TORONTO, Sept. 4, 2019 /CNW/ - Purepoint Uranium
Group Inc. (the "Company" or "Purepoint") (TSXV: PTU)
announced today that geology at the Smart Lake JV, a project owned
jointly by Cameco Corp. (73%) and Purepoint Uranium Group Inc.
(27%), has been reinterpreted based on new regional knowledge of
basement hosted uranium deposits. The Smart Lake property is
situated in the southwestern portion of the Athabasca Basin, approximately 18 km
west-northwest of the Hook Lake Project and 60 km south of the
former Cluff Lake mine.
Last week, NexGen Energy Ltd. announced the commencement of a
4,000 metre drill program on their claims that surround Smart
Lake. (See Press Release, Aug 26,
2019)
"Basement-hosted uranium mineralization was encountered at Smart
Lake during our initial drill programs," said Scott Frostad, Purepoint's VP Exploration.
"During the re-logging of our Smart Lake drill core this summer, it
was immediately recognised that the rocks were similar to those
encountered at our Hook Lake JV project. The Smart Lake target
areas are seen as extremely prospective and we look forward to
advancing this project further".
Highlights:
- Smart Lake drill core was re-logged based on our new
understanding of the western Athabasca geological setting acquired from
advanced work at Hook Lake. All drill sections and plan maps have
now been revised;
- Early drilling by the JV partners, intersected basement-hosted
uranium mineralization associated with a hydrothermally altered,
graphitic shear zone that included 15.4 metres of 147 ppm U only
200 metres from surface;
- Comparable to the Patterson Uranium District, key geological
processes required for the development of high-grade uranium
deposits are considered to be clearly present at Smart Lake;
- A revised 43-101 compliant technical report is being completed
for review by our JV partners.
Key Findings:
Representatives from both Purepoint and Cameco Corp. carried out
work at the Smart Lake project in June, focused on re-logging and
reviewing the core from the 2008 and 2012 drill programs.
Upon subsequent analysis and interpretation, it was found that
the geology of the Smart Lake Property (Figure 1) can be broadly
broken into two rock types; felsic orthogneiss (dominated by pink,
granite gneiss with lesser granodiorite and local tonalite gneiss)
and mafic orthogneiss (grades from diorite to gabbro). The contrast
in competency between the highly competent felsic rocks and the
softer mafic rocks has focused displacement along lithologic
contacts allowing for increased flow of hydrothermal fluids.
Known uranium mineralization at Smart Lake is associated with
the Shearwater conductor, a 20 to 25 metre wide, steeply west
dipping, north-northwest (NNW) striking and hydrothermally altered,
graphitic-pyritic band of mafic orthogneiss. The Shearwater
conductor is conformable with the dominant NNW striking,
west-dipping gneissosity, the same orientation of the proximal
linear magnetic highs. The gneissosity would be the first planer
structure created, referred to as "S1", and it was produced by an
east-west shortening, the first phase of deformation referred to as
"D1".
Based on drill core observations and geochemistry, a second
deformation event (D2) was identified; a north-south
shortening related to the Beatty River Fault. The D2 event
produced folds and east-northeast (ENE)-striking, south dipping S2
joints, fractures and faults axial planar to the folds (e.g. the
interpreted Groomes Lake, Arthur and Cristobol Faults). Where the
ENE-striking Arthur Fault intersects both the Shearwater conductor
and felsic-mafic transition zones, strong alteration, displacement
and low-grade uranium mineralization is observed.
Reinterpretation of previous drilling while integrating the Shea
Creek deposit model has identified priority exploration targets
where interpreted faults (i.e. Arthur and Cristobal faults)
crosscut both the conductive anomalies and interpreted mafic-felsic
transitions.
The most prospective target may be the Groomes Lake conductor
which, unlike other conductors, strikes north-east. When
accommodating north-south compression (D2), which produced
the east-west faults (S2), this orientation may have been
favourable for enhanced dilation, fluid flow and uranium
deposition.
Smart Lake Project
Purepoint, as operator, holds a 27% ownership of the Smart Lake
project in joint venture with Cameco Corp.
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
(Indicated resource of 68M lbs at
1.48% U3O8) 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 and cross-cutting
east-west structures yet to be drill tested.
Similar to the Kianna fault at Shea Creek, known uranium
mineralization at the Smart Lake project is associated with the
intersection of the east-west Arthur Fault and north-south-striking
fluid/chemical traps including the Shearwater conductor and
chloritized mafic orthogneiss. The occurrence of low-grade uranium
mineralization along the Arthur Fault away from Shearwater
conductor underscore the need to target east-west structures both
at the intersection with conductive anomalies and at magnetically
interpreted lithological contacts.
Additional east-west striking faults (Groomes Lake and
Cristobal) have been interpreted from examination of airborne
magnetic and electromagnetic surveys. These faults are spatially
related with strong EM conductors identified in both airborne and
ground-based surveys.
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
|
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 suppliers in the world, Cameco Corp. 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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SOURCE Purepoint Uranium Group Inc.