Purepoint Uranium Announces Winter Program at Smart Lake JV Project

Purepoint Uranium Announces Winter Program at Smart Lake JV Project

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today the approval of the 2024 exploration program for the Smart Lake JV Project that is jointly owned by Cameco Corporation (73%) and Purepoint (27%). The Smart Lake Project is located approximately 18 km west-northwest of the Hook Lake Project and 60 km south-southwest of Orano's former Cluff Lake mine within the western Athabasca Basin, Saskatchewan, Canada. The 2024 exploration program is scheduled for Q1-2024 and will include transient electromagnetic (EM) surveys targeting the Groomes Lake conductor.

"In recent years, advancement of our western projects has focused primarily on our Hook Lake joint venture. With the recent exploration successes in the region and a heightened market sentiment around uranium, we are very excited to return to Smart Lake with our partner Cameco," said Chris Frostad, President and CEO at Purepoint.

Highlights

  • The ground EM geophysical surveys will include approximately 15 km of Stepwise Moving Loop (SWML) and 24 km of Fixed Loop (FL) transient electromagnetics (TEM) that target the northern Groomes Lake conductor as follow up to previous airborne and ground geophysical results.

  • A DC resistivity/IP survey is planned to profile the Beatty River Fault, Groomes conductor, and eastern magnetic low and help identify sandstone structure and alteration.

  • The Groomes Lake conductor is considered a highly prospective uranium target and has not yet been drill tested.

  • Exploration at Smart Lake has firmly established the presence of graphitic shear zones that are locally hydrothermally altered and host to anomalous uranium mineralization. Numerous priority target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill tested.

  • During the 2019 re-logging of Smart Lake drill core, it was immediately recognized that the rocks were similar to those encountered at our Hook Lake JV Project.

  • Geophysical surveys are expected to begin in Q1-2024.

  • Complete details of all Purepoint's exploration projects and next steps can be found on the company's website at https://purepoint.ca/investor/portfolio-handbook/.

Smart Lake Project

Purepoint, as operator, holds a 27% ownership of the Smart Lake project in joint venture with Cameco Corp.

The Smart Lake property includes two claims with a total area of 9,860 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 km south of the former Cluff Lake mine and 18 km west-northwest of Purepoint's Hook Lake JV Project.

Depth to the unconformity, where it occurs, is relatively shallow at less than 350 metres.

Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits (Indicated resource of 68M lbs at 1.50% U3O8; UEC PR Jan 2023) 55 km north of the property. Exploration by Purepoint has firmly established the presence of anomalous uranium and hydrothermal alteration. Numerous priority target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill tested.

Like the Kianna fault at Shea Creek, known uranium mineralization at the Smart Lake project is associated with the intersection of the east-west Arthur Fault and north-south-striking fluid/chemical traps including the Shearwater conductor and chloritized mafic orthogneiss. The occurrence of low-grade uranium mineralization along the Arthur Fault away from Shearwater conductor underscore the need to target east-west structures both at the intersection with conductive anomalies and at magnetically interpreted lithological contacts.

Additional east-west striking faults (Groomes Lake and Cristobal) have been interpreted from examination of airborne magnetic and electromagnetic surveys. These faults are spatially related to strong EM conductors identified in both airborne and ground-based geophysical surveys.

About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 9 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds seven, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188103

News Provided by Newsfile via QuoteMedia

PTU:CA
Purepoint Uranium

Purepoint Uranium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Purepoint Uranium (TSXV:PTU, OTCQB:PTUUF)

Purepoint Uranium


Keep reading...Show less
Purepoint Uranium Upsizes Flow-Through Private Placement

Purepoint Uranium Upsizes Flow-Through Private Placement

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced that due to strong investor demand, it has increased the offering size of the non-brokered private placement previously announced on November 27, 2023 from $2,500,000 to $4,000,000 (the "Offering"). Up to 76,190,477 flow-through units ("Units") at a price of $0.0525 per Unit are issuable pursuant to the Offering. Each Flow-Through Unit consists of one common share of the Company to be issued on a "flow through" basis pursuant to the Income Tax Act (Canada) (each a "Flow-Through Share") and one common share purchase warrant. Each warrant entitles its holder to purchase one common share of the Company (each a "Warrant Share") at an exercise price of $0.07 per share for a period of 24 months from the date of issuance. The closing of the Offering is expected to be on December 13, 2023, subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and corporate approvals, including the approval of the Offering by the TSX Venture Exchange.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Purepoint Uranium Group Inc. Closes Private Placement with Foran Mining Corporation

Purepoint Uranium Group Inc. Closes Private Placement with Foran Mining Corporation

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce the closing of its previously announced non-brokered private placement (the "Private Placement") of common share units (each, a "Unit") to Foran Mining Corporation (TSX: FOM) ("Foran"). In connection with the closing, the Company issued 7,000,000 Units at a price of $0.05 per unit for aggregate gross proceeds of $350,000. Each Unit is comprised of one common share of Purepoint and one common share purchase warrant exercisable at a price of $0.07 per share for a term of two years from the date of issue. The net proceeds of the Private Placement will be used by Purepoint for general working capital purposes. All securities issued in connection with the closing of the Private Placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of April 5, 2024.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
TSX Venture Exchange Stock Maintenance Bulletins

TSX Venture Exchange Stock Maintenance Bulletins

TSX VENTURE COMPANIES

BULLETIN V2023-0014
GIYANI METALS CORP. ("EMM.WT")
BULLETIN TYPE: Warrant Expiry-Delist
BULLETIN DATE: November 21, 2023
TSX Venture Tier 2 Company

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Canadian Investment Regulatory Organization Trade Resumption - PTU

Canadian Investment Regulatory Organization Trade Resumption - PTU

Trading resumes in:

Company: Purepoint Uranium Group Inc.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Purepoint Uranium Enters into Option Agreement with Foran Mining Corporation for the Denare West Project

Purepoint Uranium Enters into Option Agreement with Foran Mining Corporation for the Denare West Project

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) (the "Company" or "Purepoint") today announced that it has entered into an option agreement (the "Option Agreement") with a wholly-owned subsidiary of Foran Mining Corporation (TSX: FOM) ("Foran") pursuant to which Purepoint granted options to Foran to acquire up to 100% interest in Purepoint's Denare West Project located in east-central Saskatchewan, approximately 55 kilometres west-southwest of Flin Flon, Manitoba (the "Property"). The Property is adjacent to and on trend with Foran's McIlvenna Bay project.

Concurrently with the execution of the Option Agreement, Foran has agreed to invest $350,000 in a non-brokered private placement of 7,000,000 common share units (each, a "Unit") of Purepoint at a price of $0.05 per Unit (the "Private Placement"). Each Unit is comprised of one common share of Purepoint and one common share purchase warrant exercisable at a price of $0.07 per share for a term of two years from the date of issue. The closing of the Private Placement is subject to approval by the TSXV. Purepoint intends to use the net proceeds of the Private Placement for general working capital purposes.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
CanAlaska Announces Senior Management Change

CanAlaska Announces Senior Management Change

Misty Urbatsch, Vice-President Corporate Development, Resigns Position to Focus on Core Nickel Corp

Appointed to Advisory Board of CanAlaska

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Forsys Update On Norasa Uranium Project

Forsys Update On Norasa Uranium Project

Forsys has launched a broad-ranging initiative to reassess its 2015 Feasibility Study ("FS") for its fully owned Norasa Project 1 in Namibia. The Company sees potential to improve project economics by optimizing pit parameters and examining the potential of using heap leaching in mineral processing. The work program that began in mid 2023 and is anticipated to finish in mid 2024 includes the following components:

  • 4,100 metre ("m") drilling program aimed at enhancing geotechnical assessments and obtaining fresh ore samples for additional metallurgical test work;
  • Geotechnological optimization of pit parameters to reduce stripping ratio;
  • Evaluation of alternative metallurgical processes, including heap leaching, to reduce capital and operational expenses;
  • Critical review of all linear infrastructure and utilities.

To achieve these objectives, the Company recruited a 27 person team who have significant previous uranium mining experience at various Namibian operations. The technical team includes process engineers, mining experts, geologists, environment consultants, and local specialists led by the Company's Namibian Country Director, Pine Van Wyk.

Further Drilling Program

Recent advancements in metallurgical, engineering and mining technology since exploration and computation of the Norasa Project's FS have warranted a comprehensive review of the project. In mid 2023, the Company commenced a new 4,100 m drilling program to retrieve fresh samples at depths of up to 420 m from the slope areas for both the planned mining pits at Valencia and Namibplaas.

The drilling program focuses on:

  • Geotechnical logging and geo-mechanical sampling to refine pit designs;
  • Sampling for new metallurgical test work and for optimized process design;
  • Sampling and testing local groundwater resources and to establish additional groundwater monitoring borehole;
  • Further geotechnical drilling, logging and sampling, along with downhole surveys (trajectory, gamma, Optical Televiewer) at Valencia and Namibplaas;
  • Density test work on ore and waste material;
  • geochemical analysis of samples at Trace Element Analytical Laboratories and calc index and U deportment test work; minimum of 5% check analyses by other independent analytical laboratories.

Figure-1 below, illustrates the drilling program within ML-149 Valencia and EPL-3638 Namibplaas (ML-251 pending). Currently one Reverse Circulation ("RC") drill rig and two Diamond Core ("DC") drill rigs are on ML-149. Additional drill locations are planned for further in-depth studies and for geotechnical assessments.

Drilling program underway

Figure 1: Drilling program underway

By the end of October 2023, a total of 1,445 m of RC drilling and 1,865 m of DC drilling had been completed, including substantial large diameter metallurgical drilling at the Valencia, ML-149 site. Work is ongoing and the majority of the programme is targeted for completion by year end 2023.

Heap Leach Trade-Off Studies and Test Work

In March 2023, Forsys engaged DRA Projects Pty Ltd, a subsidiary of DRA Global Limited (ASX; DRA/JSE: DRA) ("DRA") to oversee test work and conduct various engineering studies. The test work and studies aim to assess the potential trade-off opportunity between tank and heap leaching given advances in High Pressure Grinding Rolls crushing and heap leach technology.

Column leach tests are underway at SGS laboratories in South Africa, including measurements of ore height and slump in the column, with residues analyses for uranium content. The column leach tests results will inform heap leach recovery projections and key process conditions for the economic assessments. Final results of this trade-off study are expected first quarter 2024.

Mining Licences, Environmental Certificates and Permits

The Company currently holds a 25-year Mining Licence (ML-149) for its Valencia deposit, valid until 2033. Additionally, Forsys is actively engaged with the Ministry of Mines and Energy (MME) to renew its Exclusive Prospecting Licence (EPL-3638) for further pit optimization work at the Namibplaas site.

Earlier in the year, Forsys renewed its Environmental Clearance Certificate ("ECC") from the Ministry of Environment, Forestry and Tourism for a further three-year term, allowing the Company to advance its development plans for the Norasa project. The ECC renewal process evaluated the Company's environmental management practices, including waste management, emissions controls, biodiversity protection, and community engagement, among other factors.

Forsys is in the process also of securing additional permits, encompassing land surface rights; accessory works; radiation management; linear infrastructure development and desalination.

Qualified Person and Independent Consulting Firms

Mr. Robin Welsh is acting as the Company's Qualified Person, as such term is defined in National Instrument 43-101 ("NI 43-101"). Mr. Welsh is a Senior Project Manager for DRA Projects Pty Ltd and with his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101. Mr. Welsh has reviewed and approved the scientific or technical information contained in this press release.

DRA Projects Pty Ltd, a subsidiary of DRA Global Limited is an international multi-disciplinary engineering, project delivery and operations management group, predominantly focused on the mining, minerals and metals industry.

About Forsys Metals Corp.

Forsys Metals Corp. (TSX: FSY, FSE: F2T, NSX: FSY) is focused on advancing the Norasa Uranium Project that is made up of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638) in the politically friendly jurisdiction of Namibia. Extensive work has been carried out on the deposits from 2006 to 2015 with close to 290,000 m of drilling, resource estimation and processing test work.

The reserves come from three deposits: the Valencia pit, a small satellite pit adjacent to Valencia, and the Namibplaas pit, and two NI 43-101 technical reports previously prepared in support of the 2015 FS demonstrated significant proven and probable mineral reserves of 91Mlb. In addition, the 2015 FS demonstrated Measured and Indicated resource of 115Mlb and Inferred resource of 11Mlb.

Forsys are currently engaged in re-evaluating the 2015 FS and multiple workstreams are underway to re-analyze geology data as well as establishing a new drilling program to retrieve fresh samples from both site deposits and improve on process and pit designs. As a part of this study, Forsys are exploring new technologies to understand how these can enhance recovery rates, optimise tailings and improve project economics.

Further information is available at the Company website www.forsysmetals.com

On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations.

For additional information please contact:
Richard Parkhouse, Director, Investor Relations
email: rparkhouse@forsysmetals.com email: info@forsysmetals.com
Phone: +44 (0) 7730 493432

Forward Looking Statement

Certain information contained in this press release constitutes "forward-looking information" , within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding improved project economics, improved resource quality, the benefits of changing to a heap leach process, anticipated Capex and Opex savings, the results and timing of an updated NI 43-101 technical report and feasibility study, and the future operating or financial performance of Forsys Metals Corp which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and Forsys Metals Corp disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

PrairieSky Appoints Glenn McNamara to Board of Directors

PrairieSky Royalty Ltd. (" PrairieSky " or the " Company ") (TSX: PSK) is pleased to announce the appointment of Glenn McNamara to the Board of Directors effective December 4, 2023.

"We are pleased to welcome Glenn to our Board of Directors. His business and industry expertise, leadership skills and extensive experience in royalties make him an ideal addition to the Board," said James Estey, Chair of the Board. "We look forward to Glenn's contributions as we continue to execute on our strategy."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Baselode Energy Corp. to Present at the Clean Energy and Precious Metals Virtual Investor Conference on December 4th

Baselode Energy Corp. to Present at the Clean Energy and Precious Metals Virtual Investor Conference on December 4th

Baselode Energy Corp. (TSXV: FIND, OTCQB: BSENF) is pleased to announce James Sykes, President & CEO, will present live at the Clean Energy and Precious Metals Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on December 4 th .

DATE : December 4 th
TIME: 2:30 PM ET
LINK: https://bit.ly/3rOONJH
Available for 1x1 meetings: December 4 th -6 th

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Cosa Acquires the Aurora Uranium Project, Athabasca Basin, Saskatchewan

Cosa Acquires the Aurora Uranium Project, Athabasca Basin, Saskatchewan

Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce it has entered into an asset purchase agreement dated December 1, 2023 (the "Purchase Agreement") for the acquisition (the "Acquisition") of the Aurora Project in the Athabasca Basin, Saskatchewan ("Aurora", or the "Property").

Highlights

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Clean Energy and Precious Metals Virtual Investor Conference Agenda Announced for December 4th- December 6th, 2023

Clean Energy and Precious Metals Virtual Investor Conference Agenda Announced for December 4th- December 6th, 2023

Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the Clean Energy and Precious Metals Virtual Investor Conference to be held December 4 th through December 6 th 2023. Individual investors, institutional investors, advisors, and analysts are invited to attend.

REGISTER NOW AT: https://bit.ly/3T0WlUF

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Purepoint Uranium

Purepoint Uranium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×