Purepoint Uranium and Cameco Approve 2025 Drill Program for Smart Lake Joint Venture

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce the approval of a $1.2 million drilling program at the Smart Lake Joint Venture (JV) Project, marking a significant return to this highly prospective project within the southwestern Athabasca Basin, Saskatchewan, Canada.

The Smart Lake JV, jointly owned by Cameco Corporation (73%) and Purepoint (27%), exemplifies Purepoint's strategy of advancing high-potential projects through partnerships with industry leaders. As operator of the joint venture, Purepoint continues to provide its proven exploration expertise while leveraging Cameco's technical support and financial resources. Our JV relationships enable efficient and well-supported exploration while preserving Purepoint's strong financial position and offering a clear path to potential development.

Chris Frostad, President and CEO of Purepoint, remarked: "The approval of this drill program marks an exciting return to the Smart Lake Project, where our first exploration efforts revealed strong potential. With the backing of Cameco and new geophysical data guiding our efforts, we look forward to advancing and expanding upon the success of our earlier work."

Highlights

2025 Drill Program Approved: A $1.2-million budget will support approximately 2,500 metres of diamond drilling targeting the northern Groomes Lake conductor.
Geophysical Survey Commenced: A 39-line-km transient electromagnetic (TEM) survey is underway and will refine drill targets for the upcoming campaign.
Exploration Resumed: Building on uranium mineralization identified during Smart Lake's first drill program, this marks Purepoint's return to the property after focusing on other joint venture opportunities in the region.

Revisiting a Proven Uranium Target

The 2025 drill program builds on the results of Purepoint's initial drill campaign at Smart Lake in 2008, during which uranium mineralization was first identified. Initial holes, including SMT08-01, intersected strongly altered basement structures associated with elevated radioactivity, highlighting the potential for large-scale uranium mineralization. SMT08-05 returned 147 ppm U over 15.4 metres (153.0 to 168.4 metres) from a fault zone defined by multiple intervals of hematite breccia, shearing, gouge, poor core recovery and elevated radioactivity. Although subsequent exploration efforts shifted to Hook Lake following regional discoveries by neighboring projects, the Smart Lake property has remained a priority within Purepoint's portfolio for its untested conductors and compelling geological parallels to high-grade deposits.

A National Instrument 43-101 compliant Technical Report for the Smart Lake project is available on the Company's website. The technical report for Smart Lake filed by the Company in 2012 under the Company's profile at https://www.sedarplus.ca/ and displayed on its website at https://purepoint.ca/projects/smart-lake/ may be relied on for background information but contains a work program not updated to reflect current exploration plans.

2025 Drill Program and Geophysical Survey

The approved drilling program will focus on high-priority targets within the northern Groomes Lake target area. The strong Groomes Lake electromagnetic conductor remains largely untested despite evidence of a favourable structural setting. The ongoing TEM survey, scheduled for completion by year-end, will provide detailed insights into subsurface conductors, optimizing drill targeting and efficiency.

About Smart Lake

The Smart Lake Project is located approximately 60 km south of the historic Cluff Lake mine and 18 km west-northwest of the Hook Lake JV Project. The property spans 9,860 hectares within the Athabasca Basin, an area renowned for hosting the world's highest-grade uranium deposits.

Initial exploration at Smart Lake established the presence of graphitic shear zones, hydrothermal alteration, and anomalous radioactivity. The favourable geologic indicators, combined with its strategic location and extensive geophysical data, position Smart Lake for uranium exploration success.

Figure 1: Smart Lake Location

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3218/231317_6156083124565b71_002full.jpg

About Purepoint Uranium Group Inc.

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) is a focused explorer with a dynamic portfolio of advanced projects within the renowned Athabasca Basin in Canada. The most prospective projects are actively operated on behalf of partnerships with industry leaders including Cameco Corporation, Orano Canada Inc., and IsoEnergy Ltd.

Additionally, the Company holds a promising VHMS project currently optioned to and strategically positioned adjacent to and on trend with Foran Corporation's McIlvena Bay project. Through a robust and proactive exploration strategy, Purepoint is solidifying its position as a leading explorer in one of the globe's most significant uranium districts.

For further details on the Smart Lake Project and Purepoint's exploration portfolio, visit www.purepoint.ca.

Scott Frostad, P.Geo., Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca

For additional information please visit our website at https://purepoint.ca, our X feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

Disclosure regarding forward-looking statements

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231317

News Provided by Newsfile via QuoteMedia

ptu:ca purepoint uranium tsxv:ptu energy investing Energy Investing

PTU:CA

IsoEnergy and Purepoint Uranium Complete Joint Venture

IsoEnergy Ltd. (TSX: ISO) (OTCQX: ISENF) ("IsoEnergy") and Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint") are pleased to announce the successful implementation of their previously announced joint venture (the "Joint Venture") (see press release dated October 22, 2024), consolidating 10 uranium projects spanning over 98,000 hectares in the eastern Athabasca Basin, Saskatchewan (Figure 1). This strategic collaboration strengthens both companies' efforts to advance high-potential uranium assets in one of the world's premier uranium-producing regions.

The joint venture establishes an initial ownership structure of 60% by IsoEnergy and 40% by Purepoint, with the option to adjust to a 50/50 split through the exercise of put/call options (the "Put/Call Option") pursuant to which 10% of IsoEnergy's initial participation interest may be transferred to Purepoint in exchange for 4,000,000 common shares of Purepoint (the "PTU Shares"). The Put/Call Option is exercisable within six months of the Joint Venture's formation, with the exercise of one option resulting in the expiry of the other. Following completion of the Put/Call Option period, IsoEnergy will hold a further option to purchase an additional 1% interest from Purepoint for $2 million, giving IsoEnergy a 51% participation interest and Purepoint a 49% participation interest. This option expires on the earlier of February 28, 2026, or 60 days after a material uranium discovery. The ownership interests of each company are subject to standard dilution, with any participation interest that is reduced to 10% or less being automatically exchanged for a 2% net smelter royalty (NSR) on the Joint Venture properties.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Purepoint Uranium Identifies New Exploration Targets at Russell South with Recent Airborne Geophysical Results

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to report the identification of eight high-priority exploration targets following the completion of two advanced airborne geophysical surveys at its 100% owned Russell South project, located in the Athabasca Basin, SK, Canada. The new exploration targets have been refined to focus on conductive areas associated with potential hydrothermal alteration and favorable structures, bolstering the project's potential for significant uranium discovery.

Scott Frostad, Vice President of Exploration at Purepoint, noted, "The airborne geophysical results have refined our existing targets and highlighted new prospective areas, thereby enhancing the project's potential for hosting uranium mineralization. Russell South is favourably situated along the Athabasca Basin's southeast edge, and we've scheduled an airborne tri-axial magnetic survey this Spring to better locate primary structures within our priority target areas for drill testing."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Purepoint Uranium Group Inc. Closes $2,200,000 Private Placement

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today the closing of its previously announced non-brokered private placement (the "Private Placement"). In connection with the closing, the Company issued 7,333,331 units ("Units") at a price of $0.30 per unit for aggregate gross proceeds of $2,200,000. Each Unit consists of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant. (a "Warrant") Each Warrant entitles its holder to purchase one Common Share at an exercise price of $0.40 per share for a period of 36 months from the date of issuance. The closing is subject to final acceptance by the TSX Venture Exchange of the Private Placement.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Purepoint Uranium Provides Exploration Update on Geophysical Programs at Russell South, Tabbernor, and Smart Lake Projects

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce the completion of two geophysical programs at its Russell South project, the commencement of a new geophysical survey at the Tabbernor project, and the rescheduled survey at the Smart Lake joint venture project. Additionally, Purepoint has released an updated Portfolio Handbook, now available on the Company's newly launched website.

"Our team has made significant strides in advancing our exploration efforts at both Russell South and Tabbernor," said Chris Frostad, President and CEO of Purepoint. "We are particularly excited about the upcoming completion of the Smart Lake survey, which will set the stage for our winter drilling program."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Purepoint Uranium Redefines Turnor Lake Project with Latest Technology and Advanced Data Integration

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced significant exploration advancements at its Turnor Lake project, located in the prolific Athabasca Basin of Northern Saskatchewan. After nearly 15 years since the last major drilling campaign, Turnor Lake is being revitalized with a completely fresh geological and geophysical outlook, positioning it as a potential host for the next major uranium discovery in Saskatchewan. A drill program is currently underway at Turnor Lake, aiming to explore and define the extent of uranium mineralization.

The Turnor Lake project spans 9,705 hectares across vital structural and conductive corridors, aligning with the region's significant uranium discoveries and historical high-grade deposits. Our exploration revitalization is driven by the application of advanced technology and methodologies while integrating a wealth of historical data with ongoing real-time drilling insights.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Skyharbour Partner Company Terra Clean Energy Signs Exploration Agreement with the English River First Nation and Receives Drilling Permits for the South Falcon East Uranium Project

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ( " Skyharbour " or the " Company ") is pleased to announce that partner company Terra Clean Energy Corp. ("Terra", previously Tisdale Clean Energy) has announced the execution of an Exploration Agreement with the English River First Nation. This agreement strengthens their relationship and allows for access to the ancestral lands of The English River First Nation on which the South Falcon East Property (the "Project") lies, which hosts the Fraser Lakes B uranium deposit. Skyharbour optioned the Project to Terra and under the Option Agreement assuming the 75% interest is earned, Terra will fund exploration expenditures totaling CAD $10,500,000, as well as pay Skyharbour CAD $11,100,000 in cash of which $6,500,000 can be settled for shares in the capital of Terra ("Shares") over the five-year earn-in period.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Forum Comments on Share Price

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announced today that the Company is not aware of any undisclosed material information that might be contributing to the recent decline in the Company's share price.

As announced in its news release dated December 16^th, 2024, the Company is raising $1,250,000 which consists of a combination of shares and flowthrough units. Common shares are being purchased by its strategic investor and insiders for general working capital purposes. The flow-through units are being purchased by its long-term investor and supporter Pavillion Resource Fund for procurement of supplies and services for the 2025 drill program on the Aberdeen Uranium Project in the Thelon Basin, Nunavut (Figure 1).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

SOURCE ROCK ROYALTIES DECLARES MONTHLY DIVIDEND AND COMPLETES 11TH CONSECUTIVE YEAR OF PAYING DIVIDENDS TO SHAREHOLDERS

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./

Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil royalties, announces that its board of directors has declared a monthly dividend of $0.0065 per common share, payable in cash on January 15, 2025 to shareholders of record on December 31, 2024 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Forum Announces $1,250,000 Financing with Strategic Investors

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces a non-brokered private placement of up to $1,250,000 through the issuance of a combination of shares (the "Shares") at a price of $0.08 per Share and flow through units (the "FT Units") at a price of $0.10 per FT Unit. Each FT Unit consists of one flow through common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one non-flow through common share at a price of $0.15 per warrant share for a period of 18 months from closing of the financing.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Forum Announces Results of Annual General Meeting

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") reports that all proposed resolutions at its Annual General Meeting of Shareholders held on December 11, 2024 were duly passed by 25.25% of votes cast by the Company's Shareholders. Richard Mazur, Anthony Balme, Michael Steeves, Larry Okada, Paul Dennison, Janet Meiklejohn and Brian Christie were re-elected as Directors. Davidson & Company, Chartered Professional Accountants, were re-appointed as the Company's auditor and the Company's Amended Omnibus Plan was approved. Following the AGM the Board reconstituted all Committees and the following Officers were re-appointed:

Richard Mazur	President and CEO
Dan O'Brien	Chief Financial Officer
Rebecca Hunter	Vice President, Exploration
Allison Rippin-Armstrong	Vice President, Nunavut Affairs
Jacqueline Collins	Corporate Secretary

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Purepoint Uranium and Cameco Approve 2025 Drill Program for Smart Lake Joint Venture

Purepoint Uranium Investor Kit

GET YOUR FREE INVESTOR KIT

Overview

Company Highlights

Key Projects

Hook Lake Project

Smart Lake Project

Purepoint & IsoEnergy Joint Venture

Management Team

Chris Frostad - President and CEO

Scott Frostad - VP of Exploration

Ram Ramachandran - CFO

Jeanny So - Corporate Communications

Latest News

Purepoint Uranium Investor Kit

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

TOP STOCKS