WHEELER RIVER

Denison has a 60% interest in the Wheeler River joint venture and is operator. The other partners are Cameco Corp. (30%) and JCU (Canada) Exploration Company, Limited (10%).  The Wheeler project is favourably located along strike from the McArthur River deposit and is underlain by many of the same geological features as are present on that producing property. A prime target from 2004 to 2007 has been the quartzite ridge, where significant mineralization has been intercepted at a depth of 300 metres on two separate locations along this ridge separated by 600 metres.  Work during 2008 was successful in discovering a new zone, the Phoenix discovery, of unconformity hosted mineralization associated with the hanging wall of the quartzite ridge. Located over eight kilometres northeast in an untested area from the previous work, this mineralization represents the most significant new discovery in the Athabasca Basin in many years, as it has many geological similarities to the McArthur River mineralization, but is at a shallower depth.


WHEELER RIVER CORE LOGGING TENT

The 2008 discovery was a direct result of testing DC Resistivity anomalies for sandstone “breaches”, postulated to represent alteration plumes emanating from mineralization at the unconformity. More significantly, the new mineralized zone returned the highest grades so far intersected in more than 40 years of continuous exploration at Wheeler.

Drilling during the summer program consisted of 11 holes, and returned the highest GT ever publicly reported from an exploration program anywhere in the world since the implementation of NI 43-101. Drill hole WR-273 intersected a split core assay of 6.0 metres of 62.60% U3O8 from a depth of 405 metres in a -80 degree hole from surface. Mineralization was monomineralic pitchblende with no accessory minerals and was remarkably similar to the high grade at McArthur River. There are no drill holes within 100 metres of this intersection. In addition, the alteration changes to the northeast, with intense and strong basement bleaching becoming more prominent, and the strongest graphitic faulting yet observed.

The JV partners have recently approved a fall diamond drill program, totaling some 7,500 metres in 15 holes, primarily testing the immediate area around WR-273. Two rigs will be employed. The Phoenix Zone is now over one kilometre in length, is continuously mineralized and is wide open at both ends, and most lines have only been tested by one hole. Denison believes this discovery is the most significant and exciting discovery in the basin in many years.

The following table outlines the results from the high-grade intercepts:

Hole Number

Grade
(% U3O8)

Thickness
(m)

Depth From

(m)

GT (grade X thickness)

WR-249

1.06

2.4

406.65

2.5

WR-251

0.78

2.3

386.5

1.8

WR-253

1.40

4.0

389

5.6

WR-258

11.82

5.5

397

65.0

WR-259

17.76

4.5

397

79.9

WR-260*

0.25

1.5

395.7

0.4

WR-261

1.79

7.5

407.5

13.4

WR-266

3.78

1.0

414.5

3.8

WR-267

19.98

3.5

405

69.9

WR-268

9.26

4.5

409.5

41.7

WR-269

1.96

2.0

414.8

3.9

WR-270

0.96

1.0

376

1.0

WR-272

4.13

4.5

411

18.6

WR-273

62.60

6.0

405

375.6

WR-274

4.83

8.3

409.7

40.1

WR-276

1.29

3.0

412

3.9

WR-279

0.26

0.5

520.5

0.1

      

* This result is stated in equivalent U3O8 or eU3O8.

CLICK MAP FOR LARGER VERSION.

WHEELER RIVER DRILL RIG

The results for all holes are reported at a 0.05% U3O8 cutoff grade utilizing a downhole probe or an assay grade at the same cut-off.  The intersections reported herein are single hole intercepts and the true width of mineralization is therefore unknown.


Last updated October 2009.