Purepoint Uranium Triples Size of McArthur East Project in Athabasca Basin
TSX VENTURE: PTU
TORONTO, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Purepoint Uranium Group Inc. (the “Company” or “Purepoint”) (TSX-V:PTU) today reported the staking of 6 new claims adjacent to their 100% owned McArthur East project, increasing the total size of the project to 5,600 hectares. The McArthur East property, initially adjoining Cameco’s McArthur River project to the west, now also adjoins their Cigar Lake project to the north. These projects host the world's two largest high-grade uranium mines, McArthur River and Cigar Lake, with grades that are 100 times the world average. The McArthur East project is located on the eastern uranium mine trend of Canada’s Athabasca Basin in Northern Saskatchewan.
“These new claims represent a sizable and valuable addition to the project,”” said Chris Frostad, President and CEO at Purepoint. “The target definition program carried out earlier this year has demonstrated significant potential particularly in light of the project’s association with the neighbouring properties which host two of the world’s largest high-grade uranium mines”.
- 3,614 hectares over 6 claims, contiguous with the Company’s McArthur East Project, were acquired by staking;
- The McArthur East property now adjoins the Cigar Lake Project that hosts the world's highest-grade uranium mine with an average grade of 15.9% U3O8;
- The McArthur East property is also adjoined to Cameco’s McArthur River project, which contains the world's largest high-grade uranium deposit with 370M lbs. of reserves (proven & probable) at 9.6% U3O8 (Cameco website); and
- This summer’s ground gravity results from the McArthur East project show a pronounced gravity low response over a previously identified conductive trend (see press release, August 1, 2017).
Preliminary exploration of McArthur East has provided evidence of graphitic pelitic rocks occurring along the northern flank of a magnetic high that is believed to be granitic rock. The highly competent granitic rock would provide a contrast in competency to the softer graphitic pelitic rocks and be favourable for zones of dilatancy and mineral deposition. Next steps include an electromagnetic survey to outline the prospective conductive zone onto the new claims and to possibly identify discreet conductors for drill testing. No drilling has occurred on the project to date.
McArthur East Project
The 100% owned McArthur East property adjoins both Cameco’s McArthur River project and Cameco/AREVA’s Cigar Lake project, which together host the world's two largest high-grade uranium mines. The property is 5,600 hectares in size and consists of seven claims. It is underlain by a magnetic low believed to represent pelitic basement rocks, a typical host rock for economic uranium mineralization. Based on historic drill results from the surrounding area, the unconformity is assumed to lie approximately 250 metres below the surface.
Exploration conducted by Purepoint on the project has consisted of a helicopter-borne EM and magnetic (VTEM max) survey carried out in 2013 and ground gravity survey performed earlier this year. The airborne EM survey results showed that a broad conductive area in the northern portion of the property was a response from the basement rocks while weak conductors located within the southeastern area of the property are probably a response from swamp or lake bottom sediments. The broad basement EM conductor is considered to represent a highly prospective series of closely spaced graphitic units.
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 AREVA Resources 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.