Toronto, Ontario – January 30, 2014 – Purepoint Uranium Group Inc. (TSX:PTU.V) today announced the commencement of its winter drill program at the Hook Lake Project in Saskatchewan’s Athabasca Basin. The project is a joint venture with AREVA Resources Canada Inc. and Cameco Corporation and is located immediately north of Patterson Lake where high-grade uranium mineralization has been discovered by Fission Uranium Corp.
The 2014 diamond drill program commencing last week will focus on the highly prospective “Patterson Lake Corridor”, the same (electromagnetic) conductive trend that hosts the Patterson Lake South (PLS) uranium discovery.
“Much of January has been spent opening up the camp, clearing trails and mobilizing two drills to site,” said Chris Frostad, Purepoint’s President and CEO. “In addition, crews are building up ice on Patterson Lake itself in preparation for drill testing an electromagnetic conductor defined by last year’s geophysical program.”
- The “Patterson Corridor” hosts over 35 kilometres of known airborne EM conductors on the Hook Lake property. Over 40 ground EM targets remain untested and ready for drilling;
- The program consists of approximately 5,000 metres of diamond drilling for a total budget of $2,500,000;
- On November 27, 2012 the company filed a National Instrument 43-101 compliant technical report on its Hook Lake uranium project. The report can be found on Sedar.com or on Purepoint’s website http://www.purepoint.ca/uraniumprojects/hooklake.php.
Hook Lake Project
The Hook Lake Project consists of nine claims totaling 28,683 hectares and is situated in the south western Athabasca Basin only 5 kilometres northeast of the new high-grade uranium discovery by the Fission/Alpha joint venture. 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 to be the results of graphitic metasediments that intersect the Athabasca unconformity.
The Patterson Lake Corridor is the same conductive trend along which the Fission/Alpha joint venture has intersected high-grade uranium mineralization, most notably the intercept of 9.08% U3O8 over 54.5 metres in drill hole PLS13-075 (see Fission Uranium Corp. press release of September 4, 2013) including 21.76% U3O8 over 21.5 metres. Within the Hook Lake project, the Patterson Lake Corridor displays geophysical evidence of a complex structural history and, where drill tested, has shown favourable signs of alteration and structural disruption. In 2011, three new claims totaling 2,632 hectares were added to the Hook Lake project due north of where high grade uranium boulders were discovered by Fission/Alpha on their PLS property.
Stock Option Grant
The Board of Directors has also approved the issuance of a total of 2,510,000 options to certain of its Board of Directors, management and staff pursuant to its stock option plan. The options are exercisable at a price of $0.075 and expire in five years.
Purepoint Uranium Group Inc. is focused on the precision exploration of its eleven projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with three of the largest uranium producers in the world, Cameco Corporation, AREVA and Rio Tinto. 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.
For further information please contact:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO