Purepoint Uranium Group Inc. (CVE:PTU) reports that it has entered into a definitive joint venture agreement with Cameco Corporation for the ongoing exploration of the Smart Lake uranium project.
Purepoint Uranium Group Inc. (TSXV:PTU) reports that it has entered into a definitive joint venture agreement with Cameco Corporation for the ongoing exploration of the Smart Lake uranium project.
The press release is quoted as saying:
- Purepoint may acquire up to 35% ownership interest through the expenditure of an additional $1.9 million by 2013 with the option to participate further to a maximum interest of 50%
- To date Purepoint has performed 1,436 metres of first pass diamond drilling;
- The most recent drill program discovered a radioactive structure that displays multiple episodes of intense alteration;
- The newly discovered radioactive structure at Smart Lake is associated with graphite and the Shearwater conductor;
- Best results reported to date from SMT08-05 where downhole total gamma results returned 0.22% eU3O8 over 0.2 m;
- The Shearwater conductor has been outlined over 1.0 kilometer by a ground EM survey and over 1.4 kilometers by an airborne EM survey.
Purepoint’s President and CEO, Chris Frostad says:
“With the discovery of a highly altered, radioactive structure during our initial drill program, Smart Lake represents an exciting asset.” “We are eager to return to the project and are currently finalizing our plans for its continued advancement this year”.