Denison Mines Corp. is pleased to announce the specifics of its summer plans for its 60% owned Wheeler River project and its other Athabasca Basin pipeline projects.
A total of 18,000 metres of drilling is planned in approximately 40 holes. The program, which is entirely focused in and around the Gryphon deposit, commenced in late May and is expected to run until the end of September with the following objectives:
- Completion of the Gryphon infill drilling program to bring the current inferred resources to an indicated level of confidence (18 holes);
- Additional infill and expansion drilling to potentially add indicated resources from priority exploration areas surrounding and within the Gryphon deposit (~10 holes); and
- Infill and expansion drilling within the D series lenses to potentially add indicated or inferred resources to the Gryphon deposit (~10 holes).
The drilling plan includes predominantly daughter holes, drilled from existing surface (or "parent") holes, in order to test more targets by drilling less metres. Continued use of directional drilling at Gryphon will ensure optimal drilling accuracy in addition to cost savings. The summer program at Wheeler River also includes continuation and completion of certain Pre-Feasibility Study ("PFS") field activities, including environmental and engineering data collection programs.
An updated mineral resource estimate for Wheeler River is planned once summer assay results are received, and is then expected to be incorporated into the completion of a PFS planned for 2018.
Denison acquired an 80% interest in the Hook-Carter property in late 2016 and is planning an initial reconnaissance drill program of approximately 2,700 metres in five drill holes for late summer. This drilling program is expected to test initial targets generated from ground geophysical surveys which are underway over the southwestern portion of the property. The Hook-Carter property (80% Denison, 20% ALX Uranium Corp.) is highlighted by 15 kilometres of strike potential along the highly prospective Patterson Corridor with only five historic holes completed to date. The property has potential to host basement- and unconformity-hosted uranium deposits along the Patterson Corridor, which is host to the Triple R deposit (Fission Uranium Corp.) and Arrow deposit (NexGen Energy Ltd.).
Denison's 63.63% owned Waterbury Lake project, which includes the J-Zone uranium deposit, is located within 20 kilometres of the McClean Lake mill, and is situated near the Roughrider, Midwest and Midwest A deposits. Denison intends to extend the Waterbury Lake 2017 exploration program to include a summer drilling program of approximately 2,650 metres in six holes. The program would provide initial drill testing of a target area almost one kilometre north of the J-Zone uranium deposit in an area interpreted to have a similar geological setting.
Crawford Lake & Moon Lake South
A total of 2,200 metres in approximately four holes is planned to test targets along the CR-3 conductive trend located on the Crawford Lake property (100% Denison) and the contiguous Moon Lake South property (Denison earn-in option). The CR-3 trend has been interpreted over a strike length of approximately nine kilometres, with only seven drill holes completed to date, and is located approximately two kilometres west of the K-Trend, which hosts the Gryphon deposit on Denison's adjacent Wheeler River property. In accordance with the letter agreement with CanAlaska Uranium Ltd., Denison recently earned a 51% interest in the Moon Lake South claim and intends to earn a further 24% interest by making additional exploration expenditures.
A total of 4,800 metres of drilling in approximately 18 holes is planned at McClean Lake (22.5% Denison), as part of a summer exploration program operated by AREVA Resources Canada Inc.
Illustrative Figures & Further Details
A detailed location and basement geology map for Wheeler River is provided in Figure 1. Figure 2 provides a map of Denison's Athabasca Basin mineral dispositions with priority exploration projects outlined in bold.
To view Figures 1 and 2 please click on the following link: http://media3.marketwire.com/docs/DML0606.pdf
Further details regarding the Gryphon deposit and the current mineral resource estimates for Wheeler River 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. Further details on Denison's pipeline exploration projects are included in the Company's MD&A available on Denison's website and under its profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.
Dale Verran, MSc, 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.