EX-99.1
2
a2022-03dmcdenisonannounc.htm
PRESS RELEASE DATED MARCH 29, 2022
a2022-03dmcdenisonannounc
Exhibit 99.1
Denison Mines Corp.
1100 – 40 University
Ave
Toronto, ON M5J 1T1
www.denisonmines.com
PRESS
RELEASE
Denison Announces Discovery of High-Grade Uranium
Mineralization
At 24.68% Owned Waterfound
JV
Toronto, ON – March 29,
2022. Denison Mines Corp. (“Denison” or the
“Company”) (DML: TSX, DNN: NYSE American) is pleased to
report the discovery of multiple new high-grade intercepts of
unconformity-hosted uranium mineralization in the final three drill
holes completed during the winter 2022 exploration program on the
Waterfound River property (“Waterfound”). The results
were highlighted by drill holeWF-68, which returned a broad zone of
uranium mineralization, including a peak interval of
5.91%
eU3O8
over 3.9
metres (0.05%
eU3O8
cut-off) with a sub-interval grading 25.30% eU3O8
over 0.7
m, located approximately 800
metres west, along the La Rocque Conductive Corridor, of the
previously discovered high-grade mineralization (including 4.49%
U3O8
over 10.53 metres) at the Alligator
Zone.
Denison
has an effective 24.68% ownership interest in the Waterfound River
Joint Venture (“Waterfound JV”) to which each of Orano
Canada Inc. (“Orano Canada”), Denison, and JCU (Canada)
Exploration Company, Limited (“JCU”) are participants.
Orano Canada has a 62.42% interest in the Waterfound JV and is the
project operator.
Andy Yackulic, P. Geo., Denison’s Director,
Exploration, commented, “We
are excited to see additional high-grade mineralization discovered
within the La Rocque corridor, which also hosts Cameco’s La
Rocque Lake Zone and IsoEnergy’s Hurricane Zone. Not only has
the drilling at Waterfound intersected high-grade uranium, but the
mineralization remains open along strike in both
directions.”
David Cates, Denison’s President & CEO,
added, “Denison
is appreciative of the efforts of Orano Canada to breathe new life
into Waterfound. Denison has a unique partnership with Orano
– as joint owners of the McClean Lake mill and the nearby
Midwest project. This discovery at Waterfound is well situated
relative to the McClean Lake mill and has the potential to
translate into a further important source of future mill feed for
the McClean Lake joint venture. Waterfound is also a good example
of the significant, but often underappreciated, discovery potential
associated with Denison's well situated and prospective exploration
property portfolio.”
2022 Waterfound River Winter Exploration Program
Highlights
Drill holes WF-67, WF-68, and WF-68-1 were all
drilled on line 4000E, approximately 800 m along strike to the west
of the Alligator Zone, to test the potential for uranium
mineralization along the up-dip projection of a graphitic structure
intersected at depth in historical drill hole WF-50. All three
drill holes successfully identified high-grade uranium
mineralization, highlighted by hole WF-68, which returned 5.91%
eU3O8
over 3.9 metres. The mineralized
intersections are illustrated in Figure 1 and summarized in Table 1
below.
Table 1 – 2022 Waterfound River Winter Exploration Drilling
Highlights
Drill Hole
From (m)
To (m)
Length (m)(1)
eU3O8 (%)(2)
WF-67(3,4)
474.1
488.3
14.2
0.73
WF-68(3,4)
459.7
462.0
2.3
0.66
WF-68(3,4)
467.1
470.3
3.2
0.97
WF-68(3,4)
473.7
477.6
3.9
5.91
including(5)
476.2
476.9
0.7
25.3
WF-68-1(3,4)
464.2
472.2
8.0
0.87
WF-68-1(3,4)
474.0
476.4
2.4
0.31
WF-68-1(3,4)
480.3
482.7
2.4
2.20
Notes:
(1)
Lengths indicated represent the down-hole length of mineralized
intersections.
(2)
Radiometric equivalent U3O8 ("eU3O8")
derived from a calibrated gamma downhole probe
(3) WF-67
was drilled at an azimuth of 154° and a dip of -70.0°,
WF-68, was drilled at an azimuth of 154° and a dip of
-71.5°, and WF-68-1 was drilled at an azimuth of 154° and
a dip of -73.5°.
(4) Mineralized interval
is composited above a cut-off grade of 0.05% eU3O8
(5) Mineralized interval
is composited above a cut-off grade of 10.0% eU3O8
The
2022 exploration program was designed to test for the potential
expansion of previously discovered mineralization in the Alligator
Zone, as well as to test for new mineralization in the surrounding
area along the La Rocque conductive corridor (see Figure 2). The
program was planned to occur during both the winter and summer
drilling seasons with approximately 7,400 metres of diamond
drilling in an estimated 12 drill holes. Six diamond drill holes,
totalling 3,175.4 metres, were completed as part of the winter
drill program.
The first two drill holes of the winter program
(WF-64 and WF-65) were completed on the eastern end of the property
to test the D-1 conductor, located within the La Rocque conductive
corridor. While each of these holes encountered elevated
radioactivity at the unconformity, no mineralization above a 0.05%
eU3O8
cut-off was identified. WF-66, the
third drill hole of the winter program, was drilled to test the D-1
conductor approximately 500 metres west of the Alligator Zone.
WF-66 failed to intersect significantly elevated radioactivity. The
final three drill holes (WF-67, WF-68, and WF-68-1), as described
above, were successful in intersecting significant uranium
mineralization associated with the D-1 conductor, which lies within
the La Rocque conductive corridor. This newly identified
mineralization remains open along strike in both directions.
Additional drilling to test the extent of mineralization is
expected to be completed during the planned summer exploration
drilling program.
Radiometric Equivalent Grades, Sampling, Analysis and Data
Verification
Following the completion of a drill hole, the hole
is radiometrically logged using a downhole slimline gamma probe,
which collects continuous readings of radioactivity along the
length of the drill hole. Probe results are then calibrated using
an algorithm calculated from the comparison of probe results
against geochemical analyses in the area. The gamma-log results
provide an immediate radiometric equivalent uranium value (eU%,
then converted to eU3O8%)
for the hole, which, except in very high-grade zones, is reasonably
accurate. The Company typically reports eU3O8,
as a preliminary result and subsequently reports definitive assay
grades following sampling and chemical analysis of the mineralized
drill core.
Assay
sample intervals are generally 50 centimetres long, except where
higher or lower grade mineralization boundaries fall within the
interval. In that case, two 25 centimetre samples are collected.
Flank samples of 1.0 metre are always collected where
mineralization is located. Systematic geochemistry samples are
collected every 10 metres down the hole.
All
assayed core is split in half, with one half retained and the other
sent to the SRC Geoanalytical Laboratory in Saskatoon for analysis.
Control samples are routinely assayed with each batch of core
samples analyzed.
About Waterfound River
The Waterfound River property is
located within the eastern portion of the Athabasca Basin region of
northern Saskatchewan, approximately 40 kilometres northwest of
Denison’s 22.5% owned McClean Lake mill. The Waterfound JV is
an unincorporated contractual arrangement between
Orano Canada (62.4223%), Denison Mines
Inc. (11.7767%), and JCU (25.8010%). Denison holds an effective
24.6772% ownership interest in the Waterfound JV through its direct
interest in the joint venture and its 50% ownership of
JCU.
About Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. The Company has an effective 95% interest in
its flagship Wheeler River Uranium Project, which is the largest
undeveloped uranium project in the infrastructure rich eastern
portion of the Athabasca Basin region of northern
Saskatchewan.
Denison's interests in the Athabasca Basin also include a 22.5%
ownership interest in the McClean Lake joint venture, which
includes several uranium deposits and the McClean Lake uranium mill
that is contracted to process the ore from the Cigar Lake mine
under a toll milling agreement, plus a 25.17% interest in the
Midwest Main and Midwest A deposits, and a 66.90% interest in the
Tthe Heldeth Túé ("THT," formerly J Zone) and Huskie
deposits on the Waterbury Lake property. The Midwest Main, Midwest
A, THT and Huskie deposits are each located within 20 kilometres of
the McClean Lake mill.
Through its 50% ownership of JCU, Denison holds additional
interests in various uranium project joint ventures in Canada,
including the Millennium project (JCU 30.099%), the Kiggavik
project (JCU 33.8123%) and Christie Lake (JCU 34.4508%). Denison's
exploration portfolio includes further interests in properties
covering ~300,000 hectares in the Athabasca Basin
region.
Denison is also engaged in post-closure mine care and maintenance
services through its Closed Mines group (formerly Denison
Environmental Services), which manages Denison’s reclaimed
mine sites in the Elliot Lake region and provides related services
to certain third-party projects.
For more information, please contact
David Cates
(416) 979-1991 ext
362
President and Chief Executive
Officer
Mac McDonald
(416) 979-1991 ext
242
Exec. Vice President &
Chief Financial Officer
Follow Denison on
Twitter
@DenisonMinesCo
Qualified Persons
The technical information contained in this release has been
reviewed and approved by Mr. Andrew Yackulic, P. Geo., Denison's
Director, Exploration, who is a Qualified Person in accordance with
the requirements of NI 43-101.
Certain information contained in this news release constitutes
‘forward-looking information’, within the meaning of
the applicable United States and 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’, ‘budget’,
‘scheduled’, ‘estimates’,
‘forecasts’, ‘intends’,
‘anticipates’, or ‘believes’, or the
negatives and/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’.
In particular, this news release contains forward-looking
information pertaining to the following: the interpretation of
exploration results and expectations with respect thereto,
including the interpretation of the results from the Waterfound
River exploration program undertaken by Orano Canada, underlying
assumptions and the Waterfound JV’s intentions with respect
thereto; exploration plans and objectives; and expectations
regarding its joint venture ownership interests and the continuity
of its agreements with its partners.
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. For
example, the modelling and assumptions upon which the
interpretation of results are based may not be maintained after
further testing or be representative of actual conditions. 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 accurate and results may differ
materially from those anticipated in this forward-looking
information. For a discussion in respect of risks and other factors
that could influence forward-looking events, please refer to the
factors discussed in Denison’s Annual Information Form dated
March 26, 2021 or subsequent quarterly financial reports under the
heading ‘Risk Factors’. These factors are not, and
should not be construed as being exhaustive.
Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking information
contained in this news release is expressly qualified by this
cautionary statement. Any forward-looking information and the
assumptions made with respect thereto speaks only as of the date of
this news release. Denison does not undertake any obligation to
publicly update or revise any forward-looking information after the
date of this news release to conform such information to actual
results or to changes in Denison's expectations except as otherwise
required by applicable legislation.