Uranium reversal may be close, Purepoint says

In one of the few exploration projects it is funding next year, Cameco (TSX: CCO; NYSE: CCJ) and its joint-venture partners Orano Canada and Purepoint Uranium (TSXV: PTU) are planning a 36 km ground-electromagnetic survey and 6,000 metres of diamond drilling at their Hook Lake uranium project in Saskatchewan. Cameco owns 39.5% of the project in the province’s Patterson uranium district, with Orano Canada holding 39.5% stake, and Purepoint, the operator, at 21%. The 2019 winter drill program will see the partners continue to explore a mineralized shear zone that extends along the Patterson corridor. The shear runs through the project’s Dragon zone and is on trend with its Spitfire discovery. The Patterson uranium district is a structural corridor situated on the southwestern edge of Saskatchewan’s Athabasca basin, which extends at least 50 km, and hosts Fission Uranium’s (TSX: FCU) Triple R deposit, NexGen Energy’s (TSX: NXE) Arrow deposit and Spitfire. Continue reading at The Northern Miner.