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Purepoint: Cameco, AREVA approve upsized exploration budget for Hook Lake JV

Purepoint Uranium Group Inc. on Dec. 14 said the 2017 exploration budget for the early-stage Hook Lake uranium property in Saskatchewan was increased to C$5 million.

The company's joint venture partners Cameco Corp. and AREVA SA subsidiary Areva Resources Canada Inc. approved the budget, while Purepoint is acting as operator of the program.

The revised exploration program will include 30 diamond drill holes, focusing on the Patterson Lake Corridor, which hosts the Spitfire discovery.

Purepoint noted that drill equipment has been mobilized, with initial drilling expected to start shortly, which will follow-up at Spitfire. Drilling will aim to further delineate Spitfire and to follow the associated mineralized structure toward the northeast.

The total exploration budget for the 2016/2017 winter program is now C$5.5 million, with the C$500,000 coming from the remaining 2016 budget.

AREVA and Cameco each have a 39.5% stake in the Hook Lake joint venture, with Purepoint holding the remaining 21% interest.