Purepoint Uranium Group Inc: Hook Lake JV Partners Approve 2020 Exploration Budget
Purepoint Uranium Group Inc: Hook Lake JV Partners Approve
2020 Exploration Budget
TORONTO
,
Nov. 12, 2019
/CNW/ - Purepoint Uranium Group Inc. (the "
Company
" or "
Purepoint
") (TSX: PTU.V) today announced its plans for
the Hook Lake exploration program scheduled to commence this winter. The Hook Lake Project is a joint venture between Cameco Corporation
(39.5%), Orano Canada Inc. (39.5%) and Purepoint (21%) in the Patterson Uranium District,
Saskatchewan Canada
. The Hook Lake project
lies on the southwestern edge of
Saskatchewan's
Athabasca
Basin and is adjacent to and on trend with recent high-grade uranium discoveries
including Fission Uranium's Triple R deposit and NexGen's Arrow deposit.
Highlights:
An exploration budget of
$2,000,000
has been approved by the Hook Lake JV partners;
The approved 2020 exploration program includes 3,500 metres of diamond drilling, approximately 7 holes, and a geophysical survey;
The 2020 diamond drilling will continue to test high-priority targets along the Patterson Corridor including a conductive shear on trend
between the Spitfire Zone and the Dragon area, follow-up testing of the Hornet Zone conductor, and new geophysical targets along the "W"
conductor;
A ground electromagnetic survey is scheduled to be conducted over the Patterson Corridor, along the "W" conductor, northeast of the
encouraging drill hole HK19-105;
Additional targets for future consideration were provided to the Hook Lake JV partners and included continued ground geophysics and first-
pass drilling along the Patterson Corridor ("W" Conductor) to the northern property boundary and completion of first-pass drilling along the
"U" Conductor and Carter Corridor.
Webinar Details:
Purepoint will be hosting a webinar today at
12 pm ET
to discuss the state of the junior uranium exploration market as well as the upcoming
Hook Lake Project program for 2020.
To access the webinar, participants will need to register in advance through the following link:
https://zoom.us/webinar/register/5615729674342/WN_zqZZnFzjS_2Dg5NOmN8SIg
After registering, participants will receive a confirmation email containing information about joining the webinar. For those interested but unable
to attend, a video of the webinar will be posted on Purepoint's website after the webinar is completed.
Hook Lake JV Project
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 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 87,760,000 lbs
U
3
O
8
at an average grade of 1.82% U
3
O
8
; fissionuranium.com), NexGen Energy's Arrow Deposit (indicated mineral resource 256,600,000 lbs
U
3
O
8
at an average grade of 4.03%; nexgenenergy.ca) and the Spitfire Discovery by the Hook Lake JV.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of its ten projects in the Canadian Athabasca Basin, the world's richest
uranium region. Established in the
Athabasca
Basin well before the initial resurgence in uranium earlier last decade, Purepoint's flagship project
is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc.
The Hook Lake JV is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit, NexGen's Arrow Deposit
and Purepoint's Spitfire discovery.
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.
View original content to download multimedia:
http://www.prnewswire.com/news-releases/purepoint-uranium-group-inc-hook-lake-jv-partners-approve-2020-exploration-budget-300956003.html
SOURCE
Purepoint Uranium Group Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/November2019/12/c2466.html
%SEDAR: 00020406E
For further information:
Purepoint Uranium Group Inc., Chris Frostad, President and CEO, (416) 603-8368, www.purepoint.ca,
www.twitter.com/purepointU3O8
CO: Purepoint Uranium Group Inc.
CNW 06:30e 12-NOV-19