Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today the commencement of drilling at its 100%-owned Red Willow project within the eastern uranium mine district of the Athabasca Basin, Saskatchewan, Canada.
"At our Osprey Zone and the nearby Radon Lake Zone, we are continuing to follow-up on significant uranium signatures identified across much greater strike length than we typically see elsewhere," said Chris Frostad, President and CEO of Purepoint. "We anticipate drilling numerous holes this winter since we are located on the shallow eastern edge of the Athabasca Basin and our target depths are less than 200 metres."
- Approximately 2,800 metres of diamond drilling across 15 holes are anticipated during this program
- Drill and crew mobilized at the Red Willow camp last week and commenced drilling this past weekend at the Osprey Zone that returned 0.47% U3O8 over 0.9 metres in hole OSP22-06
- Details of the Red Willow project and the Osprey and Radon Lake Zones can be found in the Company's NI 43-101 compliant Technical Report available on our website at: https://purepoint.ca/projects/red-willow/
- A second drill program is currently underway at the Hook Lake Joint Venture project in the southwestern edge of Canada's Athabasca Basin
Red Willow Project
The 100% owned Red Willow property is situated on the northern edge of the eastern Athabasca Basin mine corridor in Northern Saskatchewan, Canada. The property is near several uranium deposits including Orano Resources Canada Inc.'s JEB mine, approximately 10 kilometres to the southwest, and Cameco's Eagle Point mine that is approximately 10 kilometres due south.
Red Willow consists of 17 mineral claims having a total area of 40,116 hectares. Geophysical surveys conducted by Purepoint have included airborne magnetic and electromagnetic (VTEM) surveys, an airborne radiometric survey, ground gradient array IP, pole-dipole array IP, fixed-loop and moving-loop transient electromagnetics, and gravity. The detailed airborne VTEM survey provided magnetic results that are an excellent base on which to interpret structures while the EM results outlined over 70 kilometres of conductors that in most instances represent favourable graphitic lithology.
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 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 ten, 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 BSc, MASc, 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
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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.
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