June 29 2005 – The most recent interpretation of the winter 2004/05 geophysical work performed by Purepoint Uranium Group Inc. (TSX-V:PTU) on the Turaco Grid at their Turnor Lake project in the Canadian Athabasca Basin, has revealed a significant basement uplift capable of acting as a dam for mineralized fluid.
“The entire Turnor Lake property represents a fascinating exploration region with its 24 kilometers of known conductors,” said John Steele, Chief Geophysicist and Exploration Manager, Purepoint Uranium Group Inc. “The Turaco grid, however, is particularly interesting as there is a unique zone of flat lying conductivity bounded by conductors and terminating at the interpreted basement uplift. It is our intention to better define this uplift before we begin drilling on these targets. If all goes well, we could be drilling as early as this winter.”
“Having spent so much time carefully selecting our properties, we are very encouraged having identified such a unique target on our first geophysical outing,” said Chris Frostad, President and CEO, Purepoint Uranium Group Inc.
The project is in close proximity to several uranium deposits including Midwest Lake, McClean Lake, Eagle Point, and Collins Bay.
Purepoint conducted ninety-seven (97) km of Fixed Loop Transient Electromagnetics (TDEM) and ninety-five (95) km of Magnetics on the Turaco Grid during February and March 2005. In total, eight (8) km of conductors were outlined during the TDEM survey.
Two parallel conductors form the edges of a flat-lying area of strong conductivity lying within a magnetic low. The two bounding conductors are interpreted to represent sub-vertical graphitic horizons within the basement rock and the flat-lying conductor may originate from clay alteration lying at or near the unconformity.
The flat-lying zone of conductivity and its bounding conductors terminate abruptly towards the SW. At the point of termination, depth to the unconformity is interpreted from the TDEM to change from 250m to 175m and may represent a basement high. The McArthur River deposit is adjacent to a thrust fault along which the unconformity is displaced vertically 60 to 80 metres. The thrust fault is considered to have been a structural trap for uraniferous hydrothermal fluids. Purepoint plans to conduct follow-up geophysics to help confirm the presence of the interpreted basement high.
Turnor Lake Project
The Turaco Grid lies within Purepoint’s Turnor Lake Project. Within this property, 24 kilometers of conductors have been outlined by ground geophysics. Numerous recommended drilling programs by previous operators were never carried out to test these conductors (Asamera, 1982; SMDC, 1983, 1984; Cogema, 1996). However, drilling conducted on the Turnor property to date has intersected graphitic pelites, hydrothermal bleaching and clay alteration all of which can act to precipitate uranium mineralization.
The Turnor Lake Project is located 12 kilometres east of Cameco Corporation’s high-grade uranium zone at La Rocque Lake. Drilling completed in the winter and summer of 1999 on the La Rocque Lake claims encountered uranium mineralization of 8.2%, 19.1% and 29.9% U308 in three drill holes over 3.6m, 2.5m and 7.0m, respectively.
Anomalous uranium was intersected approximately _ kilometre south of the Purepoint Turnor Property in Cogema drill hole HLH-48. The underlying basement rocks in this hole consisted of altered, graphitic and pyritic sediments that are highly fractured. The anomalous intercept at 168 metres returned a weighted assay of 0.17% U3O8 over 0.6 metres.
A more detailed discussion of this and other Purepoint properties can be found at our web site at www.purepoint.ca.
Purepoint Uranium Corporation is a uranium exploration company driven by intellectual, precision prospecting focusing on distinct, targeted properties with historic significance in the Canadian Athabasca Basin. Currently, Purepoint’s seven, 100% owned, Athabasca Basin uranium projects cover nearly 120,000 hectares and are considered high prospect properties that include several near term targets expected to be drill ready for winter 2005/06.