On July 14, 2016, the Company entered into an option agreement with Skyharbour Resources Ltd ("Skyharbour"), which grants Skyharbour an option to acquire a 100% interest in Denison's wholly owned Moore Lake property.
Denison has retained various back-in rights on the property, to re-acquire a 51% interest in the property, and is entitled to nominate a member to Skyharbour's Board of Directors as long as Denison maintains a minimum ownership position of 5%. As at September 30, 2016, Denison has an approximate 11.4% ownership interest in Skyharbour.
The Moore Lake project lies entirely within the Athabasca Basin, the eastern edge of the property lies 4.5 kilometres west of the Basin's edge. The sandstone thickness ranges from less than 125 metres on the property's southeastern side to over 325 metres on the property's northwestern side. Basement rocks are dominantly paragneisses belonging to the Wollaston Domain. A large mafic sill complex known as the 'Moore Lake complex' partially overlies a portion of the property.
- From 1969 to 1999 the property received sporadic exploration including airborne and ground geophysics and 42 drillholes totalling 11,444 metres.
- From 2000 to 2003 the property was explored by JNR and Kennecott. Work included airborne and ground geophysics and 27 drillholes totalling 8,658 metres. Unconformity hosted uranium mineralization was discovered at the 'Maverick Zone'. Highlights include 4.03% U3O8 over 10 metres (including 1.4 metres at 20% U3O8)starting at a depth of 264.68 metres in hole ML-61.
- From 2004 to the present Denison, through joint venture and then later acquisition, took over operatorship of the property and has completed further airborne and ground geophysics as well as an additional drilling.
- The 'Maverick Zone', discovered in 2002 by JNR Resources Inc. provides good evidence that the property has potential to host unconformity related uranium mineralization.
- The Moore Lake project contains 10's of kilometers of untested or inadequately tested conductors.
- The property contains several zones of significant structural disruption that are a key precursor for uranium mineralization.
Future work planned
- Continue completing resistivity coverage over prospective terrain as survey results continue to define zones of hydrothermal alteration and structural disruption within the Athabasca sandstone and underlying basement rocks.
- Continue to drill test prospective geological and geophysical targets.
Please view the Annual Information Form
and Quarterly Exploration and Development Updates
for further information.
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