Purepoint Defines Its Most Significant Drill Season in Five Years
TORONTO, ONTARIO -- (Marketwired) -- 11/28/13 -- Purepoint Uranium
Group Inc. (TSX VENTURE:PTU) today released its plans for winter
drilling at two of its most advanced Athabasca Basin uranium
projects: Hook Lake, in the Patterson Lake region, and Red Willow, in
the Eastern Basin's primary high-grade mine trend.
With a budgeted 5,000 metres of drilling (approximately 14 holes) at
Hook Lake, the Company, in joint venture with Cameco and Areva, is
mounting this region's largest follow-up diamond drill program to
Fission Uranium's neighbouring Patterson Lake South uranium
discovery. An additional 2,500 metres (approximately 8 holes) is also
planned for Purepoint's Red Willow property, where five key target
zones have been prioritized for winter drilling by the project
operator, Rio Tinto.
"More than 90% of this season's exploration is being funded by our
partners, which maximizes the use of our own carefully managed
financial resources," said Chris Frostad, Purepoint's President and
CEO. "This significant financial commitment by three of the largest
uranium producers in the world certainly demonstrates the technical
merit and prospective value of these particular uranium assets."
-- The Hook Lake joint venture (Cameco Corporation, AREVA Resources Canada
Inc. and Purepoint) will mobilize in January, 2014 two diamond drills to
the "Patterson Lake Corridor", the (electromagnetic) conductive trend
hosting Fission's Patterson Lake South (PLS) uranium discovery;
-- Rio Tinto will utilize their newly constructed 28-person camp facility
at Purepoint's Red Willow property to initiate winter drilling at the
-- Additional maps and current NI 43-101 compliant Technical Reports are
available on the company's web site (www.purepoint.ca).
Hook Lake Project
The Hook Lake Project is only five kilometres northeast of the new
high-grade PLS uranium discovery by the Fission/Alpha joint venture
situated in the southwestern Athabasca Basin. The property consists
of nine claims totaling 28,683 hectares and has a depth to the
Athabasca unconformity that is very shallow, ranging from zero to 350
metres. Three prospective structural "corridors" have been defined on
the property, each corridor being comprised of multiple EM 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 9.08% U3O8 over 54.5
metres in drill hole PLS13-075 (Fission Uranium Corp. press release
of September 4, 2013) including 21.76% U3O8 over 21.5 metres. Within
the Hook Lake project, the Patterson Lake Corridor displays
geophysical evidence of a complex structural history and, where
previously drill tested, has shown favourable signs of alteration and
structural disruption. In 2011, three new claims totaling 2,632
hectares were added to the Hook Lake project due north of the
location where high grade uranium boulders were discovered by
Fission/Alpha on their PLS property.
Five major uranium deposits are located along a NE to SW high grade
mine trend that extends through the Red Willow Project. The property
covers 25,612 hectares on the eastern edge of the Athabasca Basin.
The Athabasca sandstone is shallow and the depth to unconformity
varies from zero to 80 metres. The basement rocks are composed of
intensely deformed and metamorphosed sedimentary, volcanic and
plutonic rocks trending NE to SW.
The Red Willow property adjoins AREVA Resource Canada Inc.'s claim
group that contains the JEB, Sue, McClean and Caribou deposits to the
west and, to the south adjoins UEX's Hidden Bay property that
surrounds Cameco Corporation's Rabbit Lake, Collins Bay and Eagle
Purepoint Uranium Group Inc. is focused on the precision exploration
of its ten projects in the Canadian Athabasca Basin. Purepoint
proudly maintains project ventures in the Basin with three of the
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
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