Denison Announces 36.83% U3O8 Over 6.5 Metres From Zone A of the Phoenix Deposit
TORONTO, ONTARIO -- (Marketwired) -- 04/30/14 -- Denison Mines
Corp. (TSX: DML)(NYSE MKT: DNN) ("Denison" or the "Company") is
pleased to report the receipt of assay results from the 2014 winter
drilling program on the Phoenix deposit at the Wheeler River property
and the completion of the winter exploration program in Saskatchewan.
Ron Hochstein, President and CEO of Denison stated that "We are very
encouraged by the results of our 2014 winter exploration program. We
have identified several targets on properties deserving of further
follow-up, and on the Wheeler River property have intersected
additional high grade mineralization and made a new exciting
discovery of basement hosted mineralization at the Gryphon zone.
Overall, this was a very successful program."
A total of 11 drill holes were completed at Zone A of the Phoenix
deposit this winter in an effort to expand the higher grade
mineralization. Assays from all 11 drill holes have now been
received. Probe results for the first eight drill holes have been
previously reported. The highlight is drill hole WR-548 which
returned 36.8% U3O8 over 6.5 metres. Figure 1 shows the drill hole
locations. The table below compares the probe and assay grades at a
cut-off grade of 1.0% U3O8, except as noted.
A new mineral resource estimate for the Phoenix deposit is being
prepared, and will be followed by filing of a technical report in
accordance with the requirements of National Instrument 43-101. The
Company expects it to be completed in June.
Phoenix Deposit Zone A Intersections
Down Hole Probe Assay
Hole Number From To Length (1) From To Length U3O8
WR-538(2) 392.4 397.5 5.1 2.14 393.0 398.0 5.0 2.92
and 403.8 407.1 3.3 0.87 404.0 407.0 3.0 1.17
and 408.2 409.6 1.4 1.36 408.5 411.0 2.5 0.74
WR-539 401.6 405.1 3.5 11.63 400.0 405.0 5.0 13.12
WR-541(2) 397.6 408.2 10.6 0.22 Core Recovery less than 80%,
probe results used
WR-543(2) 411.4 412.9 1.5 0.14 Not Assayed
WR-545 403.3 406.4 3.1 16.98 401.7 405.2 3.5 24.47
WR-546 406.3 407.4 1.1 7.91 404.9 406.4 1.5 5.41
WR-548 407.9 414.4 6.5 29.61 406.8 413.3 6.5 36.83
WR-550 407.3 412.0 4.7 18.37 406.2 410.2 4.0 29.32
WR-555 405.9 408.6 2.7 12.92 404.5 407.5 3.0 15.99
WR-559 404.5 406.8 2.3 5.26 Core Recovery less than 80%,
probe results used
and 408.7 410.5 1.8 1.60 Core Recovery less than 80%,
probe results used
WR-561A(2) 417.5 418.5 1.0 0.06 418.0 419.5 1.5 0.11
Note: 1. eU3O8 is radiometric equivalent uranium from a total gamma down-
2. Cut-off grade is 0.05% U3O8.
As all of the above drill holes are vertical and the mineralization is
approximately horizontal, the intersection lengths are approximately
equal to the true thickness.
In addition to the Phoenix deposit drilling, a total of 16 drill
holes were completed at other target areas at Wheeler River, most of
which were located along the K trend and resulted in the discovery of
high grade basement hosted mineralization at the Gryphon zone, as
reported last month. Assay results from the Gryphon zone drill holes
are still pending and are expected in May.
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.
To view Figure 1, please visit the following link:
Denison participated in 12 other exploration programs (ten of which
were operated by Denison) during the winter in the eastern Athabasca
Basin, including eight drill programs. All winter drilling activities
are now complete with some geophysical surveys still underway.
Highlights included intersections of weak uranium mineralization at
the Oban target area at Waterbury Lake, intersections of weak uranium
mineralization and strong base metal mineralization at Hatchet Lake,
and intersections of weak uranium mineralization at Bell Lake.
At Waterbury Lake, exploration drilling was completed along the
western strike extension of the Discovery Bay corridor west of the J
Zone uranium deposit, and also at the Oban target area three
kilometres north of the J Zone. Three drill holes intersected weak
uranium mineralization, one of which was in the Discovery Bay
corridor, with the other two being at Oban. The best down-hole probe
result was WAT14-406A at Oban, which intersected 0.09% eU3O8 over 3.0
metres from 250 to 253 metres at the sub-Athabasca unconformity. The
mineralization is associated with graphitic fault zones and strong
hydrothermal alteration. Denison is encouraged by these results as
the zone is wide open along strike in both directions. A significant
amount of follow up drilling is required. Waterbury Lake is located
10 kilometres west of the McClean Lake mill and is a joint venture
between Denison (60%) and a Korean Consortium (40%).
At Hatchet Lake, a 2,030 metre, 10 hole program of diamond drilling
was completed. A broad zone of weak uranium mineralization was
observed near the unconformity in drill hole RL-14-19, which
intersected 0.025% U3O8 over 8.5 metres from 124.2 to 132.7 metres.
Additionally, significant base metal mineralization comprised of 3.3%
Pb, 0.27% Zn and 19.6 g/t Ag over 9.6 metres was intersected in drill
hole RL-14-27 from 148.0 to 157.6 metres. Additional drilling is
planned for the property in 2015. Hatchet Lake is located 16
kilometres north of the McClean Lake mill and is a joint venture
between Denison (59%) and Anthem Resources (41%).
Finally, eleven drill holes were completed at Denison's 100% owned
Bell Lake property. Weak uranium mineralization was intersected in
several holes, with the best down-hole probe results being returned
from the Bell South grid area. Drill hole BL-14-22 intersected 0.028%
eU3O8 over 2.5 metres from 517.1 to 519.6 metres at the sub-Athabasca
unconformity, including 0.065% eU3O8 over 0.6 metres in a massive
clay and hematite altered zone. Denison is encouraged by the volume
of strong alteration in the sandstone and basement in several of the
drill holes at Bell South, and follow up drilling is planned for
2015. Bell Lake is located along the Athabasca seasonal road, 37
kilometres northwest of the McClean Lake mill.
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 14, 2014
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 43 projects and totals approximately
584,000 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, 100% of the uranium/copper/silver Falea
project in Mali, a 90% interest in the 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 DES 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
likelihood of completing and benefits to be derived from corporate
transactions; 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
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 14, 2014 available at www.sedar.com, and in its Form 40-F
available at 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.
Denison Mines Corp.
President and Chief Executive Officer
(416) 979-1991 ext 232
(416) 979-5893 (FAX)
Denison Mines Corp.
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