Denison Mines Corp 6-K, filed Apr 14, 2021
Denison Mines Corp. (DNN)
6-K
2021-04-14
For: 2021-04-14
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About this 6-K
Denison Mines Corp filed this 6-K on April 14, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date: April 14, 2021
Commission File Number: 001-33414
Denison Mines Corp.
(Name of
registrant)
1100-40 University Avenue
Toronto Ontario
M5J 1T1 Canada
(Address of
principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover Form 20-F or Form
40-F.
Form
20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1): ☐
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7): ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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DENISON MINES
CORP.
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/s/ Amanda Willett
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Date: April
14, 2021
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Amanda
Willett
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Vice
President Legal and Corporate Secretary
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FORM 6-K
EXHIBIT INDEX
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Exhibit Number
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Description
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99.1
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Exhibit 99.1
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Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
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PRESS
RELEASE
DENISON ANNOUNCES DISCOVERY OF HIGH-GRADE URANIUM MINERALIZATION AT
MCCLEAN LAKE SOUTH
Toronto, ON – April 14,
2021. Denison Mines Corp. (“Denison” or the
“Company”) (DML: TSX, DNN: NYSE American) is pleased to
report the discovery of new high-grade unconformity-hosted uranium
mineralization from the winter 2021 exploration program completed
at the Company’s 22.5% owned McClean Lake Joint Venture
(“McClean Lake” or “MLJV”). Three of the
final four drill holes completed by Orano Canada Inc. (“Orano
Canada”), 77.5% owner and operator of the MLJV, returned
uranium mineralization at the McClean South target area (see Figure
1), with the results highlighted by drill hole MCS-34, which
returned 5.04% eU3O8
over 14.0
metres (including 14.86%
eU3O8
over 3.9 metres).
Andy Yackulic, P. Geo., Denison’s Director,
Exploration, commented, “The
latest results from McClean South are quite exciting. Not only has
drilling intersected very high-grade uranium, but the
mineralization is open along strike to the west for at least 250
metres and approximately 70 metres to the east towards the McClean
South 8E pod. The mineralized intersection in MCS-34 represents one
of the better mineralized intersections reported on the McClean
Lake property to date – which is impressive, as the property
has been explored since the mid-1970s and has previously produced
over 50 million pounds U3O8.”
David Cates, Denison’s President & CEO,
added “The
discovery of new high-grade uranium mineralization at McClean South
reminds us of the significant potential associated with
Denison’s portfolio of development and exploration interests
in the Athabasca Basin. Orano Canada is a world-class business
partner and the operator of Denison’s 22.5% owned McClean
Lake uranium mill. With excess licensed capacity at the McClean
Lake mill, any meaningful new uranium discovery on the McClean Lake
property has the potential to translate into an important source of
future mill feed and ultimately considerable value for the MLJV and
its owners.”
2021 McClean Lake Exploration Highlights
A
diamond drilling program consisting of 15 drill holes totalling
4,083 metres was recently completed at McClean Lake. The 2021
exploration program was designed to test for the potential
expansion of previously discovered mineralization in the McClean
South 8W and 8E pods, as well as to test for new mineralization in
the surrounding area (see Figure 2).
Drill hole MCS-34 was designed to test a
potentially significant gap in drilling west of the McClean South
8E pod, where historical drilling was believed to have tested too
far to the north of the optimal target area. Drill hole MCS-34,
which was drilled at an azimuth of 345° and a dip of -60°, targeted the extension of
the McClean South conductor approximately 120 metres west of the
McClean South 8E pod and successfully intersected high-grade
unconformity-associated uranium mineralization at an approximate
depth of 182 metres – returning a mineralized interval
of 5.04%
eU3O8
over 14.0
metres (including 14.86%
eU3O8
over 3.9 metres). Due to deteriorating
surface conditions, owing to warming weather towards the end of the
exploration program, follow-up of this result on section was not
possible.
Follow-up efforts were targeted along strike to
the east of MCS-34, including drill hole MCS-36, which was designed
to test the extent of the mineralization encountered in MCS-34 at
the unconformity approximately 15 metres to the east. Drill hole
MCS-36, which was drilled at an azimuth of 345° and a dip of -70°, intersected uranium
mineralization hosted within a fault zone in the basal sandstone,
returning a mineralized interval grading 1.17% eU3O8
over 3.1
metres. Further follow up
occurred approximately 10 metres to the north of MCS-36, with the
completion of drill hole MCS-37, which was drilled at an azimuth of
345° and a dip of -67.5°, and also intersected
uranium mineralization beginning approximately 19 metres above the
unconformity contact, returning 0.52% eU3O8
over 6.4
metres.
Taken
together, three of the final four drill holes completed at the
McClean South target area returned notable uranium mineralization
in the area west of the McClean South 8E pod, which has few
previous drill holes. Follow-up drilling is warranted in this area
and is expected to be planned by the MLJV for the winter of 2022.
Additionally, two other drill holes completed at the McClean South
target area during the winter program returned uranium
mineralization, as outlined in the summary table and further
detailed below.
Table 1 – 2021 McLean Lake Exploration Drilling - Mineralized
Intersections
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Hole-ID
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From (m)
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To (m)
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Length (m)
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eU3O8(%)(1)
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MCS-26(2)
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221.7
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222.6
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0.9(3)
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0.08
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MCS-31(2)
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224.5
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225.6
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1.1(4)
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0.14
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MCS-34(2)
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182.8
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196.8
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14.0(5)
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5.04
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Including(6)
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192.3
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196.2
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3.9(5)
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14.87
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MCS-36(2)
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165.4
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168.5
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3.1(7)
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1.17
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MCS-37(2)
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164.3
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170.7
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6.4(7)
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0.52
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Notes:
(1)
Radiometric equivalent U3O8 ("eU3O8")
derived from a calibrated gamma downhole probe
(2)
Intersection interval is composited above a cut-off grade of 0.05%
eU3O8
(3) True
thickness is estimated to be approximately 40% of stated downhole
length
(4) True
thickness is estimated to be approximately 65% of stated downhole
length
(5) True
thickness is estimated to be approximately 85% of stated downhole
length.
(6)
Intersection interval is composited above a cut-off grade of 1.0%
eU3O8
(7) True
thickness is estimated to be approximately 90% of stated downhole
length.
Drill hole MCS-26, was designed to test the up-dip
extension of basement mineralization discovered in historical drill
hole MCS-13 at the unconformity. The hole was collared
approximately 12.5 metres north of MCS-13 and drilled at an azimuth
of 345° and a dip of -78°. MCS-26 intersected low-grade mineralization
approximately 49 metres below the unconformity, coincident with the
basal contact of an anatectic granite.
Drill hole MCS-31, drilled at an azimuth of
345° and a dip of -80°, was designed to test the 120 metre gap between
historical drill fences immediately east of the McClean South 8E
pod on Line 835E of the 2005 McClean South EM survey grid.
Low-grade mineralization was intersected in the basement,
approximately 50 metres below the unconformity contact, associated
with a redox front located along the basal contact of a graphitic
pelite.
Radiometric Equivalent Grades, Sampling, Analysis and Data
Verification
Following the completion of a drill hole, the hole
is radiometrically logged using a downhole slimline gamma probe,
which collects continuous readings of radioactivity along the
length of the drill hole. Probe results are then calibrated using
an algorithm calculated from the comparison of probe results
against geochemical analyses in the area. The gamma-log results
provide an immediate radiometric equivalent uranium value (eU%,
then converted to eU3O8%)
for the hole, which, except in very high grade zones, is reasonably
accurate. The Company typically reports eU3O8,
as a preliminary result and subsequently reports definitive assay
grades following sampling and chemical analysis of the mineralized
drill core.
Assay
sample intervals are generally 50 centimetres long, except where
higher or lower grade mineralization boundaries fall within the
interval. In that case, two 25 centimetre samples are collected.
Flank samples of 1.0 metre are always collected where
mineralization is located. Systematic geochemistry samples are
collected every 10 metres down the hole.
All
assayed core is split in half, with one half retained and the other
sent to the SRC Geoanalytical Laboratory in Saskatoon for analysis.
Control samples are routinely assayed with each batch of core
samples analyzed.
For
results from McClean Lake, Orano Canada has performed detailed QAQC
and data verification, where possible, of all datasets. Denison has
performed additional QAQC and data verification of the drilling
database including review of the QAQC methods and review of
downhole probe and eU calculation procedures.
McClean South 8E and 8W Pods
The
McClean South trend is located parallel to and approximately 500
metres south of the McClean North trend in the southwestern portion
of the property (see Figure 1). The McClean South target area has
been the subject of historic exploration drilling, resulting in the
discovery and subsequent delineation of the 8W and 8E pods, which
are situated along a N70° to 80° trend in close proximity
to the McClean Lake granitic dome to the south (see Figure 2). The
dip of the geology appears to range from 45° to 65° S in
the 8W pod. In contrast, the dip within the 8E pod is steeper and
undulating but is most commonly around 80° S. Several
graphitic horizons of varying thickness are present in the McClean
South target area and extend beyond and into other parts of the
property.
Mineralization
within the 8W pod is currently understood to be primarily hosted
within the sandstone; however, it has also been locally encountered
within the basement of the 8W pod. The mineralization within the
sandstone can extend upwards of 50 metres above the unconformity.
Mineralization within the 8E pod is currently understood to overlap
the unconformity, with mineralization located both in the sandstone
and and within the upper basement. The 8W pod is approximately 260
metres long, and the 8E pod is approximately 310 metres long. The
maximum width of the pods is 50 metres, and the maximum thickness
of the pods is as much as 100 metres.
No
current resource estimate, prepared in accordance with NI 43-101,
exists for the mineralization identified to date at the McClean
South pods.
About McClean Lake
The McClean Lake property is located
on the eastern edge of the Athabasca Basin in northern
Saskatchewan, approximately 750 kilometres north of Saskatoon.
Denison holds a 22.5% ownership interest in the MLJV and the
McClean Lake uranium mill, one of the world’s largest uranium
processing facilities. The mill has licensed annual production
capacity of 24.0 million pounds U3O8,
and is currently operating under a 10-year license expiring in
2027. The mill is contracted to process the ore from the Cigar Lake
mine under a toll milling agreement (up to 18.0 million pounds
U3O8
per year). The MLJV is an
unincorporated contractual arrangement between Orano Canada with a 77.5% interest and Denison
with a 22.5% interest. Orano Canada is the operator of the
project.
McClean Lake consists of nine known uranium deposits: JEB; Sue A,
B, C, D and E; McClean North; McClean South; and Caribou. In 1995,
the development of the McClean Lake project began. Mill
construction commenced in 1995 and ore processing activities
reached commercial production in November 1999. Mining operations
commenced in 1996 and the following deposits have been mined out to
date: JEB (1996 to 1997), Sue C (1997 to 2002), Sue A (2005 to
2006), Sue E (2005 to 2008) and Sue B (2007 to 2008).
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. The Company's flagship project is the 90%
owned Wheeler River Uranium Project, which is the largest
undeveloped uranium project in the infrastructure rich eastern
portion of the Athabasca Basin region of northern Saskatchewan. In
addition to Denison's interests in the MLJV, Denison’s
interests in Saskatchewan include a 25.17% interest in the Midwest
Main and Midwest A deposits, and a 66.90% interest in the Tthe
Heldeth Túé ("THT," formerly J Zone) and Huskie deposits
on the Waterbury Lake property. Each of Midwest Main, Midwest A,
THT and Huskie are located within 20 kilometres of the McClean Lake
mill.
Denison is engaged in mine decommissioning and environmental
services through its Closed Mines group (formerly Denison
Environmental Services), which manages Denison's Elliot Lake
reclamation projects and provides post-closure mine care and
maintenance services to a variety of industry and government
clients.
Denison is also the manager of Uranium Participation Corp., a
publicly traded company which invests in uranium oxide and uranium
hexafluoride.
For more information, please contact
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David Cates
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(416) 979-1991 ext
362
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President and Chief Executive
Officer
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Sophia Shane
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(604) 689-7842
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Investor
Relations
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Follow Denison on
Twitter
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@DenisonMinesCo
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Qualified Persons
The technical information contained in this release has been
reviewed and approved by Mr. Andrew Yackulic, P. Geo., Denison's
Director, Exploration, who is a Qualified Person in accordance with
the requirements of NI 43-101.
Cautionary Statement Regarding Forward-Looking
Statements
Certain information contained in this news release constitutes
‘forward-looking information’, within the meaning of
the applicable United States and Canadian legislation concerning
the business, operations and financial performance and condition of
Denison.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as ‘plans’,
‘expects’, ‘budget’,
‘scheduled’, ‘estimates’,
‘forecasts’, ‘intends’,
‘anticipates’, or ‘believes’, or the
negatives and/or variations of such words and phrases, or state
that certain actions, events or results ‘may’,
‘could’, ‘would’, ‘might’ or
‘will be taken’, ‘occur’, ‘be
achieved’ or ‘has the potential to’.
In particular, this news release contains forward-looking
information pertaining: the interpretation of the results from the
McClean South exploration program undertaken by Orano Canada,
underlying assumptions and the MLJV’s intentions with respect
thereto;; exploration plans and objectives; and expectations
regarding its joint venture ownership interests and the continuity
of its agreements with its partners.
Forward looking statements are based on the opinions and estimates
of management as of the date such statements are made, and they are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Denison to be materially different from those
expressed or implied by such forward-looking statements. For
example, Denison is relying on the information provided, and the
procedures undertaken, by the operator of the MLJV and its ability
to oversee the exploration results disclosed herein is different
than for Denison-operated projects; areas of interest for further
exploration selected based on interpretation of current and
historic exploration may not result in findings of significance
after further testing; the results and interpretations of historic
exploration and mineralization may not be maintained after further
testing and analysis; and results of exploration reported as
radiometric equivalent grades are preliminary in nature and may not
be maintained after further sampling and chemical analysis; and the
MLJV or the operator thereof may not complete any further
exploration or testing related to these exploration results, over
which Denison has limited control. Denison believes that the
expectations reflected in this forward-looking information are
reasonable but no assurance can be given that these expectations
will prove to be accurate and results may differ materially from
those anticipated in this forward-looking information. For a
discussion in respect of risks and other factors that could
influence forward-looking events, please refer to the factors
discussed in Denison’s Annual Information Form dated March
29, 2021 under the heading ‘Risk Factors’. These
factors are not, and should not be construed as being
exhaustive.
Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking information
contained in this news release is expressly qualified by this
cautionary statement. Any forward-looking information and the
assumptions made with respect thereto speaks only as of the date of
this news release. Denison does not undertake any obligation to
publicly update or revise any forward-looking information after the
date of this news release to conform such information to actual
results or to changes in Denison's expectations except as otherwise
required by applicable legislation.
Cautionary Note to United States
Investors Concerning Estimates of Mineral Resources and Mineral
Reserves: This presentation may use terms such as
“measured”, “indicated” and/or
“inferred” mineral resources and “proven”
or “probable” mineral reserves, which are terms defined
with reference to the guidelines set out in the Canadian Institute
of Mining, Metallurgy and Petroleum (“CIM”) CIM
Definition Standards on Mineral Resources and Mineral Reserves
(“CIM Standards”). The Company’s descriptions of
its projects using CIM Standards may not be comparable to similar
information made public by U.S. companies subject to the reporting
and disclosure requirements under the United States federal
securities laws and the rules and regulations
thereunder.
This press release contains information relating to third parties
derived from third-party publications and/or reports which Denison
believes are reliable but have not been independently verified by
the Company.
Figure 1 - McClean Lake Project Claims
Figure 2 - McLean Lake South - 2021 Drilling
