Vancouver — Winter drilling by joint-venture partners Areva Resources Canada, a subsidiary of French energy company Areva (ARVCF-O), and Denison Mines (DML-T, DMLCF-O) hit considerable intervals of high-grade uranium on the Mae zone at the Midwest project, situated on the eastern edge of Saskatchewan’s Athabasca basin.
Several high-grade intersections were encountered at Mae, including hole MW-749, which cut 14.7 metres (from 189.8 metres down-hole depth) grading 26.7% U3O8 equivalent (based on down-hole radiometric probing).
The Mae zone, located about 3 km along strike from the JV’s main Midwest deposit, is comprised of two linear-shaped pods with a total strike length of 275 metres and offset by about 50 metres. Mineralization is structurally controlled and occurs within basement rocks, at the unconformity and in the overlying sandstones.
Project operator Areva completed 40 holes on Mae as part of a delineation program leading to an upcoming resource estimate. The 3 km of ground between Mae and Midwest remains a significant exploration target for the partners.
Denison holds a 25.17% interest in Midwest.
The JV completed almost 17,000 metres of drilling in last winter’s program at the project and the McClean property, including the Wolly JV that surrounds it.
At the McClean mine, in which Denison holds 22.5%, the JV is in the planning phase to bring the McClean North mineralized pods to production.
Denison recently closed about $18 million in flow-through financing earmarked for exploration on its Athabasca uranium projects.
Additionally, the company has boosted its bid to acquire Australian-listed uranium explorer OmegaCorp (OMGCF-O, OMC-A). In what it now calls its “final offer,” Denison will pay A$1.15 per share for a total consideration of A$177.6 million ($166 million).
OmegaCorp holds a portfolio of advanced-stage uranium projects in Mozambique and Zambia, plus a heavy minerals sands project in Tanzania.
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