TORONTO, Oct. 23, 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 latest working session included
technical representatives from each company with the purpose of
reviewing all target areas and collectively discussing priorities
as the project advances. 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.
"The obvious takeaway from our technical meeting was that the
Hook Lake project has a host of prospective drill targets yet to
advance," said Scott Frostad, Vice
President Exploration. "Purepoint has been tasked with proposing a
3-year exploration strategy and budget requirements at our next JV
meeting in early November."
Highlights:
- The team reviewed all the Patterson Trend drill targets and
discussed their various attributes to help prioritize the order in
which they will be tested;
- The Hornet Zone conductor, based on 2019 electromagnetic (EM)
survey results, appears to remain untested south of HK13-06 that
intersected 138 ppm U over 2.3 metres;
- The 2019 EM survey results identified a previously
unidentified, strongly conductive shear on trend between the
Spitfire Zone and the Dragon area that will be drill tested;
- The prospective "W" conductor, tested by HK19-105 that
intersected numerous shear zones and elevated radioactivity, has
new targets towards the south from the 2019 EM survey. The "W"
conductor remains untested north of HK19-105 for 6 kilometres and
will require additional ground geophysical surveying;
- The Dragon conductor remains untested towards the north where
it crosses a north-south trending, low magnetic response that
possibly reflects structural disruption;
- Based on the meeting discussions, Purepoint will propose a
3-year exploration plan and budget for review. Review and approval
of the 2020 program and budget proposal will occur at the Hook Lake
JV meeting to be held November
6th, 2019.
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 suppliers 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.
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",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events,
results, and opportunities to differ materially from those
expressed or implied by such forward-looking information. Factors
that could cause actual results to differ materially from such
forward-looking information include, but are not limited to,
changes in the state of equity and debt markets, fluctuations in
commodity prices, delays in obtaining required regulatory or
governmental approvals, and other risks involved in the mineral
exploration and development industry, including those risks set out
in the Company's management's discussion and analysis as filed
under the Company's profile at www.sedar.com. 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 regulatory
approvals will be received as and when expected. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information. The Company disclaims any intention or obligation to
update or revise any forward-looking information, other than as
required by applicable securities laws.
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SOURCE Purepoint Uranium Group Inc.