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Denison Mines Corp.
Summary
| Project: | Wheeler River | |
|---|---|---|
| Deposit: | Gryphon | |
| Location: | Canada | |
| Commodities: | Uranium | |
| Date: | 7/19/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 19-7-2016: Denison Mines Corp. announces an Exploration/Drilling Update report for its Gryphon deposit at the Wheeler River project. JV - drilling results incl. 7.3m @ 2.4% eU3O8 from 772.6m. Toronto, ON – July 19, 2016 Denison Mines Corp. (“Denison” or t | |
| Resources: | (Resource): 834000t @ 2.3% U3O8 for 43.0Mlbs U3O8 contained at Gryphon | |
| CP/QP: | [Overall Report]: Dale Verran (Internal) | |
| ABSTRACT: | Toronto, ON – July 19, 2016 Denison Mines Corp. (“Denison” or the “Company”) (DML: TSX, DNN: NYSE MKT) is pleased to announce the initiation of a Pre-Feasibility Study (“PFS”) for its 60% owned Wheeler River property, located in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan, and the results from its first infill drill hole at the basement-hosted Gryphon deposit. Drill hole WR-668 intersected 0.93% eU3O8 over 14.1 metres (including 2.1% eU3O8 over 3.7 metres and 1.4% eU3O8 over 1.3 metres) and 2.4% eU3O8 over 7.3 meters (including 3.7% eU3O8 over 4.5 metres), which reinforces the high grade results previously reported for the Gryphon deposit. Work towards a PFS for Wheeler River was initiated earlier this year, following the completion of a successful Preliminary Economic Assessment (“PEA”), which evaluated the economic merit of codeveloping the high grade Gryphon and Phoenix deposits. The results of the PEA were released on April 4, 2016 and were highlighted by a pre-tax IRR of 20.4%, based on a long term uranium price of US$44 per pound U3O8, and initial capital costs to Denison of CAD$336M. The objective of the infill drilling program is to increase the level of confidence of the previously released inferred resources estimated for the Gryphon deposit to an indicated level - an important step in completing the PFS. Based on the drilling completed to the end of 2015, the Gryphon deposit is estimated to contain 43.0 million pounds U3O8 (above a cut-off grade of 0.2% U3O8) based on 834,000 tonnes of mineralization at an average grade of 2.3% U3O8. The PFS activities and related infill drilling program will continue throughout the summer and will run in parallel to a two drill exploration program, which is focused on resource expansion through the discovery of additional mineralization in the Gryphon D series lenses. Significant D series lenses were discovered during the winter 2016 exploration program and remain open in all directions. The D series lenses are not included in the current resource estimate for the Gryphon deposit, or the Wheeler River PEA. | |
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