Denison announces uranium mineralization, definition drilling completion

Denison Mines Corp. announced Wednesday that in a recent drilling operation at the Murphy Lake project in Saskatchewan, it discovered uranium mineralization in the Athabasca Basin.

The project is a joint venture between majority interest holder Denison and Eros Resources Corp. The company also reports that the definition drilling component has been completed at the Gryphon Zone on the Wheeler River property.

The company says the discovery has potential as a prospective site. Four drilling holes have been made and while only one of them produced this result, the company reports the area has a high prospective chance considering the structuring of the geological area and alterations.

"We are pleased to have achieved this milestone at Gryphon just over a year after discovery of the zone, and look forward to the completion of an initial mineral resource estimate in the coming months," Denison CEO and President David Cates said. "Additionally, the discovery of uranium mineralization at Murphy Lake provides further evidence of the prospectivity of Denison's land package in the eastern Athabasca basin."

Wheeler River drilling is expected to continue into late August at three drilling areas near the Gryphon area. Two of these drill holes intersected with 3.8 percent eU308 over 5.1 yards and 8.4 percent over 1.2 yards.