Denison on Hunt for Next High-grade Uranium Discovery

Uranium exploration and development company Denison Mines (TSX:DML,NYSEAMERICAN:DNN) will spend an estimated C$6 million in 2019 on several Saskatchewan-based exploration programs at assets it has dubbed high-potential properties.

Denison’s exploration activities will be focused on diamond drill testing of three targets located within the Athabasca Basin, one of the most prolific uranium jurisdictions in the world.

The majority of exploration capital will be used at the company’s Wheeler River, Waterbury Lake and Hook-Carter properties in the basin, located in Northern Saskatchewan. The targets were selected for their potential for near-term discovery of uranium mineralization.

The uranium company will spend C$3.2 million at its flagship Wheeler River project, in which it holds a 90-percent stake. Exploratory drilling is expected to commence this month and will entail approximately 13,500 meters of diamond drilling in 23 holes.

“With our focus turning to the advancement of our flagship Wheeler River project through the environmental assessment process, our strategy continues to involve exploration of our portfolio of high-priority properties — where we have the potential to deliver Denison’s next high-grade Athabasca uranium discovery,” David Cates, president and CEO of Denison, said in an announcement.

Denison has also allocated C$1.8 million to spend at its Waterbury Lake project. The program at Waterbury Lake will center around continued drill testing of high-priority target areas associated with the regional Midwest Structure, including 7,300 meters of diamond drilling in 18 holes.

“Our Saskatoon-based exploration team has a track-record of discovery success and has developed a 2019 exploration program that is disciplined and includes a compelling set of drill targets — each with the potential to deliver exciting and meaningful exploration results throughout the year,” added Cates.

The remainder of the company’s 2019 exploration budget will be spent at the Hook-Carter site, where a maiden drill program was completed in 2018. The plan for Hook-Carter is another diamond drilling program, consisting of approximately 3,900 meters across six holes.

“The property is significantly under explored compared to other properties along this trend and covers significant portions of the Derkson and Carter corridors, which provide additional target areas,” explains the announcement.

According to Denison, the Hook-Carter property consists of 80 mineral claims covering approximately 24,229 hectares, and is owned 80 percent by Denison and 20 percent by ALX Uranium (TSXV:AL).

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

Editorial Disclosure: ALX Uranium is a client of the Investing News Network. This article is not paid-for content.