Denison Mines Corp. (TSX: DML) (NYSE: DNN) signed a Sustainable Communities Investment Agreement with the municipalities of a number of different communities in North Saskatchewan.
Announced on Wednesday, the agreement is with the Northern Village of Beauval, the Northern Village of Île-à-la Crosse, the Northern Hamlet of Jans Bay, and the Northern Hamlet of Cole Bay. The intent of the agreement is to acknowledge the municipalities and work together to develop a regional approach that includes social, economic and cultural revitalization.
Denison is actively focusing on developing its flagship Wheeler River project in a sustainable manner that supports community-led objectives and initiatives, helping communities seize development opportunities and create a positive legacy beyond the lifespan of the project.
The agreement commits to funding support for community development initiatives. The intent is to focus on contributing to the continual economic prosperity and sustainability of the communities.
This includes promoting economic development, investing in capital projects, creating jobs and providing training, as well as improving housing, education, and other initiatives.
Additionally, all parties recognize a goal of enabling businesses and workers to benefit from opportunities associated with the project.
“Each of our communities have limited pools of money to tap into and there is only so much tax revenue our communities can garner to tackle both the communities’ aging infrastructure as well as important community needs,” said Mayor Daigneault.
“By partnering with industry, our communities will be able to develop an additional fund that will grow over time and provide us with much needed financial support to see community projects become a reality.
The Northern City of Beauval. Image via Cameco Corporation.
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Communities agree to consent to and support the project
The Municipality of Beauval, known as “Beautiful Valley,” sits in Northern Saskatchewan by the Beaver River Valley. It offers world-class fishing for pickerel, trout, and northern pike. It has a rich history tied to the Hudson’s Bay Company’s Churchill River trade route, still explored today by canoe enthusiasts for its pristine nature and historical significance.
The Northern Village of Île-à-la Crosse is in north-central Saskatchewan on Lac Île-à-la Crosse. It’s the second oldest community in the region, founded in 1776. It has historical roots with the arrival of Roman Catholic Missionaries in 1846, who built the Chateau St. Jean Mission and a school. It’s notable as the birthplace of Louis Riel Sr. and for housing Rossignol Elementary School, designed by prominent Aboriginal architect Douglas Cardinal.
The Northern Hamlet of Jans Bay is located northwest in Saskatchewan by Canoe Lake’s southeast shore. It’s a friendly community near Beauval and close to Cole Bay and Canoe Narrows, surrounded by forests, lakes, and wildlife.
The Northern Hamlet of Cole Bay is 60 km west of Beauval. It’s situated on Canoe Lake’s southwest shore, at the junction of Highway 903 and 965. It shares close ties with Jans Bay and Canoe Narrows, nestled in a scenic area rich in natural beauty.
In exchange for contributions to the communities’ initiatives, the communities have consented to and supported the project.
They have also committed to backing all regulatory approvals issued for the project. This support encompasses activities related to exploration, evaluation, development, operation, reclamation, and closure.
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Phoenix and Gryphon deposits located where most historical exploration has been focused
Wheeler River has the claim to be the largest undeveloped uranium project in the eastern portion of the Athabasca Basin. The project hosts the high-grade Phoenix and Gryphon uranium deposits, which Denison discovered in 2008 and 2014 respectively. Denison owns and operates 90 per cent of both in a joint venture with JCU Exploration Company Limited.
Denison filed a technical report summarizing the findings from the feasibility study for the In-Situ Recovery mining at the Phoenix deposit. It also posted a cost update to the Pre-Feasibility Study performed in 2018 for the Gryphon uranium deposit.
The respective studies indicated that both deposits could theoretically compete with the lowest cost uranium mining operations in the world.
Both the Phoenix and Gryphon deposits are located in the East Rim portion of the basin. This has been site where most historic exploration and uranium production over the past 60 years has been focused. The deposits are in good company, with a large historical and present-day basis for successful uranium mining. They’re close to the MacArthur River and Millennium deposits mined by the Cameco Corporation (NYSE: CCJ) (TSX: CCO).
Earlier this year, ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF) identified identified three high-priority target areas and four primary structural corridors at the East Apex project. East Apex sits 33 kilometres from Cameco’s Key Lake mine. The North Target identified at East Apex yielded grab samples with radioactivity as high as 2,500 counts per second (cps).
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