October 28 2008 – Purepoint Uranium Group Inc. (TSX:PTU.V) is pleased to provide the following update on its first pass summer drill program at the Hook Lake JV project. These program expenditures complete Purepoint’s earn-in of its initial 20% interest in this large project owned by UEM Inc., a company in turn owned by AREVA Resources Canada Inc. and Cameco Corporation. Purepoint may acquire up to a 50% interest in the Hook Lake project.
The diamond drilling program saw completion of four holes with a total of 1,527 m being drilled. Drill hole locations were selected using step-wise moving loop electromagnetic (EM) survey data, induced polarization data and VTEM data.
Highlights:
- Anomalous radioactivity (1,640 cps from downhole gamma probe) was intersected within the Carter corridor by hole HK08-01.
- Prospective, altered graphitic rocks were intersected well below the unconformity by holes HK08-03 and HK08-04. Follow-up holes designed to intercept these graphitic rock packages along strike and closer to the unconformity is warranted.
Hook Lake Project
The Hook Lake Project consists of six claims totaling 26,051 hectares staked by UEM over ten years ago in the southwestern Athabasca Basin, approximately 80 kilometers southeast of the former Cluff Lake mine. The depth to unconformity is very shallow, ranging from zero to 350 metres.
Three prospective parallel structural “corridors” were defined by UEM on the property, each corridor being comprised of multiple EM conductors. Together, the three corridors contain over 55 kilometers of largely untested EM conductors. The extensive multiple conductor system displays evidence of a complex post-Athabasca Group structural history and structural disruption.
Four diamond drill holes for a total of 1,527 metres were completed by Purepoint on the Hook Lake Project in July and August. The program was conducted within the Carter and Patterson corridors, where historical drilling consistently encountered post-Athabasca brittle faulting and/or graphitic basement rocks together with strong hydrothermal alteration indicative of unconformity uranium deposits.
The first hole of the drill program, HK08-01, returned a peak gamma probe result of 1,640 cps at a depth of 270.2 m, which corresponded to a zone of brecciation with strong hematite alteration. The hole encountered a strongly disrupted, sericite-altered pelitic gneiss from the unconformity at 78 m to the hole completion depth of 330 m. Background radiation is 140 cps for the basement rock in this hole as measured from the downhole gamma probe. HK08-02 was drilled approximately 800 metres SSW of HK08-01 within the Carter corridor, with weakly graphitic pelitic gneiss being found.
The third hole, HK08-03, targeted the Carter corridor approximately 1.4 kilometres north of HK08-01 and intersected the unconformity at a depth of 223 m. Chlorite altered, strongly graphitic pelitic gneiss was encountered by this hole from 282 m to the completion depth of 393 m.
HK-08-04 targeted the “W” conductor within the Patterson corridor and intersected the unconformity at 190 m. Chlorite altered, pyritic-graphitic pelitic gneiss was intersected by HK08-04 at depth that hosted a brittle-ductile shear zone between 343 and 372 m.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of more than 55 defined target areas on its six 100% owned projects in the Canadian Athabasca Basin, and its two Basin projects joint ventured with Cameco Corporation and UEM Inc. a company owned equally by 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
(416) 603-8368
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