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Purepoint Uranium Group Inc: Hook Lake JV Partners Approve $3 Million For 2019 Exploration Budget
Purepoint Uranium Group Inc: Hook Lake JV Partners Approve $3 Million For 2019 Exploration...
About this update from Purepoint Uranium Group Inc.
[{"type":"text","content":"\n\n\n\nPurepoint Uranium Group Inc: Hook Lake JV Partners Approve $3 Million For 2019 Exploration Budget\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 11, 2018\n\n\n\nTORONTO, Dec. 11, 2018 /CNW/ - Purepoint Uranium Group Inc. (the \"Company\" or \"Purepoint\") (TSX: PTU.V) announced today that the proposed 2019 Hook Lake JV exploration program with a budgeted cost of $3,000,000 has been approved by the JV partners. Situated within the Patterson Uranium District, the Hook Lake JV is a project owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%), and is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R deposit and NexGen's Arrow deposit.\nHighlights:\nAn exploration budget of $3,000,000 has been approved by the Hook Lake JV partners for 2019; The proposed exploration program includes 6,600 metres of diamond drilling, approximately 17 holes utilizing two drills, and a ground geophysical survey; A transient electromagnetic survey will be carried out with the objective of defining a target path between the Dragon and Spitfire areas; Seven diamond drill holes have been planned to test high-priority targets along the Patterson Corridor; Ten diamond drill holes have been planned to begin testing the Derkson Corridor, just east of and parallel to the Patterson Lake Corridor, where historic initial drilling in 1978 by SMDC discovered uranium mineralization.\nDerkson Corridor\nHistoric exploration efforts in the Patterson area focused on the Derkson Corridor, where SMDC encountered uranium mineralization near the unconformity averaging 0.24% U3O8 and 1.35% Ni over 2.5 metres in 1978. Drill holes along this trend encountered very encouraging clay basement alteration but were typically completed only 30 to 40 metres past the unconformity. Based on the geologic setting of the Patterson Corridor mineralization, it is considered that the historic shallow drilling along the Derkson Corridor did not properly test for basement-hosted uranium deposits.\nTen hol...