Canadian uranium company Denison Mines on Tuesday announced the discovery of high-grade uranium mineralisation at its Waterfound joint venture (JV) in the Athabasca basin, Saskatchewan, with CEO David Cates saying that it could be a potential source of future mill feed for the McClean Lake mill that is 40 km away.
The winter 2022 exploration programme at Waterfound had intersected multiple high-grade uranium mineralisation. Drill hole WF-68 returned a broad zone of uranium mineralisation, including a peak interval of 5.91%-equivalent U3O8 over 3.9 m, located about 800 m west, along the La Rocque Conductive Corridor of the previously discovered high-grade mineralisation at the Alligator zone.
“We are excited to see additional high-grade mineralisaiton discovered within the La Rocque corridor, which also hosts Cameco’s La Rocque Lake zone and Iso Energy’s Hurrucan zone. Not only has the drilling at Waterfound intersected high-grade uranium, but the mineralisation remains open along strike in both directions,” said Denison exploration director Andy Yackulic.
Denison has an effective 24.68% ownership interest in the Waterfound River JV to which each of Orano Canada, Denison and JCU Canada Exploration are participants. Orano Canada has a 62.42% interest and is the project operator.
Cates added that Denison was appreciative of the efforts of Orano Canada to breathe new life into Waterfound.