Toronto, Ontario – January 31, 2013 – Purepoint Uranium Group Inc. (TSX:PTU.V) today announced that drilling has commenced at the Hook Lake Joint Venture Project in Saskatchewan’s Athabasca Basin. The program is targeting the Patterson Lake corridor which is the same conductive trend along which the neighbouring Fission/Alpha joint venture has intersected high-grade uranium mineralization.
“Purepoint is operating the project on behalf of the Joint Venture and its partners Cameco Corporation and AREVA Resources Canada Inc.,” said Chris Frostad, President & CEO, Purepoint Uranium Group Inc. “There has been extensive work leading up to the determination of this year’s drill program, and we are anxious to test our new targets”.
- The program consists of a ground time domain EM survey and 2,250 metres of diamond drilling for a total budget of $900,000;
- Mobilization began early this month and the program is expected to continue until mid April;
- On November 27, 2012 the company filed a National Instrument 43-101 compliant technical report on its Hook Lake uranium project. The report can be found on Sedar.com or on Purepoint’s website http://www.purepoint.ca/news/?id=315
Hook Lake Project
The Hook Lake Project consists of nine claims totaling 28,683 hectares and is situated in the southwestern Athabasca Basin, approximately 80 kilometres southeast of the former Cluff Lake mine. The depth to the Athabasca unconformity is very shallow, ranging from zero to 350 metres.
Three prospective “corridors” have been defined on the property, each corridor being comprised of multiple conductors that have been confirmed to be the results of graphitic metasediments that intersect theAthabascaunconformity.
The Patterson Lake corridor is the same conductive trend along which the Fission/Alpha joint venture has intersected high-grade uranium mineralization, most notably the intercept of 2.49% U3O8 over 12.5 metres in drill hole PLS12-024 (Fission Energy press release of December 5, 2012). Within the Hook Lake project, the Patterson Corridor displays geophysical evidence of a complex structural history and, where drill tested, the conductors have shown favourable signs of alteration and structural disruption.
Historic exploration efforts focused on the Derkson Corridor, where SMDC encountered uranium mineralization near the unconformity averaging 0.24% U3O8 and 1.35% Ni over 2.5 metres of diamond drilling. Drill holes along this trend encountered very encouraging “Millennium-style” basement alteration. It is believed that the historic shallow drilling along the Derkson Corridor did not properly test for deeper Millennium or Eagle Point-type basement-hosted uranium deposits.
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.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
For further information please contact:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO