Denison Mines Stock Price Falls Again as Phoenix Uranium Mine Moves Into Build Phase

Denison Mines Corp kicked off a winter drilling push at the Wheeler North joint venture up in the Athabasca Basin, northern Saskatchewan, with partner Skyharbour Resources announcing Monday that crews are starting with roughly 2,500 metres of diamond drilling at the Fox Lake Trail target. This marks the beginning of a 7,500-metre drill program for the year, covering Fox Lake Trail, Fork, and Sphinx. Denison holds 49% of the property but has the ability to bump that up to 70%. According to Skyharbour, Denison is in charge and picking up the tab for the program, which sits beside its Wheeler River project and is sandwiched between Cameco’s Key Lake and McArthur River sites.

Denison Mines Corp shares climbed 1.1% to $3.74 in early Tuesday trading, recovering slightly after tumbling 5.1% on heavy volume the day before. The uranium developer saw its stock swing from $3.67 up to $4.05 on Monday.