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Purepoint Uranium Triples Size of McArthur East Project in Athabasca Basin
TORONTO, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Purepoint Uranium Group Inc. (the “Company” or “Purepoint”) (TSX-V:PTU) today reported the staking of 6 new claims ad
About this update from Purepoint Uranium Group Inc.
[{"type":"text","content":"TORONTO, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Purepoint Uranium Group Inc. (the “Company” or “Purepoint”) (TSX-V:PTU) today reported the staking of 6 new claims adjacent to their 100% owned McArthur East project, increasing the total size of the project to 5,600 hectares. The McArthur East property, initially adjoining Cameco’s McArthur River project to the west, now also adjoins their Cigar Lake project to the north. These projects host the world's two largest high-grade uranium mines, McArthur River and Cigar Lake, with grades that are 100 times the world average. The McArthur East project is located on the eastern uranium mine trend of Canada’s Athabasca Basin in Northern Saskatchewan. “These new claims represent a sizable and valuable addition to the project,”” said Chris Frostad, President and CEO at Purepoint. “The target definition program carried out earlier this year has demonstrated significant potential particularly in light of the project’s association with the neighbouring properties which host two of the world’s largest high-grade uranium mines”. Highlights: 3,614 hectares over 6 claims, contiguous with the Company’s McArthur East Project, were acquired by staking; The McArthur East property now adjoins the Cigar Lake Project that hosts the world's highest-grade uranium mine with an average grade of 15.9% U3O8; The McArthur East property is also adjoined to Cameco’s McArthur River project, which contains the world's largest high-grade uranium deposit with 370M lbs. of reserves (proven & probable) at 9.6% U3O8 (Cameco website); and This summer’s ground gravity results from the McArthur East project show a pronounced gravity low response over a previously identified conductive trend (see press release, August 1, 2017). Preliminary exploration of McArthur East has provided evidence of graphitic pelitic rocks occurring along the northern flank of a magnetic high that is believed to be granitic rock. The highly competent granitic rock would provide a contrast in competency to the softer graphitic pelitic rocks and be favourable for zones of dilatancy and mineral deposition. Next steps include an electromagnetic survey to outline the prospective conductive zone onto the new claims and to possibly identify discreet conductors for drill testing. No drilling has occurred on the project to date. McArthur East Project ...