Purepoint Uranium Group Inc.
TSX VENTURE : PTU

Purepoint Uranium Group Inc.

February 08, 2011 08:02 ET

Purepoint Stakes Projects Adjacent to Red Willow Project in Athabasca Basin

TORONTO, ONTARIO--(Marketwire - Feb. 8, 2011) - 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.

Contact Information

  • Purepoint Uranium Group Inc.
    Chris Frostad
    President and CEO
    (416) 603-8368
    www.purepoint.ca