Denison Mines and Fission Uranium announced in mid-October the termination of a planned merger, originally announced in early July (E&MJ, September 2015, p. 10). At the deadline for submission of proxies, Denison shareholders strongly supported the plan, and a majority of the Fission shares were voted in favor, but the required two-thirds approval from Fission shareholders was not obtained. The merged company’s two key properties would have been Fission’s 100% owned Patterson Lake South project and Denison’s 60% owned Wheeler River project, both in northern Saskatchewan.
Meanwhile, Fission continues to report favorable results from ongoing drilling at Patterson Lake South. In particular, one hole reported on September 21 included intervals of 28.35% U3O8 more than 1 m and 21.53% U3O8 over 4.5 m within a larger interval of 10.91% U3O8 more than 12.50 m.
Fission President and COO Rosso McElroy said, “Our recent drill results represent excellent progress for the Triple R deposit and the high-grade mineralized zones on either side of it, particularly the R600W zone, which has expanded in size and strength again and again. It’s worth remembering that none of the R600W 2015 drill results were included in our recently released PEA, so strong results like this may have an impact on the future economics of the Triple R deposit and Patterson Lake South as a whole.”