Denison drills 4.75% eU3O8 over 13.3 metres at Waterfound River, Saskatchewan

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Denison Mines Corp. [DML-TSX; DNN-NYSE American] reports that drill hole WF-74A intersected 4.75% eU3O8 (radiometric equivalent eU3O8) over 13.3 metres (0.05% eU3O8 cut-off), including a subinterval grading 25.23% eU3O8 over 0.5 metres, as part of the recently completed summer exploration program at the Waterfound River property in northern Saskatchewan.

Uranium mineralization was encountered in three of the seven drill holes completed during the summer exploration program, following up on the winter 2022 discovery of high-grade mineralization approximately 800 metres to the west of the Alligator zone. The discovery from the winter 2022 program was highlighted by drill hole WF-68, which returned a mineralized interval of 5.91% eU3O8 over 3.9 metres.

Andy Yackulic, P.Geo., Denison’s Director, Exploration, commented, “The mineralized intersection from WF-74A represents the best mineralized hole drilled on the Waterfound property to date, and highlights the potential for the discovery of additional high-grade uranium mineralization further along strike to the west of the Alligator Zone. The mineralization in WF-74A appears to be offset to the north when compared to the interpreted location of mineralization previously discovered in WF-68. This offset is notable, as it potentially indicates that a later, cross-cutting fault may be present between WF-74A and WF-68. The area to the west of WF-74A is sparsely drilled, thus leaving several kilometres of the fertile La Rocque conductive corridor open for follow up.”

Denison has an effective 24.68% ownership interest in the Waterfound River Joint Venture to which each of Orano Canada Inc., Denison, and JCU (Canada) Exploration Company, Limited  are participants. Orano Canada has a 62.42% interest in the Waterfound JV and is the project operator.

Drill hole WF-74A was completed approximately 40 metres west of WF-68 and intersected a broad zone of uranium mineralization grading 4.75% eU3O8 over 13.3 metres (0.05% eU3O8 cut-off), hosted within faulted Athabasca sandstone. The mineralization in WF-74A represents the best mineralized intersection drilled to date on the Waterfound property, and is highlighted by multiple narrow intervals of high-grade uranium hosted within fault strands, interpreted to represent the brittle reactivation of the D-1 conductor.

At the conclusion of the summer drill program, the mineralization intersected in WF-74A remains open along strike to the west and across strike in both directions. Additional drilling is required in this area to resolve the structural controls on the high-grade mineralization in WF-74A.

Drill holes WF-73 and WF-73-1 were drilled to test the D-1 conductor approximately 300 m along strike to the east of high-grade mineralization discovered during the 2022 winter drilling program in drill hole WF-68. WF-73 intersected perched uranium mineralization approximately 5 metres above the unconformity, grading 0.09% eU3O8 over 0.2 metres. The follow up hole, WF-73-1, successfully intersected uranium mineralization (0.34% eU3O8 over 1.6 metres) located immediately above the unconformity contact.

Overall, the 2022 summer exploration program consisted of seven completed diamond drill holes totalling 3,902.6 metres. Each of the holes completed during the summer drilling program intersected indicative alteration and structural disruption related to brittle-ductile deformation along the D-1 conductor trend. In addition, each of the holes encountered elevated radioactivity in the basal Athabasca sandstone, although only holes WF-73, WF-73-1, and WF-74A returned radiometric equivalent uranium grades exceeding 0.05% eU3O8.

The Waterfound River property is located within the eastern portion of the Athabasca Basin region of northern Saskatchewan, approximately 40 km 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 (11.7767%), and JCU (Canada) Exploration Company, Limited (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.

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