Denison Mines Corp. (TSX:DML)(NYSE MKT:DNN)(NYSE Amex:DNN)
("Denison" or the "Company") is pleased to announce that the Phase
1 drilling program on its 100% owned Mutanga uranium project in
Zambia has identified additional mineralization along the
Dibwe-Mutanga corridor and deeper mineralization beneath the Dibwe
deposit. The Phase 2 program is currently underway and is
anticipated to be completed in November.
Some of the better mineralized intersections from Phase 1 are
listed in Table 1 below and their locations are shown on the
attached map. A complete table of results from all Phase 1 drill
holes, titled "Mutanga Project 2012 Phase 1 Drill Results" can be
found on Denison's website at www.denisonmines.com.
Table 1: Highlights of Phase 1 Drill Program
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From Thickness Grade GT
Target Drill Hole (m) (m) (ppm eU3O8) (ppm eU3O8(i)m)
----------------------------------------------------------------------------
Dibwe-Mutanga
Corridor DMD1163 32.8 6.7 221 1,482
DMC1166 72.1 3.1 428 1,327
MED1216 17.5 8.0 172 1,379
MED1220 9.7 25.5 327 8,336
DMD1233 130.9 1.4 3,537 4,952
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Dibwe DBC1229 18.0 99.3 327 32,453
DBD1237 39.2 8.4 498 4,180
And 52.4 17.7 382 6,760
And 72.9 7.8 606 4,730
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Mutanga MTD1209 5.5 23.5 640 15,029
And 80.6 1.5 442 663
----------------------------------------------------------------------------
Phase 1 Drill Program
A total of 12,352 metres has been completed in 91 core and
reverse circulation drill holes since May 2012. There were three
primary objectives for the program: (1) locate additional
mineralization along the Dibwe-Mutanga corridor that includes the
Dibwe East deposit discovered in 2011; (2) locate deeper, stacked
mineralization beneath the Dibwe and Mutanga deposits; and, (3)
test other exploration target areas, particularly Dibwe North.
Of the 91 holes drilled to date, a total of 31 have been
completed along the Dibwe-Mutanga corridor. These are wide spaced
holes 200 to 400 metres apart which were designed to locate
additional mineralization on this underexplored trend along strike
to the northeast and southwest of the Dibwe East deposit. The best
result was in drill hole DMC 1220, which intersected 25.5 metres at
327 ppm eU3O8, from 9.7 metres to 35.2 metres below surface. This
drilling has been successful with 10 holes returning 12
intersections with a grade x thickness (GT) greater than 500 ppm
eU3O8(i)m. The average GT of these 12 intersections is 1,864 ppm
eU3O8(i)m.
Wide spaced (400 metres) drilling designed to intersect deeper,
stacked mineralization beneath the Dibwe and Mutanga deposits has
returned significant intersections at each deposit. Fourteen holes
were completed at Dibwe, and four at Mutanga. At Dibwe, drill hole
DBC1229 intersected 99.3 metres averaging 327 ppm eU3O8 from 18.0
metres to 117.3 metres, a GT of 32,453 ppm eU3O8(i)m, which
extended mineralization to previously undrilled depths. At Mutanga,
three intersections with a GT greater than 100 ppm eU3O8(i)m were
intersected below previously drilled mineralization in drill hole
MTD1209.
Results of drilling at other exploration target areas were
mixed. Five holes of 42 drilled returned GT values greater than 500
ppm eU3O8(i)m. Numerous narrow (less than 1 metre) and low grade
(less than 200 ppm) intersections were obtained at Dibwe North, but
future drilling will focus on other areas that have a greater
potential for thicker and higher grade intersections.
The grades reported are equivalent U3O8 grades based on
down-hole radiometric probing at a cut-off grade of 100 ppm eU3O8;
geochemical assay results have not been received at this time. All
intersections and geological interpretations are based on diamond
drill core or reverse circulation drill chips only and mineralized
intervals may not represent true thickness. However, the drill
holes were drilled steeply at -75 degrees to -90 degrees into
mineralization that generally dips shallowly at 0 to 20 degrees, so
the true thickness is expected to be within 90% of the intersection
length.
Phase 2 Drill Program
Phase 2 drilling has begun to follow up on the most prospective
results from Phase 1. Approximately 9,000 metres in 70 drill holes
are planned. This drilling should be completed in November.
Concurrently, surficial geochemistry and radon orientation surveys
are being implemented to test these techniques over known
mineralization at the Dibwe East, Dibwe and Mutanga deposits. If
successful, the techniques will be applied to other higher priority
portions of the Mutanga Project to generate additional drill
targets on the property.
Qualified Person
The disclosure of a scientific or technical nature contained in
this news release was prepared by Steve Blower, Denison's Vice
President, Exploration, who is a Qualified Person in accordance
with the requirements of National Instrument 43-101. For a
description of the quality assurance program and quality control
measures applied by Denison, please see Denison's Annual
Information Form dated March 28, 2012 filed under the Company's
profile on SEDAR at www.sedar.com.
About Denison
Denison Mines Corp. is a uranium exploration and development
company with interests in exploration and development projects in
Saskatchewan, Zambia and Mongolia. As well, Denison has a 22.5%
ownership interest in the McClean Lake uranium mill, located in
northern Saskatchewan, which is one of the world's largest uranium
processing facilities. Denison's exploration project portfolio
includes the world class Phoenix deposit located on its 60% owned
Wheeler River project also in the Athabasca Basin region of
Saskatchewan.
Denison is engaged in mine decommissioning and environmental
services through its Denison Environmental Services (DES) division.
Denison is also the manager of Uranium Participation Corporation
(TSX:U), a publicly traded company which invests in uranium oxide
in concentrates and uranium hexafluoride.
Cautionary Statements
Certain information contained in this press release constitutes
"forward-looking information", within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and similar
Canadian legislation concerning the business, operations and
financial performance and condition of Denison.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects"
or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur", "be achieved" or "has
the potential to".
Forward looking statements are based on the opinions and
estimates of management as of the date such statements are made,
and they are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of Denison to be materially different
from those expressed or implied by such forward-looking statements.
Denison believes that the expectations reflected in this
forward-looking information are reasonable but no assurance can be
given that these expectations will prove to be correct and such
forward-looking information included in this press release should
not be unduly relied upon. This information speaks only as of the
date of this press release. In particular, this press release may
contain forward-looking information pertaining to the following:
the estimates of Denison's mineral resources; capital expenditure
programs; estimated production costs, exploration and development
expenditures and reclamation costs; expectations of market prices
and costs; supply and demand for uranium; possible impacts of
litigation and regulatory actions on Denison; exploration,
development and expansion plans and objectives; Denison's
expectations regarding raising capital and adding to its mineral
resources through acquisitions and development; and receipt of
regulatory approvals, permits and licences and treatment under
governmental regulatory regimes.
There can be no assurance that such statements will prove to be
accurate, as Denison's actual results and future events could
differ materially from those anticipated in this forward-looking
information as a result of those factors discussed in or referred
to under the heading "Risk Factors" in Denison's Annual Information
Form dated March 28, 2012, available at http://www.sedar.com, and
in its Form 40-F available at http://www.sec.gov, as well as the
following: global financial conditions, the market price of
Denison's securities, volatility in market prices for uranium;
ability to access capital, changes in foreign currency exchange
rates and interest rates; liabilities inherent in mining
operations; uncertainties associated with estimating mineral
reserves and resources and production; uncertainty as to
reclamation and decommissioning liabilities; failure to obtain
industry partner and other third party consents and approvals, when
required; delays in obtaining permits and licenses for development
properties; competition for, among other things, capital,
acquisitions of mineral reserves, undeveloped lands and skilled
personnel; public resistance to the expansion of nuclear energy and
uranium mining; uranium industry competition and international
trade restrictions; incorrect assessments of the value of
acquisitions; property title risk; geological, technical and
processing problems; the ability of Denison to meet its obligations
to its creditors; actions taken by regulatory authorities with
respect to mining activities; the potential influence of or
reliance upon its business partners, and the adequacy of insurance
coverage.
Accordingly, readers should not place undue reliance on
forward-looking statements. These factors are not, and should not
be construed as being, exhaustive. Statements relating to "mineral
reserves" or "mineral resources" are deemed to be forward-looking
information, as they involve the implied assessment, based on
certain estimates and assumptions that the mineral reserves and
mineral resources described can be profitably produced in the
future. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement.
Denison does not undertake any obligation to publicly update or
revise any forward-looking information after the date of this press
release to conform such information to actual results or to changes
in Denison's expectations except as otherwise required by
applicable legislation.
To see the map associated with this press release, please visit
the following link:
http://media3.marketwire.com/docs/DenisonMinesCorpMap.pdf.
Contacts: Denison Mines Corp. Ron Hochstein President and Chief
Executive Officer (416) 979-1991 Extension 232 Denison Mines Corp.
Steve Blower Vice President, Exploration (604) 689-7842 Denison
Mines Corp. Jim Anderson Executive Vice President and Chief
Financial Officer (416) 979-1991 Extension 372
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