February 1 2006 – The commencement of geophysical work at their Red Willow project located in the Athabasca Basin, Northern Saskatchewan, was announced today by Purepoint Uranium Group Inc. (TSX-V:PTU). One hundred and twenty (120) kilometers of line cutting were recently completed on the North West section of the Red Willow property. Surface geophysics includes Fixed Loop Transient Electromagnetic and Total Field Magnetic surveys.
“We are very excited about our geophysical program at Red Willow. We believe the potential for new electromagnetic (EM) conductors on the property to be excellent. In addition, we will be re-establishing many historic, untested EM conductors,” said Chris Frostad, President and CEO. “This work is a precursor to the proposed drilling at Red Willow later this season.”
Over twenty kilometers of conductors are known on Red Willow. Historic drilling has intersected graphitic/pyritic pelites, zones of hydrothermal bleaching, and anomalous radioactivity. In addition to these positive drill indications, the source of a large scale radon-in-water anomaly remains undiscovered and amplifies the potential for significant uranium mineralization at Red Willow.
The Red Willow project is on trend with the JEB, Midwest, Cigar Lake, McArthur River and Millennium uranium deposits. Cogema’s Moonlight deposit, which returned a drill hole intercept of 0.27 percent U3O8 over ten meters, is associated with a NE-SW trending conductor and located only five kilometers southwest of Red Willow. Purepoint’s current geophysical grid covers the interpreted northeast extension of the Moonlight conductor trend.
A radioactive boulder field, named the Long Lake Boulder Train, was discovered on the Red Willow property in 1975 by Gulf Minerals. The northeast trending train was found to be 2 km long and 300 to 400 meters wide. A number of radioactive biotite schist boulders were discovered and assayed up to 0.80 percent U3O8 while pegmatite boulders assayed up to 0.55 percent U3O8. The source of the Long Lake Boulder Train remains unknown.
The Red Willow project is on the eastern edge of the Athabasca Basin. It adjoins Cogema’s claim group containing the JEB, Sue and McClean deposits to the west and, to the south, it adjoins UEX’s Hidden Bay claim group surrounding the Rabbit Lake, Collins Bay and Eagle Point deposits.
Purepoint Uranium Group Inc. is a uranium focused exploration company with 100 percent ownership of 120,000 hectares in the Canadian Athabasca Basin. Established in the Basin before the resurgence in uranium, Purepoint is now actively advancing seven key properties of historic significance. Several of these projects contain near term targets, drill ready for 2006.