Form 6-K DENISON MINES CORP. For: Sep 22
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
Date: September 22, 2016
Commission File Number: 001-33414
Denison Mines Corp.
(Translation of registrant’s name into
English)
1100-40 University Avenue, Toronto Ontario, M5J 1T1
Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form
40-F.
Form
20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1): ☐
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7): ☐
Signatures
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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Denison Mines Corp.
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/s/ Amanda Willett
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Date:
September 22, 2016
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Amanda
Willett
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Corporate Counsel and Corporate Secretary
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EXHIBIT
INDEX
Exhibit Number
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Description
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99.1
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Press
release dated September 22, 2016
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Denison
Mines Corp.
1100
– 40 University Ave
Toronto,
ON M5J 1T1
www.denisonmines.com
@DenisonMinesCo
PRESS RELEASE
DENISON
EXPANDS HIGH-GRADE MINERALIZATION OF GRYPHON
DEPOSIT
AS DRILLING CONTINUES AT WHEELER RIVER
Toronto, ON – September 22, 2016 Denison Mines Corp.
(“Denison” or the “Company”) (DML: TSX,
DNN: NYSE MKT) is pleased to report the expansion of the high-grade
A and B series lenses both down-dip and up-dip on the southwestern
portion of the Gryphon deposit, located on the Company’s 60%
owned Wheeler River project in the infrastructure rich eastern
portion of the Athabasca Basin region in northern Saskatchewan. A
further four exploration drill holes have been completed at the
Gryphon deposit, with each hole returning significant uranium
intersections outside of the existing mineralized extent of the
current mineral resources estimated for the Gryphon
deposit.
Two of
the exploration drill holes, located on 50 metre spaced sections
and drilled approximately 50 metres down-dip from the previously delineated
A and B series lenses, returned high-grade mineralization as
follows:
Drill
Hole WR-602D1
●
1.2% eU3O8 over 11.4 metres
(from 692.7 to 704.1 metres), including
o
3.8% eU3O8 over 1.0 metres
(from 693.2 to 694.2 metres), and
o
4.6% eU3O8 over 1.7 metres
(from 699.4 to 701.1 metres)
Drill
Hole WR-674
●
2.5% eU3O8 over 4.4 metres
(from 744.8 to 749.2 metres), including
o
3.2% eU3O8 over 3.4 metres
(from 745.5 to 748.9 metres)
Two
additional exploration drill holes, located on 75 metre spaced
sections and drilled approximately 50 metres up-dip from the previously delineated A
and B series lenses, returned results as follows:
Drill
Hole WR-673
●
1.1% eU3O8 over 1.0 metres
(from 627.6 to 628.6 metres), and
●
0.27%
eU3O8
over 10.8 metres (from 642.05 to 652.85 metres)
Drill
Hole WR-675
●
1.36%
eU3O8
over 1.0 metres (from 607.9 to 608.9 metres)
The
abovementioned results are reported as radiometric equivalent
U3O8
(“eU3O8”) from a
calibrated total gamma down-hole probe. Radiometric equivalent
U3O8 results are
preliminary in nature and all mineralized intervals will be sampled
and submitted for chemical U3O8 assay. The holes
were drilled at a high angle to mineralization to allow for better
evaluation of true thicknesses which are expected to be
approximately 75% of the intersection lengths.
Dale
Verran, VP Exploration of Denison commented, “The mineralized footprint around
Gryphon continues to grow with ongoing drilling. As the summer 2016
drilling program wraps-up over the next couple of weeks, we are in
the fortunate position of having the Gryphon deposit open in
numerous areas with exciting future targets and encouraging
potential for resource growth. As drill results come in from the
summer program, our exploration team continues to plan for 2017,
which is set to be another exciting year with the drill bit at a
project that keeps delivering new and meaningful
mineralization.”
The
Gryphon deposit is hosted in basement rock and is currently
estimated to contain inferred resources of 43.0 million pounds
U3O8 (above a cut-off
grade of 0.2% U3O8) based on 834,000
tonnes of mineralization at an average grade of 2.3% U3O8. The current
resource estimate, with an effective date of September
25th,
2015, includes the A, B and C series lenses defined from drilling
campaigns in 2014 and 2015.
Exploration
drilling at Wheeler River during 2016, which has focused on
expanding the mineralization in the vicinity of the Gryphon
deposit, has resulted in the discovery and expansion of the Gryphon
D series lenses (see Denison’s Press Release dated September
7, 2016) and the discovery of additional uranium mineralization
down-dip and up-dip of the A and B series lenses reported herein.
Table 1 provides highlight mineralized intersections from
exploration drill holes WR-602D1, WR-673, WR-674 and
WR-675.
Table 1: Highlight mineralized intersections from
exploration drill holes WR-602D1, WR-673, WR-674 and
WR-675
Section
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Drill Hole
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From (m)
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To (m)
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Length (m)5
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eU3O8
(%)1,2
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4900 GP
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WR-602D13
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692.7
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704.1
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11.4
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1.2
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(including)5
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693.2
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694.2
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1.0
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3.8
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(including)5
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699.4
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701.1
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1.7
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4.6
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4925 GP
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WR-6733
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627.2
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631.0
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3.8
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0.36
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(including)5
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627.6
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628.6
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1.0
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1.1
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(and)3
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634.2
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652.9
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18.7
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0.18
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(including)4
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642.05
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652.85
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10.8
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0.27
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4950 GP
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WR-6743
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691.8
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692.8
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1.0
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0.13
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(and)3
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740.9
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742.2
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1.3
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0.65
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(and)3
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744.8
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749.2
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4.4
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2.5
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(including)5
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745.5
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748.9
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3.4
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3.2
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5000 GP
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WR-6755
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607.9
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608.9
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1.0
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1.36
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(and)3
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613.4
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614.6
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1.2
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0.14
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Notes:
1.
eU3O8 is
radiometric equivalent U3O8 from a calibrated
total gamma down-hole probe. eU3O8 results are
preliminary in nature and all mineralized intervals will be sampled
and submitted for chemical U3O8
assay.
2.
Composites are
compiled using 1.0 metre minimum ore thickness and 2.0 metres
maximum waste
3.
Intersection
interval is composited above a cut-off grade of 0.05%
eU3O8.
4.
Intersection
interval is composited above a cut-off grade of 0.1% eU3O8.
5.
Intersection
interval is composited above a cut-off grade of 1% eU3O8.
6.
As the drill holes
are oriented steeply toward the northwest and the basement
mineralization is interpreted to dip moderately to the southeast,
the true thickness of the mineralization is expected to be
approximately 75% of the intersection lengths
Illustrative Figures & Further Details
A
property location and basement geology map is provided in Figure 1.
A plan map of the northeast plunging Gryphon deposit mineralized
lenses, projected up to the simplified basement geology at the
sub-Athabasca unconformity, is provided in Figure 2. The plan map
shows the location of the D series lenses interpreted from winter
2016 drilling results, the previously reported summer mineralized
intercepts as yellow stars (see Denison’s Press Release dated
September 7, 2016) and the location of intersections from the A and
B series lenses reported herein as light blue stars.
Further
details regarding the Gryphon deposit and the current mineral
resource estimates are provided in the NI 43-101 Technical Report
for the Wheeler River project titled “Preliminary Economic
Assessment for the Wheeler River Uranium Project, Saskatchewan,
Canada" dated April 8, 2016 with an effective date of March 31,
2016. A copy of this report is available on Denison’s website
and under its profile on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov/edgar.shtml.
Qualified Persons
The disclosure of a scientific or technical nature contained in
this news release was prepared by Dale Verran, MSc, Pr.Sci.Nat.,
Denison's Vice President, Exploration, who is a Qualified Person in
accordance with the requirements of NI 43-101. For a description of
the assay procedures and the quality assurance program and quality
control measures applied by Denison, please see Denison's Annual
Information Form dated March 24, 2016 filed under the Company's
profile on SEDAR (www.sedar.com).
About Wheeler River
The Wheeler River property is a joint venture between Denison (60%
and operator), Cameco Corp. (30%), and JCU (Canada) Exploration
Company Limited (10%), and is host to the high-grade Gryphon and
Phoenix uranium deposits discovered by Denison in 2014 and 2008,
respectively. The Gryphon deposit is hosted in basement rock and is
currently estimated to contain inferred resources of 43.0 million
pounds U3O8 (above a cut-off grade of 0.2%
U3O8) based on 834,000 tonnes of
mineralization at an average grade of 2.3% U3O8.
The Phoenix unconformity deposit is located approximately 3
kilometres to the southeast of Gryphon and is estimated to include
indicated resources of 70.2 million pounds U3O8
(above a cut-off grade of 0.8% U3O8)
based on 166,000 tonnes of mineralization at an average grade of
19.1% U3O8, and is the highest grade undeveloped
uranium deposit in the world.
On April 4th, 2016, Denison announced the results of a Preliminary
Economic Assessment (“PEA”) for the Wheeler River
Project, which considers the potential economic merit of
co-developing the high-grade Gryphon and Phoenix deposits as a
single underground mining operation. The PEA returned a base case
pre-tax Internal Rate of Return ("IRR") of 20.4% based on the
current long term contract price of uranium (US$44.00 per pound
U3O8), and Denison's
share of estimated initial capital expenditures ("CAPEX") of
CAD$336M (CAD$560M on 100% ownership basis). Exploration results
from the winter and summer 2016 drilling program have not been
incorporated into the resource estimate or the PEA. The PEA is
preliminary in nature and includes inferred mineral resources that
are considered too speculative geologically to have the economic
considerations applied to them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic
assessment will be realized. Mineral resources are not mineral
reserves and do not have demonstrated economic viability. On
July 19th, 2016 Denison announced the initiation of a
Pre-Feasibility Study ("PFS") for the Wheeler River property and
the complimentary commencement of an infill drilling program at the
Gryphon deposit to bring the inferred resources to an indicated
level of confidence.
About
Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin region of northern
Saskatchewan. Including its 60% owned Wheeler River project, which
hosts the high grade Phoenix and Gryphon uranium deposits,
Denison's exploration portfolio consists of numerous projects
covering over 350,000 hectares in the infrastructure rich eastern
Athabasca Basin. Denison's interests in Saskatchewan also include a
22.5% ownership interest in the McClean Lake joint venture, which
includes several uranium deposits and the McClean Lake uranium
mill, which is currently processing ore from the Cigar Lake mine
under a toll milling agreement, plus a 25.17% interest in the
Midwest deposit and a 63.01% interest in the J Zone deposit on the
Waterbury Lake property. Both the Midwest and J Zone deposits are
located within 20 kilometres of the McClean Lake mill.
Denison is also engaged in mine decommissioning and environmental
services through its Denison Environmental Services division and is
the manager of Uranium Participation Corp., a publicly traded
company which invests in uranium oxide and uranium
hexafluoride.
For more information, please contact
David
Cates
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(416) 979-1991 ext.
362
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President and Chief
Executive Officer
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Sophia
Shane
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(604)
689-7842
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Investor
Relations
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Follow Denison on
Twitter
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@DenisonMinesCo
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Cautionary
Statement Regarding Forward-Looking Statements
Certain information contained in this press release constitutes
“forward-looking information”, within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and similar 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 press release contains forward-looking information
pertaining to the following: exploration
(including drilling) and evaluation activities, plans and
objectives; potential mineralization of drill targets; the
estimates of Denison's mineral resources and the results of its
PEA.
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. Denison
believes that the expectations reflected in this forward-looking
information are reasonable but there can be no assurance that such
statements will prove to be accurate and 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 “Risk
Factors” in Denison’s Annual Information Form dated
March 24, 2016 available under its profile at www.sedar.com
and in its Form 40-F available
at www.sec.gov/edgar.shtml.
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 press release is expressly qualified by this
cautionary statement. Denison does not undertake any obligation to
publicly update or revise any forward-looking information after the
date of this press release to conform such information to actual
results or to changes in its expectations except as otherwise
required by applicable legislation.
Cautionary Note to United States
Investors Concerning Estimates of Measured, Indicated and Inferred
Mineral Resources: This press release may use the terms
“measured”, “indicated” and
“inferred” mineral resources. United States investors
are advised that while such terms are recognized and required by
Canadian regulations, the United States Securities and Exchange
Commission does not recognize them. “Inferred mineral
resources” have a great amount of uncertainty as to their
existence, and as to their economic and legal feasibility. It
cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of inferred mineral resources may not form the
basis of feasibility or other economic studies. United States
investors are cautioned not to assume that all or any part of
measured or indicated mineral resources will ever be converted into
mineral reserves. United States investors are also cautioned not to
assume that all or any part of an inferred mineral resource exists,
or is economically or legally mineable.
Figure 1: Wheeler River property location and basement
geology
Figure 2: Plan map of the northeast plunging Gryphon mineralized
lenses projected up to the simplified basement geology at
the
sub-Athabasca
unconformity. Light blue stars depict the location of new
mineralized intersections from the A and B series
lenses.
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