Int'l Enexco (IEC-V), Denison Mines (DML-T) start drilling at Bachman Lake
Aug 26, 2013 - News Release
International Enexco Ltd. and Denison Mines Corp. have started a 1,900-metre diamond drill program on the Bachman Lake uranium project. The three-hole drill program will be helicopter supported from the Wheeler River camp. The budget for the 2013 program is $570,000. Enexco's share is $514,000. On June 25, 2013, Enexco entered into a joint venture agreement with Denison, whereby Enexco can earn a 20-per-cent interest in the Bachman Lake project by financing $500,000 of exploration work by Dec. 31, 2013.
The Bachman Lake project contains several structural zones with anomalous geochemistry, which are favourable targets for uranium mineralization. The 2013 drill program will test three conductors: CR-2, ML-2 and ML-1. The three conductors trend east-west to southwest-northeast and are 2.5 kilometres to five km apart within the 11,419-hectare property.
In November, 2012, Denison acquired through a private placement 5.4 million shares of Enexco, which represent a 7.4-per-cent interest of the present issued and outstanding shares. Denison's strategic investment was proportional to Enexco's portion of the 2013 exploration program on the Mann Lake project. Furthermore, on Dec. 19, the company announced that Ron Hochstein, the president and chief executive officer of Denison, joined Enexco as a member of its board of directors.
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