Denison Announces 21.2% U3O8 Over 4.5 Metres From the Gryphon Zone
at Wheeler River
TORONTO, ONTARIO--(Marketwired - Jun 3, 2014) - Denison Mines
Corp. (TSX:DML)(NYSEMKT:DNN) ("Denison" or the "Company") is
pleased to report the receipt of assay results from the 2014 winter
drilling at the Gryphon zone on the Wheeler River property in
Saskatchewan and outlines the summer exploration plans.
Gryphon Zone
The Gryphon zone of high grade, basement hosted uranium
mineralization was discovered at Wheeler River this winter with
drill hole WR-556 intersecting 4.0 metres grading 15.3% U3O8. Only
one follow-up hole (WR-560) was drilled, and it also intersected
high grade uranium returning 21.2% U3O8 over 4.5 metres. WR-560 was
drilled 40 metres up-dip of WR-556 on the same section. Down hole
gamma probe results for both holes were previously released and
assay results have now been received. Figure 1
(http://media3.marketwire.com/docs/949863_MAP.pdf) shows the
location of the Gryphon zone, three kilometres northwest of the
Phoenix uranium deposit. Figure 2 is a cross section through
Gryphon. The table below compares the probe and assay grades at a
cut-off grade of 1.0% U3O8.
Gryphon Zone Intersections
|
Down Hole Probe |
Assay |
Hole Number |
From |
To |
Length |
% eU3O8(1) |
From |
To |
Length |
% U3O8 |
WR-556 |
696.1 |
700.7 |
4.6 |
9.7 |
697.5 |
701.5 |
4.0 |
15.3 |
WR-560 |
757.9 |
762.1 |
4.2 |
17.3 |
759.0 |
763.5 |
4.5 |
21.2 |
|
|
|
|
|
|
|
|
|
Note: |
1. |
eU3O8
is radiometric equivalent uranium from a total gamma down-hole
probe. |
|
2. |
Cut-off grade is 1.0% U3O8. |
Mineralization at the Gryphon zone is approximately 200 metres
beneath the sub-Athabasca unconformity and is open in both strike
directions and at depth. As WR-560 is a steeply plunging drill hole
and the mineralization is interpreted to dip moderately, the true
thickness is expected to be approximately 75% 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.
Summer Exploration Plans
Denison expects to complete 21,000 metres of drilling on four
properties (three of which will be operated by Denison) during the
summer season in the eastern Athabasca Basin. The season is
expected to begin in mid-June with drilling on the Wheeler River
property. The Denison operated programs are Wheeler River, Crawford
Lake (100% Denison) and Bachman Lake (80% Denison, 20%
International Enexco). Exploration drilling will also be completed
at McClean Lake (22.5% Denison, 70% Areva, 7.5% OURD). McClean Lake
is operated by Areva Resources Canada Inc. In addition to the
drilling, geophysical surveying will be carried out on five
properties.
At Wheeler River, 14,000 metres of drilling is planned in
eighteen drill holes, all of which will be in the general area of
the Gryphon zone. Most of the drilling will consist of 50 metre
step outs along strike and down dip of the new discovery. Some of
the holes will also complete drill fences 800 metres along strike
to the northeast and southwest of Gryphon.
Drilling at Crawford Lake and Bachman Lake will follow up on
alteration zones intersected in 2013 and will also target anomalies
generated by winter 2014 geophysical surveys. McClean Lake drilling
will target geophysical anomalies near the McClean South uranium
deposit.
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 41 projects and totals
approximately 480,000 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.
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 232Sophia ShaneInvestor Relations(604)
689 - 7842
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