Purepoint Uranium Group Inc.: JV Partners Approve Upcoming Program at Hook Lake
Purepoint Uranium Group Inc.: JV Partners Approve Upcoming
Program at Hook Lake
TORONTO
,
Nov 9, 2020
/CNW/ - Purepoint Uranium Group Inc. (TSXV: PTU) ("
Purepoint
" or the "
Company
") today announced that the
upcoming winter exploration program at Hook Lake, (see News Release
October 1, 2020
), has now been approved by the JV partners.
Hook Lake 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.
"We are very anxious to begin this winter's program at the Sabre Target Area - the result of two years of preparatory drill testing,
geophysical surveying and analysis detailing primary drill targets through the heart of the Patterson Lake trend."
Chris Frostad
, President &
CEO stated: "Hook Lake is a high priority project, validated by the ongoing support of our partners Cameco and Orano; two of the world's
largest uranium suppliers".
Sabre Target Area ("W" Conductor - North):
This year's geophysical survey covered the Sabre Target area and consisted of five lines of stepwise-moving loop EM surveying that were
spaced 800 metres apart. Interpretation of the survey results have provided initial drill targets covering 3.5 kilometres of conductor strike
length. The purpose of the survey was to provide drill targets northeast of hole HK19-105 that intersected numerous shear zones, strong
hydrothermal alteration and elevated radioactivity (up to 125 ppm U over 0.3 metres). Interpretation of the EM results provided four to six
conductor picks of varying strength along each survey line. The "W" conductor now appears as two continuous parallel conductors of variable
strength associated with numerous sub-parallel weaker conductors.
Drill hole HK20-115 tested a 2020 EM conductor pick located 3.6 kilometres northeast along strike of favourable drill hole HK19-105. Below
the unconformity at 460 metres, the hole encountered strongly clay altered porphyroblastic schist and mafic intrusive to 500 metres, strongly
hematite altered granodiorite gneiss to 512 metres, then strongly chloritized, sheared and graphitic mafic intrusive to a depth of 525 metres
before completion within unaltered diorite gneiss at a depth of 638 metres.
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 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.
Current exploration is targeting the Patterson Lake Corridor that hosts Fission's Triple R Deposit (indicated mineral resource 87,760,000 lbs.
U3O8 at an average grade of 1.82% U3O8 –
www.fissionuranium.com
), NexGen Energy's Arrow Deposit (indicated mineral resource
256,600,000 lbs. U3O8 at an average grade of 4.03% –
www.nexgenenergy.ca
) and the Spitfire discovery by the Hook Lake JV. The
foregoing mineral resource disclosure is information about the properties adjacent to the Company's property and does not imply that the
Company will obtain similar information from its own property.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of its six 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 Project is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit,
NexGen's Arrow Deposit and the Hook Lake JV's Spitfire discovery.
Scott Frostad BSc
, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this
release.
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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SOURCE
Purepoint Uranium Group Inc.
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For further information:
Chris Frostad, President & CEO, Phone: (416) 603-8368, Email: [email protected]
CO: Purepoint Uranium Group Inc.
CNW 09:31e 09-NOV-20