TORONTO, June 1, 2021 /CNW/ - Purepoint Uranium Group Inc.
(TSXV: PTU) ("Purepoint" or the "Company") today
provided an update on its ongoing drill program at the 100%-owned
Red Willow project within the eastern uranium mine district of the
Athabasca Basin, Saskatchewan
Canada. The 2021 Red Willow drill program has conducted
follow-up testing of the "Hinge fault" within the Osprey Zone, a
target zone where Purepoint has identified a lens of uranium
mineralization that returned up to 0.20% eU3O8 over 5.8 metres from
a shallow depth of 70 metres.
"Starting at the Osprey Zone, we intend to perform follow up on
multiple targets prior to the completion of the program." explained
Scott Frostad, VP Exploration at
Purepoint. "Having isolated nine distinct target zones within the
Red Willow project, we need to properly prioritize these areas to
ensure our exploration dollars are spent where the potential for
discovery is greatest."
Osprey Zone 2021 Drill Results
The 2021 Red Willow program has conducted follow-up drilling
within the Osprey Zone with three holes collared approximately one
kilometre WSW of Purepoint's hole RW-13 that intersected 0.12% U3O8
over 4.2 metres (see Osprey Section A – A'). The RW-13 intercept,
and the more easterly RW-07 intercept of 0.20 eU3O8 over 5.8
metres, are associated with strong hydrothermal alteration at a
depth of 60 to 70 metres below surface. The weakly radioactive
"Hinge fault", intersected in 2010, was also shown to be associated
with strong hydrothermal alteration and therefore a possible
conduit for fluids carrying uranium. Hydrothermal fluids are
responsible for the presence of clay, hematite and silicification
as shown in the Hinge Section B – B'.
Current drilling targeted the Hinge fault towards the north with
three holes averaging 200 metres in length (see Osprey Zone plan
map). An initial short step-out allowed the strike of the structure
to be determined prior to attempting larger step-outs. Two drill
holes completed on the same section, OSP21-01 and 02, both
successfully intersected the fault at 70 and 140 metres below
surface, respectively. The structure was determined to have a
strike of 5 degrees NE and was still associated with strong
alteration; however, the radioactivity was weaker.
Hole OSP21-03 targeted the projection of the Hinge Fault where
it meets the east-west trending electromagnetic (EM) conductor that
hosts the known Osprey uranium mineralization. The fault was
intersected from 60 to 75 metres downhole with the host rock
comprised of weakly chlorite and hematite altered pyritic graphitic
pelitic gneiss. The fault at this location included intervals of
strong silicification and again returned weak radioactivity. The
new projection of the Hinge fault appears to be just west of the
uranium-in-soil anomaly located to the north and it may be
responsible for the elongate shape of the nearby lake.
Next Steps
The next exploration priority at the Osprey Zone is considered
to be the Osprey Conductor North (see Osprey Plan Map). The
EM conductor continues for an additional 2 kilometres north of
previous Purepoint drilling and has only been tested by two
historic (1993) drill holes.
Before testing the Osprey Conductor North, we are moving the
drill rig to the next priority target for the 2021 Red Willow
drill program in the Geneva Zone. Historic drilling here by
Eldorado Resources (1984) intersected very strong basement
alteration and anomalous radioactivity with RAD-27 returning 0.22%
U3O8 over 1.0 metres within a graphitic fault zone. The Purepoint
drill program will follow the radioactive graphitic structure
towards the southwest where numerous EM conductors remain
untested.
Red Willow Project
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.
Geophysical surveys conducted by Purepoint at Red Willow have
included airborne magnetic and electromagnetic (VTEM) surveys, an
airborne radiometric survey, ground gradient array IP, pole-dipole
array IP, fixed-loop and moving-loop transient electromagnetics,
and gravity. The detailed airborne VTEM survey provided magnetic
results that are an excellent base on which to interpret structures
while the EM results outlined over 70 kilometres of conductors that
in most instances represent favourable graphitic lithology.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) actively operates an
exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium
region. Purepoint's flagship project is the Hook Lake Project, a
joint venture with two of the largest uranium suppliers in the
world, Cameco Corporation and Orano Canada Inc. The Hook Lake
JV Project is on trend with recent high-grade uranium discoveries
including Fission Uranium's Triple R Deposit and NexGen's Arrow
Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over
1.3m including 10m interval of 10.3% U3O8). Together with its
flagship project, the Company's projects stretch across
approximately 185,000 hectares of claims throughout the Athabasca
Basin. These claims host over 20 distinct and well-defined
drill target areas with advanced geophysical surveys completed, and
in some cases, have had first pass drilling performed.
Scott Frostad BSc, MASc, PGeo,
Purepoint's Vice President, Exploration, is the Qualified
Person responsible for technical content of this release.
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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SOURCE Purepoint Uranium Group Inc.