Purepoint Uranium Group Hook Lake JV Partners Budget for Additional Drilling

Purepoint Uranium Group (TSX:PTU) has announced that the Hook Lake JV partners have reallocated funds for continued drilling at the Spitfire Zone. The Hook Lake JV project is jointly owned by Cameco Corp (39.5 percent), AREVA Resources Canada Inc (39.5 percent) and Purepoint Uranium (21 percent).
As quoted in the press release:

Exploration success continued at the Spitfire Zone during 2016 with additional significant drill intercepts containing high-grade uranium mineralization. A highlight of the winter drill program was hole HK16-53 that intersected 10.0 metres of 10.3% U₃O₈, including 1.3 metres of 53.5% U₃O₈ (Purepoint PR of April 21, 2016). Based on the promising drill results, the Hook Lake JV partners have reallocated funds towards conducting additional diamond drilling. A proposed drill program is currently being prepared for approval and will be based on the 2016 drill results that include recently received geochemical assays and a structural interpretation based on the downhole acoustic televiewer results.
Highlights:

• Funding for a drill program at the Spitfire Zone has been approved by the Hook Lake JV Partners (AREVA Resources Canada Inc. and Cameco Corp.) to commence later this year, pending acceptance of the program plan;
• The Upper Spitfire zone (230 metres below surface) remains open around the high-grade uranium intercepts including north of Hole HK16-47 (0.88% U₃O₈ over 20.1 metres), south of Hole HK16-43 (4.07% U₃O₈ over 3.1 metres, 1.19% U₃O₈ over 4.7 metres and 0.71% U₃O₈ over 7.2 metres) and up-dip of Hole HK16-53 (10.3% U₃O₈over 10.0 metres);
• High priority exploration targets include step-outs from the Spitfire South mineralization (HK14-09 with 0.32% U₃O₈over 6.2m) and the Lower Spitfire mineralization (HK15-27 with 12.9% U₃O₈ over 0.4 metres within 2.23% U₃O₈over 2.8 metres);
• The Patterson high-grade mineralized trend remains relatively untested for an additional eight kilometers to the northeast; and
• The Hornet Zone is now considered to be related to the mineralized Spitfire graphitic structure based on drill results produced while testing other conductors within the southern portion of the Patterson Corridor.
• Updated figures are available on the Company’s web site (https://www.purepoint.ca/uraniumprojects/hooklake.php).

Click here to read the full press release.