Purepoint Uranium Group Inc.
TSX VENTURE : PTU

Purepoint Uranium Group Inc.

April 15, 2015 08:27 ET

Purepoint Uranium Group Inc. Expands High-Grade Uranium Discovery at Hook Lake JV with a 40-Metre Step-out

TORONTO, ONTARIO--(Marketwired - April 15, 2015) - Purepoint Uranium Group Inc. (TSX VENTURE:PTU) today reported on drilling that has expanded the recently announced discovery of high-grade mineralization at the Hook Lake JV (Purepoint PR, March 31, 2015). The final hole of the program, HK15-33, intersected 8.6 metres of uranium mineralization that includes a 20 cm interval of semi-massive pitchblende.

Drill hole HK15-33 intersected mineralization 40 metres up-dip of drill hole HK15-27 that returned 12.90% U3O8 over 0.4 Metres within 2.23% U3O8 over 2.8 metres. The step-out hole averaged 8,900 counts per second (cps) over 8.6 metres from the downhole gamma probe and returned a peak reading of 32,600 cps from an interval of semi-massive pitchblende. The uranium mineralization of HK15-33 again coincides with the upper contact of a strongly sheared Graphitic-pyritic Pelitic Gneiss unit. Assay results will be provided as soon as they become available.

"The Spitfire high-grade intercepts represent the eastern extent of the 14 kilometer Patterson mineralization trend that includes Fission's newly discovered R600W zone, their Triple R deposits and NexGen's Arrow deposit and Bow Zone," said Scott Frostad, Purepoint's Vice President of Exploration. "Our new Spitfire intercepts remain open for exploration in most directions and the Patterson trend, which continues for another 8 kilometers on our property, holds tremendous potential for additional mineralization."

Highlights:

  • The last hole of the season, HK15-33, intersected 8.6 metres of mineralization (using a cut-off grade of 0.05% eU3O8) and included 20 cm of semi-massive pitchblende;
  • HK15-33 is a 40 metre step-out up-dip from the high grade mineralization intersected in hole HK15-27;
  • True thickness of the mineralization is expected to be 75 to 85% of the intersection lengths; and
  • Spitfire high-grade mineralization remains open in most directions while the mineralized trend remains relatively untested for an additional eight kilometers to the northeast.

Follow-up Drill Results - HK15-27 High-grade Uranium Discovery

Drill hole HK15-31 tested the structure intersected by HK15-27 that returned 2.23% U3O8 over 2.8 metres at depth by backing the drill up 35 metres and drilling with a dip of -70 degrees. The unconformity was reached at a depth of 158 metres then Quartz-rich Pelitic Gneiss displaying hematite, clay and chlorite alteration was encountered to 409 metres. Two zones of anomalous radioactivity, 3.4 and 4.1 metres in thickness, were encountered with grades slightly lower than 0.05% eU3O8 between 387 and 396 metres. A brecciated and re-silicified quartz vein, a product of hydrothermal fluids, was intersected at the projected depth of the high-grade mineralization. Graphitic-pyritic Pelitic Gneiss was encountered between 409 and 432 metres, Pelitic Gneiss was then drilled to 499 metres and the hole was completed within Granitic Gneiss at 549 metres.

Drill hole HK15-33 was collared 35 metres west of the HK15-27 drill hole and was drilled with a dip of -70 degrees. Quartz-rich Pelitic Gneiss with hematite, clay and chlorite alteration was encountered to a depth of 362 metres and a 4.4-metre wide clay-altered fault zone, which returned an average of 1,500 cps from the downhole probe, was intersected between 304.4 and 308.8 metres. Strongly sheared Graphitic-pyritic Pelitic Gneiss was encountered to 392 metres with the targeted mineralized zone being intersected over 8.6 metres immediately above the graphitic unit between 344.0 and 352.6 metres. The mineralized zone included a 20-cm interval of semi-massive pitchblende. Moderately clay altered Quartz-rich Pelitic Gneiss was then drilled to 445 metres followed by unaltered Granitic Gneiss to the completion depth of 542 metres.

Three instruments were used during the 2015 Hook Lake JV drill program to measure gamma radiation. An Exploranium GR-110G scintillometer is the handheld instrument used for defining core samples to be submitted for assay. Our standard Mount Sopris 2PGA-1000 downhole total gamma probe is a well calibrated instrument that provides consistent results and is used for reporting low-grade mineralization as an equivalent uranium grade (% eU3O8). Our new Mount Sopris 2GHF-1000 downhole triple-gamma probe is capable of properly estimating high-grade mineralization but requires additional calibration before equivalent uranium grades can be confidently reported.

Core samples are submitted to the Saskatchewan Research Council (SRC) Geoanalytical Laboratories in Saskatoon. The SRC facility is ISO/IEC 17025:2005 accredited by the Standards Council of Canada (scope of accreditation #537). The samples are analyzed using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 fusion, and for uranium by fluorimetry.

All drill intercepts are core width and the true thickness, based on the geometry of the mineralized structures and related geologic units, is estimated at 75% or greater.

Hook Lake JV Project

The Hook Lake JV project is owned jointly by Cameco Corp. (39.5%), AREVA Resources Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) and consists of nine claims totaling 28,683 hectares situated in the southwestern Athabasca Basin. 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 which not only hosts Fission's Triple R deposit, but as well produced two new uranium showings last year. Those showings included the Arrow Discovery by NexGen Energy Ltd. where hole AR-14-30 returned 10.3% U3O8 over 46 metres (NexGen press release of October 6, 2014) and the Spitfire Discovery by the Hook Lake JV with drill hole HK14-09 returning 0.32% U3O8 over 6.2 metres including an interval of 1.1% U3O8 over 0.5 metres.

About Purepoint

Purepoint Uranium Group Inc. is focused on the precision exploration of its eight 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. Mr. Frostad has supervised the preparation of, and approved the scientific and technical disclosures in, this news release.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Purepoint Uranium Group Inc.
    Chris Frostad
    President and CEO
    (416) 603-8368
    www.purepoint.ca