Purepoint Files NI 43-101 Compliant Technical Report for Hook Lake
TORONTO, ONTARIO -- (Marketwire) -- 11/27/12 -- Purepoint Uranium
Group Inc. (TSX VENTURE:PTU) has today filed a National Instruments
43-101 compliant technical report on its Hook Lake uranium project in
northern Saskatchewan. Purepoint operates the Hook Lake project in
the Athabasca Basin under the terms of Joint Venture agreement with
Cameco Corporation and Areva Resources Canada Inc.
"The reports we are filing should provide investors with a cohesive
and detailed examination of our most advanced projects," said Chris
Frostad, President & CEO, Purepoint Uranium Group Inc. "This winter's
drill program at Hook Lake will focus on the Patterson Lake corridor,
a trend with multiple conductors, which has shown outstanding promise
in recent weeks."
-- The Hook Lake 43-101 compliant technical report provides detail on all
aspects of the project's history, exploration activities to date,
current understanding of the geological systems underlying the property
and recommendations for advancing the property;
-- The project's Technical Committee recently approved this winters program
for a ground time domain EM survey and 2,250 metres of diamond drilling
for a total budget of $900,000;
-- The program is scheduled to commence early in January 2013.
The report can be found on Sedar.com or on Purepoint's website
Hook Lake Project
The Hook Lake Project consists of nine claims totaling 28,683
hectares and is situated in the southwestern Athabasca Basin
approximately 80 kilometers southeast of the former Cluff Lake mine.
The depth to the Athabasca unconformity is very shallow, ranging from
zero to 350 metres.
Three prospective "corridors" have been defined on the property, each
corridor being comprised of multiple conductors that have been
confirmed to be the results of graphitic metasediments that intersect
the Athabasca unconformity.
The Patterson Lake corridor is the same conductive trend along which
the Fission/Alpha joint venture has intersected anomalous
radioactivity, most notably the massive pitchblende within veins over
6 metres in drill hole PLS12-022 (Fission Energy press release of
November 5, 2012). Within the Hook Lake project, the Patterson
Corridor displays geophysical evidence of a complex structural
history and, where drill tested, the conductors have shown favourable
signs of alteration and structural disruption.
Historic exploration efforts focused on the Derkson Corridor, where
SMDC encountered uranium mineralization near the unconformity
averaging 0.24% U3O8 and 1.35% Ni over 2.5 metres of diamond
drilling. Drill holes along this trend encountered very encouraging
"Millennium-style" basement alteration. It is believed that the
historic shallow drilling along the Derkson Corridor did not properly
test for deeper Millennium or Eagle Point-type basement-hosted
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Purepoint Uranium Group Inc.
President and CEO
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