October 8 2008 – Purepoint Uranium Group Inc. (TSX:PTU.V) is pleased to announce that drilling has commenced at the Smart Lake JV project on the south west edge of Canada’s Athabasca Basin. Purepoint operates the Smart Lake project under the terms of an agreement with Cameco Corporation that permits Purepoint to acquire up to a 50% interest in the project.
The company has planned a four week drill program at the Smart Lake property to test targets identified during this summer’s geophysical program. Drill hole locations have been selected utilizing step-wise moving loop electromagnetic survey data, collected by both Cameco and Purepoint as well as VTEM data collected by Cameco.
Last month Purepoint concluded their drill program at Hook Lake where 4 holes were drilled for a total of 1,527 metres. This short program at Smart Lake represents the completion of Purepoint’s 2008 field exploration programs.
Smart Lake Highlights:
- 1,000 metres of drilling (four holes) planned this fall
- 68 line kilometre step-wise moving loop EM survey completed in August 2008 on the central and southern target zones
- Property contains an extension of the aeromagnetic basement patterns which host UEX Corporation’s Shea Creek deposits to the north.
- Shallow depth to unconformity ranging from zero to 350 metres
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 Cluff Lake mine. Depth to the unconformity ranges from 0 to 350 metres in depth.
Aeromagnetic and electromagnetic patterns at Smart Lake are an extension of those observed underlying the Shea Creek deposits (max. grade of 58.3% U3O8 over 3.5 m) located under deeper sandstone cover 55 km north of the property. Recent exploration by Purepoint and Cameco has firmly established the presence and location of basement electromagnetic conductors not drill tested by previous exploration campaigns.
Purepoint Uranium Group Inc. is focused on the precision exploration of more than 42 defined target areas on its seven 100% owned projects in the Canadian Athabasca Basin,and its two Basin projects joint ventured with Cameco Corporation and AREVA Resources Canada Inc. Established in the Basin well before the resurgence in uranium, Purepoint is actively advancing this 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<