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Denison Mines Corp. (NYSE American: DNN; TSX: DML) is a leading uranium exploration and development company headquartered in Toronto, Canada. Operating primarily in the Athabasca Basin region of northern Saskatchewan, Denison's key focus is on discovering and developing high-grade uranium deposits. Their flagship project, Wheeler River, is the largest undeveloped uranium project in the eastern part of the Athabasca Basin and includes the high-grade Phoenix and Gryphon deposits. Denison holds a 95% effective interest in this project.
Denison also has substantial ownership interests in several other significant uranium projects. This includes a 22.5% interest in the McClean Lake Joint Venture, which operates the McClean Lake uranium mill, and various uranium deposits. The McClean Lake mill is currently processing ore from the Cigar Lake mine under a toll milling agreement. Moreover, Denison holds a 25.17% interest in the Midwest Main and Midwest A deposits and a 69.35% interest in the Tthe Heldeth Túé (THT) and Huskie deposits on the Waterbury Lake property.
In addition to these assets, Denison is involved in several other projects through its 50% ownership of JCU (Canada) Exploration Company, Limited. These projects include the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%), and the Christie Lake project (JCU, 34.4508%). Denison's exploration portfolio covers approximately 385,000 hectares in the Athabasca Basin, making it a dominant player in this uranium-rich region.
Denison is advancing its flagship Wheeler River project with significant strides, including the completion of a feasibility study for the Phoenix deposit as an ISR mining operation and an updated pre-feasibility study for the Gryphon deposit as a conventional underground mining operation. Both deposits are poised to be among the lowest-cost uranium mining operations globally. The company has also made substantial progress in the permitting process for the Phoenix ISR operation, with a draft Environmental Impact Statement submitted and ongoing regulatory reviews.
Denison Mines is committed to sustainable development, as evidenced by its Shared Prosperity Agreement with English River First Nation and its Sustainable Communities Investment Agreement with Northern Saskatchewan municipalities. These agreements aim to support community-led initiatives and ensure long-term, positive impacts beyond the lifespan of their mining projects.
With a strong financial position, strategic partnerships, and a diversified portfolio of high-grade uranium assets, Denison Mines Corp. is well-positioned to play a crucial role in the global nuclear energy sector, supporting the increasing demand for clean, reliable energy sources.
Denison Mines Corp. (DNN) announced significant uranium mineralization at its Moon Lake South property in a press release dated April 19, 2023. Drill hole MS-23-10A reported a high-grade intersection of 1.38% eU3O8 over 8.7 metres and contained a sub-interval of 2.88% eU3O8 over 3.1 m. The 2023 winter exploration program included six drill holes, with four intersecting uranium mineralization. This finding is promising for the CR-3 trend’s potential to host significant high-grade uranium deposits, situated approximately 30 metres above the unconformity. The exploration results indicate a continued potential for future discoveries in the area.
On April 12, 2023, Denison Mines Corp. (DNN) announced the successful completion of an internal conceptual mining study for the Midwest project, where it holds a 25.17% stake. The study focused on applying the In-Situ Recovery (ISR) mining method, which has received approval from the Midwest Joint Venture (MWJV) to proceed with further evaluations in 2023. The Midwest site is situated near the McClean Lake uranium mill, further facilitating operational logistics. The ISR method is noted for being cost-effective due to reduced surface disruption. The preliminary study results indicate potential viability, but further evaluations come with inherent uncertainties. Denison plans to gather more deposit-specific information and conduct preliminary engineering studies this year.
Denison Mines Corp. (NYSE American: DNN) has filed its 2022 Annual Report on Form 40-F with the U.S. SEC, including management discussions and audited financial statements for the year ending December 31, 2022. The report will be accessible on Denison's website and the SEC’s site. In Canada, the Annual Information Form has also been filed and can be found on Denison’s website and SEDAR. The company holds a significant interest in the Wheeler River Uranium Project, the largest undeveloped uranium project in the eastern Athabasca Basin of Saskatchewan. Shareholders can request a free printed copy of the Form 40-F by contacting the company directly.
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