Orano Canada Inc. and Denison Mines Corp. (DNN,DML.TO), as joint-venture partners in the McClean Lake Joint Venture, announced Wednesday that the JV has approved a restart of uranium mining operations using the joint venture's patented Surface Access Borehole Resource Extraction (SABRE) mining method.
Orano Canada owns a 77.5% interest and is the operator of the MLJV and Denison owns a 22.5% interest.
Mining is planned to commence at the McClean North deposit in 2025, with 2024 activities expected to focus on preparations necessary to ready the existing SABRE mining site and equipment for continuous commercial operations, as well as the installation of eight pilot holes for the first mining cavities planned for excavation. The approved budget for this work in 2024 is $7 million (100% basis).
Approximately 800,000 lbs U3O8 (100% basis) are targeted for production from McClean North in 2025, with approximately 3,000,000 lbs U3O8 (100% basis) identified for potential additional production from a combination of the McClean North and Caribou deposits during the years 2026 to 2030.
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