Purepoint Uranium Completes Drilling at Umfreville and Provides an Update on Tabbernor Projects
TORONTO, July 15, 2021 /PRNewswire/ - Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") announced today the completion of its drill program at the 100%-owned Umfreville uranium project and the staking of additional ground to increase Umfreville's footprint to a total of 26,139 hectares. The Company also provided an introduction to its four new projects that make up the 100% owned Tabbernor Block, all of which lie on the eastern edge of the Athabasca Basin, Saskatchewan Canada.
"The Tabbernor Block represents the early stages of our examination into north-south structural controls on uranium mineralization we have interpreted on the eastern side of the Athabasca Basin. The presence of the north-south trending Tabbernor fault system, coupled with the knowledge that high-grade deposits can be found outside the Basin, has led us to acquire this sizable land package." said Scott Frostad, Purepoint's VP Exploration. "Our first step has been an in-depth review and examination of all of the historic work performed in the area and reconciling it with our current knowledge base. The results of our data review will allow us to refine, plan and prioritize our initial field work."
Tabbernor Fault System
The Tabbernor Fault System (TFS) is a wide, >1500 km geophysical, topographic and geological structural zone that trends approximately northward along Saskatchewan's eastern boundary. Purepoint's research has shown that although none of the province's currently known uranium deposits have been directly linked to the north-south trending TFS, localized shear zones hosting uranium mineralization may have an associated north-south structural component.
Reactivation of the TFS may have coincided with the age of formation of large uranium deposits in the Athabasca Basin (Davies, 1998). Davies also concluded that structural similarities between the TFS and mineralized areas suggest that the fault system may have had a control on the location of mineralization. More specifically, he considered that several deposits, such as the Sue, Midwest, Dawn Lake and Rabbit Lake all demonstrate a north-south control and strong Tabbernor-like characteristics.
Purepoint has now staked claims to the south of the Athabasca Basin based on interpreted north-south lineaments linking the Key Lake and Millennium deposits, the Midwest and West Bear deposits, the Jeb and Raven deposits, and the Collins Bay and Eagle Point deposits.
The 100%-owned Umfreville project has recently been enlarged to now consist of 12 claims totaling 26,139 hectares on the northeastern edge of Canada'sAthabasca Basin. Exploration conducted by Purepoint on the Umfreville project has included an airborne Megatem electromagnetic (EM) and magnetics survey, an airborne Very Low Frequency (VLF) EM survey, an airborne gravity gradiometry survey, and soil geochemical sampling.
The Company has recently completed its first exploratory diamond drill hole designed to gain a better understanding of the underlying geology and to further evaluate and prioritize the project's potential for discovery.
The airborne gravity survey provided a response considered to reflect basement geology. The results also indicated the presence of fault systems not previously seen and supported fault systems that were interpreted from magnetic features. Our primary exploration target is a strong elongate gravity low response within the central portion of the survey area that is coincident with a magnetic low and the interpreted source area of a Geological Survey of Canada (1979) lake bottom sediment sample that returned anomalous uranium.
Soil geochemical surveys that collected a total of 383 organic A1 soil horizon samples covered the prospective gravity low / magnetic low response of the primary target zone. Assay results for uranium, vanadium, and to a lesser degree boron, showed anomalous trends coincident with the primary target. The results for nickel, molybdenum and cobalt appear to have anomalous north-south trends that may be influenced by an underlying crosscutting structure as suggested by the airborne magnetic results.
OTC Markets Group
In order to allow added liquidity and ease of trading for their US investors, Purepoint has now made formal application for listing on the OTCQB in the United States.
The OTCQB marketplace is run through OTC Link, an inter-dealer quotation and trading system developed by OTC Markets Group. OTC Link is registered with the Securities and Exchange Commission (SEC) as a broker-dealer and also as an alternative trading system (ATS).
All broker-dealers that trade OTCQB have to be FINRA members and registered with the SEC; they are also subject to state securities regulations. As with exchange-traded securities, investors trading OTC securities are protected from an unethical broker-dealer's illegal practices by the same SEC/FINRA rules such as best execution, limit order protection, firm quotes, and short position disclosure.
Purepoint Uranium Group Inc. (TSXV: PTU) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium region. Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc. The Hook Lake JV Project is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over 1.3m including 10m interval of 10.3% U3O8). Together with its flagship project, the Company's projects stretch across approximately 185,000 hectares of claims throughout the Athabasca Basin. These claims host over 20 distinct and well-defined drill target areas with advanced geophysical surveys completed, and in some cases, have had first pass drilling performed.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
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SOURCE Purepoint Uranium Group Inc.
Company Codes: TorontoVE:PTU
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