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TORONTO, ONTARIO–(Marketwired – Aug. 1, 2017) – Purepoint Uranium Group Inc. (the “Company” or “Purepoint“) (TSX VENTURE:PTU) today reported the results of a ground gravity survey conducted at its 100% owned McArthur East project in the eastern area of Canada’s Athabasca Basin in Northern Saskatchewan.
“Interest in this project stems primarily from its association with the neighbouring properties which host two of the world’s largest high-grade uranium mines in operation today,” said Scott Frostad, VP Exploration at Purepoint. “While these results improve our expectations, further detailed geophysical analysis will be required here before drill targets are finalized.”
- Ground gravity results from the McArthur East project show a pronounced gravity low response over a previously identified exploration target;
- The low gravity response coincides with a a favourable magnetic low response that is considered to reflect pelitic rocks and/or hydrothermal alteration;
- The gravity low area also coincides with a broad basement EM conductor that is thought to represent a series of discreet, parallel graphitic units that are too closely spaced to be seen as separate anomalies;
- The McArthur East property adjoins Cameco’s McArthur River project, which contains the world’s largest high-grade uranium deposit, and is situated due south of the Cigar Lake Mine; and
- The 2017 ground gravity survey results for the McArthur East project are provided as a Bouguer gravity map (milligals) on the Purepoint website.
The McArthur East ground gravity survey results show that a low gravity response correlates with the property’s primary exploration target. The prospective area was previously defined by a magnetic low and an airborne electromagnetic (EM) conductive zone. It is now thought that the gravity low, as well as the magnetic high and broad conductive area, is reflecting pelitic basement rocks and/or hydrothermal alteration.
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 resolving the conductive zone into discreet conductors for drill testing, most likely with a stepwise moving loop EM survey. No drilling has occurred on the project to date.
McArthur East Project
The 100% owned McArthur East property adjoins Cameco’s McArthur River project, which contains the world’s largest high-grade uranium deposit, and is situated due south of the Cigar Lake Mine. The property is 1,985 hectares in size and consists of 1 claim. It is underlain by a magnetic low believed to represent pelitic basement rocks, a typical host rock for economic uranium mineralization. Based on historic drill results from the surrounding area, the unconformity is assumed to lie approximately 250 metres below the surface. To date, no drilling has occurred on the McArthur East property.
Exploration conducted by Purepoint on the project has consisted of a helicopter-borne EM and magnetic (VTEM max) survey carried out in 2013 and the recent ground gravity survey. The airborne EM survey results showed that a broad conductive area in the northern portion of the property was a response from the basement rocks while weak conductors located within the southeastern area of the property are probably a response from swamp or lake bottom sediments. The broad basement EM conductor is thought to represent a series of closely spaced graphitic units and is considered to be a prospective exploration target.
Purepoint Uranium Group Inc. is focused on the precision exploration of its seven projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with two of the largest uranium producers in the world, Cameco Corporation and AREVA Resources Canada Inc. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade. Purepoint is actively advancing a large portfolio of multiple drill targets in the world’s richest uranium region.
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.
Purepoint Uranium Group Inc.
President and CEO
Tue, 01 Aug 2017 10:45:00 GMT