TORONTO, Nov. 12, 2018 /CNW/ - Purepoint Uranium Group
Inc. (the "Company" or "Purepoint") (TSX.V: PTU) today released a
discussion of the Hook Lake Joint Venture ("JV") project providing
a look at its history, findings up-to-date and the upcoming winter
program.
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).
"With over 300 million lbs of uranium defined to date across
multiple deposits, it is hard to refer to the Patterson Corridor as
an 'emerging' district any longer." said Chris Frostad, President & CEO of
Purepoint. "With neighbouring world class offerings such as
Fission Uranium's Triple R deposit and NexGen's Arrow deposit,
exploration interest on the Hook Lake property is high and centres
around early high-grade discoveries and several indicators
underlying the strong potential for yet another Tier 1 uranium
deposit."
Hook Lake Project Highlights:
(i)
|
Two of the world's
largest, high-grade uranium deposits along-strike on adjacent
properties;
|
(ii)
|
High-grade
Spitfire/Harpoon deposit outlined at the claim border with
NexGen;
|
(iii)
|
Widespread
hydrothermal alteration in Dragon Zone similar to and along–strike
with Spitfire, with a much larger footprint;
|
(iv)
|
Anomalously high
concentrations of uranium within, and adjacent to graphitic shear
zones in the sub-Athabasca basement rocks of the Dragon
Zone;
|
(v)
|
over 5 kilometres of
untested, high-priority conductor targets along the Patterson
Corridor.
|
Hook Lake Chronology
The Patterson Corridor is a structural corridor lying within the
southwest edge of Saskatchewan's
Athabasca Basin and is interpreted
to extend for at least 50km with approximately 10km of the total
corridor occurring on the Hook Lake project, making it the highest
priority exploration target on the Hook Lake property. Recent
exploration and discovery along the Patterson Corridor have
progressed with astounding speed and impressive results.
|
|
|
Date
|
Event
|
Explorer
|
2011
|
Discovery of
radioactive boulders
|
By: Fission/ESO
JV
|
2012
|
Discovery of Triple R
Deposit
|
By: Fission/ESO
JV
|
2013
|
Discovery of Arrow
Deposit
|
By: NexGen
Energy
|
2014
|
Discovery of South
Spitfire Zone
HK14-09 returns
0.32% U3O8 over 6.2 metres
|
By: Purepoint /
Cameco /
Orano JV
|
2015
|
PEA released for
Triple R based on an
Indicated Resource
of 81.1Mlbs U3O8 grading 1.8%
U3O8
|
By:
Fission
|
2015
|
Bow
Discovery
|
By: NexGen
Energy
|
2015
|
Lower Spitfire
Discovery
HK15-27 returns
2.23% U3O8 over 2.8 metres
|
By: Purepoint /
Cameco
/ Orano JV
|
2016
|
Harpoon
Discovery
|
By: NexGen
Energy
|
2016
|
Upper Spitfire
Discovery
HK16-53 returns
10.3% U3O8 over 10.0
metres
|
By: Purepoint /
Cameco
/ Orano JV
|
2017
|
PEA released for
Arrow Deposit based on an
Indicated Resource
of 164.9Mlbs U3O8 grading 6.88%
U3O8
|
By: NexGen
Energy
|
2017
|
Upper Spitfire
strike length extended by 25%
|
By: Purepoint /
Cameco
/ Orano JV
|
2018
|
New Mineralized
shear discovered in Dragon Zone
|
By: Purepoint /
Cameco
/ Orano JV
|
2018
|
PFS released for
Arrow Deposit
Indicated Resource
of 256.6M lbs of U3O8 grading 4.03%
U3O8
|
By: NexGen
Energy
|
A Team Approach
The Hook Lake Project and surrounding area have been the subject
of great scrutiny since the 1970s. Cameco, Orano and their
predecessor companies have held this project for over 20 years, but
prior drilling held to the "unconformity model" utilized in the
eastern Basin. Since then, the partners have developed a greater
understanding of how structurally-hosted uranium deposits are
associated with graphitic shear zones within the sub-Athabasca basement rocks along the Patterson
Corridor.
"We are extremely fortunate to have outstanding, committed joint
venture support from unquestionably, the two top tier producers and
explorers in the uranium industry." said Scott Frostad, Purepoint's Vice President
Exploration. "Since the formation of the Hook Lake JV both Cameco
and Orano have provided us with knowledgeable insights and
constructive input/feedback and together we have become better
explorers."
In addition, both JV partners have provided generous access to,
and use of, their technical personnel. For the past two
programs, Orano has assigned a renowned structural geology expert
to perform drill core interpretations on site and in real
time. Cameco, as well, has provided ongoing geophysical and
geological support through detailed interpretations of survey and
drill results. The sustained collaboration and trust
developed between the JV partners has been a key part of this
project's success.
Narrowing In on the Next Discovery
Recognizing that the setting for mineralization in this area
differs from that seen on the eastern side of the Athabasca Basin, the Spitfire Discovery has
provided the project with key data to guide ongoing
exploration.
"The fluids associated with uranium mineralization have resulted
in hydrothermal alteration of the surrounding rocks allowing us to
vector towards mineralization. Through our experience and
success, we have developed a unique approach of integrating
geophysics, geochemistry and geological interpretations to better
target prospective structural settings or 'traps'" says
Cameron MacKay, Purepoint's Senior
Geologist. "What excites us about Dragon is the presence of the
same secondary indicators we witnessed at Spitfire – structure,
alteration, geochemistry – only on a much larger
scale."
About Purepoint Uranium Group Inc.
Purepoint Uranium Group Inc. (TSXV: PTU) is focused on the
precision exploration of its ten 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.
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SOURCE Purepoint Uranium Group Inc.