TORONTO, Jan. 21, 2019 /CNW/ - Purepoint Uranium Group
Inc. (the "Company" or "Purepoint") (TSX: PTU.V)
announced today that equipment and crews have been mobilized and
drilling has commenced at the Hook Lake JV, a project owned jointly
by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint
Uranium Group Inc. (21%). The project lies on the southwestern
edge of Saskatchewan's
Athabasca Basin and is adjacent to
and on trend with recent high-grade uranium discoveries including
Fission Uranium's Triple R deposit and NexGen's Arrow deposit.
Highlights:
- The two drill program anticipates 6,600 metres of diamond
drilling, approximately 17 holes;
- One drill has begun drilling at the Dragon zone and will move
north along the primary shear to complete six holes;
- The second drill will test the Spitfire mineralization at a
depth of approximately 500 metres before moving on to the Derkson
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;
- The entire program is expected to be complete by April 2019;
- Updated maps are now available on the Company's website at
https://purepoint.ca/projects/hook-lake/.
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 as well as the Derkson
Corridor.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of its ten projects in the Canadian Athabasca Basin,
the world's richest uranium region. Established in the Athabasca Basin well before the initial
resurgence in uranium earlier last decade, Purepoint's flagship
project is the Hook Lake Project, a joint venture with two of the
largest uranium producers in the world, Cameco Corporation and
Orano Canada Inc. The Hook Lake JV is on trend with recent
high-grade uranium discoveries including Fission Uranium's Triple R
Deposit, NexGen's Arrow Deposit and Purepoint's Spitfire
discovery.
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.