Purepoint Uranium: A Comprehensive Look at the Hook Lake JV Project
Purepoint Uranium: A Comprehensive Look at the Hook
Lake JV Project
TORONTO
,
Nov. 12, 2018
/CNW/ - Purepoint Uranium Group Inc. (the "Company" or "Purepoint") (TSX.V: PTU) today released
a discussion of the Hook Lake Joint Venture ("JV") project providing a look at its history, findings up-to-date and the upcoming
winter program.
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 Resources 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% U
3
O
8
over 1.3 metres within a 10 metre interval of 10.3% U
3
O
8
).
"With over 300 million lbs of uranium defined to date across multiple deposits, it is hard to refer to the Patterson Corridor as an
'emerging' district any longer." said
Chris Frostad
, President & CEO of Purepoint. "With neighbouring world class offerings such
as Fission Uranium's Triple R deposit and NexGen's Arrow deposit, exploration interest on the Hook Lake property is high and
centres around early high-grade discoveries and several indicators underlying the strong potential for yet another Tier 1 uranium
deposit."
Hook Lake Project Highlights:
(i)
Two of the world's largest, high-grade uranium deposits along-strike on adjacent properties;
(ii)
High-grade Spitfire/Harpoon deposit outlined at the claim border with NexGen;
(iii)
Widespread hydrothermal alteration in Dragon Zone similar to and along–strike with Spitfire, with a much larger footprint;
(iv)
Anomalously high concentrations of uranium within, and adjacent to graphitic shear zones in the sub-Athabasca basement rocks of the Dragon Zone;
(v)
over 5 kilometres of untested, high-priority conductor targets along the Patterson Corridor.
Hook Lake Chronology
The Patterson Corridor is a structural corridor lying within the southwest edge of
Saskatchewan's
Athabasca
Basin and is
interpreted to extend for at least 50km with approximately 10km of the total corridor occurring on the Hook Lake project,
making it the highest priority exploration target on the Hook Lake property. Recent exploration and discovery along the
Patterson Corridor have progressed with astounding speed and impressive results.
Date
Event
Explorer
2011
Discovery of radioactive boulders
By: Fission/ESO JV
2012
Discovery of Triple R Deposit
By: Fission/ESO JV
2013
Discovery of Arrow Deposit
By: NexGen Energy
2014
Discovery of South Spitfire Zone
HK14-09 returns 0.32% U
3
O
8
over 6.2 metres
By: Purepoint / Cameco /
Orano JV
2015
PEA released for Triple R based on an
Indicated Resource of 81.1Mlbs U
3
O
8
grading 1.8% U
3
O
8
By: Fission
2015
Bow Discovery
By: NexGen Energy
2015
Lower Spitfire Discovery
HK15-27 returns 2.23% U
3
O
8
over 2.8 metres
By: Purepoint / Cameco
/ Orano JV
2016
Harpoon Discovery
By: NexGen Energy
2016
Upper Spitfire Discovery
HK16-53 returns 10.3% U
3
O
8
over 10.0 metres
By: Purepoint / Cameco
/ Orano JV
2017
PEA released for Arrow Deposit based on an
Indicated Resource of 164.9Mlbs U
3
O
8
grading 6.88% U
3
O
8
By: NexGen Energy
2017
Upper Spitfire strike length extended by 25%
By: Purepoint / Cameco
/ Orano JV
2018
New Mineralized shear discovered in Dragon Zone
By: Purepoint / Cameco
/ Orano JV
2018
PFS released for Arrow Deposit
Indicated Resource of 256.6M lbs of U
3
O
8
grading 4.03% U
3
O
8
By: NexGen Energy
A Team Approach
The Hook Lake Project and surrounding area have been the subject of great scrutiny since the 1970s. Cameco, Orano and their
predecessor companies have held this project for over 20 years, but prior drilling held to the "unconformity model" utilized in the
eastern Basin. Since then, the partners have developed a greater understanding of how structurally-hosted uranium deposits
are associated with graphitic shear zones within the sub-
Athabasca
basement rocks along the Patterson Corridor.
"We are extremely fortunate to have outstanding, committed joint venture support from unquestionably, the two top tier
producers and explorers in the uranium industry." said
Scott Frostad
, Purepoint's Vice President Exploration. "Since the
formation of the Hook Lake JV both Cameco and Orano have provided us with knowledgeable insights and constructive
input/feedback and together we have become better explorers."
In addition, both JV partners have provided generous access to, and use of, their technical personnel. For the past two
programs, Orano has assigned a renowned structural geology expert to perform drill core interpretations on site and in real
time. Cameco, as well, has provided ongoing geophysical and geological support through detailed interpretations of survey and
drill results. The sustained collaboration and trust developed between the JV partners has been a key part of this project's
success.
Narrowing In on the Next Discovery
Recognizing that the setting for mineralization in this area differs from that seen on the eastern side of the
Athabasca
Basin, the
Spitfire Discovery has provided the project with key data to guide ongoing exploration.
"The fluids associated with uranium mineralization have resulted in hydrothermal alteration of the surrounding rocks allowing us
to vector towards mineralization. Through our experience and success, we have developed a unique approach of integrating
geophysics, geochemistry and geological interpretations to better target prospective structural settings or 'traps'" says
Cameron MacKay
, Purepoint's Senior Geologist. "What excites us about Dragon is the presence of the same secondary
indicators we witnessed at Spitfire – structure, alteration, geochemistry –
only on a much larger scale
.
"
Patterson Corridor, Athabasca Basin (CNW Group/Purepoint Uranium Group Inc.)
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. and its flagship project is the Hook
Lake JV.
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.
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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
CO: Purepoint Uranium Group Inc.
CNW 06:30e 12-NOV-18