Denison Mines begins Wheeler North 2026 exploration programme

Core Viewpoint - Denison Mines has initiated the 2026 winter exploration program at the Wheeler North joint venture, which includes a comprehensive 7,500m diamond drilling campaign targeting high-priority areas in Saskatchewan's Athabasca Basin [1][2]. Group 1: Exploration Program Details - The winter exploration program consists of approximately 2,500m of diamond drilling at the Fox Lake Trail target, marking the beginning of a larger drilling campaign [1]. - The Wheeler North property covers 16,409 hectares across eight claims and features multiple high-priority drill targets [2]. - Denison Mines is fully funding and managing the exploration effort as part of a strategic joint venture agreement with Skyharbour Resources [2]. Group 2: Ownership and Investment Structure - Skyharbour Resources holds a 51% ownership stake in the Wheeler North property, while Denison Mines holds 49% and operates the project [2]. - Denison has the option to increase its stake to 70% through a phased earn-in agreement, requiring an investment of C$10 million ($7.36 million) in exploration within 48 months [3]. - To achieve 60% ownership, Denison must invest C$10 million, including C$2.5 million within the first two years, and pay Skyharbour $1.5 million [3]. Group 3: Target Areas and Geological Insights - The Fox Lake Trail target features several parallel electromagnetic conductors, enhanced by recent ground geophysical surveys [4]. - The Fork Zone has been identified as a key focus due to its high-grade uranium mineralization potential, with a previously reported discovery hole encountering 3% triuranium octoxide over 0.5m [4]. - The Sphinx target also presents promising opportunities near Denison's Phoenix uranium deposit, contributing to the overall strategic value of the joint venture [5]. Group 4: Future Plans and Infrastructure - The joint ventures, including Wheeler North, are set to undergo more than 15,000m of diamond drilling throughout 2026, indicating a robust exploration strategy [5]. - The location of these ventures is strategically advantageous, being centrally located in the eastern Athabasca Basin and adjacent to significant infrastructure such as highways and power grids [5].