Purepoint Announces Commencement of Drilling at Hook Lake
January 30 2014 - 8:00AM
Marketwired
Purepoint Announces Commencement of Drilling at Hook Lake
TORONTO, ONTARIO--(Marketwired - Jan 30, 2014) - Purepoint
Uranium Group Inc. (TSX-VENTURE:PTU) today announced the
commencement of its winter drill program at the Hook Lake Project
in Saskatchewan's Athabasca Basin. The project is a joint venture
with AREVA Resources Canada Inc. and Cameco Corporation and is
located immediately north of Patterson Lake where high-grade
uranium mineralization has been discovered by Fission Uranium
Corp.
The 2014 diamond drill program commencing last week will focus
on the highly prospective "Patterson Lake Corridor", the same
(electromagnetic) conductive trend that hosts the Patterson Lake
South (PLS) uranium discovery.
"Much of January has been spent opening up the camp, clearing
trails, and mobilizing two drills to site," said Chris Frostad,
Purepoint's President and CEO. "In addition, crews are building up
ice on Patterson Lake itself in preparation for drill testing an
electromagnetic conductor defined by last year's geophysical
program."
Highlights:
- The "Patterson Corridor" hosts over 35 kilometers of known
airborne EM conductors on the Hook Lake property. Over 40 ground EM
targets remain untested and ready for drilling;
- The program consists of approximately 5,000 metres of diamond
drilling for a total budget of $2,500,000;
- On November 27, 2012 the company filed a National Instruments
43-101 compliant technical report on its Hook Lake uranium project.
The report can be found on Sedar.com or on Purepoint's website
(www.purepoint.ca).
Hook Lake Project
The Hook Lake Project consists of nine claims totaling 28,683
hectares and is situated in the southwestern Athabasca Basin only 5
kilometres northeast of the new high-grade uranium discovery by the
Fission/Alpha joint venture. The depth to the Athabasca
unconformity is very shallow, ranging from zero to 350 metres.
Three prospective structural "corridors" have been defined on the
property, each corridor being comprised of multiple EM conductors
that have been confirmed to be the results of graphitic
metasediments that intersect the Athabasca unconformity.
The Patterson Lake Corridor is the same conductive trend along
which the Fission/Alpha joint venture has intersected high-grade
uranium mineralization, most notably the intercept of 9.08% U3O8
over 54.5 metres in drill hole PLS13-075 (Fission Uranium Corp.
press release of September 4, 2013) including 21.76% U3O8 over 21.5
metres. Within the Hook Lake project, the Patterson Lake Corridor
displays geophysical evidence of a complex structural history and,
where drill tested, has shown favourable signs of alteration and
structural disruption. In 2011, three new claims totaling 2,632
hectares were added to the Hook Lake project due north of where
high grade uranium boulders were discovered by Fission/Alpha on
their PLS property.
Stock Option Grant
The Board of Directors has also approved the issuance of a total
of 2,510,000 options to certain of its Board of Directors,
management and staff pursuant to its stock option plan. The options
are exercisable at a price of $0.075, and expire in five years.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of its eleven projects in the Canadian Athabasca Basin.
Purepoint proudly maintains project ventures in the Basin with
three of the largest uranium producers in the world, Cameco
Corporation, AREVA and Rio Tinto. 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.
Purepoint Uranium Group Inc.Chris FrostadPresident and CEO(416)
603-8368www.purepoint.ca
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