TORONTO, ONTARIO--(Marketwired - Jan. 13, 2015) - Purepoint Uranium Group Inc. (the "Company" or "Purepoint") (TSX VENTURE:PTU) today reported that drilling has commenced at the Hook Lake Project on the Western edge of the Athabasca Basin Saskatchewan. The project adjoins Fission Uranium Corp's Patterson Lake property where late last week they announced the 43-101 resource estimate of over 105 million lbs U3O8 for their Triple R deposit (Fission press release of January 9, 2015).
"We are very pleased to be a participant in the development of this new uranium district," said Chris Frostad, President & CEO of Purepoint. "Our discovery of the Spitfire zone last year clearly demonstrated the potential for ongoing success in the area."
| Highlights: | ||
| 1. | Drilling will focus on high priority targets along the Patterson Lake Corridor; | |
| 2. | Last year's Spitfire discovery sits along the same conductive trend, northeast of Fission Uranium Corp's Triple R high grade deposit; | |
| 3. | A budget of $2,900,000 has been approved by the Joint Venture partners for this winter's program which will be operated by Purepoint; | |
| 4. | It is anticipated that the program will deliver a minimum of 4,200 metres of drilling across 13 holes; | |
Hook Lake JV Project
The Hook Lake JV project is owned jointly by Cameco Corp. (39.5%), AREVA Resources Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) and consists of nine claims totaling 28,683 hectares situated in the southwestern Athabasca Basin. The depth to the Athabasca unconformity is very shallow, ranging from zero to 350 metres. Three prospective structural "corridors" have been defined on the property, each corridor being comprised of multiple EM conductors that have been confirmed by drilling to result from graphitic metasediments that intersect the Athabasca unconformity.
Current exploration is targeting the Patterson Lake Corridor, the same conductive trend which not only hosts Fission's Triple R deposit, but as well produced two new uranium showings last winter. Those showings included the Arrow Discovery by NexGen Energy Ltd. where hole AR-14-30 returned 10.3% U3O8 over 46 metres (NexGen press release of October 6, 2014) and the Spitfire Discovery by the Hook Lake JV with drill hole HK14-09 returning 0.32% U3O8 over 6.2 metres including an interval of 1.1% U3O8 over 0.5 metres.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of its eight 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.
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.
Contact Information:
Chris Frostad
President and CEO
(416) 603-8368
www.purepoint.ca