TORONTO, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Purepoint Uranium Group Inc. (the “Company” or “Purepoint”) (TSX-V:PTU) today provided an update on their Hook Lake project drill plans for the remainder of 2017. Residing within the Patterson Uranium District, the Hook Lake JV is a project owned jointly by Cameco Corp. (39.5%), AREVA Resources Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%), and is adjacent to and on trend with recent high-grade uranium discoveries including Fission Uranium’s Triple R and NexGen’s Arrow and Harpoon deposits.
“Earlier this year, the weather shortened our planned drill program. In November we will return to further define and expand our understanding of the Spitfire/Harpoon Deposit,” said Chris Frostad, President and CEO of Purepoint. “In addition, we will be initiating our next phase of drilling at the Dragon Zone where our first-pass results identified elevated radioactivity alongside favourable geological and structural attributes common to Spitfire.”
- The remaining 2017 program is scheduled to commence November 1, 2017 and is expected to complete at least 2,000 metres of diamond drilling or five holes for a total of 12,000 metres during 2017;
- The Company will be mobilizing two drills focusing on the Spitfire/Harpoon Deposit and the Dragon Zone;
- The initial Spitfire Zone hole to be drilled this Fall will test for mineralization approximately 50 metres northwest of NexGen’s Harpoon hole HP-16-20 that intersected 13.5 m at 3.9% U3O8 including 2.5 m at 20.9% U3O8 (NexGen PR of Mar. 23, 2017);
- Neighbouring Harpoon results have been correlated with Spitfire and the strike length of the Spitfire/Harpoon Deposit is interpreted as being greater than 550 metres (see website longitudinal section);
- Dragon Zone results are promising with the discovery of favourable clay alteration of basement hosted rocks that host hydrothermal quartz, graphitic shears and elevated radioactivity;
- The Company is currently completing plans for the 2018 exploration season and expects to receive approval from the JV partners by November of this year. Purepoint is currently fully funded through to the end of the 2018 exploration program.
The Spitfire Zone has been tested with 28 diamond drill holes, 16 of which are mineralized including 6 which returned high-grade uranium intervals. The Spitfire mineralization has been correlated with the recent NexGen results from their Harpoon discovery (NexGen PR of March 23, 2017) by Purepoint and both a long section and plan map are available on the Purepoint website. No drilling has yet been conducted by Purepoint during 2017 proximal to the Harpoon discovery. The initial Spitfire drill hole this Fall will test for mineralization near the Hook Lake southern claim line, approximately 50 metres northwest of NexGen’s Harpoon hole HP-16-20 that intersected 13.5 m at 3.9% U3O8 including 2.5 m at 20.9% U3O8.
The second drill is scheduled to start in the Dragon target area and test the same location where hole HK17-75 was lost earlier this year. Drill Hole HK17-75 was a follow-up to the favourable alteration and radioactivity encountered by HK17-72 (see Purepoint PR, Apr. 13, 2017) and was spotted by moving the drill 200 metres southwest along strike from the HK17-72 collar location. Unfortunately, the hole was lost at a depth of 204 metres within a pressurized sand seam similar to those present within the Spitfire Zone.
Hook Lake JV Project
The Hook Lake JV project is owned jointly by Cameco Corp. (39.5%), AREVA Resources Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) and consists of nine claims totaling 28,683 hectares situated in the southwestern Athabasca Basin. The Hook Lake JV 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 79,610,000 lbs U3O8 at an average grade of 1.58% U3O8), NexGen Energy’s Arrow Deposit (indicated mineral resource 179,500,000 lbs U3O8 at an average grade of 6.88%) and the Spitfire Discovery by the Hook Lake JV.
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 Corporation 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 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 please contact:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO