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Purepoint Files NI 43-101 Compliant Technical Report for Smart Lake
Published : November 06, 2012
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TORONTO, ONTARIO--(Marketwire - Nov. 6, 2012) - Purepoint Uranium Group Inc. (TSX:PTU) has today filed a National Instruments 43-101 compliant technical report on its Smart Lake uranium project in northern Saskatchewan. Purepoint operates the Smart Lake project in the Athabasca Basin under the terms of an agreement with Cameco that permits Purepoint to acquire up to a 50% interest in the project.

Purepoint is currently on schedule to release similar reports on all of its material projects during the coming months.

"Over the years, the process for advancing and refining our portfolio has included re-analysis of results from our numerous geochemical and geophysical surveys, Diamond drill programs and historic data" said Chris Frostad, President & CEO, Purepoint Uranium Group Inc. "Our ongoing reconciliation and re-interpretation of this data has produced some of the most prospective opportunities in the Athabasca Basin and we felt it necessary to now compile this understanding in a current and complete fashion."

Highlights:

  • The Smart Lake 43-101 compliant technical report provides detail on the Diamond drilling performed by Purepoint and results from the ground electromagnetic surveys;
  • A review of historic exploration work completed prior to Purepoint's involvement; and
  • An interpretation of all compiled data with recommendations for advancing the project.

The report can be found on www.Sedar.com or on Purepoint's website (www.purepoint.ca).

Smart Lake Project

The Smart Lake property includes two claims with a total area of 9,800 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 km south of the former Cluff Lake mine. Depth to the unconformity, where it occurs, is relatively shallow at less than 350 metres.

Drilling at Smart Lake has discovered uranium mineralization associated with the Shearwater conductor, a hydrothermally altered graphitic-pyritic pelitic gneiss that returned 127 ppm U over 13.3 metres in SMT08-01. A geochemical halo that includes the enrichment of nickel, arsenic and cobalt is associated with the uranium mineralization. The strongest radioactivity was returned from a tension fracture in SMT08-06 assaying 1,600 ppm U over 0.1 metre.

Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits (max. grade of 58.3% U3O8 over 3.5 m) located 55 km north of the property. The uranium deposits at Shea Creek are associated with the Saskatoon Lake conductor that is comparable to Smart Lake's Shearwater conductor. Both of these conductors trend north-northwest, are comprised of faulted graphite-rich pelitic gneisses, and have basement uranium mineralization that is developed in areas of clay and chlorite alteration and is associated with a nickel, arsenic and cobalt geochemical signature.

About Purepoint

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.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Purepoint Uranium Group Inc.
Chris Frostad
President and CEO
(416) 603-8368
www.purepoint.ca
Companies Mentionned : Athabasca | Cameco | Cluff | Purepoint Uranium | Rio Tinto | Total | U3o8 |
Data and Statistics for these countries :
Gold and Silver Prices for these countries :

Purepoint Uranium Group Inc.

EXPLORATION STAGE
CODE : PTU.V
ISIN : CA7462341032
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Purepoint Uranium is an exploration uranium company based in Canada.

Purepoint Uranium holds various exploration projects in Canada.

Its main exploration properties are FORSYTHE LAKE, TURNOR LAKE, UMFREVILLE, SOUTH NEWNHAM, WILLIAM RIVER, SMART LAKE, FIRE EYE, HOOK LAKE, RED WILLOW, MCEWEN LAKE and ATHABASCA BASIN - CANALASKA in Canada.

Purepoint Uranium is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 9.3 millions as of today (US$ 7.1 millions, € 6.4 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 2.30, and its lowest recent point on December 11, 2015 at CA$ 0.02.

Purepoint Uranium has 124 250 000 shares outstanding.

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