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Waterbury Project

Waterbury

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Project Highlights

Located within 20 kilometres of the 22.5% Denison owned McClean Lake mill

Host to the J Zone and Huskie uranium deposits

J Zone deposit was discovered in 2010 and is located immediately to the west of Rio Tinto’s Roughrider deposit on the adjacent Roughrider property

The Huskie deposit, located approximately 1.5 kilometres northeast of the J Zone, was discovered in 2017 and mineral resources have not yet been estimated

The property is large and has several prospective areas / trends that warrant future exploration – including the Oban target area approximately 3 kilometres north of J Zone, and the Hamilton Lake trend located on the western flank of the Midwest Dome structure.

Location

The property is located in northern Saskatchewan, approximately 12 kilometres north of Points North Landing and 700 kilometres northeast of Saskatoon, Saskatchewan. It can be accessed year-round by provincial highway to Points North, which is a privately owned service centre with an airstrip and accommodations available. Points North and Waterbury Lake are both located within 20 kilometres of the 22.5% Denison owned McClean Lake mill

Ownership

The Waterbury Lake property is owned by Denison (65.45%) and Korea Waterbury Uranium Limited Partnership (“KWULP”) (34.55%), as limited partners in the Waterbury Lake Uranium Limited Partnership (“WLULP”) (with a 0.02% interest held by the Denison and KWULP -owned Waterbury Lake Uranium Corporation, as general partner of the WLULP), pursuant to the Waterbury Lake Uranium Limited Partnership Agreement.Denison is the operator of the project.

J Zone

The J Zone uranium deposit was discovered during the winter 2010 drilling program at Waterbury Lake and can be classified as an unconformity-related deposit of the unconformity-hosted variety.The second drill hole of the campaign intersected 10.5 metres of uranium mineralization grading 1.91% U3O8 including 1.0 metres grading 13.87% U3O8 as well as an additional four metres grading at 0.16% U3O8.

The J Zone deposit is currently defined by 268 drill holes intersecting uranium mineralization over a combined east-west strike length of up to 700 metres and a maximum north-south lateral width of 70 metres. The deposit trends roughly east-west (80°) along a metasedimentary corridor and cataclastic graphitic fault zone, occurring entirely hosted within the Athabasca sandstones, entirely within the basement metasedimentary gneisses or straddling the unconformity between them.

Mineralization thickness varies widely throughout the J Zone and can range from tens of centimetres to over 19.5 metres in vertical extent.Uranium mineralization is generally found within several metres of the unconformity at depths ranging from 195 to 230 metres below surface.

Huskie Zone

The Huskie zone of high-grade basement-hosted uranium mineralization was discovered by Denison during the summer of 2017 and is located approximately 1.5 kilometres to the northeast of the property's J Zone uranium deposit. To date, the completion of 27 drill holes on an approximate 50 x 50 metre spacing has allowed for the definition of mineralization over a strike length of approximately 220 metres and dip length of up to 200 metres. The individual lenses of mineralization vary in interpreted true thickness between approximately 1 and 7 metres. The mineralized zone occurs between 40 and 245 metres vertically below the sub-Athabasca unconformity (245 and 450 metres vertically below surface). Highlight drill intersections include 9.1% U3O8 over 3.7 metres (including 16.8% U3O8 over 2.0 metres) in drill hole WAT17-446A and 4.5% U3O8 over 6.0 metres (including 5.8% U3O8 over 4.5 metres) in drill hole WAT18-452.

The mineralized lenses are interpreted to occur as parallel, stacked lenses, which are conformable to the foliation and fault planes within the east-west striking graphitic gneiss unit. The drilling to date suggests the grade, thickness, and number of lenses present is controlled by the presence of northeast striking faults which cross-cut the graphitic gneiss unit. The northeast striking faults identified at the Huskie zone are interpreted to be part of the regional Midwest structure.


Estimated Mineral Resources

Deposit

Classification

Tonnes

Grade % U3O8

M Lbs U3O8

Denison
Share (M Lbs
U3O8)

J Zone

Indicated

291,000

2.0

12.8

8.4

Huskie

Not Estimated

n/a

n/a

n/a

n/a

Notes:

  1. The J Zone Mineral Resource estimate was prepared for the Company by GeoVector Management Inc. in accordance with CIM Definition Standards (2005) and NI 43-101.
  2. Mineral Resources for the J Zone deposit are reported above a cut-off grade of 0.1% U3O8.

References

Mineral Resource Estimate On The J Zone Uranium Deposit, Waterbury Lake Property, dated September 6, 2013, by Allan Armitage, Ph.D., P.Geo, and Alan Sexton, M.Sc., P.Geo of GeoVector Management Inc.

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