Denison Mines Corp. (DNN) began its 2026 winter exploration program at the newly formed Wheeler North Joint Venture in northern Saskatchewan, drilling 2,500 metres of diamond core at the Fox Lake Trail target as the first phase of a planned 7,500‑metre campaign that will cover the Fox Lake Trail, Fork, and Sphinx target areas.
The Wheeler North property spans 16,409 hectares and sits adjacent to Denison’s flagship Wheeler River project. Denison operates the joint venture and initially owns 49 % of the asset, with earn‑in rights that could raise its stake to 70 % in two phases, contingent on meeting exploration milestones and making cash payments to Skyharbour Resources.
This program is a key element of Denison’s strategy to broaden its footprint in the Athabasca Basin. By drilling near the Wheeler River project, the company can leverage existing regional infrastructure and potentially integrate new resources into its future production pipeline, creating operational synergies and cost efficiencies.
The exploration effort aims to identify high‑grade uranium resources that could support Denison’s long‑term production plans, particularly as the company moves forward with the Phoenix ISR mine at Wheeler River. Construction of the Phoenix mine is slated to begin in March 2026, with first production targeted for mid‑2028, and the new drilling could provide critical feedstock for that operation.
The Athabasca Basin remains the world’s premier source of high‑grade uranium, and Denison’s joint‑venture structure spreads exploration risk while preserving significant equity. This positions the company to capitalize on rising global demand for nuclear energy and to strengthen its competitive standing in the basin.
The launch of the winter drilling program signals Denison’s confidence in the region’s resource potential and its commitment to advancing exploration while preparing for the upcoming construction phase of its flagship project.
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