TORONTO, April 9, 2019 /CNW/ - Purepoint Uranium Group
Inc. (the "Company" or "Purepoint") (TSX: PTU.V)
announced today that it has completed its initial 2019 fieldwork 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.
"This winter drill program was crafted with four objectives in
mind; to test the Spitfire deposit at depth, confirm the
continuation of the Dragon zone to the north, identify geophysical
targets between the Spitfire deposit and the Dragon zone and
to initiate first pass drilling along the Derkson corridor" stated
Chris Frostad, Purepoint's President
& CEO. "As a result of 3D modeling interpretations of the
Spitfire deposit, and an initial assessment of drill hole HK19-101
completed early in the program, the joint venture partners have
requested a new comprehensive plan to test for deeply rooted
mineralized lenses beneath Spitfire similar to the neighbouring
Arrow deposit".
"We were also pleased with our work at the Dragon zone this
winter, where (pending confirmation from assays) hole HK19-105
appears to have delivered one of the best uranium
intercepts north of the Spitfire deposit (see cross section
below)" said Scott Frostad, Vice
President Exploration. "Unfortunately, warm weather has forced an
early demobilization, delaying follow up drilling to the
north".
Highlights:
- Drill hole HK19-101 targeted the Spitfire shear zone below
HK15-27 (2.2% U3O8 over 2.8 metres that included 12.9% U3O8 over
0.4 metres) in order to test for uranium mineralization at depth.
Based on the Spitfire 3D model, the targeted down dip extension of
a high-grade mineralization lens warrants additional follow-up as
HK19-101 was off the ideal target;
- Six widely spaced holes totaling 4,240 metres were completed
north of the previous Dragon zone drilling. HK19-105 was the
highlight of these drill holes displaying strong alteration,
numerous structures and intervals of anomalous radioactivity (Table
1). All the Dragon area holes confirmed the continuation of
significant structures and alteration along the Patterson
corridor;
- A ground electromagnetic (EM) survey was completed with the
objective of defining new drill targets between the Dragon and
Spitfire areas. Cameco's geophysical team is currently reviewing
the EM survey results and interpretations are pending;
- Six diamond drill holes totaling 1,750 metres were completed
along the Derkson Corridor. Although testing did identify the
source of the EM conductors, no prospective structures, alteration
or radioactivity were encountered;
- Assays are pending on all drill results;
- Once an interpretation of the results is complete, the program
findings will be assembled and presented at the joint venture
technical committee meeting during the first week of May 2019;
- Updated maps are now available on the Company's website at
https://purepoint.ca/projects/hook-lake/.
North Dragon Area
Six drill holes tested two separate EM conductors within the
North Dragon area during the 2019 exploration program. The EM
conductor tested during the previous drill seasons has been named
the "Dragon shear zone" and it is approximately 200 metres wide, is
composed of three to four separate graphitic shears dipping
southeast and has now been tested over a strike length of 2
kilometres. The second EM conductor has been historically named the
"W" conductor and it runs approximately 800 metres west of and
parallel to the Dragon shear zone. Three drill holes
continued to test the Dragon shear zone to the northeast (HK19-102,
103 and 106) and 3 drill holes completed initial testing of the "W"
conductor (HK19-104, 105 and 107).
Dragon shear zone
Hole HK19-102 was a 300-metre step out northeast along strike of
last year's Dragon hole HK18-93 and returned relatively similar
results. Both these holes intersected weak radioactivity proximal
to the footwall contact of an intensely silicified, clay altered
granodiorite gneiss unit near the unconformity.
Drill Hole HK19-103 was a 600-metre step-out along strike NE of
HK19-102. Intensely silicified dioritic gneiss was then encountered
from the unconformity at 378 metres to 478 metres then a 3-metre
wide graphitic structure displaying brittle faulting and illite
alteration with local fault gouge intervals and weak radioactivity
(230 cps over 4.0 metres from the downhole gamma probe).
Drill hole HK19-106 was collared 80 metres in front of hole
HK19-103. A strong overprinting of honey-yellow Illite, typically
only seen in the Spitfire deposit, was observed just below 400
metres followed by an interval of weak radioactivity (296 cps over
3.2 metres from the downhole gamma probe). Stacked graphitic
shears, typically found in the Dragon Zone, were encountered
between 449 and 490 metres. The three distinct shear zones are
hosted in a chloritized mafic rock.
"W" conductor
The initial "W" conductor hole HK19-104 encountered strong
hydrothermal alteration and weak mineralization (300 cps over 3.3
metres from the downhole gamma probe) associated with a graphitic
shear. Hole HK19-104 marked the first time strong alteration had
been seen associated with the "W" conductor basement rocks and
opened up new high priority targets for drill testing to the
northeast.
The second "W" conductor hole, HK19-105, was collared 800 metres
northeast of HK19-104 and intersected numerous high-strain-zones, a
post-Athabasca fault combined with
strong hydrothermal alteration and elevated radioactivity (up to
1635 cps from the downhole gamma probe) in both the sandstone and
basement rocks. The results of HK19-105 are considered to make the
area surrounding HK19-105 highly prospective for both
unconformity-type and basement-hosted uranium mineralization.
Hole HK19-107 was collared 300 metres southwest of HK19-105 and
intersected multiple radioactive spikes with the greatest
radioactivity (732 cps over 0.7 metres from the downhole gamma
probe) being returned from a strong shear zone associated with a
redox front. Intense silicification (quartz dome) was encountered
at the upper contact of the graphitic shears, however, the core
lacked illite and intense clay alteration at depth.
Hole HK19-108 was collared 100 metres northeast of the
favourable HK19-105 but was lost shortly after the unconformity
within strongly clay and hematite altered diorite gneiss at a depth
of 438.0 metres.
Spitfire/Dragon Geophysical Survey
Discovery International Geophysics of Saskatoon, SK completed 74 kilometres of
stepwise moving loop transient EM surveying between the Spitfire
and Dragon areas this winter. An interpretation of the EM
results is ongoing and it is anticipated that new drill targets
will be provided for the next drill program.
Derkson Corridor
The 2019 Derkson area drilling showed that the strong clay
alteration evidenced in historic holes was related to
paleoweathering. Once the 2019 drill holes passed through the
alteration zone related to paleoweathering, the basement rocks
typically showed no further alteration. The electromagnetic
conductors outlined by a 2004 ground survey and 2005 VTEM airborne
survey were explained by rock units that hosted wide intervals of
disseminated graphite and pyrite rather than prospective graphitic
structures. The elongate magnetic highs seen within the airborne
results were explained as magnetic syenites, an intrusive igneous
rock that hosted finely disseminated pyrrhotite. The six Derkson
corridor drill holes did not encounter notable alteration or
structures within the basement rocks however unconformity-related
mineralization, as evidenced with historic hole DER-04 (0.24% U3O8
over 2.5 metres at the unconformity), remains a potential target as
does the 2018 gravity low located 1 kilometre west of DER-04.
TABLE 1. 2019 Downhole Gamma Results > 500 CPS
Area
|
Hole
|
From
(m)
|
To (m)
|
Width
(m)
|
Downhole
CPS
|
Spitfire
|
HK19-101
|
274.8
|
275.1
|
0.3
|
583
|
|
|
445.2
|
445.8
|
0.6
|
571
|
|
|
447.0
|
447.3
|
0.3
|
525
|
|
|
467.0
|
467.3
|
0.3
|
501
|
|
|
477.3
|
478.5
|
1.2
|
723
|
Dragon
|
HK19-105
|
438.5
|
439.7
|
1.2
|
524
|
|
|
497.2
|
497.6
|
0.4
|
991
|
|
|
526.2
|
526.7
|
0.4
|
1000
|
|
|
587.7
|
588.0
|
0.3
|
563
|
|
|
592.8
|
593.4
|
0.6
|
648
|
Dragon
|
HK19-107
|
426.8
|
427.5
|
0.7
|
732
|
Note: A Mount Sopris 2PGA-1000 downhole total gamma probe was
utilized for measuring these low-grade (<0.05% eU3O8)
mineralized intercepts.
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%) as operator 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 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.
Disclosure regarding forward-looking
statements
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance of the Company. These risks and uncertainties could
cause actual results and the Company's plans and objectives to
differ materially from those expressed in the forward-looking
information. Actual results and future events could differ
materially from those anticipated in such information. These and
all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and expressly qualified in their entirety by this
notice.
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SOURCE Purepoint Uranium Group Inc.