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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce the commencement of a first-pass drill program along the high-priority Groomes Lake Conductive Corridor at the Smart Lake Joint Venture (JV) project in Saskatchewan's Athabasca Basin. The program will include four drill holes, totalling approximately 1,400 metres, to test the conductive belt of rocks refined by the 2024 ground electromagnetic (EM) survey.
The Smart Lake Project is a joint venture between Cameco Corporation (73%) and Purepoint (27%) and is located approximately 60 km south of the former Cluff Lake uranium mine and 18 km west-northwest of Purepoint's Hook Lake JV project.
"We are excited to launch this next phase of exploration at Smart Lake," said Chris Frostad, President & CEO of Purepoint Uranium. "While Smart Lake has seen previous drilling, this is the first time we are targeting our high-priority Groomes Lake conductors that were refined by the recent ground EM survey. Given the project's geological similarities to other major uranium deposits in the Athabasca Basin, we believe this program has the potential to advance Smart Lake's exploration story significantly."
Highlights
- Targeting recently refined high priority Groomes Lake Conductive Corridor (Figure 1)
- 4 diamond drill holes planned, totaling 1,400 metres
- Strong exploration partnership with Cameco enhances project development
- Building on historical drilling success that confirmed basement-hosted uranium mineralization
Advancing a High-Potential Uranium Target
The Groomes Lake Conductive Corridor will be targeted by the 2025 drill program and builds on Purepoint's late-2024 stepwise-moving loop and fixed loop time domain electromagnetic (EM) survey conducted by Diaz Geophysical. The survey outlined three discrete, parallel EM conductors for over 2.2 kilometers (Figure 1). The three EM conductors are approximately 100 metres apart, lie within a magnetic low response and are conformable with interpreted geologic contacts. Airborne geophysics show the conductors continue westward onto NexGen's neighbouring SW1 Project for an additional 2 kilometres.
The historic vertical hole SAM-13 failed to explain the conductor source and is now assumed to have stopped approximately 45 metres short of the intended target. Inversion of the Groomes Lake conductivity results suggest the conductors continue to depth and present an excellent opportunity for a basement hosted 'Arrow'-style discovery.
Previous drilling at Smart Lake intersected anomalous uranium within faulted and altered basement rocks, with drill hole SMT08-05 returning 147 ppm U over 15.4 metres (153.0 to 168.4 metres) from a hematite breccia and faulted sheared zone. The current drill program will test conductors in a structurally complex setting that has demonstrated the potential to host significant uranium mineralization.
Strategic Positioning in the Athabasca Basin
Purepoint continues to advance a highly prospective project portfolio in the Athabasca Basin, leveraging its strong partnerships with Cameco and other industry leaders. With uranium prices strengthening and the global supply-demand gap widening, the Company remains committed to unlocking new uranium discoveries through systematic, high-quality exploration.
Figure 1: Groomes Lake Conductive Corridor - 2024 Stepwise-Moving Loop (SWML) and Fixed Loop (FL) Time Domain Electromagnetic survey results
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Figure 2: Smart Lake Project Location
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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 (Figure 2). 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 geological indicators, combined with its strategic location and extensive geophysical data, position Smart Lake for uranium exploration success.
About Purepoint
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 VMS project currently optioned to and strategically positioned adjacent to and on trend with Foran Mining Corporation's McIlvenna 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.
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
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 the 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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