January 24 2006 – Purepoint Uranium Group Inc. (TSX-V:PTU) announced today that exploration efforts are well underway this month in the Athabasca Basin, Northern Saskatchewan, despite an unseasonably warm start to the winter drilling season.
“The slow freezing of winter access routes has delayed most companies working in the region,” said Chris Frostad President and CEO, Purepoint Uranium Group Inc. “Our crews have been establishing and reinforcing ice roads for the past three weeks so that our drilling equipment can be mobilized as soon as possible. In addition we have sourced a second drill should we require it in order to be able to complete our scheduled drilling program.”
Turnor Lake Project
This year’s drill program will begin on the Turaco Grid on Purepoint’s Turnor Lake project. Initial permits are now in place to drill up to sixteen (16) holes on the Turaco Grid, two (2) holes on the Laysan Grid and two holes on the northern Serin Grid.
The Turnor Lake Project is in close proximity to several uranium deposits including Midwest Lake, McClean Lake, Eagle Point, and Collins Bay.
Red Willow Project
One hundred and twenty (120) kilometers of line cutting were recently completed on the North West section of the Red Willow property. Surface geophysics including Fixed Loop Transient Electromagnetics on the Turaco Grid for the purpose of reestablishing and refining the location of known conductors in the area are expected to commence this month. Over twenty kilometers of conductors are known on Red Willow and prior drilling conducted to date has intersected graphitic/pyritic pelites, zones of hydrothermal bleaching, and anomalous radioactivity.
The Red Willow project is located on a northeast/southwest mine trend that includes the JEB, Midwest, Cigar Lake, McArthur River and Millennium uranium deposits. Cogema’s Moonlight deposit, which returned 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 new geophysical grid covers the interpreted northeast extension of the Moonlight conductor trend.
In late 2005, Purepoint performed MEGATEM II airborne electromagnetic and magnetic surveys on three of the company’s 100 percent owned properties: Umfreville, McEwen Lake and South Newnham. The results of these surveys are currently being interpreted and will be released shortly as well as plans to perform additional detailed surface geophysical surveys this winter.
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.