TORONTO, Dec. 11, 2018 /CNW/ - Purepoint Uranium Group
Inc. (the "Company" or "Purepoint") (TSX: PTU.V)
announced today that the proposed 2019 Hook Lake JV exploration
program with a budgeted cost of $3,000,000 has been approved by the JV partners.
Situated within the Patterson Uranium District, the Hook Lake JV is
a project owned jointly by Cameco Corp. (39.5%), Orano Canada Inc.
(39.5%) and Purepoint Uranium Group Inc. (21%), and is on trend
with recent high-grade uranium discoveries including Fission
Uranium's Triple R deposit and NexGen's Arrow deposit.
Highlights:
- An exploration budget of $3,000,000 has been approved by the Hook Lake JV
partners for 2019;
- The proposed exploration program includes 6,600 metres of
diamond drilling, approximately 17 holes utilizing two drills, and
a ground geophysical survey;
- A transient electromagnetic survey will be carried out with the
objective of defining a target path between the Dragon and Spitfire
areas;
- Seven diamond drill holes have been planned to test
high-priority targets along the Patterson Corridor;
- Ten diamond drill holes have been planned to begin testing the
Derkson Corridor, just east of and parallel to the Patterson Lake
Corridor, where historic initial drilling in 1978 by SMDC
discovered uranium mineralization.
Derkson Corridor
Historic exploration efforts in the Patterson area focused on
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. Drill holes along this trend encountered very encouraging
clay basement alteration but were typically completed only 30 to 40
metres past the unconformity. Based on the geologic setting of the
Patterson Corridor mineralization, it is considered that the
historic shallow drilling along the Derkson Corridor did not
properly test for basement-hosted uranium deposits.
Ten holes are planned at depths of approximately 250 metres each
(two to three times deeper than historic efforts) in hopes of
opening up a new structural corridor of discovery in the south-west
Athabasca Basin.
Hook Lake JV Project
The Hook Lake JV project is owned jointly by Cameco Corp.
(39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc.
(21%) and consists of nine claims totaling 28,598 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
87,760,000 lbs U3O8 at an average grade
of 1.82% U3O8), NexGen Energy's Arrow
Deposit (indicated mineral resource 256,600,000 lbs
U3O8 at an average grade of 4.03%) 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 Orano 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.
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SOURCE Purepoint Uranium Group Inc.