PARK CREEK

Denison signed a letter of intent with Cameco in March 2006 for an option to earn an aggregate 75% interest in Cameco’s Park Creek uranium exploration project in two stages by incurring Cdn$2.8 million in exploration expenditures over a period of three years to earn a 49% interest, with a second option to earn an additional 26% interest by incurring expenditures of Cdn$3.0 million over two years. Denison is the operator during the earn-in period and has earned the initial 49% interest.

The work completed on Park Creek in 2007 included an AeroTEM survey and a winter and summer drill program for a total of six holes. Four holes were drilled on the Park Creek Property during the winter drill program which lasted from February 1 to April 1, 2007. The main area of drilling was located on the Esker grid where previous drill programs had outlined an area of anomalous geochemistry associated with an apparent intersection of the northeast-southwest trending Bird Lake Fault with north-south trending Tabbernor faults. The most favourable hole was drilled on the Hook grid which targeted a conductor and coincident major fault zone, identified during 2006 drilling and which had low but anomalous radioactivity in a wedge of basal conglomerate below the unconformity.

As part of the ongoing exploration on the Park Creek claims, a winter drill program was completed on the Esker 1995 and 1998 grids from February to April, 2008. Four drill holes on the Esker 1995 grid, PK-75, PK-77, 78 and 79, followed up structural targets and anomalous U concentrations identified in previous exploration programs. A fifth drill hole on the Esker 1998 grid, PK-76, followed up faulting, anomalous U concentrations and illite alteration observed in historic holes in the area. The highest levels of radioactivity intersected were within pegmatite and granitic intervals associated with significant structural disruptions within the hanging wall in most of the holes drilled during the winter 2008 season. The maximum value encountered was 2600 CPS, recorded with a handheld scintillometer at a drill depth of 164 m in PK-75.


Last updated April, 2009.