Saskatchewan juniors jostle to advance Canada’s next new uranium mine

With uranium prices continuing their slow climb over the last four years while the geopolitical situation highlights the need for secure energy supplies, all eyes are on Canada’s next big uranium projects.

Three top contenders are currently developing promising projects in the prolific Athabasca Basin of northern Saskatchewan. 

'Historic' results from in-situ recovery test

On the southeastern edge of the basin, Denison Mines (TSX: DML; NYSE-MKT: DNN) is advancing its Wheeler River project, what the company calls the “largest undeveloped uranium project in the eastern portion of the Athabasca Basin region.”

Located about 35 km northeast of the Key Lake mill and 35 km southwest of the McArthur River mine, the project is a joint venture between Denison and JCU (Canada) Exploration in a 90-10 split. Denison acquired 50% of JCU in 2021, giving it 95% of Wheeler River.  

The project comprises the high-grade Phoenix and Gryphon deposits. Phoenix has probable reserves of 59.7 million lb. U₃O₈ in 141,000 tonnes grading 19.1% U₃O₈; Gryphon contains 49.7 million lb. U₃O₈ in 1.2 million tonnes at 1.8% U₃O₈), according to a 2018 prefeasibility study.