Purepoint Uranium Group Inc: Hook Lake JV Partners Approve $3 Million For 2019 Exploration Budget
TSX VENTURE: PTU
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.
- 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.
Historic exploration efforts in the Patterson area focused on the Derkson Corridor, where SMDC encountered uranium mineralization near the unconformity averaging 0.24% U3O8 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 U3O8 at an average grade of 1.82% U3O8), NexGen Energy's Arrow Deposit (indicated mineral resource 256,600,000 lbs U3O8 at an average grade of 4.03%) and the Spitfire Discovery by the Hook Lake JV.
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.
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