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Denison to drill 18,000 meters at Wheeler River uranium project

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Denison to drill 18,000 meters at Wheeler River uranium project

Denison Mines Corp. is planning to complete 18,000 meters of drilling at its joint venture Wheeler River uranium project this summer.

The company can earn up to a 66% interest in the property after agreeing in January to fund 75% of the joint venture expenses in 2017 and 2018. The joint venture approved a C$12.5 million work program and budget for this year.

The ongoing program of about 40 drillholes, which started in late May, will focus on the Gryphon deposit at Wheeler River and is expected to be completed late September.

An updated resource estimate for Wheeler River will then be completed, which will be incorporated into a pre-feasibility study slated for release in 2018, according to the June 6 statement.

At its 80%-owned Hook-Carter property, also in Saskatchewan, Denison is planning an initial reconnaissance drill program for late summer, comprising 2,700 meters across five drillholes for late summer.

The company also plans to extend an ongoing exploration program at its 63.63%-owned Waterbury Lake project to include a summer drill program of 2,650 meters across six drillholes for initial testing of a target area almost 1 kilometer north of the J-Zone uranium deposit.

Meanwhile, at the Crawford Lake and Moon Lake South properties, Denison intends to drill an aggregate 2,200 meters to test targets along the CR-3 conductive trend.

The company noted that it recently earned a 51% interest in the Moon Lake South claim, with plans to increase its interest by 24% with further exploration spending.

Additionally, a total of 4,800 meters of drilling across 18 holes is planned at the company's 22.5%-owned McClean Lake project as part of a summer exploration program operated by Areva SA subsidiary Areva Resources Canada Inc.

The Wheeler River, Hook-Carter, Waterbury Lake, Crawford Lake, Moon Lake South and McClean Lake properties are all located in Saskatchewan.