Purepoint Uranium Announces Approval of Upcoming Hook Lake Drill Program
Purepoint Uranium Announces Approval of
Upcoming Hook Lake Drill Program
Toronto, Ontario--(Newsfile Corp. - November 22, 2022) - Purepoint Uranium Group Inc. (TSXV: PTU)
(OTCQB: PTUUF)
("Purepoint"
or the
"Company"
) announced today that a winter exploration drill
program at the Hook Lake Project has been approved by the joint venture partners with drilling to
commence in January 2023. The Hook Lake Project is a joint venture between Cameco Corporation
(39.5%), Orano Canada Inc. (39.5%), and Purepoint (21%). The Project lies on the southwestern edge of
Canada's Athabasca Basin and is adjacent to, and on trend with, high-grade uranium discoveries
including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit.
"We appreciate the ongoing support of our partners Cameco and Orano in the advancement of this
important project," said Chris Frostad, President and CEO of Purepoint. "With its proximity to the two
largest uranium discoveries of the last decade and our encouraging results to date, we continue to see
immense opportunity for discovery at this project."
Highlights
Approximately 3,200 metres of diamond drilling across 8 holes to test the Carter Corridor.
The Carter corridor is a long lived, reactivated fault zone that lies between the Clearwater Domain
granitic intrusives to the west and runs parallel to the Patterson structural corridor to the immediate
east.
The 25-kilometre strike length of the Carter structural/conductive corridor is almost entirely located
within the Hook Lake JV project.
Purepoint conducted an airborne ZTEM survey this summer covering the northern portion of the
Carter and Patterson corridor to assist in defining additional exploration targets.
Drilling is expected to begin in January 2023.
A current National Instrument 43-101 compliant technical report on the flagship Hook Lake Joint Venture
project can be found at
https://purepoint.ca/projects/hook-lake/
- "Technical Report on the Hook Lake
Project, Northern Saskatchewan, Canada April 19, 2022".
Hook Lake – The Carter Corridor
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.
The Patterson Lake area was recently flown by an airborne gravity survey (Boulanger, Kiss and
Tschirhart, 2019) that was funded by the Targeted Geoscience Initiative (TGI), a collaborative federal
geoscience program. The gravity results show the southern portion of the Carter corridor as being
associated with the same gravity high response as the Triple R and Arrow uranium deposits. The gravity
low response west of the Carter corridor reflects the geologically younger, Clearwater Domain intrusions.
The TGI (Potter et al., 2020) consider the Clearwater Domain intrusions as being high-heat-producers
that warmed and circulated hydrothermal fluids over the structural corridors. Prolonged interaction of
oxidized uranium-bearing fluids with basement rocks via reactivated faults is thought to have formed the
high-grade uranium deposits.
Purepoint completed three drill holes in the southern portion of the Carter corridor (HK08-01 to 03)
during 2008. HK08-01 intersected very strong sericite and silica alteration and returned a maximum of
17 ppm U within basement rock but missed the conductor source. HK08-02 returned locally elevated
radioactivity from 20 to 30 metres below the unconformity while HK08-03 intersected 60 metres of
intense hematite alteration below the unconformity.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline
of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at
Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake,
Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive
exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium
explorer in the world's richest uranium district.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person
responsible for technical content of this release.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email:
For additional information please visit our new website at
https://purepoint.ca
,
our Twitter feed:
@PurepointU3O8
or our LinkedIn page
@Purepoint-Uranium
.
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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