Denison shares up on bonanza 7.66% uranium oxide interval
(Kitco News) - Denison Mines (TSX: DML) (NYSE: DNN) reported Thursday the results from the 2020 regional exploration program at the company's 90% owned Wheeler River uranium project, including the discovery of new high-grade unconformity-hosted uranium mineralization up to 7.66% U3O8.
The company stated that the drill hole WR-741AD2, which was completed along the K West conductive trend on the western side of the Wheeler River property, intersected high-grade uranium mineralization approximately 4 kilometres north northwest of the Phoenix uranium deposit.
Denison said that uranium mineralization discovered in WR-741AD2 is similar to the Phoenix deposit type and interpreted to straddle the unconformity contact of the underlying basement rocks and the overlying Athabasca Basin sandstone.
In addition to high-grade uranium, the assay results from WR-741AD2 are highlighted by the presence of high-grade nickel.
Drilling highlights include 2.14% U3O8 over 4.0 metres (including 7.66% U3O8 over 1 metre) from 640.3 to 644.3 metres; and 4.29% nickel over 6.5 metres (including grades of up to 19.1% nickel) from 637.8 to 644.3 metres.
President and CEO David Cates commented, "Regional exploration at Wheeler River in 2020 delivered on our objective to identify additional high-grade uranium mineralization that could produce a satellite deposit for the planned Phoenix in-situ recovery operation, which is currently advancing through the environmental assessment process. Our Saskatoon-based exploration team has a tremendous track record of making high-grade uranium discoveries – transforming the Wheeler River project into the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin."
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. In addition to the Wheeler River project, Denison's Athabasca Basin exploration portfolio consists of numerous projects covering over 250,000 hectares.