Impact: Positive
Purepoint announced assay and radioactivity results from four drill holes (2,332m), completed at its Hook Lake JV in the western Athabasca Basin. Purepoint holds a 21% interest in this JV and the remaining is owned by Orano (39.5%) and Cameco (39.5%). Drilling targeted the newly identified Lightning zone in the Carter corridor, parallel to the Patterson Lake corridor which hosts the Triple R and Arrow deposits. All four holes encountered elevated radioactivity, and assays were reported from one hole (CRT24-10) which returned 0.29% U3O8 over 0.9m at a true depth of 375m, including 0.68% U3O8 over 0.3m. Mineralization is basement-hosted within an altered breccia matrix that borders a 10m-wide graphitic shear zone. Hole CRT24-08A returned peak radioactivity of 7,370 cps and averaged 2,760 cps over 1.4m. Assays remain pending from three holes. Overall, these are positive results that confirm uranium mineralization at the Lightning Zone, which is emerging as a prospective target within the 20-km-long Carter corridor. While the intersection from the reported hole is not very wide, it is encouraging to see the right geology, and a wide structural zone showing many hallmarks of an unconformity deposit, including graphitic shearing, local brecciation and intense clay alternation. Elevated radioactivity often translates into high-grade assays in this part of the basin, and we look forward to the results from the remaining three holes.
