Denison Intersects 43.2% eU3O8 Over 10.3 Metres at Wheeler River
TORONTO, ONTARIO -- (Marketwired) -- 07/24/13 -- 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.
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.
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.
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.
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.
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.
Denison Mines Corp.
President and Chief Executive Officer
Denison Mines Corp.
Vice President, Exploration
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