Denison Intersects High Grade Uranium at a New Target Area at Wheeler River
20 March 2014 - 11:10PM
Marketwired
Denison Intersects High Grade Uranium at a New Target Area at
Wheeler River
TORONTO, ONTARIO--(Marketwired - Mar 20, 2014) - Denison Mines
Corp. (TSX:DML)(NYSEMKT:DNN) ("Denison" or the "Company") is
pleased to announce that high grade, basement hosted uranium
mineralization averaging 9.7% eU3O8 over 4.6 metres has been
intersected in drill hole WR-556 at the K North target area 3.0
kilometres northwest of the Phoenix deposit at Wheeler River. This
new zone of mineralization has been named the Gryphon zone.
Gryphon Zone
Drill hole WR-556 targeted the down-dip extension of weak
mineralization in two historic drill holes in the K North area.
WR-556 intersected a basement wedge that has been faulted up into
the sandstone, and then encountered a large interval of graphitic
basement, within which is a zone of alteration and mineralization
140 metres down-dip of the old drill holes. From down-hole total
gamma probe results, the high grade portion of the mineralization
averages 9.7% eU3O8 over 4.6 meters, using a cut-off grade of 1%
eU3O8. The high grade mineralization is flanked by lower grade
mineralization on both sides, and the entire interval averages 3.7%
eU3O8 over 12.6 metres, using a cut-off grade of 0.1% eU3O8. Figure
1 shows the location of WR-556 relative to the Phoenix deposit and
other target areas at Wheeler River.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/934493-F1.pdf.
Gryphon Zone Discovery
Intersection
Hole-ID |
From (m) |
To (m) |
Length (m) |
eU3O81(%) |
WR-5562 |
691.0 |
703.6 |
12.6 |
3.7 |
(includes)3 |
696.1 |
700.7 |
4.6 |
9.7 |
Notes: |
|
|
|
|
- eU3O8 is radiometric equivalent uranium from a total gamma
down-hole probe
- Intersection interval is composited above a cut-off grade of
0.1% eU3O8
- Intersection interval is composited above a cut-off grade of
1.0% eU3O8
The mineralization at the Gryphon zone is approximately 200
metres beneath the sub-Athabasca unconformity and is open in both
strike directions and down-dip. As WR-556 is a vertical drill hole
and the mineralization is expected to dip moderately, the true
thickness is approximately 70% of 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.
Qualified Person
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.
About Denison
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 ("GSJV")
in Mongolia.
Denison is engaged in mine decommissioning and environmental
services through its DES division and is the manager of UPC, a
publicly traded company which invests in uranium oxide and uranium
hexafluoride.
Cautionary Statements
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 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 14, 2014 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.
Denison Mines Corp.Ron HochsteinPresident and Chief Executive
Officer(416) 979-1991 ext 232Denison Mines Corp.Sophia
ShaneInvestor Relations(604) 689-7842www.denisonmines.com
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