Toronto, Ontario – October 8, 2013 – Purepoint Uranium Group Inc. (TSX:PTU.V) today announced its winter exploration 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 the Fission Uranium Corp and Alpha Minerals Inc. Joint Venture (JV).
The 2014 diamond drill program will focus on the highly prospective “Patterson Lake Corridor”, the same (electromagnetic) conductive trend that hosts the Patterson Lake South (PLS) uranium discovery.
“We are more than tripling the size of our drill program this year,” said Chris Frostad, Purepoint’s President and CEO. “Based on the positive indicators for uranium deposition at the Hook Lake Project, well-established electromagnetic (EM) conductors and the local discovery of high grade uranium mineralization, the Joint Venture partners are fully supportive of these heightened efforts.”
- The “Patterson Corridor” hosts over 35 kilometers 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;
- During last week’s meeting, the Joint Venture partners agreed to proceed with the planning and preparation of the 2014 program and budget at these levels;
- On November 27, 2012 the company filed a National Instruments 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 southwestern 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 (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.
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