Phoenix depositNot bad grades we get, from Denison's website:
The Phoenix deposit is located at the sub-Athabasca unconformity, at a depth of approximately 400 metres below the surface, at the intersection of a graphitic fault zone and the unconformity. Mineralization is monomineralic uranium as uraninite/pitchblende. Values of all accompanying metals are low, particularly in comparison with many other Athabasca uranium deposits, which can have very high values of nickel, cobalt and arsenic. An updated mineral resource estimate for the Phoenix deposit was received from RPA Inc. which was retained to independently estimate the mineral resources in accordance with the requirements of NI 43-101. The total indicated mineral resource estimate increased from 52,300,000 pounds of U3O8 to 70,200,000 pounds of U3O8 (the Company's share, 42,100,000 pounds) based on 166,400 tonnes of mineralization at an average grade of 19.13% U3O8. The total inferred mineral resource is now estimated to be 1,100,000 pounds of U3O8 (the Company's share, 700,000 pounds) based on 8,600 tonnes of mineralization with an average grade of 5.80% U3O8.
The Gryphon zone consists of high grade basement hosted uranium mineralization within the K North area, approximately three kilometres northwest of the Phoenix deposit. Drill hole WR-556 was the discovery hole, intersecting 15.3% U3O8 over 4.0 metres approximately 650 metres below surface and 180 metres beneath the sub-Athabasca unconformity. Subsequent drilling on a coarse 50 metre x 50 metre grid defined a substantial zone of uranium mineralization that consists of several parallel, stacked lenses of varying thickness that are concordant with the moderate east dipping stratigraphy and foliation, and plunge moderately to the northeast. The zone measures approximately 450 metres in the along-plunge dimension and 60 metres across the plunge. No mineral resources have been estimated for the Gryphon zone to date.