Toronto, Ontario – November 27, 2012 – Purepoint Uranium Group Inc. (TSX:PTU.V) has today filed a National Instruments 43-101 compliant technical report on its Hook Lake uranium project in Northern Saskatchewan. Purepoint operates the Hook Lake project in the Athabasca Basin under the terms of Joint Venture agreement with Cameco Corporation and Areva Resources Canada Inc.
“The reports we are filing should provide investors with a cohesive and detailed examination of our most advanced projects,” said Chris Frostad, President & CEO, Purepoint Uranium Group Inc. “This winter’s drill program at Hook Lake will focus on the Patterson Lake corridor, a trend with multiple conductors, which has shown outstanding promise in recent weeks.”
- The Hook Lake 43-101 compliant technical report provides detail on all aspects of the project’s history, exploration activities to date, current understanding of the geological systems underlying the property and recommendations for advancing the property;
- The project’s Technical Committee recently approved this winters program for a ground time domain EM survey and 2,250 metres of diamond drilling for a total budget of $900,000;
- The program is scheduled to commence early in January 2013.
The report can be found on Sedar.com or on Purepoint’s website (www.purepoint.ca).
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 kilometers 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 the Athabasca unconformity.
The Patterson Lake corridor is the same conductive trend along which the Fission/Alpha joint venture has intersected anomalous radioactivity, most notably the massive pitchblende within veins over 6 metres in drill hole PLS12-022 (Fission Energy press release of November 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