TORONTO, ONTARIO--(Marketwired - April 4, 2013) - Purepoint Uranium Group Inc. (TSX VENTURE:PTU) has today announced that it has recently completed the winter exploration program at the Hook Lake Joint Venture Project in Saskatchewan's Athabasca Basin. The program focused on the Patterson Lake corridor which is the same conductive trend along which the Fission/Alpha joint venture has intersected high-grade uranium mineralization.
"This project, and the three distinct graphitic trends which run through it, has been of interest to Purepoint and its Joint Venture partners Cameco Corporation and AREVA Resources Canada Inc. for some time now," said Chris Frostad, President & CEO, Purepoint Uranium Group Inc. "Recent discoveries along the Patterson corridor have made it a priority target."
Results of the winter program and next steps will be released pending the return of assays and the review and approval of the Joint Venture partners.
Highlights:
- A ground electromagnetic (EM) survey was conducted on Patterson Lake to further characterize a known airborne EM conductor for future drilling;
- An initial 925 metre drill program was carried out in the south central region of the project along the Patterson corridor; and
- On November 27, 2012 the company filed a National Instruments 43-101 compliant technical report on its Hook Lake uranium project. 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 only 5 kilometres northeast of the new high-grade uranium discovery by the Fission/Alpha joint venture. 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 EM 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 high-grade uranium mineralization, most notably the intercept of 4.92% U3O8 over 34 metres in drill hole PLS13-038 (Fission Energy press release of March 25, 2013). Within the Hook Lake project, the Patterson Corridor displays geophysical evidence of a complex structural history and, where drill tested, has shown favourable signs of alteration and structural disruption. In 2011, three new claims totaling 2,632 hectares were added to the Hook Lake project due north of where high grade uranium boulders were discovered by Fission/Alpha on their PLS property.
About Purepoint
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 three of the 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.
Contact Information:
Chris Frostad
President and CEO
(416) 603-8368
www.purepoint.ca