Toronto, Ontario – September 24, 2014 – Purepoint Uranium Group Inc. (TSX:PTU.V) announced today that in anticipation of this winter’s drill program, the next stage of exploration at the Hook Lake JV project will focus on an extensive magnetic low located within the Patterson Conductive Corridor. This fall, airborne and ground electromagnetic (EM) surveys will be completed to better define EM conductors located within the magnetic low target area, most notably the D2 conductor that is associated with the Spitfire uranium discovery (Purepoint press release dated March 10th, 2014 http://www.purepoint.ca/news/?id=367).
The prospective, large-scale magnetic low area sits within the Patterson Corridor, the same structural and conductive trend that hosts the neighbouring PLS and Arrow uranium discoveries. The magnetic low is deemed a priority exploration target area as:
- Fission Uranium Corp.’s high-grade PLS deposit also lies within an area of low magnetic response;
- It hosts weak, discontinuous EM conductors that are suggestive of structural disturbance and/or hydrothermal alteration
- Uranium mineralization (Spitfire zone) has been discovered on its southern edge; and
- EM conductors within this expansive target area have only been tested by a few initial drill holes
Figures relating to the Hook Lake Spitfire target area have been recently updated and are now posted on the Purepoint website under Uranium Projects – Hook Lake http://www.purepoint.ca/uraniumprojects/hooklake.php.
“Airborne magnetic results from south of our Hook Lake JV project show that Fission’s PLS discovery is situated within a magnetic low approximately 2 kilometres wide,” said Scott Frostad, Purepoint’s Vice President of Exploration. “The magnetic low anomaly we’re targeting is considerably larger, measuring 3 by 5 kilometres in size, an area easily large enough to host a world-class uranium deposit”.
A helicopter-borne magnetic and EM (VTEM plus) survey will be flown over the prospective target area in early October by Aeroquest of Aurora, Ontario. A ground stepwise moving loop EM survey will then be completed in November to aid in the location of EM conductors for drill targeting. Proper positioning of EM conductors within the target area is considered critical for the next drilling program since the PLS, Arrow and Spitfire discoveries are all associated with graphitic rocks.
Hook Lake JV Project
The Hook Lake JV project is owned by Cameco Corp. (39.5%), AREVA Resources Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) with Purepoint being the project operator since 2007. The project consists of nine claims totaling 28,683 hectares, is situated in the southwestern Athabasca Basin, and is only 5 kilometres northeast of Fission Uranium Corp.’s high-grade PLS uranium discovery. 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 by drilling to result from graphitic metasediments that intersect the Athabasca unconformity.
Current exploration is targeting the Patterson Lake Corridor, the same conductive trend along which Fission continues to intersect high-grade uranium mineralization, most notably the intercept of 5.98% U3O8 over 102.5 metres in drill hole PLS14-187 (Fission press release of April 22, 2014). During the winter of 2014, the Patterson Corridor produced two new uranium showings that includes the Arrow Discovery by NexGen Energy Ltd. where hole AR-14-15 returned 3.42% U3O8 over 22.35 m (NexGen press release of August 7, 2014) as well as the Spitfire Discovery by the Hook Lake JV with drill hole HK14-09 returning 0.32% U3O8 over 6.2 metres.
Purepoint Uranium Group Inc. is focused on the precision exploration of its ten projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with two of the largest uranium producers in the world, Cameco Corporation and AREVA Resources Canada Inc. 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