Denison owns 30% of the Mann Lake Project; a joint venture with Cameco Corp. (52.5%) and AREVA Resources Canada (17.5%) consisting of 2 claims totaling 3,400 hectares located in the heart of what is undisputedly the most prolific and highest grade uranium region in the world, the Athabasca Basin in Saskatchewan. Mann Lake is 25 km southwest of Cameco's McArthur River
Mine and is on trend between McArthur River and Denison's 60% owned Wheeler River Property.
The geology of the property is characterized by 500-600 metres of Athabasca sandstone overlying basement granitic gneisses and metasediments. Included in the metasediments are thin quartzites and graphitic pelitic gneisses that are often exploited by large, parallel, post-Athabasca faults that can offset the sub-Athabasca unconformity by several tens of metres. Alteration is commonly well developed in both the sandstone and basement along these structures and is often associated with elevated levels of uranium and uranium pathfinder elements. High grade basement hosted uranium mineralization was intersected in the Spring Lake area in 2007. More recently, high grade unconformity mineralization was intersected in Drill Hole MN-060 in 2014.
- High-grade uranium was first discovered in basement rocks in the Spring Lake area during a 2007 drill program. The two highest grade intervals averaged 7.12% eU308 over 0.25 m and 5.53% eU308 over 0.4 m at depths of just over 500 m and within 12 m of the unconformity.
- In March of 2014 drill hole MN-060 targeted the extension of weak mineralization encountered 300 metres along strike to the north in 2013 drill hole MN-047. MN-060 intersected high grade uranium mineralization consisting of 2.31% eU3O8 over 5.1 metres at the sub-Athabasca unconformity.
- This was followed in the same program by drill hole MN-065 which intersected 3.73% eU3O8 over 1.2 metres half-way between MN-060 and MN-047. At the end of 2014, known mineralization extended 300 metres and was open along strike in both directions.
Given the recent drill hole intersections and its location in the heart of the McArthur River-Key Lake corridor, the Mann Lake property continues to offer excellent potential for the discovery of a large, high grade uranium deposit.
Please see Annual Information Form
and Quarterly Exploration and Development Updates
and Financial Reports
for further information.