Purepoint Uranium Group Inc: Hook Lake JV Partners Approve $3 Million For 2019 Exploration Budget
Purepoint Uranium Group Inc: Hook Lake JV Partners Approve $3 Million
For 2019 Exploration Budget
TORONTO
,
Dec. 11, 2018
/CNW/ - Purepoint Uranium Group Inc. (the "
Company
" or "
Purepoint
") (TSX: PTU.V) announced today that the proposed 2019
Hook Lake JV exploration program with a budgeted cost of
$3,000,000
has been approved by the JV partners. Situated within the Patterson Uranium
District, the Hook Lake JV is a project owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%), and
is 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
$3,000,000
has been approved by the Hook Lake JV partners for 2019;
The proposed exploration program includes 6,600 metres of diamond drilling, approximately 17 holes utilizing two drills, and a ground geophysical
survey;
A transient electromagnetic survey will be carried out with the objective of defining a target path between the Dragon and Spitfire areas;
Seven diamond drill holes have been planned to test high-priority targets along the Patterson Corridor;
Ten diamond drill holes have been planned to begin testing the Derkson Corridor, just east of and parallel to the Patterson Lake Corridor, where historic
initial drilling in 1978 by SMDC discovered uranium mineralization.
Patterson Corridor and Derkson Corridor, Athabasca Basin (CNW Group/Purepoint Uranium Group Inc.)
Derkson Corridor
Historic exploration efforts in the Patterson area focused on the Derkson Corridor, where SMDC encountered uranium mineralization near the unconformity
averaging 0.24% U
3
O
8
and 1.35% Ni over 2.5 metres in 1978. Drill holes along this trend encountered very encouraging clay basement alteration but were
typically completed only 30 to 40 metres past the unconformity. Based on the geologic setting of the Patterson Corridor mineralization, it is considered that
the historic shallow drilling along the Derkson Corridor did not properly test for basement-hosted uranium deposits.
Ten holes are planned at depths of approximately 250 metres each (two to three times deeper than historic efforts) in hopes of opening up a new structural
corridor of discovery in the south-west
Athabasca
Basin.
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%) 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
), NexGen Energy's Arrow Deposit (indicated mineral resource 256,600,000 lbs U
3
O
8
at an average grade of 4.03%) and the
Spitfire Discovery by the Hook Lake JV.
About Purepoint
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 Orano 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.
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SOURCE
Purepoint Uranium Group Inc.
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For further information:
Purepoint Uranium Group Inc., Chris Frostad, President and CEO, (416) 603-8368, www.purepoint.ca
CO: Purepoint Uranium Group Inc.
CNW 06:30e 11-DEC-18