Denison reaches milestone Wheeler River EIS

Field testing ISR technology at the Phoenix uranium deposit at Wheeler River. Credit: Denison Mines

Denison Mines (TSX: DML; NYSE: DNN) proudly announced that it has reached another milestone on its Wheeler River uranium project with the filing of its environmental impact statement (EIS) to the Saskatchewan Ministry of Environment and the Canadian Nuclear Safety Commission.

Denison says the EIS outlines the company’s assessment of the potential effects (including applicable mitigation measures) of the proposed in situ recovery (ISR) uranium mine and processing plant at Wheeler River. Included in it are several years of baseline environmental data collected, technical assessments, and extensive engagement and consultation with Indigenous and non-Indigenous interested parties.

“Our assessments indicate that the project has fewer residual effects remaining after mitigation when compared to conventional open pit or underground uranium mining and milling operations,” said Denison president and CEO David Cates in a news release. “We are proud of the outcomes outlined in the EIS and the role that Denison is playing in re-shaping the uranium mining industry in Saskatchewan.”

Wheeler River is the largest undeveloped uranium project in the eastern portion of the Athabasca Basin region. It has indicated resources of 132.1 million lb. uranium oxide (U3O8) in 1.8 million tonnes grading 3.3% U3O8  plus inferred resources of 3.0 million lb. U3O8 in 82,000 tonnes averaging 1.7% U3O8. The resources are contained in the Phoenix and Gryphon deposits, discovered by Denison in 2008 and 2014, respectively.

The Wheeler River project is a joint venture of Denison (95% and operator) and JCU (Canada) Exploration. A prefeasibility study was completed for Wheeler River in 2018, considering the potential economic merit of developing the Phoenix deposit as an ISR operation and the Gryphon deposit as a conventional underground mining operation. Taken together, the project is estimated to have mine production of 109.4 million pounds U3O8 over a 14-year mine life.

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