TORONTO, May 11, 2021 /CNW/ - Purepoint Uranium Group Inc.
(TSXV: PTU) ("Purepoint" or the "Company") today
provided an update of this winter's exploration program at the Hook
Lake Project, a joint venture between Cameco Corporation (39.5%),
Orano Canada Inc. (39.5%) and Purepoint (21%) in the Patterson
Uranium District, Saskatchewan
Canada. The Hook Lake Project lies on the southwestern edge
of Saskatchewan's Athabasca Basin and is adjacent to and on
trend with recent high-grade uranium discoveries including Fission
Uranium's Triple R deposit and NexGen's Arrow deposit.
The winter 2021 exploration program included follow-up drilling
north of encouraging hole HK19-105, an area referred to as the
Sabre Target. Three holes were completed and one lost during the
program for a total of 2,556 metres drilled. Favourable geology was
drilled by the two northern holes, HK21-117A and 118, that both
encountered wide intervals of strong to intense silicification
proximal to graphitic shear zones. Assays for the most northerly
hole drilled, hole HK21-118, returned 134 ppm U over 0.7 metres
from the contact of silicified granodiorite and a graphitic shear.
Hole HK21-117A was drilled south of HK21-118 and intersected weak
radioactivity from within the graphitic shear zone while HK21-116,
collared 400 metres north of HK19-105, failed to intersect
significant alteration or radioactivity.
"Although we only completed 3 drill holes during the 2021 winter
program, the EM conductors targeted by the two most northerly holes
are explained by favourable graphitic shearing that was associated
with strong silicification." said Scott
Frostad, Purepoint's Vice President of Exploration. "While
the strong alteration seen in hole HK19-105 was not present in our
follow-up hole HK21-116, the current results show that the Sabre
area remains prospective along strike north of HK21-118."
Highlights:
- Three diamond holes were completed and one hole was lost for a
total of 2,556 metres of drilling.
- Drill holes HK21-117A and 118, drilled in the vicinity of
previous hole HK20-115, encountered wide intervals of strong to
intense silicification beginning at the unconformity and the
targeted electromagnetic (EM) conductors for both holes were
explained by graphitic shear zones.
- HK21-118 intersected 134 ppm U over 0.7 metres at the contact
between strongly silicified granodiorite and a graphitic shear; a
favourable setting for basement-hosted uranium mineralization.
- Hole HK21-116, the follow-up hole to HK19-115, intersected a
1-metre-wide band of unaltered graphitic diorite gneiss that
explained the EM conductor. No anomalous alteration or
radioactivity was encountered.
- The Sabre Target Area remains prospective near hole HK19-105,
and north of HK21-118 towards historic hole HK-02 that encountered
extensive graphitic shearing associated with anomalous
radioactivity. These Sabre area drill targets will be prioritized
with targets previously identified along the Carter Corridor and
the "U" Conductor.
- All assays have now been received and final interpretation of
the geochemical results are pending.
Sabre Target Area ("W" Conductor - North):
Drill Hole HK21-116 tested a ground EM anomaly located 400
metres north of favourable hole HK19-105. Below the unconformity,
granodiorite gneiss was strongly hematite altered then strong to
weakly chlorite altered due to paleoweathering. Unaltered diorite
gneiss, hosting minor mafic and carbonatite dykes, was then
encountered to the completion depth of 653 metres. A one-metre-wide
interval of graphitic diorite gneiss explained the EM conductor and
no significant radiation was encountered in the hole.
Drill Hole HK21-117A was designed to test a ground EM anomaly
located 800 metres south of previous hole HK20-115. An initial hole
at this location, HK21-117, was lost within flowing sand at a depth
of 419 metres. Below the unconformity at 486 metres, strongly
hematite altered porphyroblastic schist was initially encountered
then intense to strongly silicified granodiorite gneiss was drilled
to a depth of 626 metres. The granodiorite gneiss was then weakly
chlorite altered to 645 metres followed by a wide graphitic shear
zone hosted within diorite gneiss to 683 metres that returned the
highest concentration of uranium for the hole at 16 ppm U over 0.3
metres. Unaltered diorite gneiss and granodiorite gneiss was then
encountered to the hole completion depth of 747 metres.
Drill Hole HK21-118 tested a second EM anomaly that was located
on the same survey line as hole HK20-115. Immediately above the
unconformity at 485 metres, the hole encountered 70 metres of
basement rock fragments (silicified granodiorite gneiss) within
loose sand. Below the unconformity, strongly hematite altered
diorite gneiss, granodiorite gneiss and porphyroblastic schist was
drilled for 48 metres followed by 72 metres of intense to strongly
silicified granodiorite gneiss to a depth of 605 metres. Five
metres of weakly sheared and chloritized mafic dyke material
hosting 10 to 15% graphite was then intersected and returned 134
ppm U over 0.7 metres from the upper contact. Weakly graphitic
porphyroblastic schist and diorite gneiss was drilled to a depth of
700 metres followed by unaltered diorite gneiss to the completion
depth of 737 metres. The wide zone of silicification encountered by
HK21-118 and the associated graphitic shear zone has been
correlated to similar geology in hole HK21-117A.
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%) as operator and consists of nine claims totaling 28,598
hectares situated in the southwestern Athabasca Basin. The Hook Lake JV Project 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 –
www.fissionuranium.com), NexGen Energy's Arrow Deposit (indicated
mineral resource 256,600,000 lbs U3O8 at an average grade of 4.03%
– www.nexgenenergy.ca) and the Spitfire discovery by the Hook Lake
JV. The foregoing mineral resource disclosure is information about
the properties adjacent to the Company's property and does not
imply that the Company will obtain similar information from its own
property.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PUC) actively operates an
exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium
region. Purepoint's flagship project is the Hook Lake Project, a
joint venture with two of the largest uranium suppliers in the
world, Cameco Corporation and Orano Canada Inc. The Hook Lake
JV Project is on trend with recent high-grade uranium discoveries
including Fission Uranium's Triple R Deposit and NexGen's Arrow
Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over
1.3m including 10m interval of 10.3% U3O8). Together with its
flagship project, the Company's projects stretch across
approximately 185,000 hectares of claims throughout the Athabasca
Basin. These claims host over 20 distinct and well-defined
drill target areas with advanced geophysical surveys completed, and
in some cases, have had first pass drilling performed.
Scott Frostad BSc, MASc, PGeo,
Purepoint's Vice President, Exploration, is the Qualified
Person responsible for technical content of this release.
Neither the Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this Press
release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance of the Company. These risks and uncertainties could
cause actual results and the Company's plans and objectives to
differ materially from those expressed in the forward-looking
information. Actual results and future events could differ
materially from those anticipated in such information. These and
all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and expressly qualified in their entirety by this notice.
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SOURCE Purepoint Uranium Group Inc.
