Previous mineral resource estimate at the deposit was in 2012, since then the company has completed 25 drill holes at Phoenix to convert inferred mineral resources to indicated, and extend higher grade portions.
Therefore, total indicated mineral resource estimate increased 34% to 70,200,000lbs U3O8 from 52,300,000 lbs U3O8, based on 166,400 tons of mineralization at an average grade of 19.13% U3O8.
Based on 8,600 tons of mineralization with an average grade of 5.80% U3O8, the total inferred mineral resource is now estimated to contain 1,100,000lbs U3O8.
The company used data accumulated from several surface diamond drilling campaigns from 2008 to 2014.
Wheeler River is situated between the McArthur River mine and Key Lake mill complex in the Athabasca Basin.
Denison operates and holds 60% interest in the project, while Cameco and JCU (Canada) Exploration hold 30% and 10% stakes respectively.
Currently, a 14,000m summer drilling program is underway at Wheeler River; two drills are assigned to extending high grade basement hosted mineralization discovered in March at the Gryphon zone.
To assist drill hole targeting in this prospective area, a 3D DC-resistivity survey will be carried out for the northern strike extension of the Phoenix trend.
