Purepoint Uranium drills 31.2 metres of 1.76% eU3O8

Purepoint Uranium Group Inc. [PTU-TSXV] reported that the strongest mineralized interval drilled to date within the Spitfire Zone has been intersected by hole HK16-43 returning downhole probe results of 1.7% eU3O8 over 31.2 metres including 13.3% eU3O8 over 2.2 metres. Purepoint is the operator of the Hook Lake Project in the Athabasca Basin of northern Saskatchewan on behalf of its joint venture partners Cameco Corp. [CCO-TSX; CCJ-NYSE] and AREVA Resources Canada Inc.

The new HK16-43 mineralized intercept is situated only 220 metres below surface and represents a 25 metre up-dip step-out from the HK16-37 mineralization.

“The structure hosting high-grade uranium at Spitfire is currently being chased to shallower depths”, said Scott Frostad, V.P. Exploration at Purepoint. “We are zeroing in on where the mineralized structure meets the unconformity to test for unconformity-related uranium deposition”.

Highlights:

  • Spitfire Zone drill hole HK16-43 has returned downhole probe results of 1.7% eU3O8 over 31.2 metres and includes 13.3% eU3O8 over 2.2 metres;
  • The recent HK16-43 high-grade intercept is only 220 metres from surface and is located 25 metres up-dip from the high-grade intercept by hole HK15-37;
  • The mineralized structure has yet to be tested where it meets the unconformity and may also be associated with unconformity-related uranium deposition.

It is emphasized that the downhole calibrated gamma probe results (eU308) are preliminary and subject to confirmation by geochemical assay. Further downhole probe results and follow-up geochemical assays will be released as they become available.

Geochemical assays for hole HK16-37 are now available and returned 0.69% U3O8 over 9.9 metres including 9.9% U3O8 over 0.6 metres. The downhole probe results for HK16-37 were provided in the Purepoint press release dated February 2nd, 2016 with an estimate of 0.67% eU3O8 over 10.1 metres that included 9.2% eU3O8 over 0.6 metres.

Spitfire Hole HK16-43

Drill hole HK16-43 was collared 28 metres north-northwest of HK15-37 (0.69% U3O8 over 9.9 metres including 9.9% U3O8 over 0.6 metres) and drilled with an azimuth of 295 degrees and dip of -80 degrees. Overburden was cased to a depth of 101 metres, and then a non-coring bit was used to drill to the unconformity at 156 metres. Massive clay and chlorite with patchy brick-red hematite overprinting was encountered to 175 metres followed by 3 metres of brecciated Graphitic Pelite infilled by carbonate. Strong to intense clay alteration of metasedimentary rocks ranging from pelitic to quartzite occurs from 178 to 228 metres then sheared graphitic pyritic pelite was encountered to 239 metres. Downhole gamma probe results returned 1.6% eU3O8 over 32.5 metres including 13.3% eU3O8 over 2.2 metres between 222.2 and 253.4 metres. High-grade mineralization is concentrated in 10 to 30-centimetre, steeply-dipping structures that are sub-parallel to, but cross-cut the targeted graphitic shear zone. Mineralized structures occur above, within and below the graphitic shear zone. Brittle-ductile sheared to pseudo-cataclastic metasediments with strong clay alteration occur from 239 to 315 metres after which the clay alteration gradually decreases to the hole completion depth of 394 metres.

Hook Lake JV Project

The Hook Lake JV project is owned jointly by Cameco (39.5%), AREVA. (39.5%) and Purepoint Uranium (21%) and consists of nine claims totaling 28,683 hectares situated in the southwestern Athabasca Basin.

Map of the Athabasca Basin, northern Saskatchewan. Source: Purepoint Uranium Group Inc.

Map of the Athabasca Basin, northern Saskatchewan. Source: Purepoint Uranium Group Inc.

Filed in: Resources, Uranium

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