Denison Completes Successful Winter Drilling Season
Press Releases
TORONTO, ONTARIO–(April 15, 2015) – Denison Mines Corp. (“Denison” or the “Company”) (TSX:DML)(NYSE MKT:DNN) is pleased to report the completion of winter exploration drilling in the Athabasca Basin. Highlights from winter drilling include the expansion of the Gryphon zone of basement hosted uranium at Wheeler River, a new discovery of unconformity hosted uranium south of Gryphon, and the expansion of a zone of unconformity hosted uranium at Mann Lake. A total of 30,400 metres was completed in 61 drill holes on seven Denison operated projects. An additional 12,700 metres was completed in 32 holes on projects operated by Denison’s joint venture partners. Geophysical surveys are still underway on several properties as work continues on the development of an approximately 34,000 metre summer exploration program.
David Cates, President and CEO of Denison, stated, “Our winter drilling was successful on several properties. We’re particularly pleased with the results at Wheeler River where we accomplished both of our two main goals: expanding the Gryphon zone and locating other mineralization in the area. With a steady stream of encouraging results from Gryphon, we expect to update the mineral resource estimate for Wheeler River later this year, and are looking forward to an aggressive summer exploration season that will follow up on several new high priority targets identified near the Gryphon zone during the winter program.”
Wheeler River
Twenty six drill holes totaling 17,700 metres were completed during the winter drilling program at Wheeler River. All of the drilling was located in the K North area, host of the Gryphon zone, which is located roughly 3 kilometres northwest of the high-grade Phoenix deposit. Seven of the 12 drill holes targeting extensions of the Gryphon zone intersected significant uranium mineralization. The zone was extended up-plunge, down-plunge, and up-dip on two sections. The best result was in drill hole WR-584B, which intersected 9.0% eU3O8 over 4.6 metres in the up-plunge direction.
Additionally, 14 drill holes were completed to explore for additional zones of mineralization along strike to the south of Gryphon. The area is characterized by graphitic faults and a prospective alteration zone that extends from the south end of the Gryphon zone. The highlight was drill hole WR-597, which intersected 2.8% eU3O8 over 4.0 metres at the unconformity, roughly 800 metres to the south of the Gryphon zone. WR-597 was following up drill hole WR-595 which intersected 1.0% eU3O8 over 1.2 metres. Mineralization in this area straddles the unconformity, replacing the matrix of the basal sandstone or filling fractures in the underlying pelitic strata. Two additional drill holes completed on the section lacked significant mineralization. The new zone, however, is open along strike to the south and will be followed up in the summer. Additionally, there were several drill holes to the south of the Gryphon zone, which intersected weak uranium mineralization in the basement. As weak uranium mineralization in the basement near the unconformity could represent the upper edge of additional Gryphon-like zones, these results will also be followed up as part of the summer drilling program.
The drill results from the Wheeler River winter program are summarized in the table below. The attached figure shows the location of the drill holes on an inclined longitudinal section (http://media3.marketwire.com/docs/1001938m.pdf). Wheeler River is located 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.
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