Denison Mines Corp. said Dec. 18 that a C$10.3 million budget for 2019 was approved to advance its flagship Wheeler River uranium project in northern Saskatchewan.
Denison, which owns 90% of the project, will shoulder C$9.3 million of the amount, while joint venture partner JCU Canada Exploration Ltd. will be responsible for the rest.
The budget covers the initiation of an environmental assessment process and engineering studies required to advance the high-grade Phoenix deposit as an in-situ recovery mining operation.
The fund will also allow the company to commence pilot plant testing and exploration activities.
Denison plans to complete a feasibility study by the end of 2020 and secure environmental and permitting approvals by 2022 at the latest. Construction is expected to start in 2022, with first production anticipated by 2024.
A pre-feasibility study on Wheeler River outlined a pretax net present value, discounted at 8%, of C$1.41 billion and a 38.7% internal rate of return.