Purepoint Uranium Group Inc: Defines 45 High-Potential Targets on Its 11 Athabasca Basin Uranium Properties
April 15 2008 - 8:30AM
Marketwired
TORONTO, ONTARIO is pleased to announce the completion of all
early stage exploration on their 100% owned properties located in
the Athabasca Basin. With the completion of this phase of work,
Purepoint is now advancing 45 select high-potential exploration
targets on nine 100% owned and two joint-ventured properties in the
richest uranium producing region in the world.
"Purepoint's long-term, systematic approach to exploration has
involved the completion of extensive geophysical analysis prior to
first-pass drill testing" said Roger Watson, Purepoint's Chief
Geophysicist. "Since 2004 we have spent nearly $20 million
expanding our understanding of these properties, which had already
benefited from tens of millions of dollars worth of historical
exploration work. We have now refined and prioritized that
extensive land package and our most prospective target areas".
"Each of our exploration targets typically encompass a large
land area that contains multiple graphitic conductors measuring
several kilometers in length," said Scott Frostad, Purepoint's Vice
President Exploration. "We've now selected forty-five exploration
target areas or zones, each representing a distinct geological
setting with the potential for hosting a uranium orebody, and which
are now ready to drill. First pass drilling has already commenced
on a number of these target areas".
Purepoint is optimizing several of its larger claim blocks by
reducing their size to specific areas of proven interest. Purepoint
estimates it should save approximately $1,600,000 per year in
Provincial assessment maintenance costs.
Highlights:
- Forty-five high-potential uranium target areas have been
defined for diamond drill testing. Each target has
geophysical/geological indicators of graphitic rocks, complex
structure and/or hydrothermal alteration;
- The Umfreville property is now separated into three new
properties (Umfreville North, Umfreville South and Orr Lake) that
host four newly defined target areas (the Porcupine, Perching, HR
and Palawan Zones) covering prospective geophysical and geological
indicators;
- Purepoint's very large William River property is transected by
the Clearwater Fault, a major, long-lived structure that is
considered to have created favourable settings for trapping
uranium-rich fluids. Two new properties (William River North and
William River South) now encompass six new target areas (the Etano,
Heke, Cyne, Woodstar, Payne and Palina Zones).
- Three exploration targets have been similarly identified for
drill testing on the Fire Eye project, and two on the South Newnham
project;
These five new properties now join Purepoint's six existing
properties, four of which are undergoing more advanced drilling
programs: Red Willow, Turnor Lake, Hook Lake and Smart Lake.
Extensive Exploration Portfolio
Below is a summary list of Purepoint's eleven properties and
drill ready target areas. More detailed information on each
property's exploration targets is available on Purepoint's
website.
Red Willow (13 target areas, including 3 advanced drill
targets)
Turnor Lake (9 target areas, including 4 advanced drill
targets)
Hook Lake (3 target areas, including 1 advanced drill
target)
Smart Lake (5 target areas)
Fire Eye (3 target areas)
Newnham South (2 target areas)
Umfreville North (2 target areas)
Umfreville South (1 target area)
Orr Lake (1 target area)
William North (3 target areas)
William South (3 target areas)
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of the 37 defined target areas on its nine 100% owned
projects in the Canadian Athabasca Basin, and the eight target
areas hosted within 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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