Denison Mines reports results from Phoenix discovery at Wheeler River
Shares of Denison Mines Corp. (TSX: T.DML, Stock Forum) moved slightly higher Tuesday, up 2% to $2.01 with more than four million shares traded, as the company announced that its ongoing summer drill program at the Wheeler River property in northern Saskatchewan has extended the previously known uranium mineralization on the eastern portion of the Phoenix discovery.
At Phoenix East, the company says drill holes WR-272, 273 and 274 intersected high-grade uranium mineralization, at a depth of approximately 400 metres, which has extended this zone a further 150 m to the northeast to a strike length of over 250 m. Highlights include hole WR-273 which intersected 55% eU3O8 over six metres. For full results, see the company’s news release.
Meanwhile, at Phoenix West, the company says drill hole WR-270 was drilled to test for unconformity type mineralization at the southwestern end of the zone. Minor mineralization was encountered grading 0.35% eU3O8 over 1.4 m from 375.35 m.
Denison is the operator of the Wheeler River Property and holds a 60% interest, while Cameco Corp (TSX: T.CCO, Stock Forum) holds a 30% interest and JCU (Canada) Exploration Company, Limited holds the remaining 10% interest. The property is located in the Athabasca Basin between the McArthur River and Key Lake operations.
On the Denison Mines Bullboard, MRSPEC said: “Nice %, , but is 6 meters enough?[sic]”
While oxinos replied: “To put it into perspective the 6 metre thick intersection if it is a block having dimmensions of 6mx20mx20m would be 7,200 tonnes of mineralized ore! At 55% U308 that would be 8.7 million lbs. U308! That's a lot of value that you can't find even in the richest gold mine in the world! That's why I said Wheeler River will be worth more than the shares are trading right now[sic].”
And, wintersun10 added: “DML still on target for proving up that Wheeler will be TEN times the size of MacArthur, yes that is big enough!!![sic]”
