TORONTO, Dec. 23, 2019 /CNW/ - Purepoint Uranium Group
Inc. (TSXV: PTU) ("Purepoint" or the "Company")
announced today that field crews have mobilized at the Hook Lake
project in preparation for this winter's exploration program. The
Hook Lake Project is a joint venture between Cameco Corporation
(39.5%), Orano Canada Inc. (39.5%) and Purepoint (21%) in the
Patterson Uranium District, Saskatchewan
Canada. The Hook Lake project lies on the southwestern edge
of Saskatchewan's Athabasca Basin and is adjacent to and on
trend with recent high-grade uranium discoveries including Fission
Uranium's Triple R deposit and NexGen's Arrow deposit.
"Our Patterson Lake camp is now
open and field crews are building up lake ice using flood pumps in
preparation of lake-based holes to be drilled early next year. We
have awarded our drilling contract to Cyr Drilling International
Ltd., who will be drilling up to 3,500 metres, and our geophysical
work has been awarded to Discovery International Geophysics Inc.",
said Scott Frostad, Purepoint's Vice
President of Exploration. "The 2020 diamond drilling will continue
to test high-priority targets along the Patterson Corridor
including a conductive shear between the Spitfire Zone and the
Dragon area as well as follow-up targets within the Hornet area. We
anticipate the electromagnetic geophysical survey will provide new
drill targets northeast of encouraging drill hole HK19-105 early
next year, in time for consideration during this drill
program".
An exploration budget of $2,000,000 has been approved by the Hook Lake JV
partners for 2020 that includes up to 3,500 metres of drilling in
approximately seven holes and a geophysical survey (see news
release from November 12, 2019). More
information on the Hook Lake Project can also be viewed on the
Company's website https://purepoint.ca/projects/hook-lake/.
Hook Lake JV Project
The Hook Lake JV project is owned jointly by Cameco Corp.
(39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc.
(21%) as operator and consists of nine claims totaling 28,598
hectares situated in the southwestern Athabasca Basin. The Hook Lake JV is
considered one of the highest quality uranium exploration projects
in the Athabasca Basin due to its
location along the prospective Patterson
Lake trend and the relatively shallow depth to the
unconformity.
Current exploration is targeting the Patterson Lake Corridor
that hosts Fission's Triple R Deposit (indicated mineral resource
87,760,000 lbs U3O8 at an average grade of 1.82% U3O8 –
www.fissionuranium.com), NexGen Energy's Arrow Deposit (indicated
mineral resource 256,600,000 lbs U3O8 at an average grade of
4.03% – www.nexgenenergy.ca) and the Spitfire Discovery by
the Hook Lake JV. The foregoing mineral resource disclosure is
information about the properties adjacent Company's property and
does not imply that the Company will obtain similar information
from its own property.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of its ten projects in the Canadian Athabasca Basin,
the world's richest uranium region. Established in the Athabasca Basin well before the initial
resurgence in uranium earlier last decade, 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 is on trend with recent
high-grade uranium discoveries including Fission Uranium's Triple R
Deposit, NexGen's Arrow Deposit and Purepoint's Spitfire
discovery.
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.