Denison Mines Corp 6-K, filed Apr 12, 2023
Denison Mines Corp. (DNN)
6-K
2023-04-12
For: 2023-04-12
View Original
Added on
April 07, 2026
About this 6-K
Denison Mines Corp filed this 6-K on April 12, 2023.
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 12, 2023
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
DENISON MINES
CORP.
|
||
|
|
|
|
||||
|
|
|
|
|
/s/ Amanda Willett
|
||
|
Date: April
12, 2023
|
|
|
|
Amanda
Willett
|
||
|
|
|
|
|
Vice
President Legal and Corporate Secretary
|
||
FORM 6-K
EXHIBIT INDEX
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
99.1
|
|
Press release dated
April 12, 2023 |
|
|
||
|
|
||
|
|
||
|
|
|
|
|
|
||
Exhibit 99.1
 |
Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
|
PRESS
RELEASE
Denison Announces Completion of Conceptual Mining Study
Evaluating
ISR for Midwest and Plans to Advance Efforts in 2023
Toronto, ON – April 12,
2023. Denison Mines Corp. (“Denison” or the
“Company”) (TSX: DML; NYSE American: DNN) is pleased to
announce the successful completion of an internal conceptual mining
study (the "Concept Study") examining the potential application of
the In-Situ Recovery ("ISR") mining method at the Company’s
25.17% owned Midwest project (“Midwest”). The Concept
Study was prepared by Denison during 2022 and was formally issued
to the Midwest Joint Venture (“MWJV”) in early 2023.
Based on the positive results of the Concept Study, the MWJV has
now provided Denison with approval to complete additional
ISR-related evaluation work for Midwest in
2023.
Midwest
is located approximately 25 kilometres, by existing roads, from the
22.5% Denison owned McClean Lake uranium mill, and is a joint
venture owned by Denison (25.17%) and Orano Canada Inc. ("Orano
Canada") (74.83%). Orano Canada is part of the Orano Group, which
is recognized as a leading international operator in the field of
nuclear materials, with activities including uranium mining,
conversion, enrichment, and other fuel services.
David Cates, Denison's President & CEO,
commented, “Since
the completion of the Wheeler River Pre-Feasibility Study in 2018,
Denison has invested in the development of a highly skilled and
motivated Saskatoon-based technical team that has demonstrated
industry leadership in the evaluation of the application of the ISR
mining method to high-grade uranium deposits in the Athabasca
Basin.
We are encouraged by the results of the Midwest Concept Study, and
we are pleased to continue the further evaluation of the potential
application of the ISR mining method to Midwest, with the support
of our partner Orano.”
Evaluation
activities planned for Midwest during 2023 include the collection
of deposit-specific information and the completion of select
preliminary engineering studies to support the further evaluation
and de-risking of the key criteria required to further assess the
potential application of the ISR mining method, which may result in
the preparation of a Preliminary Economic Assessment to support the
development, if warranted, of future field tests.
Property Location & History
Midwest
is situated in the eastern portion of the Athabasca Basin region in
northern Saskatchewan. The property is approximately one kilometre
from the Points North Landing airstrip and about 25 kilometres
west, by existing roads, from the McClean Lake mill, which is
jointly owned by Denison (22.5%) and Orano Canada (77.5%). Access
to Midwest is by both road and air. Goods are transported to the
site by truck over an all-weather road connecting with the
provincial highway system. Air transportation is provided through
the Points North airstrip (See Figure 1).
Initial
exploration work at Midwest began in 1966, and Denison first became
an owner of the project in 1987. In 2007, Orano Canada completed an
internal study evaluating the feasibility of mining the Midwest
Main deposit via open pit mining methods with processing of the
resulting ore at the McClean Lake mill. The MWJV subsequently
advanced the project through the environmental assessment process
as an open pit mine and the final version of the Midwest Project
Environmental Impact Statement was approved in September
2012.
Estimated Mineral Resources
The Midwest Main uranium deposit (“Midwest
Main”) is estimated to contain, on a 100% ownership basis, an
Indicated mineral resource of 39,900,000 lbs U3O8,
based on 453,000 tonnes at an average grade of 4.00%
U3O8,
and an Inferred mineral resource of 11,500,000 lbs
U3O8
based on 793,000 tonnes at an average
grade of 0.66% U3O8.
Midwest Main is lens to cigar shaped, 600 metres long, 10 to over
100 metres wide, with thicknesses ranging from 5 metres to 10
metres. The deposit consists of a near-massive high-grade
mineralized core that straddles the unconformity approximately 210
metres below surface. The high-grade core is surrounded by
lower-grade fracture-controlled mineralization primarily in
sandstone.
Midwest is also host to the Midwest A uranium
deposit (“Midwest A”), which is estimated to contain,
on a 100% ownership basis, an Indicated mineral resource of
10,800,000 lbs U3O8,
based on 566,000 tonnes at an average grade of 0.87%
U3O8,
and an Inferred mineral resources totaling 6,700,000 lbs
U3O8
based on 53,000 tonnes at an average
grade of 5.8% U3O8.
Midwest A is approximately 450 metres long, 10 to 60 metres wide,
ranges up to 70 metres in thickness and occurs between 150 and 235
metres below surface. Mineralization straddles the unconformity
contact with minor amounts hosted within basement structures
immediately below the unconformity. Thicker zones of mineralization
above the unconformity are concentrated in conglomerate units at
the base of the Athabasca sandstone. Similar to Midwest Main, a
high-grade core of mineralization is surrounded by a lower-grade
fracture-controlled envelope.
The
mineral resource estimate for Midwest (and the technical
information herein) is described in the independent technical
report, prepared in accordance with NI 43-101, titled "Technical
Report with an Updated Mineral Resource Estimate for the Midwest
Property, Northern Saskatchewan, Canada", dated March 26,
2018.
Concept Study
The
Concept Study evaluated the potential use of the ISR mining method
at Midwest. In an ISR uranium mining operation, a mining solution
(lixiviant) is injected into the ore zone through a series of drill
holes known as injection wells. The lixiviant leaches the uranium
as it travels through the ore zone and is then recovered as a
uranium bearing solution ("UBS"), which is pumped back to surface
via a series of recovery wells. Once on surface, the UBS is sent to
a surface processing plant for the chemical separation of the
uranium. Following the uranium removal, the lixiviant is
reconditioned and returned to the wellfield for further production.
The ISR mining method accounts for a significant portion of uranium
mine production globally and is generally considered the
lowest-cost uranium mining method in the world – owing to the
fact that the method eliminates (i) the surface disturbances and
costs associated with physically removing ore and waste from the
ground, and (ii) the need for conventional tailings treatment and
storage, which are normally associated with underground or open pit
mining operations.
The
internal studies undertaken on Midwest are preliminary in nature
and there is significant uncertainty with respect to the potential
for, and the economic and technical risks associated with, the use
of ISR mining for the Midwest deposits. Further technical
evaluations may not be advisable or completed if the preliminary
results of internal studies are not maintained after further
testing and/or analysis.
About Denison
Denison is a uranium exploration and
development company with interests focused in the Athabasca Basin
region of northern Saskatchewan, Canada The Company has an effective 95% interest in
its flagship 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.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake joint venture, which includes several
uranium deposits and the McClean Lake uranium mill that is
contracted to process the ore from the Cigar Lake mine under a toll
milling agreement, plus a 25.17% interest in the Midwest Main and
Midwest A deposits, and a 67.41% interest in the Tthe Heldeth
Túé (“THT,” formerly J Zone) and Huskie
deposits on the Waterbury Lake property. The Midwest Main, Midwest
A, THT and Huskie deposits are each located within 20 kilometres of
the McClean Lake mill.
Through its 50% ownership of JCU, Denison holds additional
interests in various uranium project joint ventures in Canada,
including the Millennium project (JCU 30.099%), the Kiggavik
project (JCU 33.8118%) and Christie Lake (JCU 34.4508%). Denison's
exploration portfolio includes further interests in properties
covering ~300,000 hectares in the Athabasca Basin
region.
Denison is also engaged in post-closure mine care and maintenance
services through its Closed Mines group, which manages Denison's
reclaimed mine sites in the Elliot Lake region and provides related
services to certain third-party projects.
For more information, please contact
|
David Cates
|
(416) 979-1991 ext
362
|
|
President
and Chief Executive Officer
|
|
|
|
|
|
Mac
McDonald
|
(416) 979-1991 ext
242
|
|
Executive
Vice President and Chief Financial Officer
|
|
|
|
|
|
Follow
Denison on Twitter
|
@DenisonMinesCo
|
Qualified Persons
The disclosure of scientific or technical information contained in
this release has been reviewed and approved, as applicable, by Mr.
Chad Sorba, P.Geo., Denison's Director, Technical Services or Mr.
Andrew Yackulic, P. Geo., Denison's Director, Exploration, who are
Qualified Persons 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
‘potential’, ‘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’ or
‘be achieved’.
In particular, this news release contains forward-looking
information pertaining to the following: interpretation of the
preliminary results of the Concept Study; expectations with respect
to evaluation work and studies, including, scope, timing and the
anticipated results thereof; the results and interpretations of the
mineral resource estimate; and expectations regarding its joint
venture ownership interests and the continuity of its agreements
with its partners and third parties.
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, the modelling and assumptions upon which the work plans
for planned evaluation work for Midwest are based may not be
maintained after further work is completed. In addition, Denison
may decide or otherwise be required to discontinue testing,
evaluation and development work if it is unable to maintain or
otherwise secure the necessary resources (such as joint venture
approvals, testing facilities, capital funding, regulatory
approvals, etc.). 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 27, 2023 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 news release may use the terms 'measured',
'indicated' and 'inferred' mineral resources. United States
investors are advised that such terms have been prepared in
accordance with the definition standards on mineral reserves of the
Canadian Institute of Mining, Metallurgy and Petroleum referred to
in Canadian National Instrument 43-101 Mineral Disclosure Standards
(‘NI 43-101’) and are recognized and required by
Canadian regulations. 'Inferred mineral resources' have a great
amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or other
economic studies. United States investors are cautioned not to
assume that all or any part of an inferred mineral resource exists,
or is economically or legally mineable. United States
investors are also cautioned not to assume that all or any part of
measured or indicated mineral resources will ever be converted into
mineral reserves.
Effective February 2019, the United States Securities and Exchange
Commission (‘SEC’) adopted amendments to its disclosure
rules to modernize the mineral property disclosure requirements for
issuers whose securities are registered with the SEC under the
Exchange Act and as a result, the SEC now recognizes estimates of
“measured mineral resources”, “indicated mineral
resources” and “inferred mineral resources”. In
addition, the SEC has amended its definitions of “proven
mineral reserves” and “probable mineral reserves”
to be “substantially similar” to the corresponding
definitions under the CIM Standards, as required under NI 43-101.
However, information regarding mineral resources or mineral
reserves in Denison’s disclosure may not be comparable to
similar information made public by United States
companies.
Figure 1 - McClean Lake Project Claims
