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Purepoint Uranium Announces Plans to Continue 2017 Drilling at Hook Lake Project
TORONTO, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Purepoint Uranium Group Inc. (the “Company” or “Purepoint”) (TSX-V:PTU) today provided an update on their Hook Lake
About this update from Purepoint Uranium Group Inc.
[{"type":"text","content":"TORONTO, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Purepoint Uranium Group Inc. (the “Company” or “Purepoint”) (TSX-V:PTU) today provided an update on their Hook Lake project drill plans for the remainder of 2017. Residing within the Patterson Uranium District, the Hook Lake JV is a project owned jointly by Cameco Corp. (39.5%), AREVA Resources Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%), and is adjacent to and on trend with recent high-grade uranium discoveries including Fission Uranium’s Triple R and NexGen’s Arrow and Harpoon deposits. “Earlier this year, the weather shortened our planned drill program. In November we will return to further define and expand our understanding of the Spitfire/Harpoon Deposit,” said Chris Frostad, President and CEO of Purepoint. “In addition, we will be initiating our next phase of drilling at the Dragon Zone where our first-pass results identified elevated radioactivity alongside favourable geological and structural attributes common to Spitfire.” Highlights: The remaining 2017 program is scheduled to commence November 1, 2017 and is expected to complete at least 2,000 metres of diamond drilling or five holes for a total of 12,000 metres during 2017; The Company will be mobilizing two drills focusing on the Spitfire/Harpoon Deposit and the Dragon Zone; The initial Spitfire Zone hole to be drilled this Fall will test for mineralization approximately 50 metres northwest of NexGen’s Harpoon hole HP-16-20 that intersected 13.5 m at 3.9% U3O8 including 2.5 m at 20.9% U3O8 (NexGen PR of Mar. 23, 2017); Neighbouring Harpoon results have been correlated with Spitfire and the strike length of the Spitfire/Harpoon Deposit is interpreted as being greater than 550 metres (see website longitudinal section); Dragon Zone results are promising with the discovery of favourable clay alteration of basement hosted rocks that host hydrothermal quartz, graphitic shears and elevated radioactivity; The Company is currently completing plans for the 2018 exploration season and expects to receive approval from the JV partners by November of this year. Purepoint is currently fully funded through to the end of the 2018 exploration program. Spitfire/Harpoon Deposit The Spitfire Zone has been tested with 28 diamond drill holes, 16 of which are mineralized including 6 which returned high-g...