TORONTO , Oct. 1, 2020 /CNW/ - Purepoint Uranium Group Inc. (TSXV: PTU) (" Purepoint " or the " Company ") today provided an update of its plans for the next exploration program at the Company's Hook Lake Project.
A preliminary technical meeting of the Hook Lake Joint Venture (JV) Partners was held last week to discuss options for the upcoming drill season, focusing primarily on the Sabre Zone. Hook Lake 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.
"Over the past two seasons, we have carefully prepared the Sabre Zone for this drill program, first in identifying its southern boundary at the end of last year's drill program and then bringing resolution to discrete follow up drill targets with this year's electromagnetic survey." said Scott Frostad , Vice President Exploration at Purepoint. "With the assistance of our partners, we are looking forward to deploying our crews to this highly prospective, yet largely untested, 3.5 kilometre stretch of the Patterson Lake corridor."
Highlights:
- Approximately 3,250 metres of diamond drilling has been proposed to test the Sabre Target Area;
- Geophysical inversions and an interpretation of previously completed stepwise moving loop electromagnetic survey results from across the Carter Corridor and the U Conductors are currently being conducted by Cameco in order to better refine these targets prior to drilling;
Sabre Target Area ("W" Conductor - North):
This year's geophysical survey covered the Sabre Target area and consisted of five lines of stepwise-moving loop EM surveying that were spaced 800 metres apart. Interpretation of the survey results have provided initial drill targets covering 3.5 kilometres of conductor strike length. The purpose of the survey was to provide drill targets northeast of hole HK19-105 that intersected numerous shear zones, strong hydrothermal alteration and elevated radioactivity (up to 125 ppm U over 0.3 metres). Interpretation of the EM results provided four to six conductor picks of varying strength along each survey line. The "W" conductor now appears as two continuous parallel conductors of variable strength associated with numerous sub-parallel weaker conductors.
Drill hole HK20-115 tested a 2020 EM conductor pick located 3.6 kilometres northeast along strike of favourable drill hole HK19-105. Below the unconformity at 460 metres, the hole encountered strongly clay altered porphyroblastic schist and mafic intrusive to 500 metres, strongly hematite altered granodiorite gneiss to 512 metres, then strongly chloritized, sheared and graphitic mafic intrusive to a depth of 525 metres before completion within unaltered diorite gneiss at a depth of 638 metres.
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 six 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.