Mr. Ron Hochstein reports
DENISON IDENTIFIES NEW AREA OF INTEREST AT WHEELER RIVER AND PROVIDES EXPLORATION UPDATE
Denison Mines Corp. is providing an update on uranium exploration activities at several properties in the Athabasca basin in Northern Saskatchewan. Highlights of the program include new mineralization intersected north of the Phoenix deposits at Wheeler River and high-grade mineralization intersected in infill drill holes.
A program of both infill and exploration drilling is well under way with two drills at Wheeler River. Eighteen of 28 planned drill holes have been completed. One of the first exploration drill holes of the program, drill hole WR-489, located approximately 2.1 kilometres northeast of the Phoenix deposits, intersected uranium mineralization in faulted graphitic pelitic gneiss immediately below the sub-Athabasca unconformity at a vertical depth of 380 metres below surface. From downhole total gamma probe results, the mineralization averages 0.13 per cent equivalent triuranium octoxide over 4.6 m. True thickness is not known. Intense clay and hematite alteration surrounding the mineralization is similar to that found proximal to the Phoenix deposits. Follow-up drilling is under way.
Additionally, four infill drill holes have been completed in the Phoenix A deposit. The drill holes are designed to increase the confidence in two portions of the deposit that were classified as inferred during the recently completed mineral resource update. All four drill holes intersected high-grade uranium mineralization. Intersections in the four holes are listed in the table.
PHOENIX A DEPOSIT INFILL DRILLING RESULTS
Hole From To Length eU3O8
(m) (m) (m) (%)
WR-496 410.4 413.9 3.5 36.3
WR-498 405.4 408.5 3.1 24.1
WR-499 407.5 410.1 2.6 14.8
WR-501 406.0 409.0 3.0 13.5
and 411.0 412.0 1.0 3.0
1. eU3O8 is radiometric equivalent uranium from a total
gamma downhole probe.
2. Intersection intervals are composited above a cut-off
grade of 1 per cent eU3O8.
As mineralization in the Phoenix deposit is subhorizontal and the drill holes in the table are vertical, the true thickness is expected to be approximately equal to 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-per-cent interest in the project. Cameco Corp. holds a 30-per-cent interest and JCU (Canada) Exploration Co. Ltd. holds the remaining 10-per-cent interest.
A 2,370-metre drilling program has been completed on the Hatchet Lake property in the northern part of the eastern Athabasca basin. Hatchet Lake is 50 per cent owned and operated by Denison and 50 per cent owned by Anthem Resources Inc. A total of 13 drill holes, including one restart, were completed during the program -- two more than originally planned due to the intersection of uranium mineralization at the unconformity in two drill holes on the Crooked-Richardson Lakes trend. The best result was in drill hole RL-13-16, which intersected 0.20 per cent eU3O8 over 1.9 m beginning at 124.5 m down the drill hole.
Drilling is also under way at a third Denison-operated property, Moore Lake (100 per cent Denison), where a total of 12 holes have been completed on two target areas. While no significant mineralization has been intersected to date, several target areas require further exploration and Moore Lake remains a high-priority property. Additionally, drilling programs are being completed this winter on two Denison joint-venture properties operated by AREVA Resources Canada Inc. (ARC) at Wolly and McLean Lake. No significant mineralization has been intersected on these properties to date. The Wolly project is owned and operated 62.9 per cent by ARC, 22.5 per cent by Denison and 14.6 per cent by JCU (Canada) Exploration. The McClean Lake project is owned and operated 70 per cent by ARC, 22.5 per cent by Denison and 7.5 per cent OURD Canada Ltd. Linecutting and ground geophysical surveying are also under way on a total of five properties.
The disclosure of a scientific or technical nature contained in this news release was prepared by Steve Blower, PGeo, Denison's vice-president, exploration, who is a qualified person in accordance with the requirements of National Instrument 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 28, 2012, filed under the company's profile on SEDAR.
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