Denison Mines (DNN, DML.TO) has completed the summer drill program on its 60% owned Wheeler River uranium project a little while ago, and all assay results from the 64 drill holes have now been received and published as well.
The company described its summer exploration program as ‘a phenomenal season of drilling’ where ‘the definition drill program at Gryphon didn’t disappoint’. All results are now being used for an updated resource estimate at Gryphon, which should provide a nice boost to the total size of the Gryphon zone. An additional 141 holes have been drilled since the 2015 resource estimate which unveiled a 43 million pound uranium resource at an average grade of 2.3% uranium.
The average grade might decrease, but we’re confident Denison Mines will add quite a few pounds to the total resource and should be able to upgrade a portion of the inferred resource to a higher category. This will provide a good platform for the pre-feasibility study which is expected to be completed in 2018.