Denison Mines, which runs an extensive portfolio of uranium E&D projects throughout Canada, as well as some exciting opportunities in Mongolia (85% interest, ISR, NI 43-101 shows 13.8k lbs. U3O8 Indicated at just one of the sites, with over 5k lbs. historical production at the other) and Zambia (100%-owned, heap leachable, NI 43-101 shows 2k lbs. U3O8 Measured and 5.8k lbs. Indicated), reported inking another key earn-in deal today on their vast Canadian footprint, as noted uranium developer, Strateco Resources Inc., has signed an option agreement to earn up to 60% interest in the company's massive 111.87k-acre Jasper Lake property in Saskatchewan's eastern Athabasca Basin.
The Jasper Lake property is a bundle of 18 mineral claims stretching along the Athabasca's eastern margin and is comprised of the company's Ahenakew Lake (PDF), Jasper Lake (PDF), Minor Bay, and North Wedge sites, with the center being roughly 24.8 miles east of the world's second largest high-grade uranium deposit, Cameco Corporation's Cigar Lake uranium mine (and 13.6 miles west of the eastern edge of the Athabasca Basin). Much of the Jasper Lake property is readily accessible via Highway 905 and the thin sandstone cover here (ranging from zero to around 800 feet in the thickest parts) makes recovery of the basement-hosted uranium extremely attractive.
Strateco stands to earn as much as 49% via a CAD$1M up-front payment and CAD$4M in exploration outlays by Dec 31 of 2016, with the additional 11% coming from a subsequent CAD$2M payment and another CAD$8M in exploration costs incurred as of the same date in 2019 (Strateco will be the operator). This is a beautiful way for DNN to develop Jasper Lake and with 1.474M-acres in 45 projects across the eastern Athabasca, including the high-grade Phoenix deposits at their 60%-owned Wheeler River site (within 22 miles of both the Key Lake mine/mill complex and the producing McArthur River Mine, with the haul road between the two hitting the property's eastern edge), Denison continues to grow as a serious regional uranium player. Denison also engages in mine decommissioning and environmental services via their DES (Denison Environmental Services) division, as well as managing the uranium oxide and uranium hexafluoride investment holding company, Uranium Participation Corp.
President and CEO of DNN, Ron Hochstein, hailed this partnership with up-and-comer Strateco warmly and noted the impressive track record of uranium E&D successes by Strateco thus far in Canada, citing the strength of their management and technical teams as a primary driver behind that success. DNN is clearly looking forward to a symbiotic relationship with Strateco at Jasper Lake that will rapidly advance this project to fruition and markets can now look forward to more news on this particular project in the near future.
More info on Denison Mines Corp. is available at DenisonMines.com
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