The company has exercised an option agreement with Cameco, dated 7 February 2007, for the ongoing exploration.
Purepoint owns 21% interest in the project, located in the Athabasca Basin in Canada while the remaining stake is under the ownership of Cameco and AREVA, which own 39.5% each.
The uranium group plans to invest $850,000 – $1,000,000 for a winter drill program, subject to review and approval at the Technical Committee meeting to be held mid-November 2012.
The Hook Lake Project hosts nine claims across an area of 28,683ha, where previous historic exploration identified uranium mineralization averaging 0.24% U3O8 and 1.35% Ni over 2.5m of diamond drilling.
Purepoint president and CEO Chris Frostad commented, "HookLake has continuously demonstrated great potential for discovery and now more so with the Fission and Alpha joint venture’s new discovery on the Patterson conductor trend."
