TORONTO, June 22, 2021 /CNW/ - Purepoint Uranium Group
Inc. (TSXV: PTU) ("Purepoint" or the "Company") today
provided an update on its drill program at the 100%-owned Red
Willow project within the eastern uranium mine district of the
Athabasca Basin, Saskatchewan
Canada. The 2021 Red Willow drill program has conducted
follow-up testing of the "Geneva Shear" within the Geneva Zone, a
target zone where previous operators have identified uranium
mineralization associated with a hydrothermally altered, graphitic
shear zone that returned up to 0.22% U3O8 over 1.0 metre at a
shallow depth of 130 metres.
"The Geneva Zone uranium mineralization, identified by Eldorado
Resources in 1984, represents an exceptional starting point to
trace a known prospective structure along strike to previously
untested areas." stated Scott
Frostad, VP Exploration at Purepoint. "All three 2021 Geneva
drill holes successfully intersected the Geneva Shear at various
depths with hole GEN21-05 returning an average of 1,420 counts per
second over 7.3 metres from our downhole gamma probe."
The radioactive Geneva Shear is now determined as having a
strike of 155 degrees and a dip towards the northwest at -70
degrees. The projection of the shear towards the northeast suggests
that previous vertical drillholes completed by Eldorado in 1984, searching for
Unconformity-Style mineralization, would not have tested this
basement-hosted structure. Towards the southwest, the shear
projection remains untested for 1.8 kilometres towards drill hole
RAD08-09 while crossing dense swamps and known conductors.
Purepoint's drill hole RAD08-09 was a highlight of the 2008 drill
program within the Radon Lake area, returning 283 ppm U over 1.1
metres from sandstone just above the unconformity, and was
recommended for follow-up drilling.
Geneva Zone 2021 Drill Results
The 2021 Red Willow program has completed follow-up drilling
within the Osprey Zone with three holes collared SW of Eldorado
Resources' 1984 hole RAD-27 that intersected 0.22% U3O8 over 1.0
metres. The RAD-27 intercept was associated with strong
hydrothermal alteration and graphitic shearing at a depth of 100
metres below surface. Highly anomalous radon-in-water results,
discovered by Gulf Minerals Canada in 1971, are located 1.0
kilometre east-northeast of the 2021 drilling and the source
remains unknown.
The three 2021 holes that targeted the Geneva Shear averaged 245
metres in length with a total of 729 metres being completed from
the same drill pad. The holes targeted the shear zone at various
depths and all successfully intersected the mineralized structure.
The Athabasca Sandstone in this area is typically found to be 80
metres thick and the paleoweathering of the basement rocks extends
a further 50 metres below the unconformity.
The initial hole, GEN21-03, intersected the Geneva Shear within
the zone of paleoweathering, and returned an average of 520 counts
per second (cps) over 6.1 metres from the downhole gamma probe
starting at a downhole depth of 131.8 metres. The downhole survey
returned a maximum of 1,160 cps. Graphite is considered to have
been originally present but since destroyed by paleoweathering. The
follow-up hole, GEN21-04, intersected the shear much deeper at 278
metres and returned an average of 515 cps over 1.6 metres from the
downhole survey. Since the handheld scintillometer indicates that a
percentage of the radioactivity is attributed to thorium, an eU3O8
result has not been attempted.
The third hole, GEN21-05, intersected the Geneva shear just below the basement
paleoweathering zone starting at a depth of 155 metres.
Radioactivity was associated with Pelitic Gneiss that displayed
strong hydrothermal alteration, including hematite and local
silicification, and was situated near the upper contact of a
graphitic/pyritic shear zone. The downhole gamma survey returned an
average of 1,420 cps over 7.3 metres with a maximum count of 5,175
cps.
Assay results for the 2021 Geneva Zone drill program will be
released once they have been received. Note that the true thickness
of the reported intercepts is currently unknown.
Next Steps
The next exploration priority at the Geneva Zone will be to
follow the radioactive shear further to the SW. The extensive swamp
present in the area dictated where the drill was setup this year
and further drilling will need to wait until the winter months.
The drill is currently being moved to the Umfreville project to
begin its inaugural drill program. To learn more about the
Umfreville Project, view the project tour video at:
https://youtu.be/Af6mNL5sQZg.
Red Willow Project
The 100% owned Red Willow property is situated on the eastern
edge of the Athabasca Basin in
Northern Saskatchewan, Canada and
consists of 17 mineral claims having a total area of 40,116
hectares. The property is located close to several uranium deposits
including Orano Resources Canada Inc.'s JEB mine, approximately 10
kilometres to the southwest, and Cameco's Eagle Point mine that is
approximately 10 kilometres due south.
Geophysical surveys conducted by Purepoint at Red Willow have
included airborne magnetic and electromagnetic (VTEM) surveys, an
airborne radiometric survey, ground gradient array IP, pole-dipole
array IP, fixed-loop and moving-loop transient electromagnetics,
and gravity. The detailed airborne VTEM survey provided magnetic
results that are an excellent base on which to interpret structures
while the EM results outlined over 70 kilometres of conductors that
in most instances represent favourable graphitic lithology.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) actively operates an
exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium
region. 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 and NexGen's Arrow
Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over
1.3m including 10m interval of 10.3% U3O8). Together with its
flagship project, the Company's projects stretch across
approximately 185,000 hectares of claims throughout the Athabasca
Basin. These claims host over 20 distinct and well-defined
drill target areas with advanced geophysical surveys completed, and
in some cases, have had first pass drilling performed.
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.