Purepoint and Rio Tinto Commence Winter Exploration Program at Red Willow
Purepoint Uranium Group Inc. (TSX:PTU.V) is
pleased to report that crews are now mobilized to commence the Winter 2012
exploration program for Rio Tinto Exploration Canada Inc. at Purepoint�s Red Willow Project in Saskatchewan�s Athabasca
Basin. Purepoint optioned the property to Rio
Tinto just over a year ago, allowing them to earn a controlling interest in the
Red Willow Project by spending up to $22.5 million in exploration and
development expenses.
�A gravity
survey is underway at the Geneva Area while drilling will begin shortly at the
Osprey Area� said Scott Frostad, Purepoint�s
Vice President, Exploration. �After the first two
holes are complete, our intention is move the drill to Geneva for an additional
two holes�.
Highlights
- Approximately 1,600 metres of diamond drilling on targets within the
Osprey (intercepts up to 0.20% eU3O8 over 5.8 metres)
and Geneva areas (intercepts up to 0.22% U3O8 over 1.0 metres);
A gravity
survey in the Geneva area and a portion of the Radon area is designed to infill
and extend the known gravity Purepoint and Rio Tinto Commence Winter Exploration Program at
Red Willow
January 26, 2012- Purepoint Uranium
Group Inc. (TSX:PTU.V) is pleased to report that crews are now mobilized to
commence the Winter 2012 exploration program for Rio Tinto Exploration Canada
Inc. at Purepoint�s Red Willow Project in
Saskatchewan�s Athabasca Basin. Purepoint
optioned the property to Rio Tinto just over a year ago, allowing them to earn
a controlling interest in the Red Willow Project by spending up to $22.5
million in exploration and development expenses.
- low
targets that are potential zones of hydrothermal alteration.
Geneva Area
In 1995 Cameco ranked 366 basement alteration drill holes on their
Rabbit Lake project (which once included a portion of the Red Willow project)
using pathfinding elements (Pb,
Ni, Cu, U, total clay and chlorite). The highest ranking hole of all 366 holes
ranked was RAD-17, situate on what is now Purepoint�s
Geneva area.
A gravity survey with follow-up
diamond drilling has commenced at the Geneva area located near the southwest
corner of the Red Willow property. An airborne electromagnetic survey (VTEM)
delineated 3.8 kilometers of conductors at Geneva that are within a distinct
fold structure highlighted by the aeromagnetic results. Eldorado
Resources, a predecessor to Cameco, intersected a
graphitic fault zone that returned 0.22% U3O8 over 1.0 metres
in the Geneva area during a 1984 drill program.
Osprey Area
The Osprey
Conductor is an "S"-shaped electromagnetic conductor that is over six
kilometres in length. Ground geophysics conducted
over the area includes 3D resistivity, fixed-loop EM, stepwise moving-loop,
gravity and magnetics. Rio Tinto conducted additional Gradient Induced
Polarization (IP) this summer to further define exploration targets prior to
this winter�s drill program.
A primary
drill target this winter will be a weak EM conductor, approximately 700 metres in length, that lies beneath Osprey Lake and is seen
to cross-cut the main Osprey conductor near the 0.20% eU3O8 over 5.8 metres intercept. The east-west trending conductor
follows the shape of Osprey Lake and is coincident with a magnetic low, a
gravity low as well as a resistivity low. This area is previously
untested by diamond drilling.
Red Willow
The Red
Willow 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. Five major uranium deposits are located along
a NE to SW mine trend that extends through the Red Willow Project.
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 Point deposits.
About Purepoint
Purepoint Uranium Group Inc. is focused on the
precision exploration of its twelve 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.
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