TORONTO, Nov. 12, 2019 /CNW/ - Purepoint Uranium Group
Inc. (the "Company" or "Purepoint") (TSX: PTU.V)
today announced its plans for the Hook Lake exploration program
scheduled to commence this winter. The Hook Lake Project is a joint
venture between Cameco Corporation (39.5%), Orano Canada Inc.
(39.5%) and Purepoint (21%) in the Patterson Uranium District,
Saskatchewan Canada. 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.
Highlights:
- An exploration budget of $2,000,000 has been approved by the Hook Lake JV
partners;
- The approved 2020 exploration program includes 3,500 metres of
diamond drilling, approximately 7 holes, and a geophysical
survey;
- The 2020 diamond drilling will continue to test high-priority
targets along the Patterson Corridor including a conductive shear
on trend between the Spitfire Zone and the Dragon area, follow-up
testing of the Hornet Zone conductor, and new geophysical targets
along the "W" conductor;
- A ground electromagnetic survey is scheduled to be conducted
over the Patterson Corridor, along the "W" conductor, northeast of
the encouraging drill hole HK19-105;
- Additional targets for future consideration were provided to
the Hook Lake JV partners and included continued ground geophysics
and first-pass drilling along the Patterson Corridor ("W"
Conductor) to the northern property boundary and completion of
first-pass drilling along the "U" Conductor and Carter
Corridor.
Webinar Details:
Purepoint will be hosting a webinar today at 12 pm ET to discuss the state of the junior
uranium exploration market as well as the upcoming Hook Lake
Project program for 2020.
To access the webinar, participants will need to register in
advance through the following link:
https://zoom.us/webinar/register/5615729674342/WN_zqZZnFzjS_2Dg5NOmN8SIg
After registering, participants will receive a confirmation
email containing information about joining the webinar. For those
interested but unable to attend, a video of the webinar will be
posted on Purepoint's website after the webinar is completed.
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; fissionuranium.com),
NexGen Energy's Arrow Deposit (indicated mineral resource
256,600,000 lbs U3O8 at an average
grade of 4.03%; nexgenenergy.ca) 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.
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SOURCE Purepoint Uranium Group Inc.