Purepoint Commences Drill Program at Hook Lake
TORONTO, ONTARIO -- (Marketwire) -- 01/31/13 -- Purepoint Uranium
Group Inc. (TSX VENTURE:PTU) today announced that drilling has
commenced at the Hook Lake Joint Venture Project in Saskatchewan's
Athabasca Basin. The program is targeting the Patterson Lake corridor
which is the same conductive trend along which the neighbouring
Fission/Alpha joint venture has intersected high-grade uranium
"Purepoint is operating the project on behalf of the Joint Venture
and its partners Cameco Corporation and AREVA Resources Canada Inc,"
said Chris Frostad, President & CEO, Purepoint Uranium Group Inc.
"There has been extensive work leading up to the determination of
this year's drill program and we are anxious to test our new
-- The program consists of a ground time domain EM survey and 2,250 metres
of diamond drilling for a total budget of $900,000;
-- Mobilization began early this month and the program is expected to
continue until mid-April;
-- On November 27, 2012 the company filed a National Instruments 43-101
compliant technical report on its Hook Lake uranium project. The report
can be found on Sedar.com or on Purepoint's website (www.purepoint.ca).
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 high-grade uranium
mineralization, most notably the intercept of 2.49% U3O8 over 12.5
metres in drill hole PLS12-024 (Fission Energy press release of
December 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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