Denison holds a portfolio of Athabasca Basin assets that cover roughly 310,000 hectares.

Canadian uranium explorer Denison Mines (TSX:DML,NYSEAMERICAN:DNN) is inching closer to development at its Wheeler River project in Saskatchewan.

The energy metal company’s Provincial Technical Proposal and Federal Project Description were both accepted by the Canadian Nuclear Safety Commission and the Saskatchewan Ministry of Environment, allowing the project to progress into the Environmental Impact Assessment (EIA) phase.

Wheeler River is Denison’s primary focus; the company owns a 90 percent stake in the project, which is located in the Athabasca Basin, one of the most prolific uranium mining jurisdictions in the world.

“Acceptance of the project description by the regulatory agencies is a critical first step for the development of the Wheeler river project,” David Cates, president and CEO, noted in the announcement.

Denison plans to build an in-situ recovery (ISR) uranium mine and processing plant at Wheeler. According to Denison, it selected the ISR method because it is less impactful on the environment than conventional uranium mining.

“The project’s ISR mining operation is expected to produce no tailings, generate very small volumes of waste rock, and has the potential for low volumes or possibly no water discharge to surface water bodies, as well as the potential to use the existing power grid to operate on a near zero carbon emissions basis,” states the press release.

“The proposed use of a freeze wall, to encapsulate the ore zone and contain the mining solution used in the ISR operation, streamlines the mining process, minimizes interaction with the environment, and facilitates controlled reclamation of the site at decommissioning.”

In addition to initiating the environmental assessment program at the site, Denison has also issued a series of memorandums of understanding (MOUs) with local indigenous communities to work in conjunction with them as Wheeler progresses.

“These non-binding MOUs formalize the signing parties’ intent to work together in a spirit of mutual respect and cooperation in order to collectively identify practical means by which to avoid, mitigate, or otherwise address potential impacts of the project upon the exercise of Indigenous rights, Treaty rights, and other interests, as well as to facilitate sharing in the benefits that will flow from the project.”

Denison holds a portfolio of Athabasca Basin assets that cover roughly 310,000 hectares.

Shares of Denison were up 4.41 percent on Monday (June 3), trading at C$0.70.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.



S&P 5004057.84+79.11


Heating Oil3.86+0.11
Natural Gas8.79-0.19