TORONTO, June 5, 2019 /CNW/ - Purepoint Uranium Group Inc.
(the "Company" or "Purepoint") (TSX: PTU.V) is
pleased to discuss the results of a recent Technical Committee
meeting of the Hook Lake Joint Venture, a project owned jointly by
Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint
Uranium Group Inc. (21%). The working session included
technical representatives from each company with the purpose of
reviewing all data and findings produced to date and developing a
common and collective approach to the next stages of the project's
advancement. The Hook Lake 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.
"We are very excited that the results of this year's ground
electromagnetic (EM) survey have supported our structural
interpretation," said Scott Frostad,
Vice President Exploration. "We have a new priority drill target in
the form of a previously unknown conductive structure that links
the Dragon and Spitfire areas."
"Only recently have we focused our exploration on the eight km
trend lying north-east of our Spitfire discovery" stated
Chris Frostad, Purepoint's President
& CEO. "Our partners remain confident that numerous
opportunities exist for a Tier 1 deposit to be found somewhere
across this large project".
Highlights:
- The team identified primary areas of exploration for next stage
advancement. In concert with resources from each company, work will
begin on assembling detailed plans for each area in order for the
committee to agree on priority and budget allotment at the next
meeting;
- Based on what is now an extensive database of drill results,
Purepoint will revise their lithological/structural map of the
Patterson Lake corridor, an eight kilometre stretch across the
property which is proving to be very complex in its make up;
- The committee will re-convene in the early fall to complete the
prioritization of targets and to begin the budget process;
- Updated maps are now available on the Company's website at
https://purepoint.ca/projects/hook-lake/.
North Dragon Area
As previously reported, the 2019 drilling tested an EM conductor
historically named the "W" conductor, which runs approximately 800
metres west of and parallel to the Dragon shear zone.
Hole HK19-105 (Figure 1) intersected numerous high-strain-zones,
a post-Athabasca fault combined
with strong hydrothermal alteration and elevated radioactivity with
up to 125 ppm uranium 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.
Plans will include a follow up to HK19-105 including the
re-drilling of Hole HK19-108 which was collared 100 metres
northeast of HK19-105 but was lost shortly after the unconformity
within strongly clay and hematite altered diorite gneiss at a depth
of 438.0 metres. The team will also consider additional
geophysical surveys towards the north to define further drill
targets.
Spitfire/Dragon Geophysical Survey
An important discovery during last year's winter drill season
was a wide, mineralized graphitic shear running through the Dragon
zone that was hydrothermally altered and along the same geophysical
trend as the Spitfire discovery. The new structure, identified
through drilling, was only evident within select ground geophysical
results and currently remains untested for approximately five
kilometres between the Spitfire and Dragon zones.
During 2019, Discovery International Geophysics of Saskatoon, SK completed 74 kilometres of
stepwise moving loop transient EM surveying between the Spitfire
and Dragon areas in an effort to define the location and extent of
the interpreted structure.
The EM survey results identified a previously unseen, strongly
conductive shear on trend between the two zones (Figure 2).
Appropriate drill testing is now being planned for this highly
prospective conductor.
Spitfire Deposit
The Partnership has developed 3-D modelling interpretations of
the extensive drilling completed to date at the Spitfire deposit
(Figure 3). The current interpretation shows the potential for
deeply rooted mineralized lenses beneath Spitfire similar to the
neighbouring Arrow deposit.
A plan will be developed to determine the nature and extent of
drill testing required to assess the Spitfire mineralization at
depth.
Drill holes from Spitfire Zone can be viewed at Corebox at:
https://corebox.net/properties/hook-lake-project/spitfire-zone.
Additional Exploration Targets
Additional areas of interest by the team include the magnetic
low located northeast of Spitfire and southwest of the new EM
conductor as well as the complex EM conductor located
west-northwest of Spitfire (Figure 4).
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.
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SOURCE Purepoint Uranium Group Inc.