Purepoint Uranium Group (PTU-V) Jan 30, '14 has commenced its winter drill program at the Hook Lake project in Saskatchewan's Athabasca basin. The project is a joint venture with Areva Resources Canada Inc. and Cameco Corp., and is located immediately north of Patterson Lake, where high-grade uranium mineralization has been discovered by Fission Uranium Corp.
The 2014 diamond drill program commencing last week will focus on the highly prospective Patterson Lake corridor, the same (electromagnetic) conductive trend that hosts the Patterson Lake South (PLS) uranium discovery.
"Much of January has been spent opening up the camp, clearing trails and mobilizing two drills to site," said Chris Frostad, Purepoint's president and chief executive officer. "In addition, crews are building up ice on Patterson Lake itself in preparation for drill testing an electromagnetic conductor defined by last year's geophysical program."
Highlights:
- The Patterson corridor hosts over 35 kilometres of known airborne EM conductors on the Hook Lake property. Over 40 ground EM targets remain untested and ready for drilling.
- The program consists of approximately 5,000 metres of diamond drilling for a total budget of $2.5-million.
- On Nov. 27, 2012, the company filed a National Instruments 43-101-compliant technical report on its Hook Lake uranium project. The report can be found on SEDAR or on Purepoint's website.
Hook Lake project
The Hook Lake project consists of nine claims totalling 28,683 hectares and is situated in the southwestern Athabasca basin only five kilometres northeast of the new high-grade uranium discovery by the Fission/Alpha joint venture. The depth to the Athabasca unconformity is very shallow, ranging from zero to 350 metres. Three prospective structural corridors have been defined on the property, each corridor comprising multiple EM conductors that have been confirmed to be the results of graphitic metasediments that intersect the Athabasca unconformity.
The Patterson Lake corridor is the same conductive trend along which the Fission/Alpha joint venture has intersected high-grade uranium mineralization, most notably the intercept of 9.08 per cent triuranium octoxide over 54.5 metres in drill hole PLS13-075 (see Fission Uranium press release of Sept. 4, 2013) including 21.76 per cent U3O8 over 21.5 metres. Within the Hook Lake project, the Patterson Lake corridor displays geophysical evidence of a complex structural history and, where drill tested, has shown favourable signs of alteration and structural disruption. In 2011, three new claims totalling 2,632 hectares were added to the Hook Lake project due north of where high-grade uranium boulders were discovered by Fission/Alpha on the PLS property.
Stock option grant
The board of directors has also approved the issuance of a total of 2.51 million options to certain of its board of directors, management and staff pursuant to its stock option plan. The options are exercisable at a price of 7.5 cents and expire in five years.
Scott Frostad, BSc, MASc, PGeo, Purepoint's vice-president, exploration, is the qualified person responsible for technical content of this release. |
