Denison Mines announced a new drilling program at its Darby and Murphy Lake North joint‑venture sites, scheduled to begin before the end of January 2026. The program will use Denison’s 30 % stake to fund 2,500 m of drilling at Darby and 1,200 m at Murphy Lake North, targeting high‑grade sandstone and basement structures that have previously shown anomalous uranium content.
The Darby site lies 10 km west of Cameco’s Cigar Lake mine, while Murphy Lake North sits 2.7 km east of IsoEnergy’s Hurricane deposit. Both locations are within the Athabasca Basin, a region that hosts some of the world’s highest‑grade uranium deposits. By drilling these sites, Denison seeks to identify additional resources that could support future production or enhance the value of its existing assets.
This drilling program is the first new exploration activity announced for Denison’s joint‑venture projects in 2026, underscoring the company’s commitment to expanding its footprint in the Athabasca Basin. The program complements Denison’s broader portfolio, which includes the Wheeler River project and the Phoenix in‑situ recovery (ISR) mine that is approaching key regulatory milestones. The partnership with Cosa Resources, which holds the remaining 70 % interest, brings additional exploration expertise and capital to the effort.
Investors have reacted positively to Denison’s exploration strategy, driven in part by progress on the Phoenix ISR project and strategic collaborations such as the partnership with Skyharbour Resources. While the Darby and Murphy Lake North drilling announcement is a significant operational milestone, it is part of a larger suite of initiatives that reinforce Denison’s position as a leading uranium developer in the Athabasca Basin.
Camp construction is already underway at Darby, and drilling crews are expected to begin work in the coming weeks. The program’s focus on high‑grade targets aligns with Denison’s goal of uncovering resources that can accelerate the company’s path to production and enhance shareholder value.
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