Purepoint Uranium Group Inc. Confirms Plans for Next Drilling Phase at Hook Lake JV Project
TORONTO, ONTARIO--(Marketwired - Nov 11, 2014) - Purepoint Uranium Group Inc. ( the "Company" or "Purepoint") (TSX VENTURE:PTU) is pleased to report on last week's Hook Lake Technical Committee meeting, a project owned jointly by Cameco Corp. (39.5%), AREVA Resources Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%). The Hook Lake JV project covers the Patterson Lake conductive corridor, the same belt of rocks that hosts Fission Uranium's high-grade PLS uranium discovery, NexGen's Arrow discovery and the Hook Lake JV Spitfire discovery.
A helicopter-borne magnetic and EM (VTEM plus) survey was completed in October over the untested area north of the Spitfire discovery and along trend of NexGen's Arrow showing. A ground stepwise moving loop EM survey will commence shortly to aid in the precise location of EM conductors for drill targeting.
"The group is keen to continue our exploration of the Patterson Lake Corridor that produced both our Spitfire discovery and NexGen's Arrow showing in a single drill season," said Chris Frostad, President & CEO of Purepoint. "The financial and technical support of our partners clearly demonstrates our collective belief in the merits of this project."
Highlights of the Meeting:
- The committee has proposed a budget for 2015 of $2,900,000, adequate to deliver approximately 4,200 meters of drilling.
- Final approvals for the program are anticipated prior to year end once the geophysical survey results have been reviewed and a detailed drill plan has been finalized.
- Purepoint will be responsible for a net funding commitment of approximately $310,000 towards this program.
Hook Lake JV Project
The Hook Lake JV project consists of nine claims totaling 28,683 hectares, is situated in the southwestern Athabasca Basin, and is only 5 kilometres northeast of Fission Uranium Corp.'s high-grade PLS uranium discovery. 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 along which Fission continues to intersect high-grade uranium mineralization, most notably the intercept of 5.98% U3O8 over 102.5 metres in drill hole PLS14-187 (Fission press release of April 22, 2014). During the winter of 2014, the Patterson Corridor produced two new uranium showings that includes the Arrow Discovery by NexGen Energy Ltd. where hole AR-14-30 recently 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.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of its ten 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 Corp. 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.
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