Purepoint Uranium Provides Update on Red Willow North Project in Athabasca Basin
October 13 2011 - 8:01AM
Marketwired
Purepoint Uranium Group Inc. (TSX VENTURE:PTU) reported today that
it has expanded their Red Willow North property by staking an
additional 2,057 hectares in the Hatchet Lake area of Canada's
Athabasca Basin. The Red Willow North property is contiguous with
Purepoint's Red Willow Project being advanced under a joint venture
(JV) agreement with Rio Tinto and, to the west, is contiguous with
the Denison Mines/Virginia Energy JV Hatchet Lake project.
Exploration will target basement-hosted, structurally controlled
uranium deposits similar to the Eagle Point deposit situated 30
kilometers south of the Red Willow North Project.
Highlights:
-- Very little drilling has been conducted on the Red Willow North property
with most being drilled to relatively shallow depths.
-- The newly interpreted Golden Eye Shear Zone extends for over 6
kilometers and joins the historic FDL showing (up to 1.43% U3O8) and the
AJ showing (up to 0.46% U3O8).
-- Recent airborne electromagnetic (EM) and magnetic survey results
indicate that the Red Willow Osprey conductor, on which drilling by
Purepoint has returned intercepts of up to 0.20% eU3O8 over 5.8 metres,
continues on the Red Willow North property for over 5 kilometers
-- The historic Turkey conductor, which has returned intercepts of up to
0.16% U3O8 over 1.0 meters, is now interpreted to continue untested for
over 5 kilometers on the Red Willow North property
Red Willow North
The Red Willow North property, located on the eastern edge of
the Athabasca Basin, is 15,493 hectares in size and consists of
four claims that cover favourable metasedimentary basement rocks.
Current target areas are:
Golden Eye Shear Zone
The Golden Eye target area is located between two historic
uranium occurrences, the FDL showing and the AJ showing. At the FDL
showing, uranium mineralization is associated with a 1 metre wide,
northeast trending shear zone that crosscuts an outcrop of
graphitic biotite-rich pelitic gneiss. The best assay from the
shear zone returned 1.43% U3O8. In 1979, Canadian Superior
Exploration Ltd tested the showing with a single drill hole that
intersected a weakly radioactive fault zone (0.09% U3O8 over 1.0
meters) within chloritized pelitic gneiss.
The AJ showing was originally identified as a target area in
1977 by Canadian Superior during a regional geochemical survey. Two
small lakes located 1 kilometer apart, returned anomalous uranium
concentrations in both lake water and lake bottom sediments.
Follow-up prospecting led to the discovery of a large (3m-by-1m)
radioactive molybdenite-garnet-biotite schist subcrop that assayed
up to 0.46% U3O8.
Interpretation of the detailed magnetic pattern provided by a
recent airborne EM and magnetic survey (VTEM) suggests that a 6
kilometer long, northeast trending structure links the FDL and AJ
uranium showings. The newly named "Golden Eye Shear" will be
targeted where interpreted crosscutting faults have potentially
created structural traps for uranium-rich fluids. Short
discontinuous EM conductors lie immediately south of the Golden Eye
shear and highlight the structural complexity of the area.
FDL Conductor
A portion of the FDL conductor (1.5 kilometers) was originally
outlined by Canadian Superior in 1979 with a ground VLF-EM survey.
Recent airborne EM survey results have provided evidence that the
FDL conductor is the northern extension of Purepoint's Osprey
conductor (with intercepts up to 0.20% eU3O8 over 5.8 metres) and
has a 5 kilometer strike length on the Red Willow North property.
The FDL conductor was tested by Canadian Superior in 1979 with two
drill holes and although both holes encountered graphitic schist,
no anomalous activity was encountered. The conductor appears to
have large structural offsets, in one instance by up to 400 meters,
and will be targeted in these areas of structural disruption.
Turkey North Conductor
The northeast trending Turkey North conductor roughly parallels
the FDL conductor, located 2 kilometers south. The conductor is
considered to be the northern extension of the Turkey conductor
where historic drilling has returned intercepts of up to 0.16% U3O8
over 1.0 meter. On the Red Willow North project, the conductor has
a strike length of over 5 kilometers and has not been drill tested.
A primary target area is an interpreted structural break with a
related offset of approximately 250 meters.
Smith Bay
The northwesterly striking Richardson-Crooked Lake belt of
conductors extends for over 7 kilometers through the most westerly
claims. At Smith Bay on Hatchet Lake, this conductive trend is
associated with outcrops of graphitic and pyritic pelitic gneisses,
radon-in-soil gas anomalies and soil anomalies (uranium, arsenic,
copper, cobalt, and nickel). During 2011, the Richardson-Crooked
Lake conductive belt was drilled by the Denison Mines/Virginia
Energy JV on the neighbouring Hatchet Lake project (Virginia Energy
Resources Press Release, April 27, 2011). The 3-hole, 802 metre
diamond drill program intersected anomalous radioactivity (up to
0.15% eU3O8 over 0.8 m) in the basement rock of all three holes.
Historic drill holes in the Richardson-Crooked Lake target area
have also intersected uranium as well as polymetallic base-metals
(Co, Cu, Ni, Zn, As, Au).
Additional Exploration Targets
The Topping Island target area appears to be the eastern
terminus of the Richardson-Crooked Lake conductive trend. A
historic five kilometer long EM conductor, arcuate in shape, has
been outlined on the island.
The South Hatchet target area is defined by 3.5 kilometers of
north to northwest trending EM conductors. Radon-in-water anomalies
are located in a stream just south of the conductors as are
boulders with illite enrichment (greater than 30% illite).
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) 603-8368www.purepoint.ca
Purepoint Uranium (TSXV:PTU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Purepoint Uranium (TSXV:PTU)
Historical Stock Chart
From Jul 2023 to Jul 2024