TORONTO, Jan. 28, 2021 /CNW/ - Purepoint Uranium
Group Inc. (TSXV: PTU) ("Purepoint" or the "Company")
today announced that drilling program at Hook Lake has begun.
Hook Lake is 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.
Chris Frostad, President and CEO
stated: "The drilling program this year will be solely focused on
the highly prospective, yet largely untested Sabre Target area
within the Patterson Lake Corridor. As previously reported, we
expect to complete about 3,250 metres of drilling to test
geophysical targets identified within the Sabre Target area during
last year's ground electromagnetic survey."
Sabre Target Area
The Sabre Target Area is situated on the northeastern portion of
the Hook Lake Project, within the Patterson Lake Corridor.
Last year's geophysical survey covered the Sabre Target area and
consisted of five lines of stepwise-moving loop EM surveying that
were spaced 800 metres apart. Interpretation of the survey results
have provided initial drill targets covering 3.5 kilometres of
conductor strike length. The purpose of the survey was to provide
drill targets northeast of hole HK19-105 that intersected numerous
shear zones, strong hydrothermal alteration and elevated
radioactivity (up to 125 ppm U over 0.3 metres). Interpretation of
the EM results provided four to six conductor picks of varying
strength along each survey line.
Drill hole HK20-115 tested a 2020 EM conductor pick located 3.6
kilometres northeast along strike of favorable drill hole HK19-105.
Below the unconformity at 460 metres, the hole encountered strongly
clay altered porphyroblastic schist and mafic intrusive to 500
metres, strongly hematite altered granodiorite gneiss to 512
metres, then strongly chloritized, sheared and graphitic mafic
intrusive to a depth of 525 metres before completion within
unaltered diorite gneiss at a depth of 638 metres.
More information about the Sabre Zone can be viewed on the
Company's 5-minute video: https://youtu.be/KGZwvRnRHSo.
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.
In other news, further to the December
18, 2020 news release, in connection with the closing of the
private placement, the Company paid certain finders' fees
consisting of an aggregate of $60,720
in cash and 1,214,400 non-transferable compensation warrants.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of its six projects in the Canadian Athabasca Basin,
the world's richest uranium region. Established in the Athabasca Basin well before the initial
resurgence in uranium earlier last decade, 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, NexGen's Arrow Deposit and the Hook Lake JV's
Spitfire discovery.
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.
