Purepoint Uranium Group Inc. Reports New Uranium Discovery at Hook Lake JV
March 10 2014 - 12:37PM
Marketwired
Purepoint Uranium Group Inc. Reports New Uranium Discovery at Hook
Lake JV
TORONTO, ONTARIO--(Marketwired - Mar 10, 2014) - Purepoint
Uranium Group Inc. (TSX-VENTURE:PTU) is pleased to announce the
initial results from a newly discovered zone of uranium
mineralization within the Patterson Lake conductive corridor at the
Hook Lake project in Saskatchewan's Athabasca Basin. The best
assays to date from the "Spitfire Zone" have returned a weighted
average of 0.32% U3O8 over 6.2 metres that includes an interval of
1.1% U3O8 over 0.5 metres. The Hook Lake project is a joint venture
with AREVA Resources Canada Inc. and Cameco Corporation.
Uranium mineralization has now been encountered in two of the
four drill holes that have all intersected the D2 conductor and its
associated structure the Spitfire Fault. Discovery drill hole
HK14-09 intersected mineralization within strongly chloritized and
sheared quartz-rich semi-pelitic gneiss that returned 0.32% U3O8
over 6.2 metres and included an interval of limonitic fault gouge
that assayed 1.1% U3O8 over 0.5 metres. The follow-up hole,
HK14-11, targeted the Spitfire structure 30 metres up-dip and
encountered radioactivity coincident with the same graphitic unit
intersected by HK14-08 and 09. The strongly sheared graphitic
pelitic gneiss returned 0.57% U3O8 over 0.9 metres and an
additional interval of 0.11% U3O8 over 2.0 metres.
"The D2 electromagnetic conductor has long been considered a
high priority target due to its coincidence with a large magnetic
low, possibly indicative of hydrothermal alteration" said Scott
Frostad, Purepoint's Vice President of Exploration. "Now that the
D2 conductor has been shown to be associated with uranium
mineralization, we will increase our drilling efforts towards the
northeast where geophysics suggests there is a more structurally
complex setting."
Highlights:
- The D2 conductor, now known to be associated with uranium
mineralization, is 2.9 kilometres in length and has only been
tested by four drill holes along a single section line;
- Hole HK14-09 returned a weighted average of 0.32% U3O8 over 6.2
metres from a strongly chloritized and sheared quartz-rich
semi-pelitic gneiss;
- Hole HK14-11 intersected 13.9 metres of strongly sheared
graphitic pelitic gneiss that returned 0.57% U3O8 over 0.9 metres
and an additional interval of 0.11% U3O8 over 2.0 metres;
- A second drill on the property is being mobilized to the newly
discovered Spitfire Zone to assist with its follow-up and
expansion.
Hole HK14-08 was the initial hole to test the D2 conductor and
was drilled using PQ-sized casing in the same location as last
year's failed holes HK13-05 and 5A. The vertically drilled hole
encountered 105.1 metres of overburden then numerous intervals of
unconsolidated Athabasca sandstone before reaching the unconformity
at a depth of 139.6 metres. Quartz-rich semi-pelitic gneiss was
encountered to a depth of 274.0 metres before intersecting 21.2
metres of Graphitic pelitic gneiss with moderate, patchy hematite
alteration. The graphitic unit was moderately broken throughout and
hosted a 90cm hematitic fault gouge (Spitfire Fault), and also had
minor gouge seams that were weakly radioactive. The hole was
completed at a depth of 363.0 metres within moderately foliated,
unaltered quartz-rich semi-pelitic gneiss. No significant
radioactivity was encountered by this hole.
The discovery hole, HK14-09, was collared 20 metres southeast
(135 degrees) of the HK14-08 collar and commenced drilling at a dip
of -70 degrees to the northwest (315 degrees) to intersect the
graphitic Spitfire Fault closer to the unconformity. The hole was
cased through overburden to a depth of 114.9 metres, drilled
Athabasca sandstone to 150.1 metres, then encountered quartz-rich
semi-pelitic gneiss with typical paleoweathering before becoming
strongly chloritized and sheared for the 6.2 metres of previously
described uranium mineralization between 208.9 and 215.1 metres.
The main graphitic unit was encountered below the radioactive
structure, between the depths of 228.8 and 244.5 metres, where the
Spitfire fault appeared as an 8.3 metre shear zone with gouge
seams, less than 1 metre in width, and low radioactivity. The hole
was completed in relatively unaltered quartz-rich semi-pelitic
gneiss at a depth of 393.0 metres.
Hole HK14-11 was collared 30 metres northwest of HK14-09 as a
follow-up and was also drilled at a dip of -70 degrees to the
northwest. Overburden was encountered to a depth of 98.5 metres and
the unconformity was intersected at a depth of 147.0 metres.
Quartz-rich semi-pelitic gneiss with typical paleoweathering
alteration was drilled to a depth of 197.9 metres then a strongly
sheared, moderately chloritized and weakly bleached graphitic unit
was encountered to a depth of 211.8 metres. In total, three
intervals of mineralization were intersected within the graphitic
Spitfire Fault appearing as a mylonitic shear zone that includes
0.11% U3O8 over 2.0 metres between 197.9 and 199.9 metres, 0.05%
U3O8 over 3.0 metres between 201.9 and 204.9 metres, and 0.57% U3O8
over 0.9 metres between 210.6 and 211.5 metres. The hole was lost
within quartz-rich semi-pelitic gneiss at a depth of 321.0
metres.
The most recently completed hole, HK14-12, was collared 30
metres northwest of HK14-11 and again drilled at a dip of -70
degrees to the northwest. The hole targeted the graphitic Spitfire
Fault 30 metres up-dip of HK14-11 and much closer to the
unconformity. Overburden was encountered to a depth of 109.5 metres
followed by Athabasca sandstone to a depth 146.0 metres.
Quartz-rich semi-pelitic gneiss was encountered to 167.1 metres
before intersecting the Spitfire Fault that appeared as a 0.5 metre
wide, weakly radioactive graphitic fault gouge, then strongly
chloritized quartz-rich semi-pelite that becomes unaltered at the
completion depth of 309.0 metres.
Drilling on Patterson Lake to test the conductor outlined by
last year's small moving loop transient electromagnetic survey has
been completed and the drill is now mobilizing to the Spitfire
Zone. Three drill holes, HK14-10, 13 and 14, have been completed on
Patterson Lake and results will be released once assays have been
completed and reviewed.
Core samples are submitted to the Saskatchewan Research Council
(SRC) Geoanalytical Laboratories in Saskatoon. The SRC facility is
ISO/IEC 17025:2005 accredited by the Standards Council of Canada
(scope of accreditation #537). The samples are analyzed using
partial and total digestion inductively coupled plasma methods, for
boron by Na2O2 fusion, and for uranium by fluorimetry.
All drill intercepts are core width and true thickness is yet to
be determined.
Hook Lake Project
The Hook Lake project is owned by Cameco Corp. (39.5%), AREVA
Resources Canada Inc. (39.5%) and Purepoint Uranium Group Inc.
(21%) with Purepoint being the project operator since 2007. It
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 PLS 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 Fission Uranium Corp. continues to intersect 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 21.8% 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.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of its ten 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 Resources Canada Inc. 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.
Purepoint Uranium Group Inc.Chris FrostadPresident and CEO(416)
603-8368www.purepoint.ca
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