The neutralization section was initiated in mid-October 2022 , following the extremely profitable completion of the leaching section of the FFT (see information releases dated October 17, 2022 and November 22, 2022 ), and was designed to substantiate sure environmental evaluation assumptions and confirm the effectivity and effectiveness of the neutralization course of deliberate for ISR mining at Phoenix .
David Cates , Denison’s President & CEO, commented, ” The completion of the neutralization section of the FFT marks the tip of our 2022 analysis discipline actions at Wheeler River. In the course of the 12 months we efficiently constructed and commissioned the FFT services, and carried out each the leaching and neutralization phases of the FFT . Our restoration of uranium bearing answer ( ” UBS ” ) with using the ISR mining technique is a primary within the historical past of the Athabasca Basin area , and now we now have obtain d one other landmark accomplishment with the restoration of the take a look at space to environmentally acceptable pH circumstances. T he work was achieved on schedule and with none recordable security incidents – which is a testomony to the exhausting work and professionalism of our devoted Saskatchewan -based employees of geoscientists, engineers, metallurgists, course of operators, nicely discipline operat ors , and contractors. ”
Kevin Himbeault , Denison’s Vice President of Plant Operations & Regulatory Affairs, added, ” The C ompany launched into the FFT to substantiate the sensible software of the ISR mining technique throughout the high- grade Phoenix uranium deposit. The outcomes from the leaching and neutralization phases of the FFT have confirmed our capacity to leach UBS from the deposit and neutraliz e the pH circumstances throughout the take a look at space in accordance with our expectations – offering vital help for the processes utilized in defining the parameters for the Undertaking’s Feasibility Examine (‘FS’) and draft E nvironmental I mpact S tatement. ”
This press launch constitutes a ” designated information launch ” for the needs of the Firm ‘ s prospectus complement dated September 28, 2021 to its brief kind base shelf prospectus dated September 16, 2021 .
Completion of FFT Leaching & Neutralization Section s
The leaching section of the FFT commenced in September 2022 (see information launch dated September 26 , 2022) and was accomplished in October 2022 (see information launch dated October 17 , 2022, and November 22, 2022 ), with the target of assessing the effectiveness and effectivity of the leaching course of within the ore zone positioned roughly 400m under the floor. The leaching section consisted of the managed injection of an acidic mining answer right into a portion of the present Check Sample (outlined under) throughout the ore zone (the “Leaching Zone”) and the restoration of the answer again to the floor utilizing current take a look at wells.
All through the leaching section, each vertical and horizontal containment of the mining answer was maintained, with no migration of the mining answer noticed above, under or outdoors of the designed FFT take a look at space alongside the Leaching Zone horizon. These outcomes had been in line with the findings from the 2021 tracer take a look at (see information launch dated October 28 , 2021).
Following the method executed for the 2021 tracer take a look at, the neutralization section commenced after completion of the leaching section and included the preliminary restoration of further leached mineralized answer and injected lixiviant from the Leaching Zone. Following this preliminary stage of neutralization, a gentle alkaline (primary) answer was injected into the Leaching Zone to additional neutralize the realm and reverse the residual results of remaining acidic answer injected through the leaching section. Total, the outcomes of the neutralization section achieved the important thing pH restoration parameter outlined within the relevant regulatory approvals for the FFT, and verified the effectivity and effectiveness of the method for returning the Leaching Zone to environmentally acceptable pH circumstances. Common monitoring of the FFT’s environmental efficiency will proceed into 2023.
The recovered answer from the neutralization section is being saved quickly on floor in tanks in accordance with accredited containment measures and will likely be additional processed as a part of the recovered answer administration section of the FFT.
Feasibility Area Check Background
The FFT is designed to make use of the present commercial-scale ISR take a look at sample (“Check Sample”), put in at Phoenix in 2021 (see information releases dated July 29, 2021 , and October 28, 2021 ), to facilitate a mixed evaluation of the Phoenix deposit’s hydraulic circulate properties with the leaching traits which were assessed by way of the metallurgical core-leach testing program.
The FFT is absolutely permitted, having been approved by each the Saskatchewan Minister of Surroundings (see information launch dated July 12, 2022 ) and the Canadian Nuclear Security Fee (see information launch dated August 8, 2022 ).
Total, the FFT is meant to supply additional verification of the permeability, leachability, and containment parameters wanted for the profitable software of the ISR mining technique at Phoenix and is predicted to validate and inform varied FS design parts – together with the anticipated manufacturing and remediation profiles. The operation of the FFT is deliberate to happen in three phases: (1) the leaching section, (2) the neutralization section, and (3) the recovered answer administration section.
As described above, the leaching section and neutralization section are now accomplished.
The recovered answer administration section is predicted to start within the spring of 2023, and includes separating the answer recovered from each the leaching section and the neutralization section into (i) mineralized precipitates and (ii) a neutralized handled answer. The mineralized precipitate will likely be quickly saved on floor in storage tanks and the neutralized handled answer will likely be re-injected into a chosen subsurface space.
About Wheeler River
Wheeler River is the biggest undeveloped uranium challenge within the infrastructure wealthy jap portion of the Athabasca Basin area, in northern Saskatchewan – together with mixed Indicated Mineral Assets of 132.1 million kilos U 3 O 8 (1,809,000 tonnes at a mean grade of three.3% U 3 O 8 ), plus mixed Inferred Mineral Assets of three.0 million kilos U 3 O 8 (82,000 tonnes at a mean grade of 1.7% U 3 O 8 ). The P roject is host to the high-grade Phoenix and Gryphon uranium deposits, found by Denison in 2008 and 2014, respectively, and is a three way partnership between Denison (operator) and JCU ( Canada ) Exploration Firm Restricted ( ” JCU ” ). Denison has an efficient 95% possession curiosity in Wheeler River (90% immediately, and 5% not directly by way of a 50% possession in JCU).
A Pre-Feasibility Examine (” PFS “) was accomplished for Wheeler River in 2018, contemplating the potential financial benefit of creating the Phoenix deposit as an ISR operation and the Gryphon deposit as a traditional underground mining operation. Taken collectively, the P roject is estimated to have mine manufacturing of 109.4 million kilos U 3 O 8 over a 14-year mine life, with a base case pre-tax NPV of $1.31 billion (8% low cost fee), Inside Price of Return (“IRR”) of 38.7%, and preliminary pre-production capital expenditures of $322.5 million . The Phoenix ISR operation is estimated to have a stand-alone base case pre-tax NPV of $930.4 million (8% low cost fee), IRR of 43.3%, preliminary pre-production capital expenditures of $322.5 million , and industry-leading common working prices of US$3.33 /lb U 3 O 8 . The PFS is ready on a challenge (100% possession) and pre-tax foundation, as every of the companions to the Wheeler River Joint Enterprise are topic to totally different tax and different obligations.
Additional particulars relating to the PFS, together with further scientific and technical data, in addition to after-tax outcomes attributable to Denison’s possession curiosity, are described in higher element within the NI 43-101 Technical Report titled ” Pre-feasibility Examine for the Wheeler River Uranium Undertaking, Saskatchewan, Canada ” dated October 30, 2018 , with an efficient date of September 24 , 2018. A duplicate of this report is accessible on Denison’s web site and below its profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml .
Denison suspended sure actions at Wheeler River throughout 2020, together with the EA course of, which is on the vital path to reaching the challenge growth schedule outlined within the PFS. Whereas the EA course of has resumed, the Firm will not be at the moment capable of estimate the affect to the challenge growth schedule outlined within the PFS, and customers are cautioned towards counting on the estimates supplied therein relating to the beginning of pre-production actions in 2021 and first manufacturing in 2024.
About Denison
Denison is a uranium exploration and growth firm with pursuits targeted within the Athabasca Basin area of northern Saskatchewan, Canada . Along with its efficient 95% curiosity within the Wheeler River challenge, Denison’s pursuits within the Athabasca Basin embody a 22.5% possession curiosity within the McClean Lake three way partnership, which incorporates a number of uranium deposits and the McClean Lake uranium mill that’s contracted to course of the ore from the Cigar Lake mine below a toll milling settlement, plus a 25.17% curiosity within the Midwest Principal and Midwest A deposits, and a 67.01% curiosity within the Tthe Heldeth Túé (“THT,” previously J Zone) and Huskie deposits on the Waterbury Lake property. The Midwest Principal, Midwest A, THT and Huskie deposits are every positioned inside 20 kilometres of the McClean Lake mill.
By its 50% possession of JCU, Denison holds further pursuits in varied uranium challenge joint ventures in Canada , together with the Millennium challenge (JCU 30.099%), the Kiggavik challenge (JCU 33.8118%) and Christie Lake (JCU 34.4508%). Denison’s exploration portfolio contains additional pursuits in properties protecting ~300,000 hectares within the Athabasca Basin area.
Denison can also be engaged in post-closure mine care and upkeep companies by way of its Closed Mines group, which manages Denison’s reclaimed mine websites within the Elliot Lake area and supplies associated companies to sure third-party initiatives.
Observe Denison on Twitter @DenisonMinesCo
Certified Individuals
The disclosure of scientific or technical data associated to the FFT or Wheeler River challenge contained on this launch has been reviewed and accredited, as relevant, by Mr. David Bronkhorst , P.Eng, Denison’s Vice President, Operations or Mr. Andrew Yackulic , P. Geo., Denison’s Director, Exploration, who’re Certified Individuals in accordance with the necessities of NI 43-101.
Cautionary Assertion Relating to Ahead-Trying Statements
Sure data contained on this information launch constitutes ‘forward-looking data’, throughout the that means of the relevant United States and Canadian laws, regarding the enterprise, operations and monetary efficiency and situation of Denison. Usually, these forward-looking statements will be recognized by means of forward-looking terminology corresponding to ‘potential’, ‘plans’, ‘expects’, ‘price range’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or variations of such phrases and phrases, or state that sure actions, occasions or outcomes ‘might’, ‘might’, ‘would’, ‘may’ or ‘will ‘ ‘ be taken’, ‘happen’ or ‘be achieved’.
Specifically, this information launch comprises forward-looking data pertaining to the next: expectations with respect to the FFT program, scope, timing and the anticipated outcomes thereof; the interpretation of the outcomes of the FFT obtained to-date; scope, aims and interpretations of the FS course of for the proposed ISR operation for the Phoenix deposit ; the outcomes and interpretations of the PFS and expectations relating to its three way partnership possession pursuits and the continuity of its agreements with its companions and third events.
Ahead wanting statements are primarily based on the opinions and estimates of administration as of the date such statements are made, and they’re topic to identified and unknown dangers, uncertainties and different elements that might trigger the precise outcomes, degree of exercise, efficiency or achievements of Denison to be materially totally different from these expressed or implied by such forward-looking statements. For instance, the modelling and assumptions upon which the work plans for the Wheeler River Undertaking are primarily based might not be maintained after additional work is accomplished. As well as, Denison might determine or in any other case be required to discontinue testing, analysis and growth work whether it is unable to take care of or in any other case safe the mandatory assets (corresponding to testing services, capital funding, regulatory approvals, and so on.). Denison believes that the expectations mirrored on this forward-looking data are affordable however no assurance will be on condition that these expectations will show to be correct and outcomes might differ materially from these anticipated on this forward-looking data. For a dialogue in respect of dangers and different elements that might affect forward-looking occasions, please consult with the elements mentioned in Denison’s Annual Info Kind dated March 25, 2022 or subsequent quarterly monetary stories below the heading ‘Danger Elements’. These elements will not be, and shouldn’t be construed as being exhaustive.
Accordingly, readers shouldn’t place undue reliance on forward-looking statements. The forward-looking data contained on this information launch is expressly certified by this cautionary assertion. Any forward-looking data and the assumptions made with respect thereto speaks solely as of the date of this information launch. Denison doesn’t undertake any obligation to publicly replace or revise any forward-looking data after the date of this information launch to evolve such data to precise outcomes or to modifications in Denison’s expectations besides as in any other case required by relevant laws.
Cautionary Be aware to United States Buyers Regarding Estimates of Mineral Assets and Mineral Reserves : This information launch might use the phrases ‘measured’, ‘indicated’ and ‘inferred’ mineral assets. United States traders are suggested that such phrases have been ready in accordance with the definition requirements on mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian Nationwide Instrument 43-101 Mineral Disclosure Requirements (‘NI 43-101’) and are acknowledged and required by Canadian rules. ‘Inferred mineral assets’ have a large amount of uncertainty as to their existence, and as to their financial and authorized feasibility. It can’t be assumed that each one or any a part of an inferred mineral useful resource will ever be upgraded to the next class. Below Canadian guidelines, estimates of inferred mineral assets might not kind the premise of feasibility or different financial research. United States traders are cautioned to not assume that each one or any a part of an inferred mineral useful resource exists, or is economically or legally mineable. United States traders are additionally cautioned to not assume that each one or any a part of measured or indicated mineral assets will ever be transformed into mineral reserves.
Efficient February 2019 , the United States Securities and Change Fee (‘SEC’) adopted amendments to its disclosure guidelines to modernize the mineral property disclosure necessities for issuers whose securities are registered with the SEC below the Change Act and consequently, the SEC now acknowledges estimates of “measured mineral assets”, “indicated mineral assets” and “inferred mineral assets”. As well as, the SEC has amended its definitions of “confirmed mineral reserves” and “possible mineral reserves” to be “considerably related” to the corresponding definitions below the CIM Requirements, as required below NI 43-101. Nevertheless, data relating to mineral assets or mineral reserves in Denison’s disclosure might not be similar to related data made public by United States firms.
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SOURCE Denison Mines Corp.
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