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.