Purepoint Uranium Announces Plans to Continue 2017 Drilling at Hook Lake
September 28 2017 - 7:45AM
Purepoint Uranium Group Inc. (the “
Company” or
“
Purepoint”) (TSX-V:PTU) today provided an update
on their Hook Lake project drill plans for the remainder of
2017. Residing within the Patterson Uranium District, the
Hook Lake JV is a project owned jointly by Cameco Corp. (39.5%),
AREVA Resources Canada Inc. (39.5%) and Purepoint Uranium Group
Inc. (21%), and is adjacent to and on trend with recent high-grade
uranium discoveries including Fission Uranium’s Triple R and
NexGen’s Arrow and Harpoon deposits.
“Earlier this year, the weather shortened our planned drill
program. In November we will return to further define and
expand our understanding of the Spitfire/Harpoon Deposit,” said
Chris Frostad, President and CEO of Purepoint. “In addition, we
will be initiating our next phase of drilling at the Dragon Zone
where our first-pass results identified elevated radioactivity
alongside favourable geological and structural attributes common to
Spitfire.”
Highlights:
- The remaining 2017 program is scheduled to commence November 1,
2017 and is expected to complete at least 2,000 metres of diamond
drilling or five holes for a total of 12,000 metres during
2017;
- The Company will be mobilizing two drills focusing on the
Spitfire/Harpoon Deposit and the Dragon Zone;
- The initial Spitfire Zone hole to be drilled this Fall will
test for mineralization approximately 50 metres northwest of
NexGen’s Harpoon hole HP-16-20 that intersected 13.5 m at 3.9%
U3O8 including 2.5 m at 20.9% U3O8 (NexGen PR of Mar. 23,
2017);
- Neighbouring Harpoon results have been correlated with Spitfire
and the strike length of the Spitfire/Harpoon Deposit is
interpreted as being greater than 550 metres (see website
longitudinal section);
- Dragon Zone results are promising with the discovery of
favourable clay alteration of basement hosted rocks that host
hydrothermal quartz, graphitic shears and elevated
radioactivity;
- The Company is currently completing plans for the 2018
exploration season and expects to receive approval from the JV
partners by November of this year. Purepoint is currently
fully funded through to the end of the 2018 exploration
program.
Spitfire/Harpoon Deposit
The Spitfire Zone has been tested with 28 diamond drill holes,
16 of which are mineralized including 6 which returned high-grade
uranium intervals. The Spitfire mineralization has been correlated
with the recent NexGen results from their Harpoon discovery (NexGen
PR of March 23, 2017) by Purepoint and both a long section and plan
map are available on the Purepoint website. No drilling has yet
been conducted by Purepoint during 2017 proximal to the Harpoon
discovery. The initial Spitfire drill hole this Fall will test for
mineralization near the Hook Lake southern claim line,
approximately 50 metres northwest of NexGen’s Harpoon hole HP-16-20
that intersected 13.5 m at 3.9% U3O8 including 2.5 m
at 20.9% U3O8.
Dragon Zone
The second drill is scheduled to start in the Dragon target area
and test the same location where hole HK17-75 was lost earlier this
year. Drill Hole HK17-75 was a follow-up to the favourable
alteration and radioactivity encountered by HK17-72 (see Purepoint
PR, Apr. 13, 2017) and was spotted by moving the drill 200 metres
southwest along strike from the HK17-72 collar location.
Unfortunately, the hole was lost at a depth of 204 metres within a
pressurized sand seam similar to those present within the Spitfire
Zone.
Hook Lake JV Project
The Hook Lake JV project is owned jointly by Cameco Corp.
(39.5%), AREVA Resources Canada Inc. (39.5%) and Purepoint Uranium
Group Inc. (21%) and consists of nine claims totaling 28,683
hectares situated in the southwestern Athabasca Basin. The Hook
Lake JV is considered one of the highest quality uranium
exploration projects in the Athabasca Basin due to its location
along the prospective Patterson Lake trend and the relatively
shallow depth to the unconformity.
Current exploration is targeting the Patterson Lake Corridor
that hosts Fission’s Triple R Deposit (indicated mineral resource
79,610,000 lbs U3O8 at an average grade of 1.58% U3O8),
NexGen Energy’s Arrow Deposit (indicated mineral resource
179,500,000 lbs U3O8 at an average grade of 6.88%) and the
Spitfire Discovery by the Hook Lake JV.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of its seven projects in the Canadian Athabasca Basin.
Purepoint proudly maintains project ventures in the Basin with two
of the largest uranium producers in the world, Cameco Corporation
and AREVA Resources Canada Inc. Established in the Athabasca Basin
well before the initial resurgence in uranium earlier last decade.
Purepoint is actively advancing a large portfolio of multiple drill
targets in the world's richest uranium region.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President,
Exploration, is the Qualified
Person responsible for technical content of this
release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information please contact:
Purepoint Uranium Group Inc. Chris Frostad,
President and CEO (416) 603-8368 www.purepoint.ca
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