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FOR IMMEDIATE RELEASE
Purepoint Uranium Group Inc:
Drilling Commences at Hook
Lake Project
Toronto, November 7, 2007 - Purepoint Uranium Group
Inc. (TSX:PTU.V) is pleased to report that initial geophysical surveys have
been completed and drilling has commenced at the Hook Lake JV project on the
south west edge of Canada's Athabasca Basin. Purepoint operates the Hook Lake
project under the terms of an agreement with UEM Inc. that permits Purepoint
to acquire up to a 50% interest in this large project. UEM Inc. is a company
owned by AREVA Resources Canada Inc. and Cameco Corporation, the world's two
largest uranium exploration, mining and milling companies.
"Our Hook Lake work so far this year has focused on target
refinement within the Carter Corridor, the most westerly of the project's
three bands of graphitic conductors" said Scott Frostad, Vice President
Exploration of Purepoint . "We are very encouraged by the broad
chargeability zone our Gradient Induced Polarization survey has outlined in
this area. That clearly-defined zone may well reflect favourable clay
alteration co-incident with graphitic conductors."
Highlights:
- 132
line kilometres of gradient and pole-dipole IP completed in 2007
- 2,000
metres of drilling planned for the balance of 2007
- large property totaling
26,051 hectares
- shallow
depth to unconformity ranging from zero to 350 metres
- extensive
multiple conductor systems with structural breaks
- U308
and Ni mineralization previously encountered by SMDC (Cameco)
- significant
investment in 2007 geophysics of $455,000 ($17 per hectare)
Additional information, including a video update of the
Hook Lake Project, can be found at www.purepoint.ca.
Hook Lake 2007 Exploration Update
The Carter structural corridor was initially tested by Cameco with a
single drill hole in 2006. That hole intersected favourable alteration that
included bleaching, sulphidation (pyrite), desilicification and local
silicification of the sandstone and, in the basement rocks, hydrothermal
bleaching, clay alteration and red hydrothermal hematite. Graphitic fault
zones were also intersected, indicating that the area hosts favourable
structure and rock types for uranium deposition. Cameco's initial single hole
marked the Carter corridor as a promising exploration target.
During 2007 Purepoint's activities at the Hook Lake JV included road
improvement, construction of a permanent camp, line cutting, and both
gradient IP and pole-dipole IP surveys. Approximately 130 line kilometers of
grid were cut over the Carter structural corridor (West grid) and 150 line
kilometres of grid over the Patterson structural corridor (Central grid).
This summer's gradient IP survey was completed over the West grid in
the Carter corridor. The resulting ground IP resistivity response correlates
well with conductors highlighted by a previous airborne VTEM electromagnetic
survey. The IP chargeability response indicates that the Carter corridor lies
coincident to or along the eastern side of a chargeability high zone.
Drilling has commenced at the Hook Lake project with the first hole
targeting a prominent Carter corridor EM conductor. The gradient and
pole-dipole IP surveys have also highlighted structural breaks in the EM
conductors that may have created traps for uranium-rich fluids. Ongoing drilling will also test
those structural targets.
A gradient IP survey has
also commenced over the Patterson corridor to further refine drill targets
for testing this winter.
Hook Lake Project
The Hook Lake Project
consists of six claims totaling 26,051 hectares staked by UEM over ten years
ago and situated in the southwestern Athabasca Basin, approximately 80
kilometers southeast of the former Cluff Lake mine. The depth to unconformity
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 conductors that have been confirmed to
be the results of graphitic metasediments that intersect the Athabasca
unconformity. The extensive multiple conductor system displays evidence of a
complex post-Athabasca Group structural history 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
uranium deposits.
The western and central
corridors (Carter and Patterson) contain 46 km of well defined conductors
which have been subject to very limited drilling. Historic drilling
consistently encountered post-Athabasca brittle faulting and/or graphitic
basement rocks and strong hydrothermal alteration indicative of unconformity
uranium deposits.
About Purepoint
Purepoint Uranium Group
Inc. is focused on the precision exploration of more than 42 defined target
areas on its seven 100% owned projects in the Canadian Athabasca Basin,and
its two Basin projects joint ventured with Cameco Corporation and AREVA
Resources Canada Inc. Established in the Basin well before the resurgence in
uranium, Purepoint is actively advancing this 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.
Ends
THE TSX VENTURE EXCHANGE
HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
For further
information please contact:
Purepoint Uranium
Group Inc.
Chris Frostad, President and CEO
(416) 603-8368
www.purepoint.ca
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