Toronto, Ontario, September 20, 2012 -Purepoint Uranium Group Inc. (TSX:PTU.V) reported today that it has completed an airborne electromagnetic survey at its 100% owned Red Willow North Project in Saskatchewan’s Athabasca Basin. The Red Willow North property is located on the northeastern edge of the Athabasca Basin and is contiguous with Rio Tinto’s Hatchet Lake Project as well as Purepoint’s Red Willow Project, being advanced under an earn in agreement with Rio Tinto.
The helicopter-borne VTEM plus Time Domain EM survey was carried out by Geotech Ltd. and flown in two different directions over the arcuate shaped Topping Island conductor to provide detailed magnetic and electromagnetic (EM) data. A total of 255 line kilometres of VTEM were flown at a line spacing of 125 metres.
“The curved EM conductor on Topping Island was seen in fragments on previous surveys but is now clearly displayed for the first time,” said Roger Watson, Chief Geophysicist of Purepoint Uranium Group Inc. “We now have clearer evidence that the Topping Island conductor is the eastern terminus of the Richardson-Crooked Lake conductive trend, a formation associated with uranium mineralization”
Highlights:
- The Topping Island conductor appears to be the eastern terminus of the Richardson-Crooked Lake conductive trend along which Denison Mines/ Virginia Energy have intersected basement mineralization up to 0.15% eU3O8 over 0.8 metres;
- The EM conductor is arcuate in shape and over six kilometres in length;
- The close line spacing and dual line direction of the survey has outlined numerous lateral displacements in the conductor that can be confidently interpreted as faults, representing high priority drill targets; and
- A pitchstone cobble with off-scale radioactivity (>99,999 cpm) was discovered on Topping Island in the 1970’s and was located glacially down-ice of the conductor.
Results from the recent VTEM survey show that the eastern portion of the arcuate conductor dips inwards suggesting a basin structure. However, the northern arm of the conductor changes suddenly as it trends towards the west from dipping inwards to dipping outwards. The results suggest a complex structure such as a synform plunging to the west with other movement on the north flank.
Red Willow North
The Red Willow North property, located on the eastern edge of the Athabasca Basin, is 9,996 hectares in size and consists of three claims that cover favourable metasedimentary basement rocks. Very little drilling has been conducted on the Red Willow North property with most being drilled to relatively shallow depths.
The newly interpreted Golden Eye Shear Zone extends for over 6 kilometres and joins the historic FDL showing (up to 1.43% U3O8) that is located on the Red Willow North property and the AJ showing (up to 0.46% U3O8) that is located just southwest of the property.
Recent airborne EM and magnetic survey results indicate that the Red Willow Osprey conductor, on which drilling by Purepoint has returned intercepts of up to 0.20% eU3O8 over 5.8 metres, continues onto the Red Willow North property for over 5 kilometres.
The historic Turkey conductor, which has returned intercepts of up to 0.16% U3O8 over 1.0 metre, is interpreted to continue untested for over 5 kilometres on the Red Willow North property.
A radioactive boulder occurrence consisting of approximately 125 radioactive boulders and one radioactive outcrop within an area of 1.5 km by 240m is located one kilometer to the southwest (down-ice direction) of Red Willow North. Uranium mineralization is associated with sheared and fractured biotite quartzite, pegmatite and graphitic gneisses with the best assays obtained from the regolith (1.43% U3O8).
The Topping Island target area was worked by Getty Minerals Ltd. in the early 1980’s after a pitchstone cobble (>99,999 cpm) was discovered down-ice of the EM conductor. Four drill holes in 1981 tested the 6-kilometre long conductor, which was explained by pyritic / graphitic pelitic rocks, but the source of the pitchstone cobble was not identified. No drilling has been conducted on the island since the initial Getty Minerals drill program. Overburden is shallow on the island at 0 to 20 metres in thickness.
The Topping Island conductor appears to be the eastern terminus of the conductive trend that hosts the Richardson Lake and Crooked Lake Zones on Denison Mines/ Virginia Energy’s Hatchet Lake property. During 2011, the Richardson-Crooked Lake conductive belt was drilled by the Denison Mines/ Virginia Energy JV on the neighbouring Hatchet Lake project (Virginia Energy Resources Press Release, April 27, 2011). The 3-hole, 802 metre diamond drill program intersected anomalous radioactivity (up to 0.15% eU3O8 over 0.8 m) in the basement rock of all three holes.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of its thirteen projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with the three largest uranium producers in the world, Cameco Corporation, AREVA and Rio Tinto. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade, Purepoint is actively advancing a large portfolio of multiple drill targets in the world’s richest uranium region.
Scott Frostad BSc, MASc, PGeo, Purepoint’s Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information please contact:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO
(416) 603-8368
www.purepoint.ca