Denison carried out the Program in collaboration with Orano Canada Inc. (“Orano Canada”), as operator and proprietor of 74.83% of the Midwest Joint Enterprise (“MWJV”). Midwest is positioned roughly 25 kilometres, by present roads, from the Denison-Orano Canada owned McClean Lake Operation (see Determine 1), which is at present processing ore for the Cigar Lake mine below a toll milling settlement and has extra licensed processing capability. Orano Canada is a part of the Orano Group, which is acknowledged as a number one worldwide operator within the subject of nuclear supplies, with actions together with uranium mining, conversion, enrichment, and different gasoline companies.
David Cates , Denison’s President and Chief Government Officer, commented ” Denison want to thank Orano Canada for its help and encouragement of our joint efforts to judge the Midwest Predominant deposit for potential future extraction through ISR mining. Orano has important world experience in ISR mining and Denison brings business management within the development of ISR mining within the Athabasca Basin area – permitting the three way partnership to assembl e a really robust crew to hold out and oversee this inaugural check program.
The Program achieved its deliberate goals, and the outcomes present preliminary validation that the Midwest Predominant deposit possesses the traits crucial for a n ISR operation . Accordingly, additional analysis is warranted and , constructing on the Idea Examine and incorporating the information acquired within the check program, we’re continuing with a Preliminary Financial Evaluation (“PEA”) for ISR mining . Midwest characterize s Denison’s third mission evaluated for potential ISR mining within the Athabasca Basin. ”
Highlights from the Program embrace the next:
- Affirm ed Hydraulic Conductivity : Pump and injection exams validated hydraulic connectivity within the check wells throughout the mineralized zone and achieved hydraulic conductivity values (a measure of permeability) in line with the Idea Examine. Enough permeability throughout the mineralized zone is a key criterion for the profitable deployment of the ISR mining methodology.
- Demonstrat ed the Effectiveness of Permeability Enhancement : One methodology of permeability enhancement was efficiently deployed inside two wells, demonstrating the suitability of the tactic to the Midwest Predominant deposit. Effectivity of permeability enhancement was verified by comparability of pre- and post-permeability enhancement hydraulic testing.
- Metallurgical Samples Outlined and Collected for Leaching Traits : Core samples consultant of the Midwest deposit have been collected through the Program to be used in future metallurgical exams to find out the leaching traits.
202 4 ISR Discipline Take a look at Program
The 2024 ISR subject check program was designed to validate numerous deposit-specific traits of the Midwest Predominant deposit, and to gather a database of geotechnical, hydrogeological, and metallurgical knowledge to additional consider the ISR mining situations current on the deposit.
Ten small-diameter check wells have been put in throughout the Midwest Predominant deposit through the Program – together with a 4-well check sample (the “Take a look at Sample”) and 6 particular person wells to check particular areas of the deposit for numerous traits. The Take a look at Sample included one injection nicely, one extraction nicely, a recharge nicely, and a monitoring nicely outfitted with a multi-channel vibrating wire piezometer. The six extra wells have been drilled to their goal depths and, as relevant, outfitted with nicely screens and/or strain monitoring units to facilitate hydrogeological testing. All wells have been decommissioned at conclusion of the Program in line with regulatory commitments. See Figures 2 and 3 for an illustration of the nicely areas throughout the northeast portion of the Midwest Predominant deposit.
Core collected from the check wells throughout the mineralized zone can also be anticipated to be used to confirm and replace the present mineral useful resource estimate for the deposit and help future wellfield design and mineral processing assessments.
Profitable Completion of Hydrogeologic Take a look at Work
The Program included the completion of assorted pump, injection, and packer exams designed to evaluate the permeability of the Midwest Predominant deposit.
The check program measured strain adjustments throughout the mineralized zone, which offers proof of the deposit’s hydraulic situations and is indicative of the potential for the motion of mining resolution in an ISR mining operation. Enough permeability throughout the mineralized zone is a key criterion for the profitable deployment of the ISR mining methodology.
The outcomes from the hydrogeological testing at Midwest Predominant produced hydraulic conductivity values that are in line with these assumed within the Idea Examine.
Extra supportive check work accomplished through the Program included permeability and porosity exams carried out both downhole or on mineralized drill core recovered through the check program.
Demonstration of the Effectiveness of Permeability Enhancement Methodology
One methodology of permeability enhancement was efficiently evaluated on two check wells throughout the mineralized zone, with efficacy verified by the comparability of pre- and post-permeability enhancement hydraulic conductivity exams. Permeability enhancement has been demonstrated to extend and normalize hydraulic conductivity within the space proximal to the wellbore, permitting for elevated contact of injected fluids throughout the mineralized zone with the intention to maximize uranium recoveries in an ISR mining atmosphere.
Assortment of Different Supporting Datasets
Along with the exams described above, knowledge and samples have been collected from the drill core recovered from the check wells to facilitate: (1) the evaluation of matrix permeability, to tell an preliminary mannequin of the hydrogeological variations of the deposit; (2) geotechnical evaluations; (3) sediment evaluation utilizing Normal Penetration Take a look at (“SPT”) for measuring mud depths and the overburden under lake backside; and (4) testing of compressive and tensile power for incorporation into future geotechnical assessments.
About Midwest
Midwest is located in the jap portion of the Athabasca Basin area in northern Saskatchewan . The property is roughly one kilometre from the Factors North Touchdown airstrip and about 25 kilometres west, by present roads, from the McClean Lake M in poor health, which is collectively owned by Denison (22.5%) and Orano Canada (77.5%). Entry to Midwest is by each street and air. Items are transported to the positioning by truck over an all-weather street connecting with the provincial freeway system. Air transportation is supplied by way of the Factors North airstrip (See Determine 1).
Preliminary exploration work at Midwest started in 1966, and Denison first turned an proprietor of the mission in 1987. In 2007, Orano Canada accomplished an inner examine evaluating the feasibility of mining the Midwest Predominant deposit through open pit mining strategies with processing of the ensuing ore on the McClean Lake M in poor health. The MWJV subsequently superior the mission by way of the environmental evaluation course of as an open pit mine and the ultimate model of the Midwest Mission Environmental Affect Assertion was authorised in September 2012.
The MWJV is at present evaluating the viability of a lot of potential choices for the longer term growth of the Midwest Predominant deposit, together with ISR. Even when a mining methodology is chosen, any future growth by the MWJV can be topic to varied evaluation and approval processes, together with MWJV approval processes, provincial and federal regulatory evaluation, and engagement.
About Denison
Denison is a uranium mining, exploration and growth firm with pursuits centered within the Athabasca Basin area of northern Saskatchewan, Canada . Denison has an efficient 95% curiosity in its flagship Wheeler River Uranium Mission, which is the most important undeveloped uranium mission within the infrastructure wealthy jap portion of the Athabasca Basin area of northern Saskatchewan . In mid-2023, the Phoenix Feasibility Examine was accomplished for the Phoenix deposit as an ISR mining operation, and an replace to the beforehand ready 2018 Pre-Feasibility Examine was accomplished for Wheeler River’s Gryphon deposit as a standard underground mining operation. Primarily based on the respective research, each deposits have the potential to be aggressive with the bottom value uranium mining operations on the planet. Allowing efforts for the deliberate Phoenix ISR operation commenced in 2019 and have superior considerably, with licensing in progress and a draft Environmental Affect Examine submitted for regulatory and public evaluation in October 2022 .
Denison’s pursuits in Saskatchewan additionally embrace a 22.5% possession curiosity within the McClean Lake Joint Enterprise (“MLJV”), which incorporates unmined uranium deposits (deliberate for extraction through the MLJV’s SABRE mining methodology beginning in 2025) and the McClean Lake uranium mill (at present using a portion of its licensed capability to course of the ore from the Cigar Lake mine below a toll milling settlement), plus a 25.17% curiosity within the MWJV’s Midwest Predominant and Midwest A deposits, and a 69.35% curiosity within the Tthe Heldeth Túé (“THT”) and Huskie deposits on the Waterbury Lake Property. The Midwest Predominant, Midwest A, THT and Huskie deposits are positioned inside 20 kilometres of the McClean Lake mill. Taken collectively, Denison has direct possession pursuits in properties masking ~384,000 hectares within the Athabasca Basin area.
Moreover, by way of its 50% possession of JCU ( Canada ) Exploration Firm, Restricted (“JCU”), Denison holds extra pursuits in numerous uranium mission joint ventures in Canada , together with the Millennium mission (JCU, 30.099%), the Kiggavik mission (JCU, 33.8118%), and Christie Lake (JCU, 34.4508%).
In 2024, Denison is celebrating its seventieth 12 months in uranium mining, exploration, and growth, which started in 1954 with Denison’s first acquisition of mining claims within the Elliot Lake area of northern Ontario .
Certified Individuals
The disclosure of scientific or technical data contained on this launch has been reviewed and authorised, as relevant, by Mr. Chad Sorba, P.Geo., Denison’s Vice President, Technical Providers & Mission Analysis or Mr. Andrew Yackulic, P. Geo., Denison’s Vice President, Exploration, who’re Certified Individuals in accordance with the necessities of NI 43-101.
Cautionary Assertion Concerning Ahead-Wanting Statements
Sure data contained on this information launch constitutes ‘forward-looking data’, throughout the that means of the relevant United States and Canadian laws, regarding the enterprise, operations and monetary efficiency and situation of Denison. Typically, these forward-looking statements will be recognized by means of forward-looking terminology reminiscent of ‘potential’, ‘plans’, ‘expects’, ‘finances’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or variations of such phrases and phrases, or state that sure actions, occasions or outcomes ‘might’, ‘may’, ‘would’, ‘would possibly’ or ‘will ‘ ‘ be taken’, ‘happen’ or ‘be achieved’.
Specifically, this information launch comprises forward-looking data pertaining to the next: scope, goals and interpreted outcomes of the ISR check program ; future plans and goals for Midwest , together with additional research, evaluation and a possible future useful resource estimate replace and PEA ; and expectations relating to its three way partnership possession pursuits and the continuity of its agreements with its companions and third events.
Ahead trying statements are primarily based on the opinions and estimates of administration as of the date such statements are made, and they’re topic to recognized and unknown dangers, uncertainties and different components that will trigger the precise outcomes, degree of exercise, efficiency or achievements of Denison to be materially totally different from these expressed or implied by such forward-looking statements. For instance, the modelling and assumptions upon which the plans for Midwest are primarily based is probably not maintained after additional work is accomplished. As well as, Denison might determine or in any other case be required to discontinue testing, analysis and different work whether it is unable to keep up or in any other case safe the mandatory assets (reminiscent of testing services, capital funding, three way partnership app r ovals, regulatory approvals, and many others.). Denison believes that the expectations mirrored on this forward-looking data are cheap however no assurance will be on condition that these expectations will show to be correct and outcomes might differ materially from these anticipated on this forward-looking data. For a dialogue in respect of dangers and different components that might affect forward-looking occasions, please seek advice from the components mentioned in Denison’s Annual Info Type dated March 2 8 , 202 4 or subsequent quarterly monetary stories below the heading ‘Danger Components’. These components usually are not, and shouldn’t be construed as being , exhaustive.
Accordingly, readers shouldn’t place undue reliance on forward-looking statements. The forward-looking data contained on this information launch is expressly certified by this cautionary assertion. Any forward-looking data and the assumptions made with respect thereto speaks solely as of the date of this information launch. Denison doesn’t undertake any obligation to publicly replace or revise any forward-looking data after the date of this information launch to adapt such data to precise outcomes or to adjustments in Denison’s expectations besides as in any other case required by relevant laws.
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SOURCE Denison Mines Corp.
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