Resource News

Purepoint Uranium Group Inc. announced today that drilling has now commenced at the 100%-owned Red Willow project within the eastern uranium mine district of the Athabasca Basin, Saskatchewan Canada. The 2022 Red Willow drill program will look to expand the Company's Osprey discovery where initial drilling identified basement-hosted uranium mineralization highlighted by RW-19 that intersected 0.19% U3O8 over 4.0 ...

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today that drilling has now commenced at the 100%-owned Red Willow project within the eastern uranium mine district of the Athabasca Basin, Saskatchewan Canada. The 2022 Red Willow drill program will look to expand the Company's Osprey discovery where initial drilling identified basement-hosted uranium mineralization highlighted by RW-19 that intersected 0.19% U3O8 over 4.0 metres and included 3.03% U3O8 over 0.1 metre.

"We're focusing our 2022 Red Willow drill program at the Osprey Zone, which hosts prior uranium intercepts that we believe extend well beyond our initial findings," explained Scott Frostad, VP Exploration at Purepoint. "The mineralized Osprey shear zone remains open at depth, the lens of flat-lying uranium mineralization is untested towards the East, and the Osprey Conductor continues North for 2 kilometres with only limited drilling."

Highlights

  • Mobilization of the drill and temporary work camp for the 2022 Red Willow program began in late December and drilling has now commenced at the Osprey Zone
  • The drill program will begin with initial step-outs of the known Osprey mineralization and testing of the Osprey conductor towards the north
  • Exploration program plans for approximately 3,000 metres of drilling in 20 holes
  • Crews and equipment have been contracted to continue drilling until April, 2022
  • A National Instrument 43-101 compliant technical report on the Red Willow project containing Purepoint's work and analysis to date can be found on the Company's web site at https://purepoint.ca/projects/red-willow/ ("Technical Report on the Red Willow Project, Northern Saskatchewan, Canada October 16, 2015")

Red Willow Project

The 100% owned Red Willow property is situated on the eastern edge of the Athabasca Basin in Northern Saskatchewan, Canada and consists of 17 mineral claims having a total area of 40,116 hectares. The property is located close to 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.

Geophysical surveys conducted by Purepoint at Red Willow 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.

About Purepoint

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, PGeo, 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 new website at https://purepoint.ca, our Twitter 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/109721

News Provided by Newsfile via QuoteMedia

PTU:CA
Purepoint Uranium

Purepoint Uranium

Overview

Often regarded as the of the world, the Athabasca Basin in Saskatchewan presents exceptional discovery and exploration opportunities for companies looking to enter the thriving uranium market.

According to leading strategists, uranium is still one of the best-performing commodities in the resource industry, despite a year of disruptions from COVID-19. With new reactors continually coming online to meet demand and a limited number of suppliers to fill it, looking to high-valued mining jurisdictions for uranium is one of the best strategies for companies trying to get ahead of the crowd.

Purepoint Uranium Group (TSXV:PTU,OTCQB:PTUUF) has been a major player in the Athabasca Basin for some time now, actively acquiring and operating an exploration pipeline of 12 advanced projects including its flagship Hook Lake project and Red Willow, Smart Lake, Turnor Lake, Henday Lake, Umfreville and the Tabbernor Block projects.

Purepoint Uranium’s flagship project, Hook Lake, is a joint venture with two of the largest uranium mining majors in the world, Cameco Corporation and Orano Canada. Purepoint Uranium holds a 21 percent ownership of Hook Lake and acts as the operator of the joint venture.

The company has another high-value joint venture with its partner Cameco Corporation in its Smart Lake project where Purepoint Uranium, as operator, holds a 27 percent ownership.

Outside its joint venture projects with the world’s largest uranium suppliers, Purepoint holds another 10 projects in the eastern Athabasca Basin, all of which are 100% owned with clearly defined uranium bearing targets that have been safely maintained in order to maximize their value in anticipation of the current uranium price revival.

As we now enter the beginning of an exciting bull rally in uranium, Purepoint is emerging as the pre-eminent uranium explorer in the world’s richest uranium district.  The company is fully funded and with an aggressive exploration program currently underway.

With a strategic financial positioning and a market capitalization of approximatelyC$50 million, Purepoint’s strong capital poise the company for exceptional and deliberated positioning for uranium’s revival.

Purepoint’s leadership team is comprised of an independent, highly qualified group of experts with deep provincial and regulatory ties, as well as decades of experience in the Athabasca Basin. Together, their expertise in mining, finance and exploration prime the company for exceptional growth and uranium discovery potential.

Purepoint’s Company Highlights

  • Purepoint has the most advanced exploration portfolio of uranium projects in the Athabasca Basin, the world’s richest uranium region
  • Two  high-value partnerships with Cameco Corporation and Orano Canada Inc. Together, they have joint ventures on the Hook Lake project and Smart Lake project.
  • The company also operates a pipeline of ten, 100-percent owned, highly prospective uranium projects in Eastern Athabasca Basin, including the Red Willow, Turnor Lake, Henday Lake, Umfreville Lake and the Tabbernor Block properties.
  • A fully funded aggressive exploration program is currently underway
  • The company has a world-class leadership and management team with unparalleled experience in uranium mining and exploration expertise.

Purepoint Uranium Group’s Key Projects

Hook Lake Project

The Hook Lake property is located within the Patterson Uranium district and consists of nine claims totalling 28,598 hectares. The project is jointly owned by Cameco, Orano Canada and Purepoint Uranium. Operated by Purepoint since 2007, the project has seen significant discoveries and exploration campaigns.

A highlighted discovery on the property includes the Spitfire high-grade discovery which revealed 53.3 percent uranium oxides over 1.3 meters, including a 10-meter interval of 10.3 percent uranium mineralization measurements. Currently, three prospective structural “corridors” have been defined on the property, each of which consists of multiple EM conductors confirmed by drilling.

The 2021 program on the property saw a total of 2,556 meters of drilling and positive measurements that still require pending geochemical and assaying results for final interpretation.

Smart Lake Project

The Smart Lake property includes two claims across 9,860 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 kilometers south of the former Cluff Lake mine. As the project’s operator, Purepoint holds 27 percent ownership of Smart Lake in a joint venture with Cameco Corporation.

Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits. Uranium grades have revealed grades upwards of 58.3 percent uranium over 3.5 meters near the north point of the property. Exploration by Purepoint and Cameco has firmly established the presence of uranium mineralization, hydrothermal alteration and the location of several basement electromagnetic conductors, which have yet to be drilled.

Purepoint remains excited to continue exploring this element-rich property and tap into underexplored targets across Smart Lake.

Red Willow Project

The 100-percent owned Red Willow property consists of 17 mineral claims across a total area of 40,116 hectares on the eastern edge of the Athabasca Basin in Northern Saskatchewan. The property is located close to several uranium deposits including Orano Resources Canada Inc.’s JEB mine, approximately 10 kilometers to the southwest and Cameco’s Eagle Point mine that is approximately ten kilometers due south. Red Willow could see similar mining feats as these established assets.

Geophysical surveys conducted by Purepoint at Red Willow 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. A total of twenty-one conductive zones have been identified as priority exploration targets, which Purepoint remains excited to explore.

The 2021 Red Willow drill program returned uranium values (0.012% U3O8 over 5.5 metres and an additional 0.06% U3O8 over 0.4 metres from drill hole GEN21-05) and will be followed up in 2022.

Turnor Lake Project

The Turnor Lake project is a 100-percent owned asset that consists of four claims totalling 9,705 hectares on the eastern side of Canada’s Athabasca Basin. The property includes four defined exploration areas: the Serin Conductor, the Laysan zone, the Turnor Lake zone and the Turaco zone.

The Serein Conductor lies within the La Rocque corridor and hosts several major prospects including Cameco Corp’s La Rocque showing and IsoEnergy Ltd.’s Hurricane zone, which reported results of 38.8 percent uranium over 7.5 meters. Purepoint has already conducted extensive geophysical programs to outline approximately 34 kilometers of conductors throughout the Turnor Lake project. The company intends to continue to explore this asset through technological modelling, targeting and geochemical discovery.

Purepoint Uranium Group’s Management Team

Chris Frostad – BBA, CA, CPA, President & CEO

Chris Frostad is a founding partner bringing over 40 years of expertise to his position as president and CEO. He led Public Companies in both the technology and mining & metals industries.

Throughout his career, Frostad has been instrumental in the development and building of a variety of high growth, early-stage, public and private companies.

Before Purepoint, he held numerous senior positions in the technology industry including CEO in Residence of a Toronto-based Venture Capital firm. Frostad is a Chartered Accountant and a Chartered Professional Accountant who began his career in International Taxation with Deloitte.

Scott Frostad – BSc, MASc, P.Geo, VP of Exploration

Scott Frostad’s experience in the mining industry throughout Canada spans over three decades. He brings to his position as VP of Exploration a background in mineral exploration with renowned mining companies such as Lac Minerals, Teck and Placer Dome. Most recently, he was the environmental specialist for Cogema Resources Inc. and managed environmental issues at both the Cluff Lake and McClean Lake Uranium Mines in Northern Saskatchewan.

Frostad is a graduate of the University of Western Ontario with a B.Sc. in Geology and holds an M.A.Sc. in Mining and Mineral Process Engineering from the University of British Columbia. He is a Member of the Association of Professional Engineers and Geoscientists of British Columbia and the Association of Professional Engineers and Geoscientists of Saskatchewan.

Ram Ramachandran – BA, CA, CPA, CFO

Before his position as CFO with Purepoint, Ram Ramachandran brings an 11-year tenure as deputy director and associate chief accountant with the Ontario Securities Commission. Most recently, Ramachandran provided advisory services in the area of litigation/compliance to numerous companies. To his credit, Ramachandran conceived, developed and launched the Canadian Securities Reporting Advisor – an online compliance tool for public companies.

Linda Tong – B.Sc., GIS Specialist

Linda Tong has been Purepoint Uranium’s GIS Specialist since January 2006. She has over 20 years of experience in GIS application, GIS development and computer programming.

Tong is a graduate of Wuhan University with a B.Sc. in Computer Science & Application.

Jeanny So – Corporate Communications

Jeanny So has over 20 years of experience in operations, investor relations, sales & marketing in the financial industry and has executed corporate communication programs for several private and publicly-listed companies.

Keep reading... Show less
Purepoint Uranium Group Inc. Closes Final Tranche of Private Placement

Purepoint Uranium Group Inc. Closes Final Tranche of Private Placement

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce the closing of the final tranche of the previously announced non-brokered private placement (the "Private Placement"). Together with the first tranche of the Private Placement, the Company issued a total of 10,107,643 flow-through units for aggregate gross proceeds of $1,415,070. Each Flow-Through Unit consists of one common share in the capital of the Company to be issued on a "flow through" basis pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.20 per share for a period of 24 months from the date of issue.

Together with the first tranche of the Private Placement, the Company paid finders' fees consisting of a total of $81,004.20 in cash and issued a total of 578,601 non-transferrable compensation warrants. Each compensation warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.20 per share for a period of 24 months after the date of issuance.

Keep reading... Show less
Purepoint Uranium Closes First Tranche of Private Placement

Purepoint Uranium Closes First Tranche of Private Placement

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the closing of the first tranche of a non-brokered private placement (the "Private Placement") of 9,393,943 flow-through units (the "Flow-Through Units") at a price of $0.14 per unit for aggregate gross proceeds of $1,315,012.02. Each Flow-Through Unit consists of one common share in the capital of the Company to be issued on a "flow through" basis pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.20 per share for a period of 24 months from the date of issue. The closing is subject to final acceptance by TSX Venture Exchange of the Private Placement.

In connection with the closing of the private placement, the Company paid certain finders' fees consisting of, in aggregate, $75,000.72 in cash and 535,719 non-transferable compensation warrants. Each compensation warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.20 per share for a period of 24 months after the date of issue.

Keep reading... Show less
Purepoint Uranium Outlines Upcoming Exploration Plans

Purepoint Uranium Outlines Upcoming Exploration Plans

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today released its exploration schedule for the coming year, focusing on its large portfolio of 100% owned uranium projects strategically located across Canada's Athabasca Basin; host to the world's highest grade uranium resources.

"We intend to take full advantage of the renewed financial support afforded to us by the ongoing recovery of uranium prices," said Chris Frostad, Purepoint's President and CEO. "We are now in a position to follow up on the significant discoveries already established across our portfolio of 100% owned projects."

Keep reading... Show less
Purepoint Uranium Announces Extension of Drill Program at 100% Owned Henday Lake

Purepoint Uranium Announces Extension of Drill Program at 100% Owned Henday Lake

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced that its fall drill program at its 100% owned Henday Lake Project in the northeastern margin of Saskatchewan's Athabasca Basin has been extended to December 2021.

"We were fortunate enough to secure our drill and crew for another 4 or 5 weeks allowing us to continue our inaugural drill testing at Henday," said Scott Frostad, VP Exploration at Purepoint. "The first few holes were difficult due to our targets being deeper than anticipated and the interception of numerous unconsolidated sand seams have resulted in a hole being restarted. None the less, we are excited that we now have enough time and budget to test more targets than originally planned."

Keep reading... Show less

NexGen Reports 2021 Exploration and Site Geotechnical Confirmation Drilling Results

NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce radioactivity results and the completion of the 2021 field programs that focused on exploration and a detailed geotechnical site confirmation program at the Arrow Deposit ("Arrow" or the "Project") at the 100% owned, Rook I property, in the Athabasca Basin, Saskatchewan .

2021 Exploration Program Highlights:

Keep reading... Show less
GTI Resources Company Logo

Recommencement Of Field Program At Thor Isr Uranium Project

GTI Resources Ltd (GTI or Company) is pleased to advise that the 2022 work program is scheduled to commence the week of January 31 with field reconnaissance and drilling preparation now underway at the Thor ISR uranium project in Wyoming’s Great Divide basin (Figure1). Two mud rotary drill rigs will be re‐mobilised in the coming weeks subject to conditions, to complete the remaining ~60 holes of a planned 50,000‐foot (~15,000m) ~100‐hole maiden drill program at Thor1.

Keep reading... Show less
CanAlaska Deals Further Three Uranium Projects for AUD$15M

CanAlaska Deals Further Three Uranium Projects for AUD$15M

Basin Energy has Staged Option to Earn up to 80% Interest in Two Properties and Additional Option to Earn up to 100% in One Property

Focus on High-Grade Eastern Athabasca Basement and Unconformity Uranium Targets

Keep reading... Show less
Release - CanAlaska Deals Further Three Uranium Projects for AUD$15M

Release - CanAlaska Deals Further Three Uranium Projects for AUD$15M

Vancouver, Canada, January 26, 2022 CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has entered into a Letter of Intent ("LOI") with Basin Energy Limited ("Basin Energy"), an Australian unlisted public company, to allow Basin Energy to earn up to an 80% interest in CanAlaska's 100%-owned North Millennium and Geikie projects, and a 100% interest in CanAlaska's 100%-owned Marshall project. These projects total 50,994.56 hectares in the Eastern Athabasca Basin in Saskatchewan, Canada Read More >>

News Provided by Channelchek via QuoteMedia

Keep reading... Show less
GTI Resources Logo

GTI Activities Report, December Quarter 2021

GTI Resources Limited (GTI or the Company) is pleased to report on its activities for the December 2021 quarter.

Keep reading... Show less

Are Thorium Reactors the Future of Nuclear Energy?

The world’s energy needs are expected to skyrocket thanks to population growth and higher demand from developing nations, making thorium reactors increasingly appealing.

Nuclear energy is considered by some to be green energy because it does not produce direct carbon dioxide emissions, unlike fossil fuels, which contribute to air and water pollution.

Over the last decade, more countries around the world have turned to nuclear as an energy source, integrating nuclear energy into their energy grids, specifically to produce electricity.

Keep reading... Show less

Latest Press Releases

Related News

×