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Purepoint Uranium: Hook Lake JV Partners Approve C$4 Million 2018 Exploration Budget
TORONTO, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Purepoint Uranium Group Inc. (the “Company” or “Purepoint”) (TSX:PTU.V) announced today that the proposed 2018 Hook L
About this update from Purepoint Uranium Group Inc.
[{"type":"text","content":"TORONTO, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Purepoint Uranium Group Inc. (the “Company” or “Purepoint”) (TSX:PTU.V) announced today that the proposed 2018 Hook Lake JV exploration program with a budgeted cost of $4,000,000 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%), AREVA Resources 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. Highlights: An exploration budget of $4,000,000 has been approved by the Hook Lake JV partners for 2018; The proposed 2018 exploration program includes 9,000 metres of diamond drilling, approximately 16 holes utilizing two drills, and a geophysical survey; The 2018 diamond drilling will continue to test high-priority targets along the Patterson Corridor; A ground gravity survey is scheduled to be conducted over the Derkson Corridor early 2018; The 2017 program has now re-commenced with 4 to 5 holes scheduled to be drilled before year-end; Purepoint is currently fully funded through to the end of the 2018 exploration program. The 2018 exploration program plans for 16 diamond drill holes, approximately 9,000 metres of drilling, and a geophysical survey. Drilling will follow-up on the early success at the Dragon Zone and continue testing high-priority Patterson Corridor targets while advancing towards the northeast. A ground gravity survey is also planned for the Derkson Corridor (east of the Patterson Lake Corridor) that will cover the historic mineralized hole DER-04. Current mobilization of camp and drill equipment is complete and drilling has now commenced. The remaining 2017 budget is expected to allow for 4 to 5 drill holes prior to the end of the year (Purepoint press release September 28, 2017). The initial hole will be collared at the Spitfire Zone to test for mineralization approximately 50 metres northeast of NexGen’s Harpoon hole HP-16-20 that intersected 13.5 m at 3.9% U3O8 (NexGen press release of Mar. 23, 2017). Spitfire/Harpoon Discovery The Spitfire high-grade uranium mineralization has been correlated with NexGen’s Harpoon discovery by Purepoint and both a long section and plan map are available on the Purepoint website. No drilling ha...