pr-20250721mccleanlakesou
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Denison Mines
Corp.
1100
– 40 University Ave
Toronto, ON
M5J 1T1
www.denisonmines.com
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PRESS
RELEASE
Denison Announces Additional High-Grade
Uranium Mineralization Discovered at McClean South
Toronto, On – July 21, 2025. Denison
Mines Corp. (“Denison” or the
“Company”) (DML:TSX, DNN: NYSE American) is pleased to
announce that several significant new intercepts of shallow
high-grade uranium mineralization have been discovered at the
McClean South zone (“McClean South”), which is part of
the Company’s 22.5%-owned McClean Lake Joint Venture
(“McClean Lake” or “MLJV”) in northern
Saskatchewan (see Figure 1).
Orano
Canada Inc. (“Orano Canada”), the 77.5% owner and
operator of the MLJV, completed a 6,400-metre exploration drilling
program at McClean South during the first half of 2025. The drill
program was highlighted by multiple notable high-grade
intersections at the 8C mineralized pod:
●
MCS-77 intersected 7.51% eU3O8
over 5.4
metres from 165.7 to 171.1
metres (including 10.88% eU3O8
over 3.7 metres),
●
MCS-80 intersected 3.5% eU3O8
over 11.2
metres from 156.7 to 167.9
metres (including 5.81% eU3O8
over 6.5 metres),
and
●
MCS-84 intersected 1.72% eU3O8
over 20.6
metres from 150.6 to 170.7
metres (including 4.43% eU3O8
over 4.0 metres)
In
total, fourteen of twenty-four completed drill holes from the
program encountered significant intercepts of uranium
mineralization and the results are interpreted to have confirmed
and expanded the mineralized footprint of the 8C and 8W pods (see
Figure 2 and 3).
McClean
South is located approximately 600 metres to the south of the
McClean North deposit, where the MLJV recently commenced commercial
mining using the joint venture’s patented SABRE mining
method.
Chad Sorba, P.Geo., Denison’s Vice President
of Technical Services and Project Evaluation, commented
“Earlier
this year, in its effort to follow up on the discovery of the 8C
pod at McClean South since the last drill program in 2022, Orano
Canada carried out a successful exploration program that returned
several meaningful additional high-grade intercepts, which are
interpreted to have expanded the mineralized footprint of the 8C
and 8W pods.”
David Cates, Denison’s President & CEO,
added “We
congratulate and thank Orano Canada for its efforts to successfully
advance the delineation and expansion of the high-grade
mineralization at McClean South. With the nearby McClean North
deposit recently entering production using the joint
venture’s SABRE mining method and Denison having made
significant advancements in the de-risking of the In-Situ Recovery
(‘ISR’) mining method in recent years, there is great
potential for the MLJV to advance McClean South to potentially
emerge as an economic new source of future feed to the McClean Lake
mill.”
2025 McClean South Exploration Highlights
The
objective of the exploration program at McClean South was to expand
the existing footprint of high-grade mineralization with a focus on
further assessing the 8C and 8W Pods.
With uranium mineralization measuring greater than
0.05% eU (0.06% eU3O8)
intersected in 14 of 24 drill holes completed during the program,
the results successfully expanded the footprint of the 8W and 8C
pods and confirmed the continuity of
mineralization.
Results
from the 8W pod were highlighted by the following:
●
MCS-61 and MCS-64
confirmed mineralization in the
sandstone near surface
along the western edge of the 8W pod.
MCS-61 intersected 0.15% eU3O8
over 2.2 metres from 40.3 to 42.5
metres and MCS-64 intersected 0.21% eU3O8
over 1.2 metres from 57.6 to 58.8
metres.
The
results of the holes discussed above and the balance of the
mineralized intersections from the 2025 drill program are
summarized in Table 1 below.
Table 1 – 2025 McClean Lake Exploration Drilling –
Mineralized Intersections
|
Drill Hole
|
Target area
|
Orientation (azi/dip)
|
From (m)
|
To (m)
|
Length (m)(1)
|
% eU3O8(2)
|
|
MCS-61
|
8W
|
345°/-75°
|
40.3
|
42.5
|
2.2
|
0.15
|
|
MCS-62
|
8C
|
345°/-77°
|
173.9
|
176.9
|
3.0
|
0.52
|
|
including
|
-
|
-
|
175.6
|
176.0
|
0.4
|
1.71
|
|
MCS-63
|
8W
|
330°/-75°
|
174.3
|
175.6
|
1.3
|
0.31
|
|
MCS-64
|
8W
|
330°/-75°
|
57.6
|
58.8
|
1.2
|
0.21
|
|
MCS-67A
|
8C
|
340°/-70°
|
172.0
|
174.9
|
2.9
|
0.28
|
|
MCS-67A
|
-
|
-
|
175.9
|
183.2
|
7.3
|
0.29
|
|
MCS-67A
|
-
|
-
|
183.7
|
187.3
|
3.6
|
0.62
|
|
including
|
-
|
-
|
185.6
|
186.8
|
1.2
|
1.58
|
|
MCS-71
|
8C
|
348°/-80°
|
168.5
|
169.7
|
1.2
|
0.18
|
|
MCS-74
|
8C
|
345°/-80°
|
153.8
|
156.3
|
2.5
|
0.14
|
|
MCS-74
|
8C
|
-
|
157.2
|
164.7
|
7.5
|
0.24
|
|
MCS-74
|
8C
|
-
|
165.7
|
168.5
|
2.8
|
0.31
|
|
MCS-76
|
8C
|
349°/-80°
|
173.8
|
175.2
|
1.4
|
0.15
|
|
MCS-77
|
8C
|
345°/-80°
|
165.7
|
171.1
|
5.4
|
7.51
|
|
including
|
-
|
-
|
166.5
|
170.2
|
3.7
|
10.88
|
|
MCS-78
|
8C
|
345°/-83°
|
164.4
|
166.4
|
2.0
|
0.41
|
|
including
|
-
|
-
|
165.5
|
166.0
|
0.5
|
1.08
|
|
MCS-79
|
8C
|
345°/-78°
|
164.2
|
170.1
|
5.9
|
0.75
|
|
including
|
-
|
-
|
167.2
|
168.8
|
1.6
|
1.51
|
|
MCS-80
|
8C
|
346°/-80°
|
156.7
|
167.9
|
11.2
|
3.50
|
|
including
|
-
|
-
|
158.6
|
165.1
|
6.5
|
5.81
|
|
MCS-81
|
8C
|
345°/-77°
|
168.2
|
169.8
|
1.6
|
0.32
|
|
MCS-84
|
8C
|
345°/-90°
|
150.1
|
170.7
|
20.6
|
1.72
|
|
including
|
-
|
-
|
153.9
|
157.9
|
4.0
|
2.70
|
|
including
|
-
|
-
|
166.0
|
170.0
|
4.0
|
4.43
|
Notes:
(1) Lengths
indicated represent the down-hole length of mineralized
intersections;
(2) Interval is
composited above a cut-off grade of 0.05% eU, which corresponds to
0.06% eU3O8
Radiometric Equivalent Grades, Sampling, Analysis and Data
Verification
Following the completion of a drill hole, the hole
is radiometrically logged using a downhole slimline gamma probe,
which collects continuous readings of radioactivity along the
length of the drill hole. Probe results are then calibrated using
an algorithm calculated from the comparison of probe results
against geochemical analyses in the area. The gamma-log results
provide an immediate radiometric equivalent uranium value (eU%,
then converted to eU3O8%)
for the hole, which, except in very high-grade zones, is reasonably
accurate. The Company typically reports eU3O8,
as a preliminary result and subsequently reports definitive assay
grades following sampling and chemical analysis of the mineralized
drill core. Assay sample intervals are generally 50 centimetres
long, except where higher or lower grade mineralization boundaries
fall within the interval. In that case, two 25-centimetre samples
are collected. Flank samples of 1.0 metre are collected where
mineralization is located. Systematic geochemistry samples are
collected every 10 metres down the hole. All assayed core is split
in half, with one half retained and the other sent to the SRC
Geoanalytical Laboratory in Saskatoon for analysis. Control samples
are routinely assayed with each batch of core samples
analyzed.
About McClean South 8C, 8E and 8W Pods
The McClean South trend is located parallel to and approximately
600 metres south of the McClean North trend in the southwestern
portion of the property (see Figure 1). The McClean South zone has
been the subject of historic exploration drilling, resulting in the
discovery and subsequent delineation of the 8W, 8C, and 8E pods,
which are situated along a N70° to 80° trend near the
McClean Lake granitic dome to the south (see Figure 2 and
3).
Mineralization within the 8W, 8C and 8E pods is currently
understood to be primarily hosted within the sandstone; however, it
has been locally encountered within the basement of the 8W and 8C
pods. The mineralization within the sandstone can extend upwards of
50 meters above the unconformity and has been identified near
surface at the western edge of the 8W pod.
No current resource estimate, prepared in accordance with NI
43-101, exists for the mineralization identified to date at the
McClean South pods.
About McClean Lake
The McClean Lake property is located on the eastern edge of the
Athabasca Basin in northern Saskatchewan, approximately 750
kilometres north of Saskatoon. Denison holds a 22.5% ownership
interest in the MLJV and the McClean Lake uranium mill, one of the
world’s largest uranium processing facilities. The mill has
licensed annual production capacity of 24.0 million pounds
U3O8 and is currently
operating under a 10-year license expiring in 2027. The mill is
contracted to process the ore from the Cigar Lake mine under a toll
milling agreement (up to 18.0 million pounds U3O8 per year). The
MLJV is an unincorporated contractual arrangement between Orano
Canada with a 77.5% interest and Denison with a 22.5% interest.
Orano Canada is the operator of the project.
McClean Lake consists of nine known uranium deposits: JEB; Sue A,
B, C, D, E and F; McClean North; and McClean South. In 1995, the
development of the McClean Lake project began. Mill construction
commenced in 1995, and ore processing activities reached commercial
production in November 1999. Mining operations commenced in 1996,
and the following deposits have been mined out to date: JEB (1996
to 1997), Sue C (1997 to 2002), Sue A (2005 to 2006), Sue E (2005
to 2008) and Sue B (2007 to 2008). Production from the McClean
North deposit, using the MLJV’s patented SABRE mining method,
commenced in 2025.
About Denison
Denison is a leading uranium mining, development, and exploration
company with interests focused in the Athabasca Basin region of
northern Saskatchewan, Canada. Denison has an effective 95%
interest in its flagship Wheeler River Uranium Project, which is
the largest undeveloped uranium project in the infrastructure rich
eastern portion of the Athabasca Basin region of northern
Saskatchewan. In mid-2023, the Phoenix feasibility study was
completed for the Phoenix deposit as an ISR mining operation, and
an update to the previously prepared 2018 Pre-Feasibility Study
('PFS') was completed for Wheeler River's Gryphon deposit as a
conventional underground mining operation. Based on the respective
studies, both deposits have the potential to be competitive with
the lowest cost uranium mining operations in the world. Permitting
efforts for the planned Phoenix ISR operation commenced in 2019 and
several notable milestones were achieved in 2024 with the
submission of federal licensing documents and the acceptance of the
final form of the project's Environmental Impact Statement by the
Province of Saskatchewan and the Canadian Nuclear Safety
Commission.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the MLJV, which includes unmined uranium deposits (with
mining at the McClean North deposit via the MLJV's SABRE mining
method having commenced in 2025) and the McClean Lake uranium mill
(currently utilizing a portion of its licensed capacity to process
the ore from the Cigar Lake mine under a toll milling agreement),
plus a 25.17% interest in the Midwest Joint Venture Midwest Main
and Midwest A deposits, and a 70.55% interest in the Tthe Heldeth
Túé ('THT') and Huskie deposits on the Waterbury Lake
Property. The Midwest Main, Midwest A, THT and Huskie deposits are
located within 20 kilometres of the McClean Lake mill. Taken
together, Denison has direct ownership interests in properties
covering ~384,000 hectares in the Athabasca Basin
region.
Additionally, through its 50% ownership of JCU (Canada) Exploration
Company, Limited ('JCU'), Denison holds interests in various
uranium project joint ventures in Canada, including the Millennium
project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118) and
Christie Lake (JCU, 34.4508%).
In 2024, Denison celebrated its 70th year in uranium mining,
exploration, and development, which began in 1954 with Denison's
first acquisition of mining claims in the Elliot Lake region of
northern Ontario.
For more information, please contact
David
Cates (416) 979-1991 ext. 362
President and
Chief Executive Officer
Geoff
Smith (416) 979-1991 ext. 358
Vice President
Corporate Development & Commercial
Follow Denison on
X (formerly Twitter) @DenisonMinesCo
Qualified Persons
The technical information contained in this press release has been
reviewed and approved by Chad Sorba, P.Geo., Denison’s Vice
President Technical Services & Project Evaluation, who is 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 interpretation of
exploration results and expectations with respect thereto,
including the interpretation of the results from the McClean Lake
JV exploration program undertaken by Orano Canada, underlying
assumptions and the McClean Lake JV’s intentions with respect
thereto; exploration plans and objectives; plans and objectives for
ISR and SABRE mining by Denison and/or Orano Canada; and
expectations regarding its joint venture ownership interests and
the continuity of its agreements with its partners and third
parties. 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 such forward-looking statements. For
example, the modelling and assumptions upon which the
interpretation of results are based may not be maintained after
further testing or be representative of actual conditions. 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 28, 2025 or subsequent quarterly financial reports 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.
Figure 1 – McClean Lake Project Claims
Figure 2 – McClean Lake South 8C and 8E Pod – 2025
Drilling
Figure 3 – McClean Lake South 8W Pod – 2025
Drilling
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