Purepoint Files NI 43-101 Compliant Technical Report for Smart Lake
TORONTO, ONTARIO -- (Marketwire) -- 11/06/12 -- Purepoint Uranium
Group Inc. (TSX:PTU) has today filed a National Instruments 43-101
compliant technical report on its Smart Lake uranium project in
northern Saskatchewan. Purepoint operates the Smart Lake project in
the Athabasca Basin under the terms of an agreement with Cameco that
permits Purepoint to acquire up to a 50% interest in the project.
Purepoint is currently on schedule to release similar reports on all
of its material projects during the coming months.
"Over the years, the process for advancing and refining our portfolio
has included re-analysis of results from our numerous geochemical and
geophysical surveys, diamond drill programs and historic data" said
Chris Frostad, President & CEO, Purepoint Uranium Group Inc. "Our
ongoing reconciliation and re-interpretation of this data has
produced some of the most prospective opportunities in the Athabasca
Basin and we felt it necessary to now compile this understanding in a
current and complete fashion."
-- The Smart Lake 43-101 compliant technical report provides detail on the
diamond drilling performed by Purepoint and results from the ground
-- A review of historic exploration work completed prior to Purepoint's
-- An interpretation of all compiled data with recommendations for
advancing the project.
The report can be found on www.Sedar.com or on Purepoint's website
Smart Lake Project
The Smart Lake property includes two claims with a total area of
9,800 hectares situated in the southwestern portion of the Athabasca
Basin, approximately 60 km south of the former Cluff Lake mine. Depth
to the unconformity, where it occurs, is relatively shallow at less
than 350 metres.
Drilling at Smart Lake has discovered uranium mineralization
associated with the Shearwater conductor, a hydrothermally altered
graphitic-pyritic pelitic gneiss that returned 127 ppm U over 13.3
metres in SMT08-01. A geochemical halo that includes the enrichment
of nickel, arsenic and cobalt is associated with the uranium
mineralization. The strongest radioactivity was returned from a
cture in SMT08-06 assaying 1,600 ppm U over 0.1 metre.
Aeromagnetic and electromagnetic patterns at Smart Lake reflect an
extension of the patterns underlying the Shea Creek deposits (max.
grade of 58.3% U3O8 over 3.5 m) located 55 km north of the property.
The uranium deposits at Shea Creek are associated with the Saskatoon
Lake conductor that is comparable to Smart Lake's Shearwater
conductor. Both of these conductors trend north-northwest, are
comprised of faulted graphite-rich pelitic gneisses, and have
basement uranium mineralization that is developed in areas of clay
and chlorite alteration and is associated with a nickel, arsenic and
cobalt geochemical signature.
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.
Purepoint Uranium Group Inc.
President and CEO
Press spacebar to pause and continue. Press esc to stop.