Denison Mines Corp. [DML-TSX; DNN-NYSE American] reported the discovery of a new high-grade unconformity-hosted uranium mineralization from the winter 2021 exploration program completed at the company’s 22.5%-owned McClean Lake Joint Venture in the Athabasca basin of northern Saskatchewan.
Three of the final four drill holes completed by Orano Canada Inc., 77.5% owner and operator of the MLJV, returned uranium mineralization at the McClean South target area, with the results highlighted by drill hole MCS-34, which returned 5.04% eU3O8 (triuranium octoxide equivalent) over 14.0 metres (including 14.86% eU3O8 over 3.9 metres). Refer to company press release for complete drill results.
Andy Yackulic, PGeo, Denison’s director, exploration, commented: “The latest results from McClean South are quite exciting. Not only has drilling intersected very high-grade uranium, but the mineralization is open along strike to the west for at least 250 metres and approximately 70 metres to the east towards the McClean South 8E pod. The mineralized intersection in MCS-34 represents one of the better mineralized intersections reported on the McClean Lake property to date — which is impressive, as the property has been explored since the mid-1970s and has previously produced over 50 million pounds U3O8.”
David Cates, Denison’s president and CEO, added: “The discovery of new high-grade uranium mineralization at McClean South reminds us of the significant potential associated with Denison’s portfolio of development and exploration interests in the Athabasca basin. Orano Canada is a world-class business partner and the operator of Denison’s 22.5-per-cent-owned McClean Lake uranium mill. With excess licensed capacity at the McClean Lake mill, any meaningful new uranium discovery on the McClean Lake property has the potential to translate into an important source of future mill feed and ultimately considerable value for the MLJV and its owners.”
A diamond drilling program consisting of 15 drill holes totalling 4,083 metres was recently completed at McClean Lake. The 2021 exploration program was designed to test for the potential expansion of previously discovered mineralization in the McClean South 8W and 8E pods, as well as to test for new mineralization in the surrounding area.