Vancouver – Winter drilling by joint venture partners Areva Resources Canada, a subsidiary of French energy company Areva (ARVCF-O), and Denison Mines (DML-T, DMLCF-O) tied into significant intervals of very high-grade uranium on the Mae zone at its Midwest project situated on the eastern edge of Saskatchewans Athabasca Basin.
Several high-grade intersections were encountered at Mae including hole MW-749 that cut 14.7 metres (from 189.8 metres downhole depth) grading 26.7% U3O8 equivalent (based on downhole radiometric probing).
The Mae zone, located about 3 km along strike from the JVs main Midwest deposit, is comprised of two linear-shaped pods with a total strike of 275 metres and offset by about 50 metres. Mineralization is structurally controlled and occurs within basement rocks, at the unconformity and in the overlying sandstones.
Project operator Areva completed 40 holes on Mae as part of a delineation program leading to an upcoming resource estimate. The 3 km between the Mae and Midwest deposits remains a significant exploration target for the partners.
Denison holds a 25.17% interest in Midwest project.
The JV completed almost 17,000 metres of drilling in last winters program on the Midwest JV and the McClean property including the Wolly JV that surrounds it.
At the McClean mine, in which Denison holds 22.5%, the JV is in the planning phase to bring the McClean North mineralized pods to production.
Denison recently closed about $18 million in flow-through financing earmarked for exploration on its Athabasca Basin uranium projects.
Additionally, the company has boosted its bid to acquire Australian-listed uranium explorer OmegaCorp (OMC-A). Increasing what it now calls its “final offer”, Denison will pay A$1.15 per share for a total consideration of A$177.6 million ($166 million).
OmegaCorp holds a portfolio of advanced stage uranium projects in Mozambique and Zambia plus a heavy minerals sands project in Tanzania.
Shares of Denison notched up 13 on the high-grade drill results from the Mae zone, closing at $14.91 apiece in April 11th trading.
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