TORONTO, June 25, 2019 /CNW/ - Purepoint Uranium Group
Inc. (the "Company" or "Purepoint") (TSXV: PTU)
announced today that it is preparing to commence an initial program
at the Smart Lake JV, a project owned jointly by Cameco Corp. (73%)
and Purepoint Uranium Group Inc. (27%). The Smart Lake
property is situated in the southwestern portion of the
Athabasca Basin, approximately 18
km west-northwest of the Patterson Uranium District and 60 km south
of the former Cluff Lake mine.
"Immediately following our initial successful drill program at
Smart Lake, our attention was redirected by the discoveries
occurring at Hook Lake and the Patterson Lake corridor," said
Scott Frostad, Purepoint's VP
Exploration. "With a new understanding of the western Athabasca geological setting acquired from our
advanced work at Hook Lake, we believe that it is time to revisit
our findings at Smart Lake".
Highlights:
- A team of both Cameco and Purepoint staff have mobilized to the
Smart Lake camp where they will undertake to re-examine and re-log
the core from the original drill campaigns;
- Earlier work performed by Purepoint includes a ground
electromagnetic survey, a soil geochemical survey and 2,539 metres
of diamond drilling in ten diamond holes;
- Initial drilling has intersected basement-hosted uranium
mineralization associated with a hydrothermally altered, graphitic
shear zone that includes 13.3 metres of 127 ppm U only 200 metres
from surface;
- The results of all work performed to date is outlined in a
National Instruments 43-101 compliant technical report available on
Purepoint's web site at: https://purepoint.ca/projects/smart-lake/;
and
- Following the re-examination of the drill core, an exploration
program for Smart Lake will be prepared for presentation to the
joint venture partners.
"Our investors are anxious to see us expand our exploration
efforts across our broad uranium portfolio," said Chris Frostad, President & CEO at Purepoint.
"We are reviewing the priorities of our entire project set with an
eye to begin a more aggressive stage of advancement".
The Smart Lake Uranium Project
Purepoint, as operator, holds a 27% ownership of the Smart Lake
project in joint venture with Cameco Corporation.
The Smart Lake property includes two claims with a total area of
9,860 hectares situated in the southwestern portion of the
Athabasca Basin, approximately 60
km south of the former Cluff Lake
mine and 18 km west-northwest of Purepoint's Hook Lake JV
Project.
Depth to the unconformity, where it occurs, is relatively
shallow at less than 350 metres.
Aeromagnetic and electromagnetic patterns at Smart Lake reflect
an extension of the patterns underlying the Shea Creek deposits
(max. grade of 58.3% U3O8 over 3.5 m)
55 km north of the property. Exploration by Purepoint and Cameco
has firmly established the presence of uranium mineralization,
hydrothermal alteration and the location of a number of basement
electromagnetic conductors never drill tested.
The best uranium intercepts for each hole of the 2008 and 2012
drill programs are provided below. Note that holes SMT08-03 and 04
were drilled along strike over 4 km south of the other drill holes
and their results suggest background uranium concentrations in
basement rocks are typically less than 4 ppm.
Hole ID
|
Hole Depth
|
Maximum
Radiation
|
Max. CPS
|
U (ppm)
|
Interval
(m)
|
From (m)
|
To (m)
|
SMT08-01
|
300.0
|
3809
|
449
|
0.2
|
234.7
|
234.9
|
SMT08-02
|
192.0
|
534
|
27
|
1.0
|
191.0
|
192.0
|
SMT08-03
|
213.0
|
1579
|
4
|
0.3
|
94.0
|
94.3
|
SMT08-04
|
254.4
|
881
|
1
|
0.4
|
158.2
|
158.6
|
SMT08-05
|
219.0
|
13534
|
1900
|
0.2
|
152.8
|
153.0
|
SMT08-06
|
258.0
|
5047
|
1600
|
0.1
|
156.2
|
156.3
|
SMT12-07
|
369.0
|
1926
|
456
|
0.3
|
146.7
|
147.0
|
SMT12-08
|
306.0
|
1006
|
155
|
0.3
|
208.8
|
209.1
|
SMT12-09
|
292.6
|
2036
|
106
|
1.0
|
237.1
|
238.1
|
Known uranium mineralization at the Smart Lake project is
associated with a steeply dipping, north-northwest striking, and
hydrothermally altered, graphitic-shear zone. The strongest
radioactivity returned from the conductor is 127 ppm U over 13.3
metres in hole SMT08-05. A geochemical signature is associated with
the uranium mineralization and includes the enrichment of nickel,
arsenic, and cobalt. A flat-lying, radioactive tensional fracture
zone extends westward from the graphitic shear and returned 1,600
ppm U (0.2% U3O8) over 0.1 metre.
About Purepoint
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. 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.
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This news release contains forward-looking information which
is not comprised of historical facts. Forward-looking information
is characterized by words such as "plan", "expect", "project",
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changes in the state of equity and debt markets, fluctuations in
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exploration and development industry, including those risks set out
in the Company's management's discussion and analysis as filed
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Forward-looking information in this news release is based on the
opinions and assumptions of management considered reasonable as of
the date hereof, including that all necessary governmental and
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Although the Company believes that the assumptions and factors used
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SOURCE Purepoint Uranium Group Inc.