Toronto, Ontario – November 6, 2012 – Purepoint Uranium Group Inc. (TSX:PTU.V) has today filed a National Instruments 43-101 compliant technical report on its Smart Lake uranium project in northern Saskatchewan. Purepoint operates the Smart Lake project in the Athabasca Basin under the terms of an agreement with Cameco that permits Purepoint to acquire up to a 50% interest in the project.
Purepoint is currently on schedule to release similar reports on all of its material projects during the coming months.
“Over the years, the process for advancing and refining our portfolio has included re-analysis of results from our numerous geochemical and geophysical surveys, diamond drill programs and historic data” said Chris Frostad, President & CEO, Purepoint Uranium Group Inc. “Our ongoing reconciliation and re-interpretation of this data has produced some of the most prospective opportunities in the Athabasca Basin and we felt it necessary to now compile this understanding in a current and complete fashion.”
- The Smart Lake 43-101 compliant technical report provides detail on the diamond drilling performed by Purepoint and results from the ground electromagnetic surveys;
- A review of historic exploration work completed prior to Purepoint’s involvement; and
- An interpretation of all compiled data with recommendations for advancing the project.
The report can be found on Sedar.com or on Purepoint’s website (www.purepoint.ca).
Smart Lake Project
The Smart Lake property 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 former Cluff Lake mine. Depth to the unconformity, where it occurs, is relatively shallow at less than 350 metres.
Drilling at Smart Lake has discovered uranium mineralization associated with the Shearwater conductor, a hydrothermally altered graphitic-pyritic pelitic gneiss that returned 127 ppm U over 13.3 metres in SMT08-01. A geochemical halo that includes the enrichment of nickel, arsenic and cobalt is associated with the uranium mineralization. The strongest radioactivity was returned from a tension fracture in SMT08-06 assaying 1,600 ppm U over 0.1 metre.
Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits (max. grade of 58.3% U3O8 over 3.5 m) located 55 km north of the property. The uranium deposits at Shea Creek are associated with the Saskatoon Lake conductor that is comparable to Smart Lake’s Shearwater conductor. Both of these conductors trend north-northwest, are comprised of faulted graphite-rich pelitic gneisses, and have basement uranium mineralization that is developed in areas of clay and chlorite alteration and is associated with a nickel, arsenic and cobalt geochemical signature.
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.
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