TORONTO, Oct. 25, 2018 /CNW/ - Purepoint Uranium Group
Inc. (the "Company" or "Purepoint") (TSXV: PTU) today
announced its plans for the Hook Lake drill program scheduled to
commence this winter. The Hook Lake Project is a joint venture
between Cameco Corporation (39.5%), Orano Canada Inc. (39.5%) and
Purepoint (21%) in the Patterson Uranium District, Saskatchewan Canada.
"In consultation with our JV partners, the 2019 Winter program
has been crafted to follow-up on the new mineralized shear zone
interpreted earlier this year, extending along the Patterson
Corridor." said Scott Frostad, VP
Exploration. "A detailed ground electromagnetic ("EM") survey has
been proposed to help define the graphitic shear between the
Spitfire trend and the Dragon zone and once again we will be
deploying two drills to maximize the amount of work we intend to
complete".
2019 Winter Program Highlights:
- The proposed program will focus on the new mineralized
graphitic shear that runs through the Dragon Zone and is on
trend with the Spitfire discovery. Drilling earlier this
year at the Dragon Zone concluded with the two best holes to
date drilled outside of the Spitfire discovery
- A 36 km EM survey will be conducted early in the program along
the newly interpreted mineralized graphitic shear
- Drilling is expected to complete approximately 6,600 metres of
diamond drilling within 12 holes
- Final approval of the program and budget will be formalized at
the Technical Committee meeting later this year
About Hook Lake JV Project
Located along the Patterson Uranium District, the Hook Lake JV
is a project owned jointly by Cameco Corporation (39.5%), Orano
Canada Inc. (39.5%) (formerly known as Areva Resources Canada
Inc.) and Purepoint (21%). Operated by Purepoint since 2007,
the project consists of nine claims totaling 28,598 hectares
including the Spitfire high-grade discovery (53.3% U3O8 over 1.3
metres within a 10 metre interval of 10.3% U3O8).
The Patterson Uranium District is a structural corridor lying
across the SW edge of Saskatchewan's Athabasca Basin, interpreted to extend at
least 50km, hosting Fission Uranium's Triple R deposit, NexGen's
Arrow deposit and Purepoint Uranium's Spitfire discovery.
The latest winter drilling program completed mid-April (see news
release from May 14, 2018) identified
a new mineralized graphitic shear running through the Dragon Zone
that is on trend with the Spitfire discovery. An updated geological
interpretation of the entire Patterson Uranium District using
recent drill results and revisiting available airborne and ground
geophysical results, has led to new prospective targets along the
Patterson Lake trend. The recent geological interpretation has also
been used to identify drill targets along the Derkson Corridor
where SMDC encountered uranium mineralization near the unconformity
averaging 0.24% U3O8 and 1.35% Ni over 2.5 metres in 1978.
About Purepoint Uranium Group Inc.
Purepoint Uranium Group Inc. (TSXV: PTU) is focused on the
precision exploration of its ten advanced-stage exploration
projects in the Canadian Athabasca Basin, the world's richest
uranium region. Purepoint proudly maintains project ventures in the
Basin with two of the largest uranium producers in the world,
Cameco Corporation and Orano Resources Canada Inc. and its flagship
project is the Hook Lake JV.
Scott Frostad BSc, MASc, PGeo,
Purepoint's Vice President, Exploration, is the Qualified
Person responsible for the 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.
SOURCE Purepoint Uranium Group Inc.