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
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date: June 3, 2024
Commission File Number: 001-33414
Denison Mines Corp.
(Name of
registrant)
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: June 3,
2024
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Amanda
Willett
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Vice
President Legal and Corporate Secretary
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FORM 6-K
EXHIBIT INDEX
Exhibit 99.1
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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 Completion of
Inaugural ISR Field Test Program
at Midwest
Toronto, ON – June 3,
2024. Denison Mines Corp. (“Denison”) (TSX: DML; NYSE American:
DNN) is pleased to announce it has completed the inaugural In-Situ
Recovery (“ISR”) field test program (the
“Program”) at Denison’s 25.17% owned Midwest
Uranium Project (“Midwest”). The Program involved
drilling 10 small diameter boreholes within the Midwest Main
deposit primarily undertaken to evaluate site-specific conditions
for ISR mining. A series of tests were successfully performed on
each borehole, creating an extensive database of geological,
hydrogeological, geotechnical, and metallurgical data and
validating certain key assumptions in the previously completed
internal conceptual mining study (the “Concept Study”)
evaluating the potential use of ISR mining at Midwest (see Press
Release dated April 12, 2023).
Denison
carried out the Program in collaboration with Orano Canada Inc.
(“Orano Canada”), as operator and owner of 74.83% of
the Midwest Joint Venture (“MWJV”). Midwest is located
approximately 25 kilometres, by existing roads, from the
Denison-Orano Canada owned McClean Lake Operation (see
Figure 1), which is currently processing ore for the Cigar
Lake mine under a toll milling agreement and has excess licensed
processing capacity. Orano Canada is part of the Orano Group, which
is recognized as a leading international operator in the field of
nuclear materials, with activities including uranium mining,
conversion, enrichment, and other fuel services.
David Cates, Denison’s President and Chief
Executive Officer, commented “Denison
would like to thank Orano Canada for its support and encouragement
of our joint efforts to evaluate the Midwest Main deposit for
potential future extraction via ISR mining. Orano has significant
global expertise in ISR mining and Denison brings industry
leadership in the advancement of ISR mining in the Athabasca Basin
region – allowing the joint venture to assemble a very strong
team to carry out and oversee this inaugural test
program.
The Program
achieved its planned objectives, and the results provide
preliminary validation that the Midwest Main deposit possesses the
characteristics necessary for an ISR operation. Accordingly,
further evaluation is warranted and, building on the Concept Study
and incorporating the data acquired in the test program, we are
proceeding with a Preliminary Economic Assessment
(“PEA”) for ISR mining. Midwest represents
Denison’s third project evaluated for potential ISR mining in
the Athabasca Basin.”
Highlights
from the Program include the following:
●
Confirmed Hydraulic
Conductivity: Pump and
injection tests validated hydraulic connectivity in the test wells
within the mineralized zone and achieved hydraulic conductivity
values (a measure of permeability) consistent with the Concept
Study. Sufficient permeability within the mineralized zone is a key
criterion for the successful deployment of the ISR mining
method.
●
Demonstrated the Effectiveness
of Permeability Enhancement: One method of permeability enhancement was
successfully deployed within two wells, demonstrating the
suitability of the method to the Midwest Main deposit. Efficiency
of permeability enhancement was verified by comparison of pre- and
post-permeability enhancement hydraulic
testing.
●
Metallurgical Samples Defined
and Collected for Leaching Characteristics: Core samples representative of the Midwest deposit
were collected during the Program for use in future metallurgical
tests to determine the leaching
characteristics.
2024 ISR Field Test Program
The
2024 ISR field test program was designed to validate various
deposit-specific characteristics of the Midwest Main deposit, and
to collect a database of geotechnical, hydrogeological, and
metallurgical data to further evaluate the ISR mining conditions
present at the deposit.
Ten
small-diameter test wells were installed within the Midwest Main
deposit during the Program – including a 4-well test pattern
(the “Test Pattern”) and 6 individual wells to test
specific areas of the deposit for various characteristics. The Test
Pattern included one injection well, one extraction well, a
recharge well, and a monitoring well outfitted with a multi-channel
vibrating wire piezometer. The six additional wells were drilled to
their target depths and, as applicable, outfitted with well screens
and/or pressure monitoring devices to facilitate hydrogeological
testing. All wells were decommissioned at conclusion of the Program
consistent with regulatory commitments. See Figures 2 and 3 for an
illustration of the well locations within the northeast portion of
the Midwest Main deposit.
Core
collected from the test wells within the mineralized zone is also
expected to be used to verify and update the current mineral
resource estimate for the deposit and support future wellfield
design and mineral processing assessments.
Successful Completion of Hydrogeologic Test Work
The
Program included the completion of various pump, injection, and
packer tests designed to assess the permeability of the Midwest
Main deposit.
The
test program measured pressure changes within the mineralized zone,
which provides evidence of the deposit’s hydraulic conditions
and is indicative of the potential for the movement of mining
solution in an ISR mining operation. Sufficient permeability within
the mineralized zone is a key criterion for the successful
deployment of the ISR mining method.
The
results from the hydrogeological testing at Midwest Main produced
hydraulic conductivity values that are consistent with those
assumed in the Concept Study.
Additional
supportive test work completed during the Program included
permeability and porosity tests conducted either downhole or on
mineralized drill core recovered during the test
program.
Demonstration of the Effectiveness of Permeability Enhancement
Method
One
method of permeability enhancement was successfully evaluated on
two test wells within the mineralized zone, with efficacy verified
by the comparison of pre- and post-permeability enhancement
hydraulic conductivity tests. Permeability enhancement has been
demonstrated to increase and normalize hydraulic conductivity in
the area proximal to the wellbore, allowing for increased contact
of injected fluids within the mineralized zone in order to maximize
uranium recoveries in an ISR mining environment.
Collection of Other Supporting Datasets
In
addition to the tests described above, data and samples were
collected from the drill core recovered from the test wells to
facilitate: (1) the assessment of matrix permeability, to inform an
initial model of the hydrogeological variations of the deposit; (2)
geotechnical evaluations; (3) sediment analysis using Standard
Penetration Test (“SPT”) for measuring mud depths and
the overburden below lake bottom; and (4) testing of compressive
and tensile strength for incorporation into future geotechnical
assessments.
About Midwest
Midwest is situated in the eastern portion of
the Athabasca Basin region in northern Saskatchewan. The
property is approximately one kilometre from the Points North
Landing airstrip and about 25 kilometres west, by existing
roads, from the McClean Lake Mill, which is jointly owned
by Denison (22.5%) and Orano Canada (77.5%). Access to
Midwest is by both road and air. Goods are transported to the site
by truck over an all-weather road connecting with the provincial
highway system. Air transportation is provided through the Points
North airstrip (See Figure 1).
Initial exploration work at Midwest began in 1966, and Denison
first became an owner of the project in 1987. In 2007, Orano Canada
completed an internal study evaluating the feasibility of mining
the Midwest Main deposit via open pit mining methods
with processing of the resulting ore at the McClean Lake Mill.
The MWJV subsequently advanced the project through the
environmental assessment process as an open pit mine and the
final version of the Midwest Project Environmental Impact Statement
was approved in September 2012.
The MWJV is currently evaluating the viability of a number of
potential options for the future development of the Midwest Main
deposit, including ISR. Even if a mining method is selected, any
future development by the MWJV will be subject to various review
and approval processes, including MWJV approval processes,
provincial and federal regulatory review, and
engagement.
About Denison
Denison is a uranium mining, exploration and development 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 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 have advanced
significantly, with licensing in progress and a draft Environmental
Impact Study submitted for regulatory and public review in October
2022.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake Joint Venture (“MLJV”),
which includes unmined uranium deposits (planned for extraction via
the MLJV's SABRE mining method starting 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 MWJV’s
Midwest Main and Midwest A deposits, and a 69.35% 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 additional
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 is celebrating 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 disclosure of scientific or technical information contained in
this release has been reviewed and approved, as applicable, by
Mr. Chad Sorba, P.Geo., Denison's Vice President, Technical
Services & Project Evaluation or Mr. Andrew Yackulic, P.
Geo., Denison's Vice President, Exploration, who are Qualified
Persons 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
‘potential’, ‘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’ or
‘be achieved’.
In particular, this news release contains forward-looking
information pertaining to the following: scope, objectives and
interpreted results of the ISR test program; future plans and
objectives for Midwest, including further studies, analysis and a
potential future resource estimate update and PEA; and expectations
regarding its joint venture ownership interests and the continuity
of its agreements with its partners and third parties.
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 plans for
Midwest are based may not be maintained after further work is
completed. In addition, Denison may decide or otherwise be required
to discontinue testing, evaluation and other work if it is unable
to maintain or otherwise secure the necessary resources (such as
testing facilities, capital funding, joint venture approvals,
regulatory approvals, etc.). 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, 2024 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: Midwest Site Location Map
Figure 2: Midwest Main Test Pattern and Well Locations - Plan
View
Figure 3: Midwest Main Test Pattern and Well Locations – Long
Section View
Denison Mines (AMEX:DNN)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Denison Mines (AMEX:DNN)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024