Purepoint Defines Its Most Significant Drill Season in Five Years
Toronto, Ontario – November 28, 2013 – Purepoint Uranium Group Inc. (TSX:PTU.V) today released its plans for winter drilling at two of its most advanced Athabasca Basin uranium projects: Hook Lake, in the Patterson Lake region, and Red Willow, in the Eastern Basin’s primary high-grade mine trend.
With a budgeted 5,000 metres of drilling (approximately 14 holes) at Hook Lake, the Company, in joint venture with Cameco and Areva, is mounting this region’s largest follow-up diamond drill program to Fission Uranium’s neighbouring Patterson Lake South uranium discovery. An additional 2,500 metres (approximately 8 holes) is also planned for Purepoint’s Red Willow property, where five key target zones have been prioritized for winter drilling by the project operator, Rio Tinto.
“More than 90% of this season’s exploration is being funded by our partners, which maximizes the use of our own carefully managed financial resources,” said Chris Frostad, Purepoint’s President and CEO. “This significant financial commitment by three of the largest uranium producers in the world certainly demonstrates the technical merit and prospective value of these particular uranium assets.”
- The Hook Lake joint venture (Cameco Corporation, AREVA Resources Canada Inc. and Purepoint) will mobilize in January, 2014 two diamond drills to the “Patterson Lake Corridor”, the (electromagnetic) conductive trend hosting Fission’s Patterson Lake South (PLS) uranium discovery;
- Rio Tinto will utilize their newly constructed 28-person camp facility at Purepoint’s Red Willow property to initiate winter drilling at the Geneva Zone;
- Additional maps and current NI 43-101 compliant Technical Reports are available on the company’s web site http://www.purepoint.ca/uraniumprojects/hooklake.php and http://www.purepoint.ca/uraniumprojects/redwillow.php
Hook Lake Project
The Hook Lake Project is only five kilometres northeast of the new high-grade PLS uranium discovery by the Fission/Alpha joint venture situated in the southwestern Athabasca Basin. The property consists of nine claims totaling 28,683 hectares and has a depth to the Athabasca unconformity that is very shallow, ranging from zero to 350 metres. Three prospective structural “corridors” have been defined on the property, each corridor being comprised of multiple EM conductors that have been confirmed to be the results of graphitic metasediments that intersect the Athabasca unconformity.
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 9.08% U3O8 over 54.5 metres in drill hole PLS13-075 (Fission Uranium Corp. press release of September 4, 2013) including 21.76% U3O8 over 21.5 metres. Within the Hook Lake project, the Patterson Lake Corridor displays geophysical evidence of a complex structural history and, where previously drill tested, has shown favourable signs of alteration and structural disruption. In 2011, three new claims totaling 2,632 hectares were added to the Hook Lake project due north of the location where high grade uranium boulders were discovered by Fission/Alpha on their PLS property.
Red Willow Project
Five major uranium deposits are located along a NE to SW high grade mine trend that extends through the Red Willow Project. The property covers 25,612 hectares on the eastern edge of the Athabasca Basin. The Athabasca sandstone is shallow and the depth to unconformity varies from zero to 80 metres. The basement rocks are composed of intensely deformed and metamorphosed sedimentary, volcanic and plutonic rocks trending NE to SW.
The Red Willow property adjoins AREVA Resource Canada Inc.’s claim group that contains the JEB, Sue, McClean and Caribou deposits to the west and, to the south adjoins UEX’s Hidden Bay property that surrounds Cameco Corporation’s Rabbit Lake, Collins Bay and Eagle Point deposits.
Purepoint Uranium Group Inc. is focused on the precision exploration of its ten projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with three of the 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.
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