Purepoint Uranium Group Inc: Summer Drilling Begins at Hook Lake Project
July 22 2008 - 8:30AM
Marketwired
TORONTO, ONTARIO is pleased to announce that drilling has
commenced at the Hook Lake JV project on the south west edge of
Canada's Athabasca Basin. Purepoint operates the Hook Lake project
under the terms of an agreement with UEM Inc. that permits
Purepoint to acquire up to a 50% interest in this large project.
UEM Inc. is a company owned by AREVA Resources Canada Inc. and
Cameco Corporation, the world's two largest uranium exploration,
mining and milling companies.
The company has planned a six week drill program at the Hook
Lake property to test targets on the Carter and Patterson
Corridors. Five to six holes to an average depth of 300 metres are
anticipated, to depths below the unconformity designed to also test
for basement-hosted mineralization. Drill hole locations have been
selected utilizing Purepoint's interpretation of step-wise moving
loop electromagnetic survey data, collected by both Cameco and
Purepoint as well as Purepoint's recent induced polarization data
and VTEM data collected by Cameco. Additional drill holes may be
added as time permits.
Purepoint also reported the completion of its most recent drill
program at its Red Willow Property earlier this month. The spring
program completed 2,726 metres of diamond drilling over 13 holes at
the Radon Lake Zone. In total the company has completed 7,186
metres of drilling on its Red Willow Property this year. Purepoint
is very encouraged with these results and will release them upon
completion of its review.
Hook Lake Highlights:
- 1,500 metres of drilling planned this summer
- 69 line kilometre step-wise moving loop EM survey completed in
March 2008 on the Carter and Patterson Corridors
- 132 line kilometres of gradient and pole-dipole IP completed
in 2007
- large property totaling 26,051 hectares
- shallow depth to unconformity ranging from zero to 350
metres
- extensive multiple conductor systems with structural
breaks
- U308 and Ni mineralization previously encountered by SMDC
(Cameco)
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 structural "corridors" have been defined on
the property, each corridor being comprised of multiple conductors
that have been confirmed to be the results of graphitic
metasediments that intersect the Athabasca unconformity. The
extensive multiple conductor system displays evidence of a complex
post-Athabasca Group structural history and structural
disruption.
Historic exploration efforts focused on the Derkson Corridor,
where SMDC encountered uranium mineralization near the unconformity
averaging 0.24% U3O8 and 1.35% Ni over 2.5 metres of diamond
drilling. Drill holes along this trend encountered very encouraging
basement alteration. It is believed that the historic shallow
drilling along the Derkson Corridor did not properly test for
deeper basement-hosted uranium deposits.
The western and central corridors (Carter and Patterson) contain
46 km of well defined conductors which have been subject to very
limited drilling. Historic drilling consistently encountered
post-Athabasca brittle faulting and/or graphitic basement rocks and
strong hydrothermal alteration indicative of unconformity uranium
deposits.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of more than 42 defined target areas on its seven 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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