Denison Mines Corp. Discovers High-Grade Uranium at Gryphon Deposit in Saskatchewan
- Denison Mines Corp. discovered high-grade mineralization at Gryphon, with drill hole WR-837AD2 revealing 2.3 meters at 1.69% eU3O8.
- The Gryphon deposit has an estimated Indicated Mineral Resource of 61.9 million pounds of U3O8, indicating strong economic potential.
- Denison plans to expand exploration efforts at Gryphon, aiming to define its potential as a key uranium production asset.
Gryphon Uranium Deposit: A Promising High-Grade Discovery for Denison Mines Corp
Denison Mines Corp. has made a noteworthy advancement in its exploration efforts with the recent discovery of high-grade mineralization at the Gryphon uranium deposit in Saskatchewan. The announcement, made on July 16, 2025, highlights the results from drill hole WR-837AD2, which uncovered 2.3 meters of mineralization with an impressive grade of 1.69% eU3O8. Notably, this includes a concentrated segment of 0.5 meters at 5.48% eU3O8, located approximately 40 meters beyond the previously established mineralized domain of the D1 lens. This development is a significant milestone in Denison's ongoing delineation drilling program aimed at enhancing resource confidence and comprehending the geological framework of the deposit.
The Gryphon deposit, first identified in 2014, boasts a substantial estimated Indicated Mineral Resource of 61.9 million pounds of U3O8, complemented by an additional 1.9 million pounds. The deposit's structure comprises 24 stacked lenses, indicating a robust economic potential. According to a Pre-Feasibility Study conducted in 2018, the projected after-tax net present value (NPV) stands at $864.2 million, with an impressive internal rate of return (IRR) of 37.6%. The recent drilling efforts validate the geological model of the deposit and suggest opportunities for further resource expansion, particularly within the D1 zone, which remains open for exploration. Denison's President and CEO, David Cates, emphasizes that this discovery underscores the Gryphon deposit's potential as a high-grade basement-hosted uranium resource, meriting further development and assessment.
In addition to the notable findings from WR-837AD2, other drill holes, such as WR-831D1D2, have also demonstrated the high-grade nature of the mineralization at Gryphon. These results contribute to the overall understanding of the deposit and its economic feasibility. As part of its strategic exploration, Denison focuses not only on confirming mineralization in the A-series lenses but also on identifying additional targets for expansion. The company plans to capitalize on these positive drill results by continuing its exploration efforts, aiming to further define the potential of the Gryphon deposit as a cornerstone of its uranium production strategy.
Denison Mines Corp. also recently filed a technical report in August 2023, which outlines the feasibility study results for in-situ recovery (ISR) mining of the high-grade Phoenix uranium deposit. This report, coupled with updates on the conventional underground mining costs for Gryphon, reflects the company's commitment to advancing its projects and optimizing its resource portfolio. As Denison continues to explore and evaluate its assets, these recent developments position the company favorably within the uranium mining sector, underscoring its potential for sustainable growth and value creation in the coming years.