TORONTO, ONTARIO--(Marketwired - Jan. 21, 2016) - 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. Last winter's program encountered high-grade mineralization at the Spitfire zone with hole HK15-29 intersecting 12.9% U3O8 over 0.4 metres within 2.23% U3O8 over 2.8 metres.
The 2016 drill program is targeting the Patterson Lake Corridor, an emerging, world class uranium district that is attracting significant exploration investment. The prospective Patterson structural trend currently hosts the Spitfire discovery and two high grade uranium deposits, Fission's Triple R deposit and NexGen Energy's Arrow deposit, over a 14 kilometre strike length and remains virtually untested on the Hook JV project for an additional 12 kilometres.
"Two drills have been mobilized to site and have started drilling targets along the Patterson Lake Corridor," said Scott Frostad, V.P. Exploration at Purepoint. "Drilling will continue to follow-up the high grade mineralization discovered within the Spitfire area and will also test electromagnetic conductors associated with the northeast trend of boron enrichment identified during last year's drill program."
Highlights:
- A drilling budget of $2,700,000 has been approved by the Hook Lake Joint Venture partners (AREVA Resources Canada Inc. and Cameco Corp.) for this winter's program that is being operated by Purepoint;
- It is anticipated that the program will deliver a minimum of 6,000 metres of drilling across 14 holes;
- Drilling will focus on high priority targets along the Patterson Lake Corridor, the same conductive trend that hosts Fission Uranium Corp's Triple R and NexGen's Arrow high grade deposits.
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 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 79,610,000 lbs U3O8 at an average grade of 1.58% U3O8), NexGen Energy's Arrow Deposit where hole AR-15-62 returned 78.0 metres at 10.00% U3O8 (NexGen press release of January 13, 2016) and the Spitfire Discovery by the Hook Lake JV.
About Purepoint
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.
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