[ACCESSWIRE]
VANCOUVER, BC / ACCESSWIRE / April 1, 2015 / Glenmark Capital Corp. (TSX.V: GLM, US OTC: GLRKF and Frankfurt: 17G) ("Glenmark" or the "Company") is pleased to provide an update from its President Clive Massey concerning yesterday's news release issued by Purepoint Uranium Group Inc. (TSX.V: PTU) regarding its uranium exploration results in Saskatchewan's prolific Athabasca Basin:
"Today, Purepoint Uranium Group released preliminary results from its 2015 Hook Lake Joint Venture diamond drill exploration program within the Patterson Lake Conductive Corridor in Saskatchewan's quickly developing southwestern Athabasca Basin. The centerpiece of these results was DDH-HK-27 which Purepoint reported assayed 2.23% U3O8 over 2.8m from the upper contact of a graphitic unit (depth of 390m), inclusive of a 0.4m interval of 12.90% U3O8. (See Purepoint News Release dated March 31, 2015.)
Purepoint's new high-grade uranium mineralization discovery represents a significant development for Glenmark shareholders, as Purepoint's Hook Lake JV immediately adjoins the Company's advancing Carter Lake Uranium Project. Moreover, the Carter Lake Uranium Project lies adjacent to the Patterson Lake Conductive Corridor, within which all three of the most active uranium explorers in the PLS Camp (Fission Uranium Corp, Nexgen Energy Ltd. and Purepoint) have enjoyed positive drilling results, underpinning the geological potential of the region. The Company acquired Carter Lake because we believed that the alteration system in the southwest Athabasca Basin is widespread and exhibits high potential for further uranium mineralization discoveries. The twelve target zones recently identified at the Carter Lake Project from a geophysical interpretation completed by Condor Consulting (news release dated March 17, 2015) in conjunction with the Purepoint/Cameco/AREVA results bolster this belief.
Glenmark is in the process of completing preparation for its Spring 2015 exploration program for Carter Lake. The Company has focused on identified subsurface conductive VTEM/EM/MAG anomalies, as high-priority drill targets, a demonstrated discovery strategy in the PLS Camp, proven now for the third time at the Hook Lake JV vis a vis Fission's PLS and Nexgen's Rook 1 discoveries. Glenmark is an extremely well positioned player in the Athabasca Basin, by virtue of maintaining a portfolio of quality uranium projects in defined and developing structural corridors including those hosting the Key Lake Mine, McArthur River Mine and Cigar Lake Mine. "
While Peter Born P.Geo., Glenmark's Qualified Person pursuant to National Instrument 43-101, has not reviewed the Hook Lake drilling, the data is believed to be from a credible source.
For further information, please contact:
Rob Gamley
Contact Financial Corp.
Phone: (604) 689-7422
Email: rob@contactfinancial.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
SOURCE: Glenmark Capital Corp.