October 31 2006 – Purepoint Uranium Group Inc. (TSX-V:PTU) recently completed its 3,400 meter summer drill program on their 100% owned Turnor Lake project in the Athabasca Basin. That summer program focused on new outlying targets not tested during last winter’s drilling session. The Company is pleased to report that, although assays are still pending, Purepoint’s preliminary findings continue to confirm this region as the host of significant uranium mineralization.
Highlights:
- Downhole gamma probe results returned radiation readings of up to 4,600 counts per second, with only one hole out of 15 returning less than 500 cps. Typical background radioactivity in the Basin sandstone returns less than 100 cps;
- Many holes showed extensive alteration that suggest the presence of a large uranium deposition halo;
- Drilling has identified a significant 25 metre step fault, which is an ideal structural setting for a uranium deposit in the Basin;
- Drilling intersected a number of graphitic units within the basement. The presence of graphite is generally considered a precondition to a uranium deposit in the Basin;
- The Turaco grid was extended north to cover the known graphitic horizons, with an additional 140 kilometres of line being established for geophysical surveying this winter.
“We are extremely encouraged by the continued early success in this area” said Scott Frostad, Vice President, Exploration, Purepoint Uranium Group Inc. “It now appears that complete assays from the summer program will not be available to us until later this year, at which time we will be in a position to more fully communicate our findings.”
At this time, less than half of the assays have been returned from analysis. The company will release the complete results of the program once all assays have been completed, reviewed and interpreted.
Purepoint Uranium Group Inc. is focused on the precision exploration of its seven, 100% owned, highly prospective projects in the Canadian Athabasca Basin. Established in the Basin well before the resurgence in uranium, Purepoint is actively advancing some of the hottest drill targets in the world’s richest uranium region.
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