Toronto, Ontario – September 27, 2012 – Purepoint Uranium Group Inc. (TSX:PTU.V) announced today the results of a geochemical survey conducted at its 100% owned Umfreville North project in the northeast margin of Canada’s Athabasca Basin in Northern Saskatchewan. Purepoint has staked an additional claim at Umfreville North to ensure complete coverage of a strong geochemical anomaly that is coincident with an airborne gravity low and a magnetic low.
The strongest geochemical anomaly was returned from the high-priority Perching target, an area with interpreted cross-cutting faults and potential hydrothermal alteration. Over 450 geochemical samples were collected from three grid areas and analyzed using procedures identified during a syndicated research study by the Canadian Mining Industry Research Organization (CAMIRO).
“Our highest priority target at Umfreville North is now defined by an interpreted fault and a strong gravity low coincident with the new geochemical anomaly,” said Scott Frostad, Vice President Exploration, Purepoint Uranium Group Inc. “The new claim we staked covers the western extension of the geochemical anomaly where it remains open and requires further sampling.”
- The new geochemical anomaly within the Perching Zone includes uranium, nickel, molybdenum and vanadium values;
- The newly staked claim (1,373 ha) covers the open direction of the geochemical anomaly;
- Perching Zone is a high-priority exploration target with clearly defined structures and geophysical signatures representative of hydrothermal alteration; and
- Results are supported by location of historic geochemical anomaly outlined by the Saskatchewan Department of Mineral Resources in 1976.
The Umfreville North property (4,383 hectares) is transected by the major north-northwest trending Fond du Lac Fault. Previous work by Purepoint over the 100% owned Umfreville North project includes a MEGATEM II airborne electromagnetic (EM) survey, an airborne full tensor gravity gradiometry (Air-FTG) survey and a high-resolution aeromagnetic survey. Based on the results of these surveys, the Perching and Porcupine Zones were deemed priority exploration targets and covered by the geochemical sampling grids. The strongest geochemical anomaly was located in the Perching Zone and returned elevated concentrations of uranium, nickel, molybdenum and vanadium.
Based on the recent high-resolution aeromagnetics by Purepoint, the Fond du Lac Fault has been resolved into two separate splayed faults to account for a broad magnetic low that occurs within the Perching Zone. The magnetic low on the Fond du Lac Fault coincides with a gravity low and possibly represents an area of hydrothermal alteration. The Perching Zone may also be the source of anomalous uranium in lake bottom sediments to the immediate west (down ice) collected during a reconnaissance geochemical survey by the Saskatchewan Department of Mineral Resources in 1976.
Purepoint Uranium Group Inc. is focused on the precision exploration of its eleven projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with the three largest uranium producers in the world, Cameco Corporation, AREVA and Rio Tinto. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade, Purepoint is actively advancing a 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.
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For further information please contact:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO