TORONTO, Feb. 25, 2020 /CNW/ - Purepoint Uranium
Group Inc. (TSXV: PTU) ("Purepoint" or the "Company")
today provided an update of this winter's exploration program at
the Hook Lake Project, 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.
"Our drill is currently setting up on the first of our two lake
targets following the month-long construction of flood
ice. This lake hole will represent the initial test of the
conductive shear outlined between the Spitfire Zone and the Dragon
area in 2019," said Scott Frostad,
Purepoint's Vice President of Exploration. "In addition, this
year's electromagnetic geophysical survey has been completed and
has provided five new drill targets northeast of last year's hole
HK19-105 that intersected numerous shear zones, strong hydrothermal
alteration and elevated radioactivity (up to 125 ppm U over 0.3
metres). We anticipate testing at least one of these geophysical
targets during this drill program."
Three holes have been completed on the southern portion of the
"W" Conductor testing a strike length of approximately 1.5
kilometres. The electromagnetic (EM) conductor was explained by
graphitic shear zones in these holes and a single hole was
completed southwest of the Hornet zone explained the EM conductor.
Assays are pending.
Three to four drill holes are still to be drilled this
season.
The geophysical survey completed last month consisted of five
lines of stepwise-moving loop EM surveying, 800 metres apart and
has provided initial targets covering 4 kilometres of conductor
strike length. At least one of these EM targets will be drill
tested this season.
Complete program results will be made available once all drill
data is returned, interpreted and reviewed by the joint venture
partners.
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 Project 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 –
www.fissionuranium.com), NexGen Energy's Arrow Deposit (indicated
mineral resource 256,600,000 lbs U3O8 at an average grade of
4.03% – www.nexgenenergy.ca) and the Spitfire discovery by the Hook
Lake JV. The foregoing mineral resource disclosure is information
about the properties adjacent to the Company's property and does
not imply that the Company will obtain similar information from its
own property.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of its nine 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 Project is on trend with
recent high-grade uranium discoveries including Fission Uranium's
Triple R Deposit, NexGen's Arrow Deposit and the Hook Lake JV's
Spitfire discovery.
Scott Frostad BSc, MASc, PGeo,
Purepoint's Vice President, Exploration, is the Qualified
Person responsible for technical content of this release.
Neither the Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this Press
release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance of the Company. These risks and uncertainties could
cause actual results and the Company's plans and objectives to
differ materially from those expressed in the forward-looking
information. Actual results and future events could differ
materially from those anticipated in such information. These and
all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and expressly qualified in their entirety by this notice.
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SOURCE Purepoint Uranium Group Inc.