8E pods along the McClean South conductor,
as well as to test for additional mineralization in the surrounding
area (see Figure 2).
Uranium mineralization grading greater than 0.05%
U3O8
was intersected in 10 of 23 holes
completed at McClean South during the winter of 2022, successfully
expanding the footprint of the ‘new’ mineralized pod to
a strike length of approximately 180 metres. The best mineralized
intersection from the 2022 program was encountered in hole MCS-58,
grading 2.96% U3O8
over 15.5
metres from 153.1 metres to
168.6 m, located 54 metres southeast of high-grade mineralization
discovered during 2021 in MCS-34. Follow-up drilling approximately
8 metres to the north of MCS-58 identified further
unconformity-associated mineralization, grading 0.34% eU3O8
over 9.5
metres in MCS-59A.
Mineralization remains open to the north of
MCS-59A.
MCS-57, drilled approximately 28 metres along
strike to the east of MCS-58, also identified
unconformity-associated uranium mineralization, grading
0.35%
U3O8
over 8.8
metres. This represents the
eastern-most mineralized intersection of the ‘new’
mineralized pod and remains open further to the east for
approximately 50 metres, where it appears to have been cut off by
historical drilling that has defined the western extent of the 8E
pod.
MCS-38, the first hole drilled during the 2022
drilling program, intersected unconformity-associated uranium
mineralization grading 1.17% U3O8
over 12.0
metres, approximately 12 metres
along strike to the west of the mineralized intersection in
MCS-34.
Additionally, MCS-50 tested the unconformity
approximately 65 metres along strike to the west of MCS-38 and
encountered unconformity-associated mineralization that returned an
interval grading 1.13% U3O8
over 8.0
metres. Drill testing to the
west of MCS-50 did not return any notable high-grade
mineralization; however, further drill testing is required to
determine if the mineralization discovered in MCS-50 can be
extended to the west by following an interpreted structural offset
to the south.
The
results of the holes discussed above and the balance of mineralized
drill holes completed at the McClean South target area during 2022
are outlined in Table 1, below, while drill hole locations and
traces are depicted in Figure 2.
Table 1 – 2022 McLean Lake Exploration Drilling - Mineralized
Intersections
|
Drill Hole
|
Orientation (azi./dip)
|
From (m)
|
To (m)
|
Length (m)(1)
|
U3O8 (%)(2)
|
|
MCS-38
|
345°/-80°
|
160.8
|
172.8
|
12.0
|
1.17
|
|
MCS-40
|
345°/-83°
|
173.1
|
175.1
|
2.0
|
0.06
|
|
MCS-44
|
345°/-80°
|
162.4
|
166.4
|
4.0
|
0.59
|
|
MCS-45
|
345°/-83°
|
166.1
|
167.6
|
1.5
|
0.75
|
|
MCS-48
|
345°/-70°
|
194.8
|
195.3
|
0.5
|
0.09
|
|
MCS-49
|
345°/-80°
|
172.7
|
174.2
|
1.5
|
0.06
|
|
MCS-50
|
345°/-80°
|
162.0
|
170.0
|
8.0
|
1.13
|
|
MCS-57
|
345°/-80°
|
157.1
|
165.9
|
8.8
|
0.35
|
|
MCS-58
|
345°/-87°
|
153.1
|
168.6
|
15.5
|
2.96
|
|
Including
|
-
|
161.6
|
163.1
|
1.5
|
24.49(3)
|
|
MCS-59A
|
345°/-83°
|
160.9
|
170.4
|
9.5
|
0.34
|
Notes:
(1)
Lengths indicated represent the down-hole length of mineralized
intersections.
(2)
Interval is composited above a cut-off grade of 0.05% U3O8, allowing for
internal waste of up to 1.0 metre.
(3)
Interval is composited above a cut-off grade of 5.0%
Sampling, Analysis and Data Verification
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.
For
results from McClean Lake, Orano Canada has performed detailed QAQC
and data verification, where possible, of all datasets. Denison has
performed additional QAQC and data verification of the drilling
database.
McClean South 8E and 8W Pods
The
McClean South trend is located parallel to and approximately 500
metres south of the McClean North trend in the southwestern portion
of the property (see Figure 1). The McClean South target area has
been the subject of historic exploration drilling, resulting in the
discovery and subsequent delineation of the 8W and 8E pods, which
are situated along a N70° to 80° trend in close proximity
to the McClean Lake granitic dome to the south (see Figure 2). The
dip of the geology appears to range from 45° to 65° S in
the 8W pod. In contrast, the dip within the 8E pod is steeper and
undulating but is most commonly around 80° S. Several
graphitic horizons of varying thickness are present in the McClean
South target area and extend beyond and into other parts of the
property.
Mineralization
within the 8W pod is currently understood to be primarily hosted
within the sandstone; however, it has also been locally encountered
within the basement of the 8W pod. The mineralization within the
sandstone can extend upwards of 50 metres above the unconformity.
Mineralization within the 8E pod is currently understood to overlap
the unconformity, with mineralization located both in the sandstone
and within the upper basement.
No
current resource estimate, prepared in accordance with NI 43-101,
exists for the mineralization identified to date at the McClean
South pods.
About McClean Lake
The McClean Lake property is located
on the eastern edge of the Athabasca Basin in northern
Saskatchewan, approximately 750 kilometres north of Saskatoon.
Denison holds a 22.5% ownership interest in the MLJV and the
McClean Lake uranium mill, one of the world’s largest uranium
processing facilities. The mill has licensed annual production
capacity of 24.0 million pounds U3O8,
and is currently operating under a 10-year license expiring in
2027. The mill is contracted to process the ore from the Cigar Lake
mine under a toll milling agreement (up to 18.0 million pounds
U3O8
per year). The MLJV is an
unincorporated contractual arrangement between Orano Canada with a 77.5% interest and Denison
with a 22.5% interest. Orano Canada is the operator of the
project.
McClean Lake consists of nine known uranium deposits: JEB; Sue A,
B, C, D and E; McClean North; McClean South; and Caribou. In 1995,
the development of the McClean Lake project began. Mill
construction commenced in 1995 and ore processing activities
reached commercial production in November 1999. Mining operations
commenced in 1996 and the following deposits have been mined out to
date: JEB (1996 to 1997), Sue C (1997 to 2002), Sue A (2005 to
2006), Sue E (2005 to 2008) and Sue B (2007 to 2008).
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 (Canada) Exploration Company,
Limited (“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 (formerly Denison
Environmental Services), which manages Denison’s reclaimed
mine sites in the Elliot Lake region and provides related services
to certain third-party projects.
For more information, please contact
|
David Cates
|
(416) 979-1991 ext
362
|
|
President and Chief Executive
Officer
|
|
|
|
|
|
Mac McDonald
|
(416) 979-1991 ext
242
|
|
Exec. Vice President &
Chief Financial Officer
|
|
|
|
|
|
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 McClean Lake
JV exploration program undertaken by Orano Canada, underlying
assumptions and the McClean Lake 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 - McClean Lake Project Claims
Figure 2 - McLean Lake South - 2022 Drilling
