- Denison Mines (DNN, Financial) discovers high-grade uranium mineralization extending 40 meters beyond previous estimates at Gryphon.
- The Gryphon deposit shows robust project economics with a $864.2 million after-tax NPV and a 37.6% IRR.
- Gryphon is positioned as a low-cost uranium operation with cash operating costs of USD $12.75/lb U3O8.
Denison Mines Corp. (DNN) has announced a significant discovery of high-grade uranium mineralization at its Gryphon deposit, extending approximately 40 meters beyond the previously defined D1 lens. This discovery was made as part of a successful 12,500-metre delineation drill program completed in the first half of 2025. Drill hole WR-837AD2 revealed 2.3 meters at 1.69% eU3O8, including a section of 0.5 meters with 5.48% eU3O8.
The Gryphon deposit, located about 3 kilometers northwest of Denison's Phoenix ISR project on the Wheeler River property in northern Saskatchewan, contains Indicated Mineral Resources of 61.9 million pounds U3O8 at an average grade of 1.7%. The project exhibits strong economic potential with an estimated after-tax NPV of $864.2 million and an IRR of 37.6%, underpinned by competitive cash operating costs of USD $12.75 per pound of U3O8 and a uranium price of $75/lb.
Denison's 2025 delineation program successfully increased drilling density within the high-grade domains, confirming the current geological model and resource estimates, while collecting important data for future development. The Gryphon deposit is set to be one of the lowest-cost uranium operations worldwide, benefiting from a comprehensive approach to de-risking and resource expansion, which includes the collection of additional metallurgical and hydrogeological data.
