Purepoint Continues to Stake New Property in Athabasca Basin
September 29 2011 - 8:00AM
Marketwired
Purepoint Uranium Group Inc. (TSX VENTURE: PTU) reported today that
it recently staked a 1,985 hectare property lying due east of
Cameco's McArthur River Mine and due south of the Cigar Lake Mine
in Canada's Athabasca Basin.
"Over the past several years we have been actively evaluating
the more than five million hectares (1,200 claims) that have come
open in northern Saskatchewan and watching for exceptional
opportunities such as this" said Scott Frostad, Vice President
Exploration of Purepoint. "While many of the exploration companies
have been moving on to other commodities, we have been taking
advantage of the vast amount of uranium exploration data submitted
to the Saskatchewan government between 2003 and 2008 in order to
acquire promising new properties".
McArthur East
Purepoint's newly staked McArthur East property adjoins Cameco's
McArthur River Project, which contains the world's largest
high-grade uranium deposit, and is situated due south of the Cigar
Lake Mine. The property is underlain by a magnetic low believed to
represent pelitic basement rocks, a typical host rock for economic
uranium mineralization. Depth to the unconformity is estimated at a
relatively shallow 200 metres.
A structural interpretation, based on regional aeromagnetic
signatures, indicates the property is bounded by two strong
north-south trending faults while a detailed aeromagnetic survey
suggests the property has a high degree of structural complexity.
Areas interpreted to be underlain by crosscutting structures will
be targeted as they are ideally suited to host a typical Athabasca
Basin unconformity uranium deposit.
Staking at Purepoint
As uranium entered a down cycle in 2008, Purepoint set out to
capitalize on project opportunities that would undoubtedly arise
utilizing a number of strategies:
1. Purepoint commissioned Dr. Jay Hodgson, past Professor of Economic
Geology at Queen's University and former Chief Geologist at Barrick Gold
Corp to develop a methodology for quantifying the potential of
exploration projects in the Athabasca Basin. Hodgson's approach has
allowed Purepoint to quickly evaluate available properties and distil
them down to those having the highest uranium exploration potential.
2. Purepoint has maintained, on retainer, a local and experienced field
crew for staking, allowing the Company a competitive edge for acquiring
those projects identified;
3. Purepoint has acquired through staking six new projects covering 33,000
hectares in prime locations within the Athabasca Basin including:
a. The Henday Block - on trend with an interpreted East-West alteration
corridor that hosts neighbouring Fission Corp's J-Zone as well as
Hathor's Roughrider Deposit;
b. Forsythe Lake - containing known electromagnetic (EM) conductors
that extend onto the neighbouring Denison/JNR Bell Lake Project and
an intriguing magnetic anomaly suggestive of a volcanic pipe; and
c. Red Willow North - covering the eastern extension of EM conductors
outlined on the Purepoint/Rio Tinto JV Red Willow project as well as
the Richardson-Crooked Lake conductor held by Denison/Virginia
Hatchet Lake Project.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of its eleven 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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