The company has intersected 18.37% eU3O8 over 4.4m at WR-474 and 21.74% eU3O8 over 1.6m at WR-478 at the Phoenix deposits.

Updated mineral resource estimates for the deposits are expected to be prepared soon with drilling identifying new mineralization at Phoenix A in drill holes WR-446, containing 1.32% eU3O8 over 1.5m and WR-454 containing 0.43% U3O8 over 5.5m and 0.76% U3O8 over 5.0m.

About 58 holes across 27,263m were drilled at Wheeler River this year and a majority of the drill holes contained mineralization at the Phoenix A and B deposits.

Phoenix project is jointly owned by Denison, with a 60% stake while Cameco and JCU (Canada) Exploration own 30% and 10% stake, respectively.

Denison, which is the operator of at Phoenix, also owns 22.5% in the McClean Lake uranium mill in northern Saskatchewan.