Denison is Canadian-based uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan.
Denison Mines (TSX:DML,NYSEAMERICAN:DNN), has released its consolidated financial statements and management’s discussion & analysis (MD&A) for the second quarter of 2018, ending June 30.
Denison is Canadian-based uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan. In addition to its 63.3 percent owned Wheeler River project, which hosts the high grade Phoenix and Gryphon uranium deposits, Denison also owns an exploration portfolio for several key targets in the same region.
As quoted from the press release:
- Wheeler River Pre-Feasibility Study (‘PFS’) remains on track for completion during the third quarter of 2018
Engineering designs, laboratory analyses, cost estimation and economic modelling, environmental baseline data collection and modelling, as well as community consultation relating to the Wheeler River project PFS are continuing on schedule. The company has completed an extensive analysis of different mining methods for the Phoenix deposit, including the completion of a trade-off study of the final two options, and has selected the mining method to be included in the PFS. It is expected that the PFS will be completed in the third quarter of 2018.
- Wheeler River assay results from winter 2018 exploration confirms the potential for further resource growth
Assay results received during the second quarter of 2018 returned high-grade uranium intercepts from reconnaissance drill holes completed to the northeast of the Gryphon deposit, and on 50 to 100 metre step outs from the currently defined boundaries of the Gryphon deposit.Results from reconnaissance drill holes targeting the sub-Athabasca unconformity to the northeast of Gryphon, along the K-North trend, were highlighted by assays from drill hole WR-704, which included 1.4 percent U3O8 over 5.5 metres, located 600 metres northeast of Gryphon and drill hole WR-710D1, which included 1.1 percent U3O8 over 3.0 metres, located 1 kilometre northeast of Gryphon. The results confirm the continuation of the Gryphon mineralizing system to the northeast, and highlight the potential for the discovery of an additional high-grade uranium deposit within the basement, or at the unconformity, along strike of Gryphon.
“The recently announced indefinite suspension of operations at Cameco’s McArthur River mine and Key Lake mill complex remind us of just how challenging the current uranium market is for producers. Denison made a strategic decision in 2012 to divest from its former producing assets in the United States and reduce staff levels, and has spent the last several years positioning our business for the future with a focus on minimizing dilution to shareholders. Our strategy is ambitious and involves the advancement of our flagship Wheeler River project towards development and production – intending to claim the “pole position” as the next new uranium mine to be built in Canada,” said David Cates, president and CEO of Denison.