Denison Mines Corp. announced on July 16, 2025, the discovery of additional high-grade mineralization at the Gryphon uranium deposit, part of its 95%-owned Wheeler River property. Drill hole WR-837AD2 intersected 2.3 meters at 1.69% eU3O8, including 0.5 meters at 5.48% eU3O8.
This new mineralization was found approximately 40 meters outside the previously estimated mineralized domain associated with the D1 lens and remains open down-plunge and along strike to the northeast for further expansion. The discovery was part of a successful delineation drill program conducted in the first half of 2025.
The Gryphon deposit is estimated to contain Indicated Mineral Resources of 61.9 million pounds U3O8 at an average grade of 1.7% U3O8. A 2023 cost update to the 2018 Pre-Feasibility Study for Gryphon outlined robust economics for an underground mining operation, with an estimated after-tax Net Present Value of $864.2 million and an Internal Rate of Return of 37.6%.
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