June 20 2007 – Purepoint Uranium Group Inc. (TSX:PTU.V) today released the details of their summer 2007 drill program in Canada’s Athabasca Basin. Drill permits have now been issued for drilling at Purepoint’s Hook Lake and Smart Lake projects.
“This summer represents the launch of a major drill campaign by Purepoint across the Basin and the progression of three projects to a new stage of advanced exploration” said Scott Frostad, Purepoint’s Vice President Exploration. “We’ve spent considerable time and money developing the best drill targets possible. It is our intention to operate with two drills this summer and complete 6,000 metres of initial diamond drilling with more than 10,000 metres to follow this winter”.
- In anticipation of these accelerating programs Purepoint has seed financed two new drilling companies, and secured a first right of refusal on 60,000 metres of drilling;
- At Red Willow 2,000 metres of diamond drilling are scheduled on the Petrel and Osprey target zones. Crews will operate out of Purepoint’s Lasby Lake camp;
A year round camp has been constructed by Purepoint on Patterson Lake in the southern region of the Hook Lake project. The Carter and Patterson corridor target zones are scheduled to be tested with 2,500 metres of diamond drilling;
- A new road has been completed to the Smart Lake camp site and a new camp is currently under construction. 1,500 metres of diamond drilling are scheduled to be completed before the end of the summer season.
Red Willow Project
The Red Willow project consists of eight claims on the eastern edge of the Athabasca Basin where 11 priority drill target areas have been delineated to date. Five major uranium deposits, JEB, Midwest, Cigar Lake, McArthur River and Millennium, are located along a NorthEast to SouthWest mine trend that extends through the Red Willow Project.
Purepoint’s 100% owned Red Willow project adjoins to the west of AREVA Resource Canada Inc.’s claim group that contains the JEB, Sue and McClean deposits to the west. To the south, Red Willow adjoins UEX’s Hidden Bay project that contains the Raven-Horseshoe deposits and surrounds Cameco’s Rabbit Lake, Collins Bay and Eagle Point deposits. Boulder sampling by Purepoint at Red Willow succeeded in extending the historic Long Lake boulder train zone further up-ice and returned assays up to 1.30% U3O8.
Hook Lake Project
In February, 2007, Purepoint entered into an agreement with UEM Inc. to form a joint venture in the ongoing exploration of UEM’s Hook Lake uranium project in the Athabasca Basin. The agreement permits Purepoint, as operator, to acquire up to 50% of this large project. UEM Inc. is a company 50% owned by each of Cameco Corporation and AREVA Resources Canada Inc.
The Hook Lake Project was staked by UEM in 1997 and consists of six claims totaling 26,051 hectares situated in the southwestern Athabasca Basin approximately 80 kilometers southeast of the former Cluff Lake mine. The depth to unconformity is very shallow, ranging from zero to 350 metres. Uranium mineralization was encountered on the property by SMDC in 1978 with an intersection averaging 0.24% U3O8 over 2.5 metres of diamond drilling.
Smart Lake Project
In January 2007, Purepoint entered into an agreement with Cameco Corporation to form a joint venture in the ongoing exploration of Cameco’s Smart Lake uranium project in the Athabasca Basin. The agreement permits Purepoint, as operator, to acquire up to 50% of the project.
The Smart Lake property is 100% owned by Cameco and includes two claims with a total area of 9,800 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 km south of the Cluff Lake mine. Depth to the unconformity ranges from zero to 350 metres in depth. Aeromagnetic and electromagnetic patterns at Smart Lake resemble those observed underlying the
Shea Creek deposits that are located under deeper sandstone cover 55 km north of the property.
Purepoint Uranium Group Inc. is focused on the precision exploration of more than 42 defined target areas on its seven 100% owned projects in the Canadian Athabasca Basin,and its two Basin projects joint ventured with Cameco Corporation and AREVA Resources Canada Inc. Established in the Basin well before the resurgence in uranium, Purepoint is actively advancing this 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