Purepoint Uranium Group Inc: Completes Drill Program on Osprey Conductor at Red Willow Project
April 07 2010 - 8:00AM
Marketwired
Purepoint Uranium Group Inc. (TSX VENTURE: PTU) announced today the
conclusion of their 20 hole, 3,290 metre drilling program at their
wholly-owned Red Willow Project in Saskatchewan Canada's Athabasca
Basin. As follow up to the company's initial high-grade uranium
discoveries, the program was designed to systematically test the
entire Osprey zone, a structurally complex six kilometre conductor,
with the objective of isolating potential uranium occurrences and
understanding the geology of the area as a whole. Assays are
pending.
This program has successfully determined that the entire central
portion of the "S" shaped conductor (1.2 kilometres in length) has
been subjected to a large scale uranium mineralizing event and
possesses the classic indicators of a potential uranium deposit.
"This winter's drill program has shown that radioactivity is found
throughout the central portion of the Osprey conductor", said Scott
Frostad, VP Exploration at Purepoint. "Our next stage of drilling
here will follow-up the newly discovered 'Hinge Fault' and other
locations where cross-cutting structures may have trapped the
uranium-rich fluids."
Highlights:
-- Most of the 14 shallow drill holes along the centre arm of the "S"
shaped Osprey conductor (1.2 km in length), from RW-19 (3% U3O8) to the
west, to the nose of the fold towards the east, encountered elevated
radioactivity (greater than 1,000 cps) associated with favourable
alteration and structure;
-- RW-35 and RW-40 tested the centre arm of the Osprey conductor near RW-07
and returned the maximum downhole gamma results of the program with
23,251 cps and 20,240 cps, respectively;
-- RW-28, RW-29 and RW-41, drilled at the nose of the fold, encountered the
strongest clay alteration seen on the property to date and also
intersected a vertical radioactive structure (Hinge Fault) that returned
up to 2130 cps;
-- RW-30, drilled on the west shore of Linda Lake approximately 350 metres
east of the fold nose, encountered a 22 metre wide zone of elevated
radioactivity (up to 645 cps) associated with strong silicification;
A fence of three holes, RW-28, 29 and 41, tested the nose of the
fold and were all drilled to the east at -65 degrees and were
approximately 50 metres apart. All three holes encountered zones of
strong clay alteration and silicification. RW-29 and RW-41
intersected a radioactive fault zone, now named the Hinge Fault,
associated with strong chlorite and hematite alteration and
returned maximum downhole gamma results of 1,892 cps and 2,134 cps,
respectively. RW-29 intersected the radioactive fault zone between
72.5 and 77.5 metres while RW-41 intersected the fault between
157.7 and 161.0 metres. The strike of the Hinge Fault is currently
unknown and untested. Where that fault intersects the central
portion of the Osprey Conductor represents an important uranium
target.
An EM conductor, approximately 700 metres in length, is seen to
cross-cut the Osprey conductor near RW-07, representing another
important target zone. Unfortunately, poor ice conditions this
winter did not allow the conductor to be tested where it extends
beneath Osprey Lake.
Red Willow
The Red Willow property consists of eight claims on the eastern
edge of the Athabasca Basin. The thickness of the Athabasca
sandstone varies from 0 to 80 metres and the basement rocks are
composed of intensely deformed and metamorphosed sedimentary,
volcanic and plutonic rocks trending NE to SW. Five major uranium
deposits, JEB, Midwest, Cigar Lake, McArthur River and Millennium,
are located along a NE to SW mine trend that extends through the
Red Willow Project.
To date only 4 of the projects 22 delineated target zones have
been subject to first pass drilling.
The Red Willow property adjoins AREVA Resource Canada Inc.'s
claim group that contains the JEB, Sue, McClean and Caribou
deposits to the west and, to the south adjoins UEX's Hidden Bay
property that surrounds Cameco Corporation's Rabbit Lake, Collins
Bay and Eagle Point deposits.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of more than 55 defined target areas on its eight 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 www.purepoint.ca
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