Purepoint Uranium Group Inc.
TSX VENTURE : PTU

Purepoint Uranium Group Inc.

July 20, 2017 06:46 ET

Purepoint Uranium Outlines Drill Targets at Umfreville Project with Recent Ground Gravity Survey

TORONTO, ONTARIO--(Marketwired - July 20, 2017) - Purepoint Uranium Group Inc. (the "Company" or "Purepoint") (TSX VENTURE:PTU) today reported the results of a ground gravity survey conducted at its 100% owned Umfreville project in the northeast area of Canada's Athabasca Basin in Northern Saskatchewan.

"We believe that newly identified gravity lows represent areas of hydrothermal alteration that are associated with previously interpreted faulting and a strong uranium-in-soil anomaly," said Scott Frostad, Vice President Exploration, Purepoint Uranium Group Inc. "This survey has now provided well defined, high priority targets at Umfreville that are ready for drilling."

Highlights:

  • Ground gravity results from the Perching Zone show a pronounced gravity low response that is considered to represent hydrothermal alteration

  • The low gravity response coincides with a multi-element soil geochemical anomaly that includes uranium, nickel, molybdenum and vanadium values, the strongest geochemical anomaly returned during a 2011 survey;

  • Perching Zone is now considered a high-priority drill-ready uranium exploration target with clearly defined structures, geophysical signatures representative of hydrothermal alteration and favourable soil geochemistry results; and

  • Location of Perching target area is supported by a historic uranium geochemical anomaly outlined by the Saskatchewan Department of Mineral Resources in 1976.

A pronounced gravity low area was outlined by the recent ground survey within the center of the Perching Zone grid and a linear north-south trending gravity low is present in the northeastern part of the grid. The main part of the gravity low anomaly is considered to be a response from hydrothermal alteration of the bedrock. Inversion of airborne electromagnetic survey results suggest the depth to the unconformity is approximately 150 metres. An electromagnetic conductor (Condor Consulting, 2006) lies along the north edge of the gravity anomaly and is interpreted as a graphitic horizon with strong alteration on its southern edge. The linear north-south gravity low is assumed to be an expression of the Fond du Lac fault that has been previously identified from magnetic survey results.

The 2017 ground gravity survey results are provided as a Bouguer gravity map (milligals) on the Purepoint website.

Umfreville Project

Originally covering over 60,000 hectares, the Umfreville Project has been refined to the most prospective target areas using results from airborne gravity, magnetic and electromagnetic surveys. The project sits on the North-East rim of the Athabasca Basin and lies over a series of cross-cutting faults which are typical mineralization settings. Geophysical signatures interpreted as being representative of hydrothermal alteration coincident with anomalous uranium-in-soil geochemistry have been isolated. The Umfreville Property covers approximately 4,383 hectares and consists of two mineral claims.

Not yet drill tested, the property has undergone a broad array of geophysical and geochemical surveys to delineate high value exploration targets. Initial work in 2005 consisted of a MEGATEM electromagnetic and magnetic survey flown by Fugro Airborne Surveys and the data then processed using a layered-earth inversion program by Condor Consulting. In 2007, Bell Geospace conducted an airborne full tensor gravity gradiometry survey over the property which supported fault systems previously interpreted from magnetic features. During 2010, Terraquest Ltd. flew a High Resolution Aeromagnetic Gradient and XDS VLF-EM Survey over the property providing higher detailed fault and lithologic contact interpretations. Utilizing CAMIRO techniques (a three-year research study utilizing field samples collected from the areas overlying the McClean Lake, Cigar Lake West and Dawn Lake uranium deposits in Saskatchewan's Athabasca Basin), a systematic geochemical survey was conducted across the property during 2011 with the best geochemical response being returned from the Perching Zone. Infill geochemical sampling was conducted over the Perching Zone during 2012 and 2014.

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