SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

   Gold/Mining/EnergyUranium Stocks


Previous 10 Next 10 
To: LoneClone who wrote (18436)10/24/2019 2:30:29 PM
From: LoneClone
   of 18524
 
Cameco/Orano/ Purepoint Uranium Group Inc: Joint Venture Partners Plan Next Program at Hook Lake


newswire.ca

Purepoint Uranium Group Inc. Oct 23, 2019, 06:30 ET

TORONTO, Oct. 23, 2019 /CNW/ - Purepoint Uranium Group Inc. (the "Company" or "Purepoint") (TSX: PTU.V) is pleased to discuss the results of a recent Technical Committee meeting of the Hook Lake Joint Venture, a project owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%). The latest working session included technical representatives from each company with the purpose of reviewing all target areas and collectively discussing priorities as the project advances. The Hook Lake project lies on the southwestern edge of Saskatchewan's Athabasca Basin and is adjacent to and on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R deposit and NexGen's Arrow deposit.

"The obvious takeaway from our technical meeting was that the Hook Lake project has a host of prospective drill targets yet to advance," said Scott Frostad, Vice President Exploration. "Purepoint has been tasked with proposing a 3-year exploration strategy and budget requirements at our next JV meeting in early November."

Highlights:

  • The team reviewed all the Patterson Trend drill targets and discussed their various attributes to help prioritize the order in which they will be tested;
  • The Hornet Zone conductor, based on 2019 electromagnetic (EM) survey results, appears to remain untested south of HK13-06 that intersected 138 ppm U over 2.3 metres;
  • The 2019 EM survey results identified a previously unidentified, strongly conductive shear on trend between the Spitfire Zone and the Dragon area that will be drill tested;
  • The prospective "W" conductor, tested by HK19-105 that intersected numerous shear zones and elevated radioactivity, has new targets towards the south from the 2019 EM survey. The "W" conductor remains untested north of HK19-105 for 6 kilometres and will require additional ground geophysical surveying;
  • The Dragon conductor remains untested towards the north where it crosses a north-south trending, low magnetic response that possibly reflects structural disruption;
  • Based on the meeting discussions, Purepoint will propose a 3-year exploration plan and budget for review. Review and approval of the 2020 program and budget proposal will occur at the Hook Lake JV meeting to be held November 6th, 2019.
Hook Lake JV Project

The Hook Lake JV project is owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) as operator and consists of nine claims totaling 28,598 hectares situated in the southwestern Athabasca Basin. The Hook Lake JV is considered one of the highest quality uranium exploration projects in the Athabasca Basin due to its location along the prospective Patterson Lake trend and the relatively shallow depth to the unconformity.

Current exploration is targeting the Patterson Lake Corridor that hosts Fission's Triple R Deposit (indicated mineral resource 87,760,000 lbs U3O8 at an average grade of 1.82% U3O8), NexGen Energy's Arrow Deposit (indicated mineral resource 256,600,000 lbs U3O8 at an average grade of 4.03%) and the Spitfire Discovery by the Hook Lake JV.

About Purepoint

Purepoint Uranium Group Inc. is focused on the precision exploration of its ten projects in the Canadian Athabasca Basin, the world's richest uranium region. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade, Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc. The Hook Lake JV is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit, NexGen's Arrow Deposit and Purepoint's Spitfire discovery.

Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

SOURCE Purepoint Uranium Group Inc.

For further information: Purepoint Uranium Group Inc., Chris Frostad, President and CEO, (416) 603-8368, www.purepoint.ca, www.twitter.com/purepointU3O8

Related Links purepoint.ca

Share RecommendKeepReplyMark as Last Read


To: The Barracuda™ who wrote (18435)10/24/2019 4:01:20 PM
From: Logain Ablar
   of 18524
 
CCJ still in its downtrend.


Share RecommendKeepReplyMark as Last ReadRead Replies (2)


To: Logain Ablar who wrote (18438)10/24/2019 5:59:05 PM
From: The Barracuda™
   of 18524
 
Meanwhile in uranium today Uranium Iran sanctions


Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: The Barracuda™ who wrote (18439)10/24/2019 6:04:55 PM
From: The Barracuda™
   of 18524
 
The proposed sanctions


Share RecommendKeepReplyMark as Last Read


To: Logain Ablar who wrote (18438)10/24/2019 7:33:14 PM
From: The Barracuda™
   of 18524
 
IMO when the uraniums turn they will trade in gaps to the upside.

Share RecommendKeepReplyMark as Last Read


From: The Barracuda™10/26/2019 3:37:55 PM
1 Recommendation   of 18524
 
Interesting statistic


Share RecommendKeepReplyMark as Last Read


From: The Barracuda™10/31/2019 10:55:58 PM
   of 18524
 
Ignoring my "ironic investing" post I think this is the bottom


Share RecommendKeepReplyMark as Last Read


From: The Barracuda™11/3/2019 11:32:14 AM
   of 18524
 
Good twitter thread on CCJ conference call from Quakes99


Share RecommendKeepReplyMark as Last Read


From: The Barracuda™11/3/2019 11:50:53 AM
   of 18524
 
Excellent thread on what underfeeding is. What exactly is underfeeding and why is it so important to u3o8 prices


Share RecommendKeepReplyMark as Last Read


From: LoneClone11/3/2019 12:38:45 PM
   of 18524
 
Denison Reports Installation of Commercial Scale Wells and Provides Operational Update from Ongoing ISR Field Test at the Phoenix Deposit

denisonmines.com

October 31, 2019
Download PDF Version

TORONTO, Oct. 31, 2019 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (DML: TSX, DNN: NYSE American) is pleased to report the successful installation of two Commercial Scale Wells ("CSWs") within the Phoenix deposit ("Phoenix"), as part of the ongoing In-Situ Recovery ("ISR") field test program at the Company's 90% owned Wheeler River Uranium Project ("Wheeler River"), located in northern Saskatchewan, Canada. Additionally, the Company is pleased to report the successful deployment of the MaxPERF Drilling Tool and its plans for completion of long-duration hydrogeological test work during the remainder of the 2019 ISR Field Test program.

View PDF Version

Operational Highlights

  • Installation of the first CSWs designed for ISR mining in the Athabasca Basin: CSW1 (drill hole GWR-031, in Test Area 1) and CSW2 (drill hole GWR-032, in Test Area 2) represent the first large-diameter CSWs successfully installed, for the purpose of ISR mining, in the Athabasca Basin region. The completion of each CSW included the drilling of a large-diameter vertical borehole (~12 inches in diameter) approximately 400 metres from surface, to intersect the Phoenix ore body, and the installation of well materials designed to meet expected environmental and regulatory standards for eventual ISR mining. Locations of the Phoenix Test Areas and CSWs are shown in Figures 1, and Figures 2 and 3 respectively.

  • Successful lateral penetrations of the Phoenix ore body using the MaxPERF Drilling Tool: Penetrators Canada Inc. ("Penetrators"), developers and operators of the MaxPERF Drilling Tool, successfully deployed the tool within CSW1 and completed 28 lateral drill holes (penetration tunnels) within a variety of ore types associated with the Phoenix deposit. MaxPERF deployment at CSW2 is planned to follow during the remainder of the 2019 ISR Field Test program.

  • Initial short-duration hydrogeological tests demonstrate effectiveness of MaxPERF at Phoenix: Initial short-duration hydrogeological tests confirmed increased flow rates in Test
    Area 1 following the completion of the MaxPERF drilling in CSW1. These results demonstrate the effectiveness of the MaxPERF Drilling Tool in providing increased access to hydraulic connectivity associated with the existing permeability of the ore zone.

  • Long-duration hydrogeological tests planned to complete the 2019 ISR Field Test: Based on the successful completion of CSW1 and CSW2, and following the successful deployment of the MaxPERF Drilling Tool, long-duration hydrogeological tests are planned to be completed during the remainder of the 2019 ISR Field Test. These tests are expected to be carried out in both CSW1 and CSW2 to allow for the simulation of fluid flow, within Test Area 1 and Test Area 2 of Phoenix, under conditions similar to an envisioned commercial production environment.
  • David Bronkhorst, Denison's Vice President Operations, commented, "We are very pleased to have completed the successful installation of the first two Commercial Scale Wells at Phoenix. As part of the Company's risk managed approach to the 2019 ISR Field Test program, we continue to build on operational successes and advance towards the completion of all of our program objectives – including the testing of the MaxPERF Drilling Tool, which has already proven to be effective when deployed in a CSW. With the varied geology interpreted at Phoenix, the ability to use MaxPERF, to mechanically engineer increased access to the existing permeability of the ore formation, bodes well for potentially normalizing the geological variations in a production environment."

    Commercial Scale Well (CSW) Installations

    CSW1 and CSW2 were successfully drilled to their designed depths and locations within the Phoenix deposit. A directional drilling methodology was employed in conjunction with Measurement-While-Drilling ("MWD") surveying technology to accurately determine the well path to its desired target location.

    Well materials, designed for commercial ISR production, were successfully installed as planned – providing a double-walled and fully-sealed piping system. Additionally, the outer casing of each CSW was successfully grouted in place with a single-stage cement application, providing a further seal between the CSW and outlying sandstone formation. The piping system installed for both CSWs is ISR mining solution ready and is expected to meet environmental and regulatory standards. A CSW is considered complete once the piping system has been installed and the outer casing grouted into position. Further details regarding the design of the CSWs are provided in Denison's news release dated September 19, 2019.

    Deployment of the MaxPERF Drilling Tool and Preliminary Hydrogeological Test Results

    Penetrators successfully deployed the MaxPERF Drilling Tool within CSW1 and completed a total of 28 lateral drill holes (penetration tunnels), with an approximate length of 72 inches (1.83 metres) and diameter of 0.7 inches (1.78 centimetres) each, within the ore zone from seven different elevations spaced 30 centimeters vertically apart. The penetration tunnels were completed in a variety of ore types associated with the Phoenix deposit, including a wide variety of uranium grades (massive to disseminated uraninite), clay contents, and rock competencies.

    Initial short-term hydrogeological injection testing was carried out both before, and after, the application of MaxPERF drilling in CSW1, to evaluate the relative differences of injection pressure, flow rate, permeability, and borehole connectivity with adjacent monitoring wells. The preliminary hydrogeological test results from CSW1 indicate that the ore zone was able to accept increased flow rates following the application of the MaxPERF drilling. Importantly, this result suggests that the penetration tunnels have successfully provided increased access to hydraulic connectivity associated with the existing permeability of the ore zone.

    Long-Duration Hydrogeological ISR Testing and Modelling

    The integration and evaluation of the hydrogeological data collected from the 2019 ISR Field Test is ongoing. Data collected, to date, includes the initial results from Test Area 1 and Test Area 2 (see Denison's press releases dated August 27, 2019, and September 19, 2019), and the initial short-duration test results from CSW1 (described in this press release). Additional hydrogeological data is expected from initial short-duration tests in CSW2 (both pre- and post-MaxPERF drilling), and from long-duration tests carried out in both CSW1 and CSW2. The long-duration tests are expected to allow for the simulation of fluid flow under conditions similar to an envisioned commercial production environment.

    These data sets, as outlined above, will be incorporated into the hydrogeological model being developed for Phoenix, which will facilitate detailed mine planning as part of a future Feasibility Study.

    The hydrogeological testing and modelling is being undertaken by Petrotek Corporation ("Petrotek") – specialists in the technical evaluation and field operation of subsurface fluid flow and injection projects, including significant ISR experience in various jurisdictions.

    About Wheeler River

    Wheeler River is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region, in northern Saskatchewan – including combined Indicated Mineral Resources of 132.1 million pounds U3O8 (1,809,000 tonnes at an average grade of 3.3% U3O8), plus combined Inferred Mineral Resources of 3.0 million pounds U3O8 (82,000 tonnes at an average grade of 1.7% U3O8). The project is host to the high-grade Phoenix and Gryphon uranium deposits, discovered by Denison in 2008 and 2014, respectively, and is a joint venture between Denison (90% and operator) and JCU (Canada) Exploration Company Limited (10%).

    A PFS was completed for Wheeler River in late 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, with a base case pre-tax NPV of $1.31 billion (8% discount rate), Internal Rate of Return ("IRR") of 38.7%, and initial 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% discount rate), IRR of 43.3%, initial pre-production capital expenditures of $322.5 million, and industry leading average operating costs of US$3.33/lb U3O8. The PFS is prepared on a project (100% ownership) and pre-tax basis, as each of the partners to the Wheeler River Joint Venture are subject to different tax and other obligations.

    Further details regarding the PFS, including additional scientific and technical information, as well as after-tax results attributable to Denison's ownership interest, are described in greater detail in the NI 43-101 Technical Report titled "Pre-feasibility Study for the Wheeler River Uranium Project, Saskatchewan, Canada" dated October 30, 2018 with an effective date of September 24, 2018. A copy of this report is available on Denison's website and under its profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.

    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 the Wheeler River project, Denison's Athabasca Basin exploration portfolio consists of numerous projects covering approximately 305,000 hectares. Denison's interests in the Athabasca Basin also include a 22.5% ownership interest in the McClean Lake joint venture ("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 66.51% interest in the J Zone and Huskie deposits 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.

    Follow Denison on Twitter @DenisonMinesCo

    Qualified Persons

    The hydrogeological results and interpretations thereof contained in this release were prepared by Mr. Errol Lawrence, PG (Senior Hydrogeologist), and Mr. Aaron Payne, PG (Senior Hydrogeologist) at Petrotek, independent Qualified Persons in accordance with the requirements of NI 43-101.

    The other technical information contained in this release has been reviewed and approved by Mr. Dale Verran, MSc, P.Geo, Pr.Sci.Nat., Denison's Vice President, Exploration, a Qualified Person in accordance with the requirements of NI 43-101.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation concerning the business, operations and financial performance and condition of Denison.

    Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', '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 news release contains forward-looking information pertaining to the following: the field test program (including drilling) and evaluation interpretations, activities, plans and objectives; the current and continued use and availability of third party technologies, such as MaxPERF, as applicable; the results of the PFS and expectations with respect thereto; development and expansion plans and objectives, including plans for a feasibility study; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners.

    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 such 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 results 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 12, 2019 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 news 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 news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.

    Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources and Probable Mineral Reserves: This news release may use the terms 'measured', 'indicated' and 'inferred' mineral resources. United States investors are advised that while such terms have been prepared in accordance with the definition standards on mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 Mineral Disclosure Standards ("NI 43-101") and are recognized and required by Canadian regulations, the United States Securities and Exchange Commission ("SEC") 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. The estimates of mineral reserves in this news release have been prepared in accordance with NI 43-101. The definition of probable mineral reserves used in NI 43-101 differs from the definition used by the SEC in the SEC's Industry Guide 7. Under the requirements of the SEC, mineralization may not be classified as a "reserve" unless the determination has been made, pursuant to a "final" feasibility study that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Denison has not prepared a feasibility study for the purposes of NI 43-101 or the requirements of the SEC. Accordingly, Denison's probable mineral reserves disclosure may not be comparable to information from U.S. companies subject to the reporting and disclosure requirements of the SEC.



    Figure 1. Phoenix Zone A plan view showing Test Areas delineated for ISR field testing. (Full Resolution)



    Figure 2. Plan map and long section showing Pump/Injection wells, Observation wells and CSW1 completed for ISR field testing in Test Area 1. (Full Resolution)



    Figure 3. Plan map showing Pump/Injection wells, Observation wells and CSW2 completed for ISR field testing in Test Area 2. (Full Resolution)

    SOURCE Denison Mines Corp.

    Share RecommendKeepReplyMark as Last ReadRead Replies (1)
    Previous 10 Next 10