The Waterbury Lake Property is 100% owned by the Waterbury Lake Uranium Corporation, a limited partnership between Denison Mines (63.01%) and Korea Waterbury Uranium Limited Partnership (36.99%).
The Waterbury Lake Property comprises 13 claims in the eastern Athabasca Basin in northern Saskatchewan centered five kilometres northwest of the Points North Landing, 24 kilometres west of the McClean Lake Mill, and immediately adjacent to the Roughrider and Midwest deposits. Access to the property is excellent as Provincial Highway 905 and the Black Lake Road pass through the southern and western portions of the property and winter roads extending from these four season roads reach most areas on the property. Air access is by helicopter or floatplane from Points North Landing (1.5 kilometres) or La Ronge (345 kilometres).
The property is underlain by Athabasca Group sandstones which overlie metamorphic rocks of the Wollason-Mudjatik Transition Zone (WMTZ) of the Hearne Province. Metasediments on the Waterbury Lake Property consist of variably pyritic and graphitic pelites to semi-pelites with lesser calc-silicates. Graphitic metasediments are the primary exploration targets on the property and exploration to date has identified several metasedimentary corridors with conductive horizons. The depth to the unconformity ranges between 200 to 370 metres.
Initial exploration in the Waterbury Lake Property area was inspired by the 1968 discovery of the Rabbit Lake Deposit by Gulf Minerals and Uranerz Exploration. The earliest known exploration on the current Waterbury Lake Property was conducted in 1969 by King Resources, which completed radiometric, magnetic, electromagnetic, and hydrogeochemical surveys.
High grade uranium mineralization was discovered at Waterbury by previous owners in early 2010 including the J-Zone.
Subsequent drilling by Denison has focused so far on other target areas including the Aran area and the north rim of the Waterbury Dome.
The deposit trends roughly east-west (80°) in line with the metasedimentary corridor and cataclastic graphitic fault zone.
Mineralization thickness varies widely throughout the J Zone and can range from tens of cm to over 19.5 m in vertical thickness. In cross section J Zone mineralization is roughly lens shaped with a relatively thick central zone that corresponds with the interpreted location of the cataclasite and rapidly tapers out to the north and south. Locally, a particularly high-grade (upwards of 40% U3O8) but often thin lens of mineralization is present along the southern boundary of the metasedimentary corridor. Ten meter step out drill holes to the south from these high-grade holes have failed to intersect any mineralization, demonstrating the extremely discreet nature of mineralization.
Uranium mineralization is generally found within several metres of the unconformity at depth ranges of 195 to 230 m below surface. It variably occurs entirely hosted within the Athabasca sediments, entirely within the metasedimentary gneisses or straddling the boundary between them. A semi-continuous, thin zone of uranium mineralization has been intersected in occasional southern J Zone drill holes well below the main mineralized zone, separated by several meters of barren metasedimentary gneiss. This mineralized zone is informally termed the south-side lens and can host grades up to 3.70% U3O8.
The J Zone deposit is generally flat lying (located roughly 200 m below the surface of McMahon Lake) and therefore whenever possible holes have been drilled vertically in order to intersect the ore lenses perpendicularly, thereby giving an approximate true thickness.
The Waterbury Lake Property has excellent potential and remains under-explored with numerous targets to be tested. The proximity of the McClean Lake Mill will serve to enhance the economics of any future discoveries.
There is potential to define new conductors on the flanks of magnetic highs which remain unsurveyed by ground methods. Such areas include the western extension of the Discovery Bay corridor and the western side of the Murphy Lake. These areas represent approximately 25 kilometres of strike length within the property.
Please view the Annual Information Form
and Quarterly Exploration and Development Updates
for further information.
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