Purepoint Uranium Completes Winter Program at Hook Lake Project
TORONTO, April 20, 2018 (GLOBE NEWSWIRE) -- Purepoint Uranium Group Inc. (the “Company” or “Purepoint”) (TSX.V:PTU) today announced the completion of the latest winter program at its Hook Lake Project, a joint venture between Cameco Corporation (39.5%), Orano Resources Canada Inc. (39.5%) and Purepoint (21%) in the Patterson Uranium District, Saskatchewan Canada. A total of 24 holes and 12,733 metres have been completed since the program commenced in November.
“We had a very productive season, with unusually favorable weather, allowing for the extension of the drill program to mid-April,” said Chris Frostad, President and CEO of Purepoint. “We initiated our work in November at the Spitfire discovery, which lies at the southern border of our claim group. Guided by 350-metre step-outs towards the northeast we quickly advanced out along the eight kilometre, 4,000 hectare Patterson target region that stretches northeast across the property. A complete review of the program results will be disseminated immediately following the upcoming JV technical committee meeting.”
The Company also conducted a ground gravity survey this season along the southern portion of the Derkson Corridor carried out by MWH Geo-Surveys of Vernon, BC.
Highlights:
- 12,733 metres in 24 holes of diamond drilling was completed along the Patterson Uranium District commencing in November 2017:
• 2,392 metres on five holes completed during November/December (see news release dated January 18, 2018);
• 10,341 metres on 19 holes completed in 2018; - A Ground gravity survey was conducted along the Derkson corridor collecting 1,472 readings;
- Interpretation and assays are currently being processed for presentation to the Hook Lake Joint Venture Technical Committee May 9th, 2018;
- A complete review of the program and results will be disseminated and made available immediately following that meeting.
About Hook Lake JV Project
Located along the Patterson Uranium District, the Hook Lake JV is a project owned jointly by Cameco Corporation (39.5%), Orano Canada Inc. (39.5%) (formerly known as Areva Canada Inc.) and Purepoint (21%). Operated by Purepoint since 2007, the project consists of nine claims totaling 28,598 hectares including the Spitfire high-grade discovery (53.3% U3O8 over 1.3 metres including a 10 metres interval of 10.3% U3O8).
The Patterson Uranium District is a corridor lying across the SW edge of Saskatchewan’s Athabasca Basin, interpreted to extend at least 50km, hosting Fission Uranium’s Triple R deposit, NexGen’s Arrow deposit and Purepoint Uranium’s Spitfire discovery.
The Derkson Corridor was the focus of historic exploration efforts to the south-east of Patterson, where SMDC encountered uranium mineralization near the unconformity averaging 0.24% U3O8 and 1.35% Ni over 2.5 metres in 1978. Drill holes along this trend encountered very encouraging clay basement alteration but were typically completed only 30 to 40 metres past the unconformity. Based on the geologic setting of the Patterson Corridor mineralization, it is considered that the historic shallow drilling along the Derkson Corridor did not properly test for basement-hosted uranium deposits.
About Purepoint Uranium Group Inc.
Purepoint Uranium Group Inc. (TSXV:PTU) is focused on the precision exploration of its ten projects in the Canadian Athabasca Basin, the world’s richest uranium region. Purepoint proudly maintains project ventures in the Basin with two of the largest uranium producers in the world, Cameco Corporation and Orano Resources Canada Inc.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for the 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.
For further information, follow us on Twitter @PurepointU3O8, visit our website at www.purepoint.ca or contact us at:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO
(416) 603-8368