Purepoint Uranium Group Inc.
TSX VENTURE : PTU.V

Purepoint Uranium Group Inc.

February 02, 2017 06:45 ET

Purepoint Uranium Opens the Season by Extending High-grade Spitfire Results along 115 Metres of Strike Length

TORONTO, ONTARIO--(Marketwired - Feb. 2, 2017) - Purepoint Uranium Group Inc. (the "Company" or "Purepoint") (TSX VENTURE:PTU.V) today reported that high-grade Spitfire Zone mineralization has been confirmed along strike for 115 metres. Assay results for the first hole of the current drill program, HK16-55, have returned 13.3% U3O8 over 1.5 metres within a 9.5 metre interval that assayed 2.92% U3O8. Purepoint is the operator of the Hook Lake project on behalf of its Joint Venture partners Cameco Corp. and AREVA Resources Canada Inc.

The HK16-55 mineralized intercept is situated approximately 40 metres northeast of the HK16-53 that returned 53.3% U3O8 over 1.3 metres within an interval that assayed 10.3% U3O8 over 10.0 metres at the end of the last drilling program. A follow-up hole, HK16-60, has intersected a 12.7 metre mineralized interval that is located 75 metres southwest of the HK16-53 high-grade hit (assays pending). The Upper Spitfire high-grade mineralization continues to be intersected at a depth of 200 to 250 metres below surface suggesting a sub-horizontal control.

"In February we will be moving our focus towards the north along the Patterson Shear Zone," said Scott Frostad, VP Exploration at Purepoint. "We are currently targeting the Spitfire graphitic shear on the northern side of an interpreted east-west fault as well as the intersection of two conductors located within the centre of the Hornet Zone."

Highlights:

  • The Upper Spitfire Zone has been extended 40 metres to the northeast of the HK16-53 high-grade intercept by drill hole HK16-55, and 75 metres to the southwest by drill hole HK17-60 for a total confirmed strike length of 115 metres;
  • HK16-55 has returned assay results of 2.92% U3O8 over 9.5 metres and includes 13.3% U3O8 over 1.5 metres;
  • HK16-60 intersected 12.7 metres of uranium mineralization and contains a 1.9 metre high-grade interval;
  • Seven holes representing 2,526 metres have been completed so far during this program;
  • Assays are pending on the additional six holes completed and reviewed in January;
  • The 2016/2017 winter program is scheduled to complete 30 holes or approximately 12,000 metres of drilling.

Geochemical Assaying

Core samples are submitted directly 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.

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 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 79,610,000 lbs U3O8 at an average grade of 1.58% U3O8), NexGen Energy's Arrow Deposit (inferred mineral resource 201,900,000 lbs U3O8 at an average grade of 2.63% U3O8) and the Spitfire Discovery by the Hook Lake JV.

About Purepoint

Purepoint Uranium Group Inc. is focused on the precision exploration of its seven 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.

Contact Information

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