Location of drill hole WAT-17-443. (Credit: Denison Mines)
SASKATCHEWAN – Toronto’s Denison Mines has made a new high grade discovery at the Waterbury Lake joint venture in the eastern part of the Athabasca Basin, adjacent to the Midwest property. Denison owns approximately 64% of the project and Korea Waterbury Uranium LP 36%.
The new mineralization was intersected in basement rocks by the first hole of Denison’s 2017 drilling program. Hole WAT-17-443 intersected 1.1% eU3O8 (radiometric equivalent) over 0.8 metres (from 296.9 to 297.7 metres) approximately 1.5 km northeast of the J Zone deposit. The high grade mineralization occurs immediately below a broader 10.3-metre mineralized interval with an average grade of 0.15% eU3O8. The mineralization is open in all directions and follow-up drilling is underway.
Hole 17-443 is the first of six planned to test an east-west trend which shares geological similarities with the trend that hosts the J Zone deposit and Rio Tinto’s Roughrider deposit. The J Zone deposit is estimated to contain indicated resources of 12.8 million lb. uranium oxide based on 291,000 tonnes at a grade of 2.0% U3O8. The Roughrider deposit contains an indicated resource of 17.2 million lb. U3O8 based on 394,200 tonnes averaging 1.98% U3O8 and an inferred resource of 40.7 million lb. U3O8 based on 161,600 tonnes at 11.43% U3O8.
Details about the Waterbury Lake property are available at www.DenisonMines.com.