|From: LoneClone||10/17/2019 11:18:07 AM|
|IsoEnergy Acquires Collins Bay Extension Uranium Property |
Vancouver, BC, October 16, 2019 – IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV: ISO; OTCQX: ISENF) is pleased to report that it has added two new uranium exploration properties, Collins Bay Extension and Edge, to its portfolio of properties in the eastern Athabasca basin of Saskatchewan (Figure 1). The highlight is the Collins Bay Extension property located along-trend of, and within seven km of, the Eagle Point - Collins Bay - Rabbit Lake (Rabbit Lake) uranium mine and mill complex. Both Collins Bay Extension and Edge are 100% owned by IsoEnergy.
Steve Blower, Vice President of Exploration commented: “Good uranium exploration ground in the Athabasca basin is still tightly held and difficult to acquire. In that context I’m extremely pleased with the results of our recent staking efforts – especially with respect to the Collins Bay Extension claims. Encompassing long lengths of two fertile uranium trends - Collins Bay and Tent-Seal, the potential for discovery of basement hosted mineralization on this property is high.”
Craig Parry, CEO commented: “The acquisition of these two properties fits well with our strategy of increasing our footprint of high-potential uranium exploration ground in the eastern Athabasca basin. Staking this 100% owned ground against several other exploration companies in a competitive process was a terrific outcome – all at a very low acquisition cost.”
Collins Bay Extension Property
The 8,580ha Collins Bay Extension property is located along the inferred northeastern extension of the Collins Bay trend, less than seven km northeast of Rabbit Lake (Figure 2). Currently under care and maintenance since 2016, Rabbit Lake has produced over 200 million pounds of uranium concentrates since 1975, much of which was from basement hosted mineralization at the Eagle Point deposits. The Eagle point deposits are characterized by their remarkable depth extent to at least 900m below the sub-Athabasca unconformity.
In addition to the prolific Collins Bay trend, the Collins Bay Extension property also covers the extension of another fertile conductive trend – Tent-Seal, host to the Tamarack uranium deposit on Cameco Corp.’s Dawn Lake property, and several occurrences of basement hosted uranium mineralization on Orano Canada’s McClean Lake property and UEX’s Hidden Bay property. The two trends merge on the Collins Bay Extension property in a complicated zone of conductors that suggests a high degree of structural complexity – a perfect setting for basement hosted uranium mineralization. The total strike length of conductive stratigraphy related to the two trends on the Collins Bay Extension property is over 16km.
Located just beyond the edge of the Athabasca sandstone, the Collins Bay Extension property is underlain solely by basement rocks (mostly prospective metasediments of the basal Wollaston group) and there is no sandstone cover. Despite the presence of two prospective trends, there are very few historical core drill holes on the property according to the Saskatchewan government database.
The 4,218ha Edge property is located nine km northeast of the Company’s Larocque East property (Figure 3). It covers a large area characterized by low magnetic susceptibility caused by prospective Wollaston group metasedimentary basement rocks beneath a thin cover of Athabasca sandstone. The property is very close to the basin edge, with only 40m of Athabasca sandstone recorded in the only historical drill hole completed on the property. That drill hole intersected 10m of semi-massive and massive pyrite mineralization in the basement rocks.
Compilation of historical data is ongoing for both new properties. Upon completion of this work, exploration programs that may include surficial geochemistry, ground geophysics and ultimately core drilling will be planned. Fieldwork may start in 2020.
Figure 1 – Athabasca Property Map
Figure 2 – Collins Bay Extension Property Map
Figure 3 – Edge Property Map
Qualified Person Statement
The scientific and technical information contained in this news release was prepared by Andy Carmichael, P.Geo., IsoEnergy’s Senior Geologist, who is a “Qualified Person” (as defined in NI 43-101 – Standards of Disclosure for Mineral Projects). Mr. Carmichael has verified the data disclosed. This news release refers to properties other than those in which the Company has an interest. Mineralization on those other properties is not necessarily indicative of mineralization on the Company’s properties.
IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada and a historic inferred mineral resource estimate at the Mountain Lake uranium deposit in Nunavut. IsoEnergy is led by a Board and Management team with a track record of success in uranium exploration, development and operations. The Company was founded and is supported by the team at its major shareholder, NexGen Energy Ltd.
Chief Executive Officer
+1 778 379 3211
+1 604 684 6730
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release shall not constitute an offer to sell or a solicitation of any offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referenced herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and such securities may not be offered or sold within the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements thereunder.
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the price of uranium, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder, alternative sources of energy and uranium prices, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws
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|To: LoneClone who wrote (18431)||10/17/2019 11:20:09 AM|
|CanAlaska Reports 7.95% Uranium at West McArthur |
High-grade uranium mineralization with 6.7% copper, 2.8% lead, 6.8% zinc; Strong halo of uranium, boron, copper and zinc in overlying sandstone structures
Vancouver, British Columbia--(Newsfile Corp. - October 15, 2019) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to report high-grade uranium in final assay data for the recent drill program at the West McArthur uranium project. The mineralization, containing high uranium as well as base metal mineralization, is similar in character to the nearby high-grade Fox Lake uranium deposit of Cameco and Orano. The West McArthur project is a joint venture with Cameco. CanAlaska is the operator.
Assay data for the latest drill holes, in particular for drill hole WMA055-2, has upgraded earlier eU3O8 values reported in our September 24 news release. Table 1 shows the individual assay data for drill hole WMA055-2, including 0.70 metres @ 6.8% U3O8 within 2.1 metres averaging 2.3% U3O8. Note that the three metre run above the mineralized section had 51% core loss.
Table 1: Geochemical assay for drill hole WMA055-2
To view an enhanced version of Table 1, please visit:
The unconformity-related uranium mineralization in drill hole WMA055-2 is supported by a strong uranium, boron and base metal geochemical signature in the overlying sandstone extending hundreds of metres above the unconformity. This plume of mineralization and enrichment is directly related to structures in the sandstone which are tied to major basement faults. The multi-element geochemical signature follows these structures to surface in an adjacent drill-hole, testifying to the intensity of the hydrothermal system occurring in the Grid 5 area.
To view an enhanced version of Figure 1, please visit:
CanAlaska's summer program was focussed on locating high-grade uranium hosted in faults along the C10 target horizon. This horizon hosts Cameco and Orano's Fox Lake deposit of 68,000,000 pounds at an average grade of 7.99% U3O8 located only a few kilometres to the northeast. Two previous drill holes in the Grid 5 area, WMA042 and WMA042-2, intersected high-grade uranium (up to 4% U3O8) approximately 50 metres north of this summer's drill hole WMA055-2. The summer drill program progressively tracked mineralization to the south of these intersections. Drilling completed to date is north of the C10 target horizon and the controlling basement structure of this high-grade mineralization has yet to be intersected, however, the combination of high-grade uranium mineralization, multi-element geochemical signature, strong faulting, core loss and intense clay alteration present above the unconformity suggest the presence of additional fertile uranium-bearing structures in the immediate vicinity of WMA055-2 (Figure 1)
Table 2, Mineralized Intersections Geochemical Assay
To view an enhanced version of Table 2, please visit:
CanAlaska President Peter Dasler comments, "We are vectoring into the target. The uranium assays coincide with the intense alteration which was noted in the drill core and are a significant upgrade to the radiometric results. Multiple re-assays were completed on the high-grade samples with repeated results and have given an upgrade to downhole radiometric data. We expect to see further uranium mineralization within the immediate vicinity of the current drilling and possibly several hundred metres west of this high-grade intersection where, in this year's drill hole WMA054, we also intersected significant uranium mineralization associated with faulted sandstone 350 metres above the C10 target."
CanAlaska field geologists under the supervision of Dr. Karl Schimann collected continuous half metre split-core samples of all radioactive core which were shipped in secure containment to the SRC Laboratories in Saskatoon. Partial digestion (HNO2:HCl) and total digestion (HF/HNO3/HClO4) analyses were completed by ICP MS. The laboratory inserts standards with a matrix relevant to the rock type (sandstone or basement) and does systematic repeat analyses. The high grade samples in drill hole WMA055-2 were re-analyzed by U3O8 ICP assay using higher grade standards. The values shown in table 2 are total digestion uranium and in the case of the high grade in WMA055-2 the results represent the U3O8 ICP re-assay.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 152,000 hectares (375,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Dr Karl Schimann, P. Geo, CanAlaska director and VP Exploration.
On behalf of the Board of Directors
Peter Dasler, M.Sc., P.Geo.
President & CEO
Contacts:Peter Dasler, President
Tel: +1.604.688.3211 x 138
Cory Belyk, COO
Tel: +1.604.688.3211 x 138
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
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|From: LoneClone||10/24/2019 2:27:49 PM|
|Fission 3.0 Discovers 13.9% U3O8 at Beaver River's New Trigger Zone |
Fission 3.0 Corp. Oct 21, 2019, 03:00 ET
TSX VENTURE SYMBOL: FUU
Strong progress made on multiple properties in the Athabasca Basin
KELOWNA, BC, Oct. 21, 2019 /CNW/ - FISSION 3.0 CORP. ("Fission 3" or "the Company") is pleased to announce the results of recent exploration activity on three of its properties in Canada's Athabasca Basin, including Beaver River, Wales Lake and North Shore. Of particular note, prospecting at Beaver River has made new discoveries of high-grade uranium and gold at multiple locations, with the most significant located in the newly named Trigger zone, in the north east of the project. Results from Trigger include sample BR2-22-B with 13.9% U3O8 and 2.27 g/t Au and BR2-22-A with 5.93% U3O8 and 1.55 g/t Au and results at the historic VIC showing in the southwest area of the property returned gold values up to 14.0 g/t Au, uranium up to 1.1% U3O8 and copper up to 0.97% Cu. Additionally, work has confirmed high-grade uranium, gold, copper and nickel in other new discoveries and at historic showing sites.
Ground prospecting has made a new discovery of high-grade grade uranium and gold in the Trigger zone
High-grade uranium, gold, copper and nickel confirmed in historical showings
- Sample BR2-22-B: 13.9% U3O8 and 2.27 g/t Au
- Sample BR2-22-A: 5.93% U3O8 and 1.55 g/t Au
- Coin Canyon: BR-00-A with 2.55% U3O8 and 0.41% Ni
- Kisiwak Lake: BR2-40-A with 2.04% U3O8 and 0.26 g/t Au
- VIC U-Ni-Cu: 830TM02-A with 0.13% U3O8 and 14 g/t Au
- VIC U-Ni-Cu: 830TM03-A with 1.1% U3O8 and 0.98% Cu and 0.14% Ni
- A 1,096 line-km Airborne Vertical Time Domain Electromagnetic "VTEM" survey was completed in July, with the goal to identify trends of higher conductivity, which can lead to drill hole targeting. Interpretation of results is pending.
Ross McElroy, COO, and Chief Geologist for Fission, commented,
- A 80.3 line-km ground gravity survey completed in September has identified two new gravity lows coincident with historic uranium showings that have yet to be drill tested. Gravity lows are interpreted to reflect areas of hydrothermal alteration associated with northeast and southeast trending fault zones. These two areas are interpreted to have potential to host significant uranium mineralization. The data is currently being interpreted
"Fission 3.0's multi-project exploration program in the Athabasca Basin continues to make very strong progress. We are particularly encouraged with the results of ground prospecting at Beaver River, where high-grade uranium, gold and base metals such as nickel and copper have been discovered, including a new showing that we now refer to as the Trigger zone. The same program at Beaver River has also confirmed strong uranium, gold, copper and nickel mineralization in three separate historical showings. Follow up activity is currently being planned."
Project Overviews and Further Program Details
Beaverlodge Area (Beaver River)
The Beaverlodge region is a major historic uranium mining district and home to the first uranium mining operations in Saskatchewan. Prior to the discovery of high-grade uranium mineralization in the Athabasca Basin with the Key Lake and Rabbit Lake discoveries, the Beaverlodge area was the most important uranium mining district in Saskatchewan. Throughout the 1950's and 1960's, 52 mines, including 12 open-pit mines were operated.
The Beaver River Property consists of 20 mineral claims totaling ~18,674 ha located on the north central edge of the Athabasca Basin in Saskatchewan, approximately 44km east of Uranium City, SK. The property hosts numerous confirmed electromagnetic "EM" basement conductors and several historic uranium showings providing surface outcrop with reported assays up to 3.66% U3O8. EM conductors generally trend NNW-SSE, and locally exhibit strong flexures and folds.
Recent prospecting and rock sampling were conducted from July 12 to 13 and August 21 to 30, 2019 following up on airborne VTEM anomalies near zones of structural complexity as well as revisiting and resampling the historic showings of Coin Canyon, Kisiwak Lake and VIC U-Ni-Cu. A total of 13 traverses were completed and 86 outcrop rock samples were collected for multi-element geochemistry. High-grade assays of uranium,+/- gold, copper and nickel were confirmed in all 3 historic showings, with the best results being:
Importantly, new discoveries were made in the northern region of the property with the most noteworthy discovery in the newly named Trigger zone northeast area of the property, where sample BR2-22-B returned 13.9% U3O8 and 2.27 g/t Au and BR2-22-A returned 5.93% U3O8 and 1.55 g/t Au, The Trigger zone was a radioactive vein with a surface expression of approximately 0.3m wide and hosted in a partially silicified quartz-feldspar-biotite-garnet gneiss. The 2 samples were collected ~2m apart. Shallow overburden is present in this area but a 2m long strip was uncovered at surface and appears that it might plunge under the wall rock. Further exploration including a soil geochemistry orientation survey and small core drill follow-up is being considered to advance further tracing of this mineralization.
- Coin Canyon: BR-00-A with 2.55% U3O8 and 0.41% Ni
- Kisiwak Lake: BR2-40-A with 2.04% U3O8 and 0.26 g/t Au
- VIC U-Ni-Cu: 830TM02-A with 0.13% U3O8 and 14 g/t Au
- VIC U-Ni-Cu: 830TM03-A with 1.1% U3O8 and 0.98% Cu and 0.14% Ni
In October, approximately 4,858 ha of new staking was added to Beaver River to expand the property to the north and east, thus securing the on-trend potential strike extent of the Trigger Zone.
Wales Lake (PLS Area)
The 100% owned Wales Lake property is located in the south-west Athabasca Basin region ~25km to 30km west and south of Fission Uranium Corp's flagship high-grade Triple R uranium deposit on the PLS property. It is comprised of 3 non-contiguous blocks totaling ~35,440 hectares and is accessible by road with primary access from all-weather Highway 955. Similar to Fission Uranium's PLS property, Wales Lake occupies the same stratigraphic position within the Clearwater Domain and represents relatively shallow depth basement hosted target areas outside of the margin of the Athabasca Basin.
During July 2019, Geotech Ltd. carried out a helicopter-borne VTEM geophysical survey over the Wales Lake Project 'East' and 'North' blocks. A total of 1,096 line-kilometres of geophysical data were acquired during the survey. The VTEM survey was instrumental in defining conductive packages over surveyed project areas. At Wales East much of the 2019 survey area seems to be in an area of a regional fold axis where conductor's strike has changed from the general NE trending Athabasca type conductors to EW and then NW trending conductors. Many of the conductors in the 2019 survey are not well defined, and generally strike in a NNW direction. Further ground EM geophysics surveys designed to provide higher resolution are required to identify drill targets.
North Shore (Western Athabasca Basin)
The North Shore property consists of 15 metallic and industrial minerals agreements totalling 41,886 ha situated along the northwest margin of the Athabasca Basin in Alberta.
MWH Geo-Surveys Ltd. of Vernon, BC, was contracted to undertake a ground-based gravity survey on Fission 3.0 Corp's North Shore property from August 31 to September18, 2019. The survey grid was located along the north shore of Lake Athabasca, extending from Fallingsand Point northeast toward the Saskatchewan border and straddled the interpreted contact between Archean to Paleoproterozoic crystalline basement rocks and overlying Athabasca Group sediments.
The 80.3 line-km survey, comprising of 1,596 gravity stations, successfully identified two new gravity lows that are coincident with historic surface uranium showings that remain untested by drilling. The first priority area is in the southwest corner of the survey grid where a broad gravity low is present. A historic uraniferous outcrop was discovered by Uranerz Exploration and Mining Ltd in 1975 along the northeast flank of this gravity low. The second area of interest is approximately 4.8 kilometers to the northeast of the area outlined above. At this location a long, moderate, northeast trending gravity low intersects a southeast trending gravity low. These gravity lows are interpreted to reflect hydrothermal alteration around northeast and southeast trending fault zones, respectively. At the Maurice Bay uranium deposit, seven kilometers to the northeast, several uranium occurrences are hosted at the intersection of similar northeast and southeast trending structures. These two areas are interpreted to have potential to host significant uranium mineralization. The 2019 gravity survey may provide higher resolution of important structural features and identify areas of possible hydrothermal alteration, which are important associations with uranium mineralization. Data from the survey is presently being interpreted.
Updated maps for Beaver River, Wales Lake & North Shore will be available on the Company's website later this morning.
Natural gamma radiation that is reported in this news release was measured in counts per second (cps) using a hand-held RS-125 Spectrometer manufactured by Radiation Solutions, which is capable of discriminating readings up to 65,535 cps.
Samples collected for analysis are sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK for analysis using the ICP1 uranium multi-element exploration package plus boron. Samples returning uranium concentrations >500 parts per million (ppm) from the ICP1 package were also analysed using the U3O8 assay (reported in wt %) and Au1 gold by fire assay (reported in ppb) packages. Till samples were analysed using the ICPMS1 exploration package plus boron. Four 25 kilogram till bulk samples were also submitted to the SRC laboratory for Heavy Mineral Separation (HMS) and Quantitative Evaluation of Materials by Scanning Electron Microscopy (QEMSCAN).
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol. Chief Geologist and COO for Fission 3.0 Corp., a qualified person.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol "FUU."
ON BEHALF OF THE BOARD
Ross McElroy, COO
Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
SOURCE Fission 3.0 Corp.
For further information: Investor Relations: Ph: 778-484-8030, TF: 844-484-8030, email@example.com, www.fission3corp.com
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|To: LoneClone who wrote (18436)||10/24/2019 2:30:29 PM|
|Cameco/Orano/ Purepoint Uranium Group Inc: Joint Venture Partners Plan Next Program at Hook Lake |
Purepoint Uranium Group Inc. Oct 23, 2019, 06:30 ET
TORONTO, Oct. 23, 2019 /CNW/ - Purepoint Uranium Group Inc. (the "Company" or "Purepoint") (TSX: PTU.V) is pleased to discuss the results of a recent Technical Committee meeting of the Hook Lake Joint Venture, a project owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%). The latest working session included technical representatives from each company with the purpose of reviewing all target areas and collectively discussing priorities as the project advances. The Hook Lake project lies on the southwestern edge of Saskatchewan's Athabasca Basin and is adjacent to and on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R deposit and NexGen's Arrow deposit.
"The obvious takeaway from our technical meeting was that the Hook Lake project has a host of prospective drill targets yet to advance," said Scott Frostad, Vice President Exploration. "Purepoint has been tasked with proposing a 3-year exploration strategy and budget requirements at our next JV meeting in early November."
Hook Lake JV Project
- The team reviewed all the Patterson Trend drill targets and discussed their various attributes to help prioritize the order in which they will be tested;
- The Hornet Zone conductor, based on 2019 electromagnetic (EM) survey results, appears to remain untested south of HK13-06 that intersected 138 ppm U over 2.3 metres;
- The 2019 EM survey results identified a previously unidentified, strongly conductive shear on trend between the Spitfire Zone and the Dragon area that will be drill tested;
- The prospective "W" conductor, tested by HK19-105 that intersected numerous shear zones and elevated radioactivity, has new targets towards the south from the 2019 EM survey. The "W" conductor remains untested north of HK19-105 for 6 kilometres and will require additional ground geophysical surveying;
- The Dragon conductor remains untested towards the north where it crosses a north-south trending, low magnetic response that possibly reflects structural disruption;
- Based on the meeting discussions, Purepoint will propose a 3-year exploration plan and budget for review. Review and approval of the 2020 program and budget proposal will occur at the Hook Lake JV meeting to be held November 6th, 2019.
The Hook Lake JV project is owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) as operator and consists of nine claims totaling 28,598 hectares situated in the southwestern Athabasca Basin. The Hook Lake JV is considered one of the highest quality uranium exploration projects in the Athabasca Basin due to its location along the prospective Patterson Lake trend and the relatively shallow depth to the unconformity.
Current exploration is targeting the Patterson Lake Corridor that hosts Fission's Triple R Deposit (indicated mineral resource 87,760,000 lbs U3O8 at an average grade of 1.82% U3O8), NexGen Energy's Arrow Deposit (indicated mineral resource 256,600,000 lbs U3O8 at an average grade of 4.03%) and the Spitfire Discovery by the Hook Lake JV.
Purepoint Uranium Group Inc. is focused on the precision exploration of its ten projects in the Canadian Athabasca Basin, the world's richest uranium region. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade, 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 is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit, NexGen's Arrow Deposit and Purepoint's Spitfire discovery.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
SOURCE Purepoint Uranium Group Inc.
For further information: Purepoint Uranium Group Inc., Chris Frostad, President and CEO, (416) 603-8368, www.purepoint.ca, www.twitter.com/purepointU3O8
Related Links purepoint.ca
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