Purepoint Provides Update on Red Willow Joint Venture with Rio Tinto
September 13 2011 - 8:00AM
Marketwired
Purepoint Uranium Group Inc. (TSX VENTURE: PTU) provided an update
on the advancement of Purepoint's Red Willow Project in the
Athabasca Basin. The project is managed by Rio Tinto under an
option agreement signed in December 2010.
"Rio Tinto's focus this summer was to follow up on three areas
identified from a recently completed regional 3D geological model",
said Scott Frostad, Purepoint's Vice President, Exploration.
"Geophysical surveys are now in progress and the results will be
added to the existing base of knowledge in order to prioritize the
next phase of work".
Highlights
-- Identification of three priority areas located near the Osprey, Dancing
Lake and Big Bay grids;
-- The priority areas are structurally similar to those hosting large
deposits located elsewhere in the Athabasca Basin;
-- 69 kilometres of Gradient Induced Polarization (IP) surveying has now
been completed;
-- Areas of interest are scheduled for detailed follow-up with Pole-Dipole
IP surveying;
-- A Technical Committee meeting is scheduled for mid-October at Rio
Tinto's offices in Vancouver to review the results and discuss the next
phase of work.
Red Willow
The Red Willow property covers 25,612 hectares on the eastern
edge of the Athabasca Basin. The Athabasca sandstone is shallow and
the depth to unconformity varies from surface to 80 metres. The
basement rocks are composed of intensely deformed and metamorphosed
sedimentary, volcanic and plutonic rocks trending NE to SW. Five
major uranium deposits are located along a NE to SW mine trend that
extends through the Red Willow Project. To date only six of Red
Willow's 21 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 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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