Purepoint Uranium Group Inc. (CVE:PTU) reported that it recently staked a 1,985 hectare property lying due east of Cameco’s (TSE:CCO) McArthur River Mine and due south of the Cigar Lake mine in Canada’s Athabasca Basin.
Purepoint Uranium Group Inc. (TSXV:PTU) reported that it recently staked a 1,985 hectare property lying due east of Cameco’s (TSX:CCO) McArthur River Mine and due south of the Cigar Lake mine in Canada’s Athabasca Basin.
The press release is quoted as saying:
Purepoint’s newly staked McArthur East property adjoins Cameco’s McArthur River Project, which contains the world’s largest high-grade uranium deposit, and is situated due south of the Cigar Lake Mine. The property is underlain by a magnetic low believed to represent pelitic basement rocks, a typical host rock for economic uranium mineralization. Depth to the unconformity is estimated at a relatively shallow 200 metres.
A structural interpretation, based on regional aeromagnetic signatures, indicates the property is bounded by two strong north-south trending faults while a detailed aeromagnetic survey suggests the property has a high degree of structural complexity. Areas interpreted to be underlain by crosscutting structures will be targeted as they are ideally suited to host a typical Athabasca Basin unconformity uranium deposit.
Purepoint’s VP of Exploration, Scott Frostad said:
“Over the past several years we have been actively evaluating the more than five million hectares (1,200 claims) that have come open in northern Saskatchewan and watching for exceptional opportunities such as this.” “While many of the exploration companies have been moving on to other commodities, we have been taking advantage of the vast amount of uranium exploration data submitted to the Saskatchewan government between 2003 and 2008 in order to acquire promising new properties”.