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Denison Announces Discovery of High-Grade Uranium Mineralization At 24.68% Owned Waterfound JV

Press Release

TORONTO, March 29, 2022– Denison Mines Corp. (“Denison” or the “Company”) (TSX: DML) (NYSE: DNN) is pleased to report the discovery of multiple new high-grade intercepts of unconformity-hosted uranium mineralization in the final three drill holes completed during the winter 2022 exploration program on the Waterfound River property (“Waterfound”).  The results were highlighted by drill hole
WF-68, which returned a broad zone of uranium mineralization, including a peak interval of 5.91% eU3O8 over 3.9 metres (0.05% eU3O8 cut-off) with a sub-interval grading 25.30% eU3O8 over 0.7 m, located approximately 800 metres west, along the La Rocque Conductive Corridor, of the previously discovered high-grade mineralization (including 4.49% U3O8 over 10.53 metres) at the Alligator Zone. PDF Version

Denison has an effective 24.68% ownership interest in the Waterfound River Joint Venture (“Waterfound JV”) to which each of Orano Canada Inc. (“Orano Canada”), Denison, and JCU (Canada) Exploration Company, Limited (“JCU”) are participants.  Orano Canada has a 62.42% interest in the Waterfound JV and is the project operator.

Andy Yackulic, P. Geo., Denison’s Director, Exploration, commented, “We are excited to see additional high-grade mineralization discovered within the La Rocque corridor, which also hosts Cameco’s La Rocque Lake Zone and IsoEnergy’s Hurricane Zone.  Not only has the drilling at Waterfound intersected high-grade uranium, but the mineralization remains open along strike in both directions.”

David Cates, Denison’s President & CEO, added, “Denison is appreciative of the efforts of Orano Canada to breathe new life into Waterfound.  Denison has a unique partnership with Orano – as joint owners of the McClean Lake mill and the nearby Midwest project.  This discovery at Waterfound is well situated relative to the McClean Lake mill and has the potential to translate into a further important source of future mill feed for the McClean Lake joint venture.  Waterfound is also a good example of the significant, but often underappreciated, discovery potential associated with Denison’s well situated and prospective exploration property portfolio.”

2022 Waterfound River Winter Exploration Program Highlights

Drill holes WF-67, WF-68, and WF-68-1 were all drilled on line 4000E, approximately 800 m along strike to the west of the Alligator Zone, to test the potential for uranium mineralization along the up-dip projection of a graphitic structure intersected at depth in historical drill hole WF-50.  All three drill holes successfully identified high-grade uranium mineralization, highlighted by hole WF-68, which returned 5.91% eU3O8 over 3.9 metres.  The mineralized intersections are illustrated in Figure 1 and summarized in Table 1 below.

Table 1 – 2022 Waterfound River Winter Exploration Drilling Highlights

Drill Hole

From (m)

To (m)

Length (m)(1)

eU3O8 (%)(2)

WF-67(3,4)

474.1

488.3

14.2

0.73

WF-68(3,4)

459.7

462.0

2.3

0.66

WF-68(3,4)

467.1

470.3

3.2

0.97

WF-68(3,4)

473.7

477.6

3.9

5.91

including(5)

476.2

476.9

0.7

25.3

WF-68-1(3,4)

464.2

472.2

8.0

0.87

WF-68-1(3,4)

474.0

476.4

2.4

0.31

WF-68-1(3,4)

480.3

482.7

2.4

2.20

Notes:

(1) Lengths indicated represent the down-hole length of mineralized intersections.
(2) Radiometric equivalent U3O8 (“eU3O8“) derived from a calibrated gamma downhole probe
(3) WF-67 was drilled at an azimuth of 154° and a dip of -70.0°, WF-68, was drilled at an azimuth of 154° and a dip of -71.5°, and WF-68-1 was drilled at an azimuth of 154° and a dip of -73.5°.
(4) Mineralized interval is composited above a cut-off grade of 0.05% eU3O8
(5) Mineralized interval is composited above a cut-off grade of 10.0% eU3O8

The 2022 exploration program was designed to test for the potential expansion of previously discovered mineralization in the Alligator Zone, as well as to test for new mineralization in the surrounding area along the La Rocque conductive corridor (see Figure 2).  The program was planned to occur during both the winter and summer drilling seasons with approximately 7,400 metres of diamond drilling in an estimated 12 drill holes.  Six diamond drill holes, totalling 3,175.4 metres, were completed as part of the winter drill program.

The first two drill holes of the winter program (WF-64 and WF-65) were completed on the eastern end of the property to test the D-1 conductor, located within the La Rocque conductive corridor.  While each of these holes encountered elevated radioactivity at the unconformity, no mineralization above a 0.05% eU3O8 cut-off was identified.  WF-66, the third drill hole of the winter program, was drilled to test the D-1 conductor approximately 500 metres west of the Alligator Zone.  WF-66 failed to intersect significantly elevated radioactivity.  The final three drill holes (WF-67, WF-68, and WF-68-1), as described above, were successful in intersecting significant uranium mineralization associated with the D-1 conductor, which lies within the La Rocque conductive corridor.  This newly identified mineralization remains open along strike in both directions.  Additional drilling to test the extent of mineralization is expected to be completed during the planned summer exploration drilling program.

Radiometric Equivalent Grades, Sampling, Analysis and Data Verification

Following the completion of a drill hole, the hole is radiometrically logged using a downhole slimline gamma probe, which collects continuous readings of radioactivity along the length of the drill hole.  Probe results are then calibrated using an algorithm calculated from the comparison of probe results against geochemical analyses in the area.  The gamma-log results provide an immediate radiometric equivalent uranium value (eU%, then converted to eU3O8%) for the hole, which, except in very high-grade zones, is reasonably accurate.  The Company typically reports eU3O8, as a preliminary result and subsequently reports definitive assay grades following sampling and chemical analysis of the mineralized drill core.

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.

About Waterfound River

The Waterfound River property is located within the eastern portion of the Athabasca Basin region of northern Saskatchewan, approximately 40 kilometres northwest of Denison’s 22.5% owned McClean Lake mill.  The Waterfound JV is an unincorporated contractual arrangement between Orano Canada (62.4223%), Denison Mines Inc. (11.7767%), and JCU (25.8010%).  Denison holds an effective 24.6772% ownership interest in the Waterfound JV through its direct interest in the joint venture and its 50% ownership of JCU.

About Denison

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 66.90% 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, Denison holds additional interests in various uranium project joint ventures in Canada, including the Millennium project (JCU 30.099%), the Kiggavik project (JCU 33.8123%) 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.

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.

Figure 1 – Location – Waterfound River JV

Figure 2 – 2022 Winter Exploration Drilling – Alligator Extension

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