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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today released its exploration schedule for the coming year, focusing on its large portfolio of 100% owned uranium projects strategically located across Canada's Athabasca Basin; host to the world's highest grade uranium resources.
"We intend to take full advantage of the renewed financial support afforded to us by the ongoing recovery of uranium prices," said Chris Frostad, Purepoint's President and CEO. "We are now in a position to follow up on the significant discoveries already established across our portfolio of 100% owned projects."
Highlights:
- In 2022, the Hook Lake JV is turning its attention to the Carter Corridor;
- 25km band of graphitic conductors running parallel to the Patterson trend, where initial drilling has shown significant opportunity for discovery,
- Airborne geophysical work to help focus further ground surveys and prioritize drill targets is under consideration by the JV partners.
- Winter drilling will focus on the Company's 100% owned Red Willow project;
- Red Willow drilling will include the expansion of the Osprey discovery (RW-40 with 0.47% U3O8 over 1.5m) and the Geneva discovery (RDW14-08 with 0.68% U3O8 over 0.3m).
- Summer/Fall drilling will cover the 100% owned Turnor Lake project;
- Turnor drilling will include the Serin Zone that lies along the La Rocque conductive corridor, host to IsoEnergy's Hurricane Deposit.
- In addition to this year's drilling, geophysical programs have been planned for the Tabbernor Block and Russell South projects.
- Details on each specific exploration program will be released prior to their commencement.
- Drilling is currently underway at Henday Lake through December.
- The Q4 video update is available at: https://purepoint.ca/news/exploration-2022-lighting-up-the-basin.
- A live webinar hosted by Red Cloud is scheduled for November 24, 2021 at 2 pm ET. To register to the webinar, visit https://www.redcloudfs.com/rcwebinar-ptu-2/.
"Based on intense hydrothermal alteration of Carter Corridor basement rocks within our initial 2008 drill holes, in addition to elevated radioactivity and proximity to the Clearwater intrusive heat source, Purepoint considers the Carter area one of the most prospective opportunities for a Tier 1 discovery in the Athabasca Basin today," said Scott Frostad, Vice President Exploration at Purepoint. "We are prepared for a very busy year and look forward to drill testing our highest priority targets and revisiting areas to explore for basement hosted mineralization."
Hook Lake - The Carter Corridor
The 25-kilometre strike length of the Carter structural/conductive corridor is almost entirely located within the Hook Lake JV project. The Carter corridor is a long lived, reactivated fault zone that lies between the Clearwater Domain granitic intrusives to the west and runs parallel to the Patterson structural corridor to the immediate east.
The Patterson Lake area was recently flown by an airborne gravity survey (Boulanger, Kiss and Tschirhart, 2019) that was funded by the Targeted Geoscience Initiative (TGI), a collaborative federal geoscience program. The gravity results show the southern portion of the Carter corridor as being associated with the same gravity high response as the Triple R and Arrow uranium deposits (Figure1). The gravity low response west of the Carter corridor reflects the geologically younger, Clearwater Domain intrusions. The TGI (Potter et al., 2020) consider the Clearwater Domain intrusions as being high-heat-producers that warmed and circulated hydrothermal fluids over the structural corridors. Prolonged interaction of oxidized uranium-bearing fluids with basement rocks via reactivated faults is thought to have formed the high-grade uranium deposits.
Figure 1 - Hook Lake Project showing Carter, Patterson and Derkson Structural Corridors; background is First Derivative Gravity. Dark blue gravity low response towards the northwest reflects the Clearwater Domain intrusions.
To view an enhanced version of Figure 1, please visit:
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Purepoint completed three drill holes in the southern portion of the Carter corridor (HK08-01 to 03) during 2008. HK08-01 intersected very strong sericite and silica hydrothermal alteration (Fig. 2) and returned a maximum of 17 ppm U within basement rock but missed the conductor source. HK08-02 returned locally elevated radioactivity from 20 to 30 metres below the unconformity (Fig. 3) while HK08-03 intersected 60 metres of intense hydrothermal hematite alteration below the unconformity (Fig 4).
Figure 2: Core Photo of HK08-01 showing strongly hydrothermally altered basement rock from 70 to 85 metres below the unconformity
To view an enhanced version of Figure 2, please visit:
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Figure 3: Geologic section of HK08-02 showing elevated radioactivity just below the unconformity
To view an enhanced version of Figure 3, please visit:
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Figure 4: Core photo of HK08-03 showing strongly hematized and silicified basement rock 30 to 45 metres below the unconformity
To view an enhanced version of Figure 4, please visit:
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Red Willow
The 100% owned Red Willow property is situated on the eastern edge of the Athabasca Basin in Northern Saskatchewan, Canada and consists of 17 mineral claims having a total area of 40,116 hectares. The property is located close to several uranium deposits including Orano Resources Canada Inc.'s JEB mine, approximately 10 kilometres to the southwest, and Cameco's Eagle Point mine that is approximately 10 kilometres due south. An airborne EM survey in 2007 outlined over 70 kilometres of conductors that in most instances represent favourable graphitic lithology. A total of twenty-one conductive zones have been identified as priority exploration targets of which only seven have been subject to first pass drilling.
Turnor Lake
The 100%-owned Turnor Lake project consists of 4 claims totaling 9,705 hectares on the eastern side of Canada's Athabasca Basin. Four distinct exploration areas have been defined by Purepoint - the Serin Conductor, the Laysan Zone, the Turnor Lake Zone and the Turaco Zone. The high priority Serin conductor lies within the La Rocque corridor that hosts Orano Canada Inc.'s Alligator prospect (3.8% U3O8 over 10.5m in hole WF-08), Cameco Corp's La Rocque showing (29.9% U3O8 over 7.0m) and, most recently, IsoEnergy Ltd.'s Hurricane Zone which has reported results of 38.8% U3O8 over 7.5m (press release December 1, 2020).
References
Boulanger, O., Kiss, F. and Tschirhart, V., 2019. First Vertical Derivative of the Bouguer Gravity Anomaly, Airborne Gravity Survey of the Patterson Lake Area, Athabasca Basin, Alberta and Saskatchewan, Parts of NTS 74-E, F, K and L; Geological Survey of Canada, Open File 8534; Alberta Energy Regulator / Alberta Geological Survey, AER/AGS Map 592; Saskatchewan Geological Survey, Open File Report 2019-2; Scale 1:250 000.
https://doi.org/10.4095/313526
Potter, E.G., Tschirhart, V., Powell, J.W., Kelly, C.J., Rabiei, M., Johnstone, D., Craven, J.A., Davis, W.J., Pehrsson, S., Mount, S.M., Chi, G., and Bethune, K.M., 2020. Targeted Geoscience Initiative 5: Integrated multidisciplinary studies of unconformity-related uranium deposits from the Patterson Lake corridor, northern Saskatchewan; Geological Survey of Canada, Bulletin 615, 37 p.
https://doi.org/10.4095/326040
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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FIGURE 1. WYOMING IS URANIUM PROCESSING ASSETS & GTI PROJECT LOCATIONS
TABLE 1: SUMMARY OF LO HERMA RESOURCES & ETR (REFER TABLES 2 & 3)
TABLE 2: LO HERMA UPDATED MINERAL RESOURCE ESTIMATE
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