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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced that its fall drill program at its 100% owned Henday Lake Project in the northeastern margin of Saskatchewan's Athabasca Basin has been extended to December 2021.
"We were fortunate enough to secure our drill and crew for another 4 or 5 weeks allowing us to continue our inaugural drill testing at Henday," said Scott Frostad, VP Exploration at Purepoint. "The first few holes were difficult due to our targets being deeper than anticipated and the interception of numerous unconsolidated sand seams have resulted in a hole being restarted. None the less, we are excited that we now have enough time and budget to test more targets than originally planned."
Highlights:
- Purepoint now expects to complete five initial diamond drill holes at an average depth of approximately 450 to 500 metres each.
- The targeted electromagnetic conductors lie within an east-west trending magnetic low, considered to represent pelitic basement rocks, a typical host rock for economic uranium mineralization.
- The Huskie Uranium deposit, discovered by Denison in 2017, is due west of the Henday Lake project and is associated with an east-west trending magnetic low.
- Work to date on the project is outlined in detail in an NI 43-101 compliant technical report which can be found at https://purepoint.ca/projects/henday-block/.
Henday Lake
The 100% owned Henday Lake property is 1,029 hectares in size and consists of 2 claims. The Henday property is located nine kilometres northwest of Orano's Midwest Lake deposit (41 million lbs. U3O8) and ten kilometres west of Rio Tinto's Roughrider Deposit (57 million lbs. U3O8).
Only one drill hole is known to have been previously drilled on the property. Hole HLH8-71 was drilled by Cogema Resources (now Orano Resources Canada Inc.) in 1998 and encountered a steeply dipping, strongly graphitic fault gouge at the bottom of the hole. The claims rest within a magnetic low believed to represent pelitic basement rocks, a typical host rock for economic uranium mineralization. The depth to basement is locally less than 350 metres.
Denison's recently discovered Huskie deposit is located approximately 10 km due east along strike from Henday Lake. A NI43-101 technical report dated October, 2018 estimates the inferred resource of the Husky deposit to be 5.7 million Ibs U3O8.
The Henday Lake property falls within the Mudjatik-Wollaston Tectonic Zone, a northeast trending structural zone along the eastern margin of the Basin. The Mudjatik-Wollaston Tectonic Zone is the NE trending high strain tectonic zone marking the boundary between the Archean gneisses and granitoids of the Mudjatik Domain to the west and Archean gneisses, metasediments, and pegmatite intrusions of the Wollaston domain to the east.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca
For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.
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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