TORONTO, July 15, 2021 /CNW/ - Purepoint Uranium Group
Inc. (TSXV: PTU) ("Purepoint" or the "Company")
announced today the completion of its drill program at the
100%-owned Umfreville uranium project and the staking of additional
ground to increase Umfreville's footprint to a total of 26,139
hectares. The Company also provided an introduction to its four new
projects that make up the 100% owned Tabbernor Block, all of which
lie on the eastern edge of the Athabasca Basin, Saskatchewan Canada.
"The Tabbernor Block represents the early stages of our
examination into north-south structural controls on uranium
mineralization we have interpreted on the eastern side of the
Athabasca Basin. The presence of the north-south trending
Tabbernor fault system, coupled with the knowledge that high-grade
deposits can be found outside the Basin, has led us to acquire this
sizable land package." said Scott
Frostad, Purepoint's VP Exploration. "Our first step has
been an in-depth review and examination of all of the historic work
performed in the area and reconciling it with our current knowledge
base. The results of our data review will allow us to refine,
plan and prioritize our initial field work."
Highlights
- The Tabbernor Fault System runs north-south for approximately
1500 km and is associated with gold and uranium discoveries that
includes North America's largest
gold mine;
- The 100% owned Tabbernor Block is made up of four individual
projects covering over 66,000 hectares that lie just outside the
Athabasca Basin and are due south
of some of the Basin's largest uranium deposits;
- A video tour of the Tabbernor Block can be viewed at
https://youtu.be/ooEmygchez4;
- The Company has now completed the diamond drill program at its
100%-owned Umfreville project;
- Based on initial results, additional property has been staked
to the south and east enlarging the project to 26,139 hectares.
Assays are pending and a full discussion of the results will be
provided once reviewed;
- A video tour of the Umfreville project can be viewed at
https://youtu.be/Af6mNL5sQZg
- Purepoint also announced today their application for a US
listing on the OTCQB.
Tabbernor Fault System
The Tabbernor Fault System (TFS) is a wide, >1500 km
geophysical, topographic and geological structural zone that trends
approximately northward along Saskatchewan's eastern boundary. Purepoint's
research has shown that although none of the province's currently
known uranium deposits have been directly linked to the north-south
trending TFS, localized shear zones hosting uranium mineralization
may have an associated north-south structural component.
Reactivation of the TFS may have coincided with the age of
formation of large uranium deposits in the Athabasca Basin (Davies, 1998). Davies also
concluded that structural similarities between the TFS and
mineralized areas suggest that the fault system may have had a
control on the location of mineralization. More specifically,
he considered that several deposits, such as the Sue, Midwest,
Dawn Lake and Rabbit Lake all demonstrate a north-south
control and strong Tabbernor-like characteristics.
Purepoint has now staked claims to the south of the Athabasca Basin based on interpreted
north-south lineaments linking the Key Lake and Millennium
deposits, the Midwest and West Bear deposits, the Jeb and Raven
deposits, and the Collins Bay and Eagle Point deposits.
Reference:
Davies, J.R. (1998): The origin, structural style, and reactivation
history of the Tabbernor fault zone, Saskatchewan, Canada; Masters thesis,
McGill University, Montreal, Quebec, 105p.
Umfreville Project
The 100%-owned Umfreville project has recently been enlarged to
now consist of 12 claims totaling 26,139 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.
The Company has recently completed its first 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.
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
uranium, vanadium, and to a lesser degree boron, showed anomalous
trends coincident with the primary target. 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.
OTC Markets Group
In order to allow added liquidity and ease of trading for their
US investors, Purepoint has now made formal application for listing
on the OTCQB in the United
States.
The OTCQB marketplace is run through OTC Link, an inter-dealer
quotation and trading system developed by OTC Markets Group. OTC
Link is registered with the Securities and Exchange Commission
(SEC) as a broker-dealer and also as an alternative trading system
(ATS).
All broker-dealers that trade OTCQB have to be FINRA members and
registered with the SEC; they are also subject to state securities
regulations. As with exchange-traded securities, investors trading
OTC securities are protected from an unethical broker-dealer's
illegal practices by the same SEC/FINRA rules such as best
execution, limit order protection, firm quotes, and short position
disclosure.
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.
