Purepoint Uranium Group Inc: Drilling Begins at Smart Lake Project
October 08 2008 - 8:41AM
Marketwired
Purepoint Uranium Group Inc. (TSX VENTURE: PTU) is pleased to
announce that drilling has commenced at the Smart Lake JV project
on the south west edge of Canada's Athabasca Basin. Purepoint
operates the Smart Lake project under the terms of an agreement
with Cameco Corporation that permits Purepoint to acquire up to a
50% interest in the project.
The company has planned a four week drill program at the Smart
Lake property to test targets identified during this summer's
geophysical program. Drill hole locations have been selected
utilizing step-wise moving loop electromagnetic survey data,
collected by both Cameco and Purepoint as well as VTEM data
collected by Cameco.
Last month Purepoint concluded their drill program at Hook Lake
where 4 holes were drilled for a total of 1,527 metres. This short
program at Smart Lake represents the completion of Purepoint's 2008
field exploration programs.
Smart Lake Highlights:
- 1,000 metres of drilling (four holes) planned this fall
- 68 line kilometre step-wise moving loop EM survey completed in
August 2008 on the central and southern target zones
- Property contains an extension of the aeromagnetic basement
patterns which host UEX Corporation's Shea Creek deposits to the
north.
- Shallow depth to unconformity ranging from zero to 350
metres
Smart Lake Project
The Smart Lake property includes two claims with a total area of
9,800 hectares situated in the southwestern portion of the
Athabasca Basin, approximately 60 km south of the Cluff Lake mine.
Depth to the unconformity ranges from 0 to 350 metres in depth.
Aeromagnetic and electromagnetic patterns at Smart Lake are an
extension of those observed underlying the Shea Creek deposits
(max. grade of 58.3% U3O8 over 3.5 m) located under deeper
sandstone cover 55 km north of the property. Recent exploration by
Purepoint and Cameco has firmly established the presence and
location of basement electromagnetic conductors not drill tested by
previous exploration campaigns.
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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