The following excerpt is from the company's
Ph. 416-979-1991 Fx. 416-979-5893
DENISON COMPLETES SUMMER EXPLORATION ACTIVITIES
Toronto, ON October 22, 2015 Denison Mines Corp.
(Denison or the Company) (DML: TSX, DNN: NYSE MKT) is pleased to report the completion of its summer 2015 exploration activities. The program was highlighted by the expansion of the Gryphon Zone of uranium mineralization on the Wheeler River property, and the discovery of a new zone of uranium mineralization on the Murphy Lake property.
Wheeler River Property
A total of 24,468 metres of dr illing was completed in 34 drill holes during the summer program at Denisons 60% owned Wheeler River project. Seven of the drill holes were designed to complete the 50 metre x 50 metre spaced drill pattern at Gryphon and outline the extent of the mineralization in the down-dip and down-plunge directions. The best result was in drill hole WR-604, for which chemical assay data is now available. WR-604 intersected 6.3% U
over 5.5 metres (779.0 to 784.5m), followed by 11.6% U
over 1.0 metres (790.0 to 791.0m) extending the zone of mineralization approximately 50 metres in the down-dip direction. The Gryphon Zone of mineralization is now approximately 450 metres long in the down-plunge direction and 80 metres wide in the across-plunge direction. Thickness is variable due to the stacked nature of the lenses.
With the receipt of the final chemical assays from the drilling completed at the Gryphon Zone, the Company is working towards the completion of updated mineral resource estimates for the Wheeler River property before the end of 2015. The updated technical report, which is being prepared in accordance with National Instrument 43-101, will include a mineral resource estimate at Gryphon, in addition to the Phoenix Deposit which is located roughly 3 kilometres to the southwest of Gryphon. The Phoenix Deposit is currently estimated to contain an indicated mineral resource of 70.2M lbs U
at a grade of 19.13% and an inferred mineral resource of 1.1M lbs U
at a grade of 5.8%.
Twenty additional drill holes were completed in the general K North area surrounding the Gryphon Zone, to evaluate a variety of targets and identify additional mineralization. The best result from these targets was in drill hole WR-612, located 200 metres south of the unconformity mineralization identified on the WR-595/597 section during the winter 2015 exploration program. WR-612 intersected 2.4% U
over 2.5 metres, approximately 25 metres below the unconformity.
The Wheeler River property is located between the McArthur River mine and Key Lake mill complex in the eastern portion of the Athabasca Basin in northern Saskatchewan. Denison is the operator and holds a 60% interest in the project. Cameco Corporation holds a 30% interest and JCU (Canada) Exploration Company Limited holds the remaining 10% interest.
The significant mineralized intersections from the summer program are summarized in the table below. As the drill holes are oriented steeply toward the northwest and the basement mineralization dips moderately to the southeast, the true thickness of the mineralization is expected to be approximately 75% of the intersection lengths. The attached Figure 1 shows the location of the drill holes on an inclined longitudinal section.
Summer 2015 Wheeler River Drilling Results
Down-Hole Total Gamma Probe
is radiometric equivalent uranium from a total gamma down-hole probe
2. Probe results were previously released
3. Composited above a cutoff grade of 1.0% eU
4. Composited above a cutoff grade of 0.05% eU
5. Distances are measured from the wedge, not from surface.
Exploration Pipeline Properties
During the summer 2015 exploration program, Denison carried out exploration or geophysical surveys on nine properties, in addition to Wheeler River, within its...