TORONTO, Feb. 26,
2024 /PRNewswire/ - Denison Mines
Corp. ("Denison") (TSX: DML) (NYSE American: DNN) is
pleased to announce that it has completed an acquisition
of fixed and mobile MaxPERF Tool Systems from Penetrators
Canada Inc. ("Penetrators"). Significantly, Penetrators has
also agreed to work exclusively with Denison with respect to the
use of the MaxPERF Tool Systems for uranium mining applications,
and related services, in Saskatchewan for a 10-year period. View PDF
Version
David Cates, Denison's President
& CEO, commented, "We are
pleased to enter into this
exclusive arrangement with Penetrators and
add the MaxPERF technology to Denison's in-house
ISR mining toolkit, which we believe will further enhance our
existing and significant competitive advantage in deploying the
low-cost In-Situ Recovery ('ISR') mining method to our high-grade
uranium deposits in the Athabasca
Basin."
Chad Sorba, Denison's Vice
President Technical Services & Project Evaluation,
added, "With Denison on
track to
operate the first ISR
uranium mine in the
Athabasca Basin
region, the
acquisition of
the MaxPERF Tool
Systems represents another
important step in
our preparations
for project execution and commercial ISR
mining. MaxPERF has historically been used in
the oil and gas sector and was identified by Denison as a
potentially useful tool for permeability enhancement to support ISR
mining. In 2023, Denison
completed a ground-breaking multi-year
technical de-risking program at the Company's
Phoenix deposit,
which rigorously assessed and successfully
applied the MaxPERF system to enhance deposit
permeability – including
its deployment as part of the highly successful
Feasibility Field Test program. Given the
demonstrated success of the technology, we look
forward to continuing to work together with the team at Penetrators
to use MaxPERF in this new commercial
application."
Dwayne West, President of
Penetrators, further commented, "Denison's ISR
uranium mining technique is an outstanding application for the
MaxPERF technology – permeability exposure that will be exploited
for both injectivity and productivity purposes. Penetrators is
very pleased with the relationship we have built with Denison and
this partnership is a positive next
step."
Permeability enhancement techniques, such as the use of the
MaxPERF tool, are designed to improve hydraulic responses and
inter-well connectivity within an ISR mining pattern,
essentially engineering additional access to the natural
permeability within the deposit. The MaxPERF tool has been
successfully deployed several times as a method of permeability
enhancement in ISR field studies conducted on the Company's
potential ISR mining projects, including at Denison's flagship
Phoenix uranium deposit.
About Denison
Denison is a uranium 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, a Feasibility Study was completed for Wheeler River's
Phoenix deposit as an ISR mining
operation, and an update to the previously prepared 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 have
advanced significantly, with licensing in progress and a draft
Environmental Impact Statement 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,
which owns several uranium deposits and the
McClean Lake uranium mill that is contracted to process the ore
from the Cigar Lake mine under a toll milling agreement, plus a
25.17% interest in the Midwest Main and Midwest A deposits and a
67.41% 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.
Through its 50% ownership of JCU (Canada) Exploration Company, Ltd
("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%).
Denison's exploration portfolio includes
further interests in properties covering ~285,000
hectares in the Athabasca Basin
region.
About
Penetrators
Penetrators is a privately owned, oil & gas industry
service company, incorporated in Alberta in 1990 and is headquartered in
Red Deer, Alberta.
Penetrators has developed the MaxPERF Drilling Tool
technology – a hydraulically actuated, mechanical tool designed to
mill wellbore casing and drill lateral tunnels into a formation
pay-zone of interest, from an existing wellbore. The MaxPERF method
of removing formation material through a rotary drilling technique
offers production companies a unique ability to expose the
pay-zone's permeability & porosity,
thus providing unparalleled exposure to the
pay-zone compared to other conventional industry
techniques.
For further information regarding Penetrators, please
contact Dwayne West
at (403) 346-7474 or visit the
company's website at maxperf.ca.
Qualified Persons
The technical information contained in this release has been
reviewed and approved by Mr. Chad
Sorba, P.Geo, Denison's Vice President Technical Services
& Project Evaluation, a Qualified Person in accordance with the
requirements of Canadian National Instrument 43-101 Mineral
Disclosure Standards.
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: the anticipated services Penetrators may provide
and the objectives to be achieved with the MaxPERF acquisition; and
Denison's percentage interest in its properties and its plans and
agreements with its joint venture partners.
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, performance or
achievements of Denison to be materially different from those
expressed or implied by forward-looking statements. 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 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 27, 2023 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 press 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 press release. 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 Denison's expectations except as
otherwise required by applicable legislation.
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SOURCE Denison Mines Corp.