TORONTO, June 24, 2021 /CNW/ - Purepoint Uranium Group
Inc. (TSXV: PTU) ("Purepoint" or the "Company") today
announced the commencement of a drill program at the 100%-owned
Umfreville uranium project which lies on the northeastern edge of
the Athabasca Basin, Saskatchewan Canada.
"We have performed airborne geophysical surveys followed by
geochemical surveys over select areas at Umfreville and feel we
have identified a high priority target for potential uranium
deposition" said Scott Frostad,
Purepoint's VP Exploration. "As this is the first drill program on
this project, we will be starting with an exploratory diamond drill
hole designed to gain a better understanding of the underlying
geology and to further evaluate and prioritize the project's
potential for discovery."
Highlights
- The 100%-owned Umfreville project consists of 7 claims totaling
18,273 hectares on the northeastern edge of Canada's Athabasca Basin
- The Company is planning an initial hole of diamond drilling
totaling 400 metres followed by a second hole of equal length if
time allows
- The primary target zone appears to be a splay of the Fond du
Lac Fault as evidenced by coincident magnetic and gravity low
responses
- Regional soil samples returned high level uranium anomalies
associated with the primary target zone
- A Technical Report on the Umfreville project can be obtained
from the Company's web site
- A video tour of the Umfreville project can be viewed at
https://youtu.be/Af6mNL5sQZg
Umfreville Project
The 100%-owned Umfreville project consists of 7 claims totaling
18,273 hectares on the northeastern edge of Canada's Athabasca Basin. Exploration conducted by
Purepoint on the Umfreville project has included an airborne
Megatem electromagnetic (EM) and magnetics survey, an airborne Very
Low Frequency (VLF) EM survey, an airborne gravity gradiometry
survey, and soil geochemical sampling.
Airborne MEGATEM data covering the Umfreville project was
processed using a layered-earth inversion (LEI) program and
identified what is now believed to be a conductive layer within the
Athabasca sandstone. The thin
conductive layer within the sandstone is thought to be preventing
the EM survey from properly reaching the basement rocks and
identifying graphitic conductors. Reconstruction of the
conductivity depth sections highlighted deep narrow conductors that
are considered to show areas where the conductive layer is absent
from the sandstone, the sandstone has been structurally disrupted,
or the presence of very strong basement conductors.
The airborne gravity survey provided a response considered to
reflect basement geology. The results also indicated the presence
of fault systems not previously seen and supported fault systems
that were interpreted from magnetic features. Our primary
exploration target is a strong elongate gravity low response within
the central portion of the survey area that is coincident with a
magnetic low and the interpreted source area of a Geological Survey
of Canada (1979) lake bottom
sediment sample that returned anomalous uranium.
Soil geochemical surveys that collected a total of 383 organic
A1 soil horizon samples covered the prospective gravity low /
magnetic low response of the primary target zone. Assay results for
vanadium, and to a lesser degree boron, showed anomalous trends
similar to the uranium anomalies but the trends are parallel rather
than coincident. The results for nickel, molybdenum and cobalt
appear to have anomalous north-south trends that may be influenced
by an underlying crosscutting structure as suggested by the
airborne magnetic results.
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.