Purepoint Uranium Discovers New Lightning Zone Grading 0.29% U3O8 over 0.9 Metres as It Completes 2024 Winter Drill Program at Hook Lake Joint Venture
Purepoint Uranium Discovers New Lightning
Zone Grading 0.29% U3O8 over 0.9 Metres as It
Completes 2024 Winter Drill Program at Hook
Lake Joint Venture
Toronto, Ontario--(Newsfile Corp. - April 4, 2024) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB:
PTUUF)
("Purepoint"
or the
"Company"
) announced today the completion of its winter drill program at
the Hook Lake Joint Venture at the Carter Corridor. The Hook Lake Project is a joint venture between
Cameco Corporation (39.5%), Orano Canada Inc. (39.5%), and Purepoint (21%) and lies on trend with
high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow
Deposit.
"This year's drill program ended with a discovery of 0.9 metres of
0.29% U3O8
, including 0.3 metres of
0.68% U3O8
, associated with a major structure intersected by hole CRT24-10," said Scott Frostad,
Vice President Exploration at Purepoint. "Encouragingly, the basement hosted uranium mineralization is
within an altered breccia matrix that borders a 10 metre wide graphitic shear.
All the 2024 holes
intersected anomalous radioactivity and the results continue to show the extensive 20-kilometre
conductive structural zone known as the Carter Corridor remains highly prospective for an economic
uranium discovery."
Highlights
CRT24-10, the most northern drilled hole of the program (Figure 1), intersected a 13 metre wide
zone of altered brecciation
and shearing that returned 0.29% U3O8 over 0.9 metres (at a true
vertical depth of 375 metres), including 0.68% U3O8 over 0.3 metre.
CRT24-08A, a 200 metre step out from CRT23-05 towards the northeast, encountered a 28 metre
wide graphitic shear zone with clay alteration and local brecciation between 330 and 358 metres.
Mineralization was intersected within a breccia zone that returned peak radioactivity of 7,370 cps
and averaged 2,760 cps over 1.4 metres.
All the 2024 drill holes were collared northeast of CRT23-05 that intersected 0.08% U3O8 over 0.4
metres within a 15 metre wide graphitic shear zone with local brecciation and intense clay
alteration.
All 2024 drill holes encountered elevated radioactivity (Table 1). With the exception of the
expediated CRT24-10 analyses, all assays are still pending.
The 2024 diamond drill program was completed in four holes and one lost hole for a total of 2,332
metres to test the newly identified Lightning Zone of the Carter Corridor.
CRT24-07 was collared approximately 800 metres northeast of CRT23-05 and the unconformity was
intersected at 325 metres. Weak to moderately sheared, strongly paleoweathered, diorite gneiss was
encountered to a depth of 336 metres followed by an interval of weakly mineralized brecciation. An
average reading of 1,040 cps over 0.7 metres with a peak reading of 1,660 cps was returned between
334.8 and 335.5 metres. The hole was completed at 461 metres.
CRT24-08A was collared approximately 200 metres northeast of CRT23-05 and 600 metres southwest
of CRT24-07. The unconformity was intersected at 299 metres. A 28 metre wide graphitic shear zone
with clay alteration and local brecciation, was hosted by diorite gneiss between 330 and 358 metres. A
brecciation zone returned an average reading of 2,760 cps over 1.4 metres with a peak reading of 7,370
cps. A 19 metre wide zone of brecciated graphitic diorite gneiss with weak shearing was then
encountered between 393 and 412 metres. The hole was completed at 527 metres.
CRT24-09 was collared 50 m behind CRT24-08A on the same section line and the unconformity was
intersected at 305 metres. Three graphitic shear zones, ranging between 6 and 15 metres in width and
hosted by sericitized granodiorite, were encountered between 470 and 531 metres. Although the
downhole gamma probe returned anomalous radioactivity from the hole (Table 1), the radioactivity is not
associated with the structures intersected and may be mainly attributed to thorium. The hole was
completed at 581 metres.
CRT24-10 was collared approximately 1,600 m northeast of hole CRT23-05 and the unconformity was
intersected at 354 m. A major structure, consisting of an 8 metre wide zone of brecciated and altered
graphitic diorite gneiss followed by 5 metres of strong graphitic shearing, was encountered starting at
430 metres. The brecciated zone hosted 0.29% U3O8 over 0.9 metres from 430.6 to 431.5 metres and
included 0.68% U3O8 over 0.3 metres.
The hole was completed at 539 metres.
Table 1: Downhole Total Gamma Results of 2023 Carter Corridor Holes
Hole Number
From (m)
To (m)
Width (m)
Avg. cps
Max. cps
CRT24-07
334.8
335.5
0.7
1,040
1,660
CRT24-08A
335.7
336.3
0.6
1,110
1,710
339.1
340.5
1.4
2,760
7,370
444.5
445.0
0.5
900
1,150
CRT24-09
337.7
338.5
0.8
760
840
451.8
452.3
0.5
1,060
1,480
CRT24-10
410.0
410.8
0.8
1,540
2,640
430.3
431.4
1.1
4,310
9,420
435.1
435.6
0.5
910
1,060
441.7
442.2
0.5
1,000
1,300
Figure 1: Location Map of Lightning Zone Discovery
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3218/204190_1e847a86b48fa996_002full.jpg
Figure 2: 2024 Diamond Drill Program
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3218/204190_1e847a86b48fa996_003full.jpg
The most recent 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".
Gamma Logging and Geochemical Assaying
A Mount Sopris 2PGA-1000 downhole total gamma probe was utilized for radiometric surveying. The
total gamma results provided in Table 1 were selected using a cutoff of 750 cps over a 0.3 metre width.
Core sampling is facilitated using a RS-125 Handheld Gamma-Ray Spectrometer that provides a
readout of equivalent % K, ppm of U and Th. All drill intercepts are core width and true thickness is yet to
be determined.
Core samples are submitted to the Saskatchewan Research Council (SRC) Geoanalytical Laboratories
in Saskatoon. The SRC facility is ISO/IEC 17025:2005 accredited by the Standards Council of Canada
(scope of accreditation #537). The samples are analyzed using partial and total digestion inductively
coupled plasma methods, for boron by Na2O2 fusion, and for uranium by fluorimetry.
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) considers 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.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline
of nine 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 seven, 100% owned projects with proven uranium rich targets and one VHMS
project that is adjacent and on trend with Foran's McIlvena Bay project, currently optioned to Foran
Corporation. 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, P.Geo., 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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