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Denison Announces Discovery of High-grade Uranium Mineralization Four Kilometres Northwest of Phoenix
January 28 2021 - 06:30AM
TORONTO, Jan. 28, 2021 /PRNewswire/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE: DNN) is pleased to report the results from the 2020 regional exploration program at the Company's 90% owned Wheeler River Uranium Project ("Wheeler River"), including the discovery of new high-grade unconformity-hosted uranium mineralization up to 7.66% U3O8. Drill hole WR-741AD2, which was completed along with the K West conductive trend on the western side of the Wheeler River property, intersected high-grade uranium mineralization approximately 4 kilometers north northwest of the Phoenix uranium deposit ("Phoenix"). PDF Version
Similar to Phoenix, uranium mineralization discovered in WR-741AD2 is interpreted to straddle the unconformity contact of the underlying basement rocks and the overlying Athabasca Basin sandstone. In addition to high-grade uranium, the assay results from WR-741AD2 are highlighted by the presence of high-grade nickel:
2.14% U3O8 over 4.0 metres (including 7.66% U3O8 over 1 metre) from 640.3 to 644.3 metres; and
4.29% Nickel over 6.5 meters (including grades of up to 19.1% nickel) from 637.8 to 644.3 meters.
David Cates, Denison's President & CEO, commented, "Regional exploration at Wheeler River in 2020 delivered on our objective to identify additional high-grade uranium mineralization that could produce a satellite deposit for the planned Phoenix In-Situ Recovery ('ISR') operation, which is currently advancing through the environmental assessment ('EA') process. Our Saskatoon-based exploration team has a tremendous track record of making high-grade uranium discoveries – transforming the Wheeler River project into the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin."
Andy Yackulic, P. Geo., Denison's Director, Exploration, added, "The new high-grade mineralization at K West was discovered with our second last drill hole of the season. As a result, there remains the potential for us to delineate a broader mineralized zone, as the new mineralized intersection is open on section to the footwall side of WR-741AD2 and for several hundred metres along strike in both directions. The exploration team is also very interested in the presence of high-grade nickel mineralization along the margins of the uranium mineralization – as this type of zonation presents very similarly to other well-known and sizeable high-grade unconformity uranium deposits in the Athabasca Basin, including Cigar Lake, Fox Lake, Tamarack, and Key Lake."
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