Purepoint Uranium Group Inc. Announces Plans for Hook Lake JV Project
TORONTO, ONTARIO--(Marketwired - Sep 9, 2015) - Purepoint Uranium Group Inc. ("Purepoint") (TSX VENTURE:PTU) announced today the completion of its summer analysis and submission of plans for the next stage of exploration at its Hook Lake project in Saskatchewan's Athabasca Basin where last winter's program encountered high-grade mineralization at the Spitfire zone, 12.9% U3O8 over 0.4 metres within 2.23% U3O8 over 2.8 metres.
"Looking back over 20 years of uranium exploration in the Basin, you can count on one hand the number of Junior resource companies who have intersected high-grade mineralization in excess of 10% U3O8", said Chris Frostad, Purepoint's CEO. "In each case, those discoveries were advanced into significant deposits. We expect nothing less here, particularly in light of the neighbouring Fission and NexGen high-grade uranium deposits on strike to the south."
"Last winter's program covered a significant area with large step outs", said Scott Frostad, V.P. Exploration at Purepoint. "This winter we will focus on the 300 metres of untested ground at Spitfire between our new high-grade intersection and last year's discovery holes, where the Spitfire mineralization is projected to meet the unconformity, and along the host structure towards the northeast."
Highlights:
- An exploration program has been reviewed at length with the Hook Lake JV Partners (AREVA Resources Canada Inc. and Cameco Corp.) that includes two drills and approximately 6,000 metres of drilling this coming winter. Final approvals will follow the conclusion of the budget processes of each partner, currently in progress;
- In addition to closing the 300 metre gap between the two uranium discoveries at Spitfire, drilling will continue along the structural trend towards the northeast following boron enrichment seen in both sandstone and basement rocks. Boron is consistently associated with the Spitfire mineralized intercepts, has an open trend towards the northeast, and is coincident with anomalous uranium and vanadium trends;
- The Hook Lake JV project, due to the relatively shallow depth to the unconformity along the prospective Patterson Lake trend, has become one of the highest quality uranium exploration projects in the Athabasca Basin. With the proposed program at Hook Lake, there is tremendous potential in 2016 to expand the Spitfire mineralization and discover new deposits.
Hook Lake JV Project
The Hook Lake JV project is owned jointly by AREVA Resources Canada Inc. (39.5%), Cameco Corp. (39.5%) and Purepoint Uranium Group Inc. (21%) and consists of nine claims totaling 28,683 hectares situated in the southwestern Athabasca Basin, Saskatchewan. The depth to the Athabasca unconformity is very shallow ranging from zero to 350 metres. Three prospective "corridors" have been identified on the property, each corridor being comprised of multiple EM conductors that have been confirmed by drilling to result from graphitic metasediments that intersect the Athabasca unconformity.
Current exploration is targeting the Patterson Lake Corridor, an emerging, world class uranium district that is attracting significant exploration investment. The prospective Patterson corridor now hosts two deposits along a 14 kilometre structural trend that includes the recent high-grade discovery at Hook Lake's Spitfire zone. Those two uranium deposits are Fission Uranium Corp.'s Triple-R deposit with a current resource of 100.8M lbs. U3O8 and NexGen Energy Ltd.'s Arrow deposit with an initial NI 43-101 resource estimate due in the first half of 2016.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of its seven projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with two of the largest uranium producers in the world, Cameco Corp. and AREVA Resources Canada Inc. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade, Purepoint is actively advancing a large portfolio of multiple drill targets in the world's richest uranium region.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President Exploration, is the Qualified Person responsible for the technical content of this release. Mr. Frostad has supervised the preparation of, and approved the scientific and technical disclosures in this news release.
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