Purepoint Uranium Group Inc: Joint Venture Partners Plan Next Program at Hook Lake
Purepoint Uranium Group Inc: Joint Venture Partners Plan Next
Program at Hook Lake
TORONTO
,
Oct. 23, 2019
/CNW/ - Purepoint Uranium Group Inc. (the "
Company
" or "
Purepoint
") (TSX: PTU.V) is pleased to discuss the
results of a recent Technical Committee meeting of the Hook Lake Joint Venture, a project owned jointly by Cameco Corp. (39.5%), Orano
Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%). The latest working session included technical representatives from each
company with the purpose of reviewing all target areas and collectively discussing priorities as the project advances. 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.
"The obvious takeaway from our technical meeting was that the Hook Lake project has a host of prospective drill targets yet to advance," said
Scott Frostad
, Vice President Exploration. "Purepoint has been tasked with proposing a 3-year exploration strategy and budget requirements
at our next JV meeting in early November."
Highlights:
The team reviewed all the Patterson Trend drill targets and discussed their various attributes to help prioritize the order in which they will
be tested;
The Hornet Zone conductor, based on 2019 electromagnetic (EM) survey results, appears to remain untested south of HK13-06 that
intersected 138 ppm U over 2.3 metres;
The 2019 EM survey results identified a previously unidentified, strongly conductive shear on trend between the Spitfire Zone and the
Dragon area that will be drill tested;
The prospective "W" conductor, tested by HK19-105 that intersected numerous shear zones and elevated radioactivity, has new targets
towards the south from the 2019 EM survey. The "W" conductor remains untested north of HK19-105 for 6 kilometres and will require
additional ground geophysical surveying;
The Dragon conductor remains untested towards the north where it crosses a north-south trending, low magnetic response that possibly
reflects structural disruption;
Based on the meeting discussions, Purepoint will propose a 3-year exploration plan and budget for review. Review and approval of the
2020 program and budget proposal will occur at the Hook Lake JV meeting to be held
November 6
th
, 2019.
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
), 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 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.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is
characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could
cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information.
Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in
the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals,
and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's
discussion and analysis as filed under the Company's profile at
www.sedar.com
. Forward-looking information in this news release is based
on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental
and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in
preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information.
The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable
securities laws.
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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,
www.twitter.com/purepointU3O8
CO: Purepoint Uranium Group Inc.
CNW 06:30e 23-OCT-19