Purepoint Stakes Projects Adjacent to Red Willow Project in Athabasca Basin
February 08 2011 - 8:00AM
Marketwired
Purepoint Uranium Group Inc. (TSX VENTURE: PTU) reported today that
it has staked three properties totaling 23,141 hectares on the
northeast margin of Canada's Athabasca Basin. The Red Willow North
and Red Willow East properties are contiguous with Purepoint's Red
Willow Project being advanced under a joint venture agreement with
Rio Tinto. The Carson Lake property covers a strong electromagnetic
(EM) conductor that is an extension of the conductive trend found
in the southeast corner of Red Willow North.
Exploration will target basement-hosted, structurally controlled
uranium deposits similar to the Eagle Point deposit situated 30
kilometers south of Red Willow North and 30 kilometers
south-southwest of Red Willow East.
Highlights:
-- The Red Willow North property hosts the continuation of the Red Willow
Osprey conductor on which recent Purepoint drilling returned intercepts
of 0.20% eU3O8 over 5.8 metres:
-- The Osprey conductive trend extends eastward to the newly staked Carson
Lake property;
-- The Red Willow East property covers the eastern extension of EM
conductors outlined on the Purepoint/Rio Tinto JV Red Willow project;
-- All three new projects are owned 100% by Purepoint
Red Willow North
The Red Willow North property consists of three claims covering
favourable basement rocks over an area of 13,436 hectares. The
claims include the northern extension of the Osprey conductor that
extends onto the Red Willow North property and appears to be folded
and faulted within a structurally complex area. The conductive
trend then continues eastwards onto Hathor Exploration's Hatchet
Lake Project and Purepoint's Carson Lake property.
A radioactive boulder occurrence consisting of approximately 125
radioactive boulders and one radioactive outcrop within an area of
1.5 km by 240m is located one kilometer to the southwest (down-ice
direction) of Red Willow North. Uranium mineralization is
associated with sheared and fractured biotite quartzite, pegmatite
and graphitic gneisses with the best assays obtained from the
regolith (1.43% U3O8).
The most western claim covers Topping Island located on Hatchet
Lake. An historic five kilometer long EM conductor, arcuate in
shape, has been outlined on the island. The conductor appears to be
the eastern terminus of the conductive trend that hosts the
Richardson Lake and Crooked Lake Zones on Denison Mines/Virginia
Energy's Hatchet Lake property. A 12-hole, 2,300 metre drill
program has been approved by Denison/Virginia for the
Richardson-Crooked Lake target and is planned for February of this
year. Historic drill holes in the Richardson-Crooked Lake target
area have returned uranium and polymetallic base-metal (Co, Cu, Ni,
Zn, As, Au) intercepts.
Red Willow East and Carson Lake
The Red Willow East property covers the eastern extension of EM
conductors outlined on the Purepoint/Rio Tinto JV Red Willow
project. Purepoint has not yet conducted ground exploration in this
portion of the property.
The Carson Lake property covers a strong northeast trending
conductor that is approximately 10 kilometers in length. Results of
historic exploration programs that cover the property will be
reviewed with the goal of identifying favourable areas of
structural complexity to begin ground-based fieldwork.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of its twelve projects in the Canadian Athabasca Basin.
Purepoint proudly maintains project ventures in the Basin with the
three largest uranium producers in the world, Cameco Corporation,
AREVA and Rio Tinto. Established in the Athabasca Basin well before
the initial resurgence in uranium earlier last decade, Purepoint is
actively advancing a 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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