New discovery may help the share price a bit Denison Announces Discovery of High-Grade Uranium Mineralization At 24.68% Owned Waterfound JV
https://money.tmx.com/en/quote/DML/news/7795892626138622/Denison_Announces_Discovery_of_HighGrade_Uranium_Mineralization_At_2468_Owned_Waterfound_JV TORONTO , March 29, 2022 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE: DNN) 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 hole
WF-68, which returned a broad zone of uranium mineralization, including a peak interval of 5.91% eU 3 O 8 over 3.9 metres (0.05% eU 3 O 8 cut-off) with a sub-interval grading 25.30% eU 3 O 8 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% U 3 O 8 over 10.53 metres) at the Alligator Zone. PDF Version
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% eU 3 O 8 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) | eU 3 O 8 (%) (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 U 3 O 8 ("eU 3 O 8 ") 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% eU 3 O 8
(5) Mineralized interval is composited above a cut-off grade of 10.0% eU 3 O 8 |
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% eU 3 O 8 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 eU 3 O 8 %) for the hole, which, except in very high-grade zones, is reasonably accurate. The Company typically reports eU 3 O 8 , 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.