October 12 2006 – Purepoint Uranium Group Inc. (TSX-V:PTU) announced today the results of their electromagnetic and magnetic survey on its 100 percent owned, 10,500 hectare Fire Eye property located in the Canadian Athabasca Basin, host of the world’s premier uranium deposits.
- The survey identified clear conductive targets, interpreted as representing areas conducive to uranium deposition;
- Depth to basement is locally less than 600 metres based on magnetic interpretation making this an economical exploration target;
- Purepoint’s Fire Eye property lies on trend with the historic Uranium City deposits;
- The Fire Eye property is located 70 kilometres North of the Cluff Lake uranium mine that produced in excess of 60 million pounds of uranium;
- A surface geophysical crew will be mobilized later this month to refine these targets for drilling.
“All of our seven, 100 percent owned projects were originally staked only after reviewing historic data and identifying indicators we consider essential for a uranium ore deposit.” said Scott Frostad, Vice President, Exploration, Purepoint Uranium Group Inc. “We are excited to once again confirm the validity of our approach and look forward to advancing these targets to the next stage.”
A 377 line kilometre MEGATEM II airborne electromagnetic and magnetic survey was flown over the Fire Eye property at a line spacing of 400 metres in order to confirm depths and areas of conductivity. Purepoint plans to conduct a transient magnetotelluric ground survey on the property commencing later this month.
Purepoint Uranium Group Inc. is focused on the precision exploration of its seven, 100 percent owned, highly prospective projects in the Canadian Athabasca Basin. Established in the Basin well before the resurgence in uranium, Purepoint is actively advancing some of the hottest drill targets in the world’s richest uranium region.