Denison Announces Summer 2018 Exploration Plans FOR High-Priority Pipeline Projects
Denison Mines Corp.
1100 – 40 University Ave
Toronto, ON M5J 1T1
www.denisonmines.com
@DenisonMinesCo
PRESS RELEASE
DENISON ANNOUNCES SUMMER 2018 EXPLORATION PLANS
FOR HIGH-PRIORITY PIPELINE PROJECTS
Toronto, ON – May 24, 2018 Denison Mines Corp. (“Denison” or the “Company”) (DML: TSX, DNN: NYSE
American) is pleased to announce the Company’s summer 2018 expl oration plans for its high-priority
Athabasca Basin exploration pipeline projects located in northern Saskatchewan.
Summer 2018 Drilling Program Highlights:
Waterbury Lake Project – Summer drilling is expected to focus on additional step-out drilling at the
Huskie zone of high-grade basement-hosted uranium mineralization, and testing of high-priority targets
approximately 2.5 kilometres to the northeast, where the region ally interpreted Midwest structure is
projected to intersect the geologically favourable Oban trend. The Oban trend has produced previous
drill intercepts of uranium mineralization, but has not previou sly been tested at the interpreted
intersection of the Midwest regional structure. The summer prog ram is expected to include
approximately 4,800 metres of diamond drilling in 12 holes, and to commence in late-July.
Hook-Carter Project – The summer drilling program is designed as a continuation of the Company’s
winter 2018 drilling program, which encountered hydrothermal alteration in both the sandstone and the
basement lithologies associated with graphitic basement structu res. Results from the winter program
suggest that the mineralizing system associated with the Patter son Corridor continues on to the
property. The summer program co mmenced recently and is expected to include 3,500 metres of
diamond drilling in five to six drill holes designed to test hi gh-priority geophysical targets on a
regional scale.
South Dufferin – High-priority drill targets have been identified through geo chemical and geophysical
surveying along the Virgin Riv er Shear zone, approximately 25 k ilometres south of Cameco Corp’s
Centennial deposit. The summer diamond drilling program is expected to be of a reconnaissance nature
and is planned to commence in June, with approximately 2,500 me tres of diamond drilling in 16 to 20
holes.
David Cates, Denison’s President & CEO, commented, “In addition to Denison’s flagship Wheeler River
project, the Company has one of the largest land positions in the prolific Athabasca Basin region.
This extensive portfolio of projects provides a pipeline of high-potential exploration opportunities
to generate new discoveries and build on the Company’s significant high-grade uranium resource
base. With over $35 million in cash and equivalents on the balance sheet at the end of the first
quarter of 2018, the summer program is fully funded and provides investors with exposure to
Company specific uranium exploration catalysts as our team continues with our disciplined-
approach of testing high-priority targets, at Waterbury Lake, Hook-Carter and South Dufferin.”
A map of Denison’s Athabasca Basin properties is provided in Figure 1.
2
Waterbury Lake
Huskie Zone
The Huskie zone of high-grade basement-hosted uranium mineralization was discovered by Denison during
the summer of 2017 and is located approximately 1.5 kilometres to the northeast of the property's J Zone
uranium deposit. To date, the completion of 23 drill holes on a n approximate 50 x 50 metre spacing has
allowed for the definition of mineralization over a strike length of approximately 250 metres and dip length
of up to 170 metres. The individual lenses of mineralization va ry in interpreted true thickness between
approximately 2 and 7 metres. Highlight drill intersections inc lude 9.1% U3O8 over 3.7 metres (including
16.8% U3O8 over 2.0 metres) in drill hole WA T17-446A (see Denison’s press release dated October 11,
2017) and 4.5% U3O8 over 6.0 metres (including 5.8% U3O8 over 4.5 metres) in drill hole WAT18-452 (see
Denison’s press release dated April 25, 2018).
The mineralized lenses are interpreted to occur as parallel, st acked lenses, which are conformable to the
foliation and fault planes within the east-west striking graphitic gneiss unit. The drilling to date suggests the
grade, thickness, and number of lenses present is controlled by the presence of northeast striking faults
which cross-cut the graphitic gneiss unit. The northeast striki ng faults identified at the Huskie zone are
interpreted to be part of the regional Midwest structure.
The planned summer program inclu des step-out drilling both up-d ip and down-dip of the known
mineralization to test for high-grade extensions related to the northeast striking, cross-cutting faults.
Oban
Oban is an east-west striking geological trend located 2 kilome tres to the north of the Huskie zone, which
has shown considerable exploration potential from previous dril ling campaigns. Results include the
presence of faulted graphitic basement rocks, significantly str uctured and altered basal Athabasca
sandstone, and mineralized sa ndstone intercepts of 0.079% U 3O8 over 4.8 metres in drill hole WAT14-
406A and 0.050% U3O8 over 1.5 metres in drill hole WA T14-407. The trend remains und er-explored with
untested gaps in drilling coverage of up to 1.7 kilometres.
On the eastern side of the Waterbury Lake property, the interse ction of the interpreted northeast striking
regional Midwest structure with east-west striking graphite-bearing basement units appears to control the
location of the J Zone/Roughrider deposits and the Huskie zone. Current interpretation of the Midwest
structure suggests it cross-cuts the Oban trend in areas that have not yet been drill tested, which produces
compelling targets for exploration. The planned summer program includes drilling to test these targets,
particularly within the basement rocks.
Midwest Extension
Current interpretation suggests the Midwest structure, which ho sts the Midwest Main and Midwest A
deposits on the Midwest property (25.17% Denison owned), may extend onto the Waterbury Lake property
to the southwest of the Midwest Main deposit. An initial DCIP resistivity survey is planned for late summer
or fall to map the possible extension of the Midwest structure and define drill targets for future testing.
The Waterbury Lake property consists of multiple claims coverin g 40,256 hectares, and is located in the
infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan. The property
is jointly owned by Denison (64.22%) and Korea Waterbury Uraniu m Limited Partnership (“KWULP”)
(35.78%) through the Waterbury Lake Uranium Limited Partnership ( “ W L U L P ” ) . K W U L P c o n s i s t s o f a
consortium of investors in which Korea Hydro & Nuclear Power (“KHNP”) holds a majority position. KWULP
has elected not to fund the 2018 ex ploration program and, as a result, will incur dilution of its ownership
interest in the WLULP.
3
Hook-Carter
The Hook-Carter project is high lighted by 15 kilometres of stri ke potential along the prolific Patterson
Corridor – host to the Arrow deposit (NexGen Energy Ltd.), Trip le R deposit (Fission Uranium Corp.), and
Spitfire discovery (Purepoint Uranium Group Inc., Cameco Corp., and Orano Canada Inc.), which occur
within 8 to 20 kilometres of the property. The property is sig nificantly underexplored compared to other
properties along this trend, with only five historic drill hole s located along the 15 kilometres of Patterson
Corridor strike length. The property also covers significant p ortions of the Derkson and Carter Corridors,
which provide additional priority target areas.
All four drill holes, completed during the inaugural winter 2018 drilling program, encountered hydrothermal
alteration in both the sandstone and the basement lithologies a ssociated with graphitic basement
structures. These features are consistent with unconformity-related mineralizing systems in the Athabasca
Basin and suggest that the mineralizing system within the Patte rson Corridor continues onto the Hook-
Carter property. Elevated radioa ctivity was noted in two holes, ranging up to 184 counts per second
measured on a Mount Sopris 2GHF-1000 - Triple Gamma downhole probe. The summer drilling program,
which commenced in mid-May, is expected to include 3,500 metres of diamond drilling in five to six drill
holes designed to test high-priority geophysical targets on a regional scale.
The Hook-Carter property consists of 45 claims covering 20,522 hectares and is owned 80% by Denison
and 20% by ALX Uranium Corp. (“ALX”). Denison has agreed to fund ALX's share of the first CAD$12M in
expenditures (see Denison’s Press Releases dated October 13 and November 7, 2016).
South Dufferin
The South Dufferin project is a 100% Denison owned property comprising 14,364 hectares in 6 claims and
is located immediately south of the southern margin of the Atha basca Basin in northern Saskatchewan.
The property covers the southern extension of the Virgin River Shear Zone, which hosts known high-grade
uranium mineralization at Cameco Corp.’s Dufferin Lake zone app roximately 13 kilometres to the north
(highlight of 1.73% U 3O8 over 6.5 metres) and Cameco C orp.’s Centennial deposit approxi mately 25
kilometres to the north (includes intersections up to 8.78% U 3O8 over 33.9 metres). Exploration potential
exists for basement-hosted uranium mineralization associated with the Dufferin Lake fault and parallel faults
within the Virgin Lake Shear zone. Priority drill targets have been developed across the property from
recent ground geochemical and geophysical surveying. The summer 2018 diamond drilling program is of a
reconnaissance nature and is expected to include approximately 2,500 metres of drilling in 16 to 20 holes.
Qualified Persons
Dale Verran, MSc, P.Geo, Pr.Sci.Nat., Denison's Vice President, Exploration, who is a Qualified Person in
accordance with the requirements of NI 43-101, has reviewed and approved the technical information
contained in this release.
About Denison
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin
region of northern Saskatchewan, Canada. In addition to its 63.3% owned Wheeler River project, which
ranks as the largest undeveloped high-grade uranium project in the infrastructure rich eastern portion of
the Athabasca Basin region, Denison's Athabasca Basin exploration portfolio consists of numerous projects
covering approximately 353,000 hectares. Denison's interests in Athabasca Basin also include a 22.5%
ownership interest in the McClean Lake joint vent ure (“MLJV”), which includes several uranium deposits
and the McClean Lake uranium mill, which is currently processing ore from the Cigar Lake mine under a
toll milling agreement, plus a 25.17% interest in the Midwest and Midwest A deposits, and a 64.22% interest
in the J Zone deposit and Huskie discovery on the Waterbury Lake property. Each of Midwest, Midwest A,
J Zone and Huskie are located within 20 kilometres of the McClean Lake mill.
Denison is also engaged in mine decommissioning and environmental services through its Denison
Environmental Services division and is the manager of Uranium Participation Corp., a publicly traded
company which invests in uranium oxide and uranium hexafluoride.
4
For more information, please contact
David Cates (416) 979-1991 ext. 362
President and Chief Executive Officer
Sophia Shane (604) 689-7842
Investor Relations
Follow Denison on Twitter @DenisonMinesCo
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this press release constitutes "forward-looking information", within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and similar Ca nadian legislation concerning the business, operations and finan cial
performance and condition of Denison.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expec ts",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or the negatives and/or variations of such words and
phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has
the potential to". In particular, this press release contains forward-looking information pertaining to the following: exploration (including
drilling) and evaluation interpretations, activities, plans and obj ectives, and Denison’s percentage in its properties and its plans and
agreements with its joint venture partners, as applicable. Statements relating to "mineral reserves" or "mineral resources" are deemed to
be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral
reserves and mineral resources described can be profitably produced in the future.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they
are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance
or achievements of Denison to be materially different from those expressed or implied by forward-looking statements. Denison believes
that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations
will prove to be accurate and may differ materially from those anticipated in this forward looking information. For a discussion in respect
of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information
Form dated March 27, 2018 under the heading "Risk Factors". These factors are not, and should not be construed as being exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements.
The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking
information and the assumptions made with respect thereto speaks only as of the date of this press release. Denison does not undertake
any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information
to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.
This document contains certain information derived from third-pa rty publications and reports, including estimates of resources and
mineralization of the Roughrider deposit, which Denison believes are reliable but have not been independently verified by Denison.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources: This
press release may use the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while
such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not
recognize them. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States
investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral
reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is
economically or legally mineable.
5
Figure 1: Denison’s Athabasca Basin properties as at March 31, 2018.