Purepoint Uranium Group Inc.: Red Willow and Turnor Lake Exploration Updates
April 02 2008 - 8:30AM
Marketwired
TORONTO, ONTARIO is pleased to report on the progress of their
two winter diamond drill programs in the Athabasca Basin. In 2008,
twenty-nine holes for a total of 5,718 metres have been completed
at the Turnor Lake and Red Willow projects. Frozen ground
conditions on both properties are expected to allow continued
drilling until mid April. Results will be available following
completion of program drilling and the review and analysis of drill
data.
"We were very focused on testing as many target areas as
possible this winter in keeping with our philosophy of continually
refining and prioritizing our targets" said Chris Frostad,
President and CEO of Purepoint Uranium Group Inc. "These are large
properties with complex geology and first pass drilling of multiple
target areas will allow us to direct our following efforts and
resources in the most prudent and cost-effective manner possible.
Purepoint remains well funded with cash resources sufficient to
carry out our full exploration plans well into 2009."
Highlights
- Twenty-one holes totaling 3,773 metres have been completed at
the Red Willow project. Initial diamond drilling targeted the
Osprey Zone and Long Lake Zone at the Red Willow project.
- Eight holes for a total of 1,945 metres have been completed at
the Turnor Lake project. Initial diamond drilling targeted the
Quetzal Zone and the Cotinga Lake area.
- Planned drilling for April includes the Serin Zone at Turnor
Lake and the Lyon Lake Zone at Red Willow.
Red Willow
Purepoint's 100% owned Red Willow project adjoins AREVA Resource
Canada Inc.'s claim group that contains the JEB, Sue, McClean and
Caribou deposits to the west, as well as UEX's Hidden Bay project
that surrounds the Rabbit Lake, Collins Bay and Eagle Point
deposits to the south. Discovered in 1980, Cameco's Eagle Point
mine lies approximately 15 kilometres south of Purepoint's Red
Willow Project and remains the longest producing uranium mine in
Canada, with total mined and proven resources of 133 million lbs.
U3O8.
Osprey Zone
Purepoint's first pass drilling in 2007 discovered a wide
mineralized structure associated with the Q Conductor zone that
returned an average grade of 0.20% e U3O8 over 5.8 metres,
including 1.01% e U3O8 over 0.1 meters, starting at a depth of only
71 metres. Comparisons performed at the Saskatchewan Energy and
Resources' Precambrian Geological Laboratory confirmed that the
geology surrounding the Q conductor structure demonstrates a unique
set of key features common to those found at the Eagle Point
deposit, including characteristics of the control structure, the
alteration style and the basement host rock.
Long Lake Zone
A number of radioactive boulders were discovered on the Red
Willow property in 1975 by Gulf Minerals. By 1984, Eldorado
Resources had determined that these boulders were part of a boulder
train that returned assays of up to 0.80% U3O8. Prospecting by
Purepoint during the summer of 2006 redefined the original boulder
train and extended it one kilometer further up-ice (i.e. closer to
the bedrock source for these rocks). Boulder sampling returned
uranium values up to 1.30% U3O8.
Lyon Lake Zone
Geophysics conducted by Purepoint in 2007 defined an EM
conductor coincident with, as well as up-ice of, two lithologically
distinct boulder occurrences. Values of 1.02% U3O8 and 1.14% U3O8
have been returned.
Turnor Lake
The Turnor Lake Project is 100% owned by Purepoint. This 9,705
hectare property covers graphitic electromagnetic (EM) conductors
that are associated with uranium showings on adjoining properties,
namely Cameco's La Rocque occurrence (up to 33.9% U3O8 over 5.5 m)
to the west and Areva's HLH-50 intercept (5.2% U3O8 over 0.38 m)
located to the south. The project lies in close proximity to
several uranium deposits, including Midwest Lake, McClean Lake and
Eagle Point, and has a shallow depth to the unconformity at
approximately 180 metres.
Quetzal Zone
The Quetzal Zone is located north of Purepoint's previous
drilling and was the subject of one airborne and four types of
ground geophysical surveys during 2007. These surveys
(electromagnetics, magnetics, IP resistivity and gravity) defined
over seven kilometers of EM conductors within a complex structural
setting. Areas interpreted to be underlain by graphitic rocks and
crosscutting structures have been targeted, as they are ideally
suited to host a typical Athabasca Basin unconformity uranium
deposit.
Cotinga Lake
EM conductors outlined within the Cotinga Lake area are
coincident with sandstone having a low apparent resistivity
response that is thought to represent favourable clay alteration. A
water sampling program carried out by Asamera Oil Corporation in
1977 found Cotinga Lake to have elevated concentrations of
radon.
Serin Conductor
The Serin conductor is interpreted to be the northeastern
extension of the conductor which hosts Cameco's La Rocque showing.
Results from EM surveys suggest the conductor is offset by
approximately 150 metres at the same location that a refraction
seismic survey, conducted by Saskatchewan Energy and Mines in 1984,
reflects a significant down drop in the basement topography. The
MacArthur River Deposit, one of the world's largest uranium mines,
was formed at the site of a similar basement step-fault.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of more than 42 defined target areas on its eleven 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.
Contacts: Purepoint Uranium Group Inc. Chris Frostad President
and CEO (416) 603-8368 Website: www.purepoint.ca
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