TORONTO, May 20, 2021 /CNW/ - Purepoint Uranium Group Inc.
(TSXV: PTU) ("Purepoint" or the "Company") today
announced that it has commenced drilling at its 100%-owned Red
Willow project within the eastern uranium mine district of the
Athabasca Basin, Saskatchewan
Canada. The Red Willow project is 40,116 hectares in size and
located close to several uranium deposits including Orano Resources
Canada Inc.'s JEB mine, approximately 10 kilometres to the
southwest, and Cameco's Eagle Point mine that is approximately 10
kilometres due south.
"This will prove to be a very busy year in the field" said
Scott Frostad, Purepoint's VP
Exploration. "The Spring drill program has commenced at our Red
Willow project and will allow us to begin reprioritizing many of
the exploration targets we have previously defined across this
large land package."
Highlights
- Beginning at the Osprey Zone, Purepoint intends to drill
approximately 1,200 metres at Red Willow during this program
- Depending on conditions and results, the Company hopes to also
test the Geneva and 333 Zones
- A Technical Report on the project can be obtained from the
Company's web site
- A video tour of the Red Willow project can be viewed at
https://youtu.be/5Rte6E3Ht7g
Osprey Zone
Drilling on the Osprey Zone conductor has discovered a lens of
uranium mineralization that returned up to 0.20% eU3O8 over 5.8
metres from a shallow depth of 70 metres. The 6-kilometre long
"S"-shaped Osprey conductor continues to have excellent exploration
potential at depth, both below the known mineralized zone and
towards the west.
The 2021 drill program will begin at the fold hinge of the
Osprey conductor following up on a fence of three holes where
Purepoint (2008) intersected a vertical, weakly radioactive fault
zone (Hinge Fault) associated with strong chlorite and hematite
alteration and intervals of lost core. The Hinge Fault returned 138
ppm U over 0.6 metres between 75.7 and 76.3 metres from hole RW-29.
The follow-up hole RW-41, drilled below RW-29, intersected 358 ppm
U over 0.4 metres between 159.1 and 159.5 metres. Alteration of the
basement rocks increases along the northern fold limb towards the
fold nose where one of the three holes drilled, RW-28, encountered
strong clay alteration.
Geneva Zone
The Geneva Zone represents a priority target based on ground
geophysics and first pass drilling. Historic drilling by Eldorado
Resources Ltd (Eldorado)
intersected very strong basement alteration and anomalous
radioactivity in the Geneva Zone. Although Eldorado completed
numerous holes in the area, most were stopped at shallow depths
into the basement rock.
333 Zone
In 1975, Gulf Minerals Canada Ltd. (Gulf) carried out a
regional, reverse circulation (RC) overburden drilling program
across most of the eastern Athabasca Basin. Over 350 overburden holes
were drilled with the most anomalous hole being located on the Red
Willow property; hole #333 returning an assay of 0.31% U3O8. Gulf
recommended additional RC drilling to trace the uranium-rich
overburden to its source, but that follow-up work was not
completed.
Based on geophysical results performed by Purepoint, the source
of the anomalous till may be a newly outlined EM conductor that
lies only 200 metres northeast of drill hole #333. The strong
conductor trends north-south, is 1.1 kilometres in length and
appears to be crosscut by a northeast trending fault.
Red Willow Project
The 100% owned Red Willow property is situated on the eastern
edge of the Athabasca Basin in
Northern Saskatchewan, Canada and
consists of 17 mineral claims having a total area of 40,116
hectares. The property is located close to several uranium deposits
including Orano Resources Canada Inc.'s JEB mine, approximately 10
kilometres to the southwest, and Cameco's Eagle Point mine that is
approximately 10 kilometres due south.
Geophysical surveys conducted by Purepoint at Red Willow have
included airborne magnetic and electromagnetic (VTEM) surveys, an
airborne radiometric survey, ground gradient array IP, pole-dipole
array IP, fixed-loop and moving-loop transient electromagnetics,
and gravity. The detailed airborne VTEM survey provided magnetic
results that are an excellent base on which to interpret structures
while the EM results outlined over 70 kilometres of conductors that
in most instances represent favourable graphitic lithology. A total
of twenty-one conductive zones have been identified as priority
exploration targets of which only seven have been subject to first
pass drilling.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) 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.