Energy

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today released the interpreted results of its summer airborne gravitymagnetic survey over their 100% owned Carson Lake and Russell South Uranium Projects which lie on the eastern edge of the Athabasca Basin, Saskatchewan Canada.

"We are excited to add these new prospects to our pipeline of drill-ready projects and will be evaluating them for inclusion in our 2023 drill programs," said Scott Frostad, VP Exploration at Purepoint. "These targets are considered to be associated with major uranium finds along the eastern part of the Basin and the completion of the airborne geophysical surveying has provided a clear path to commence drilling."

Highlights

  • Purepoint completed airborne Gravity Gradiometer, Gravity and Magnetic Surveys across both Carson Lake and Russell South this summer.
  • The surveys covered 1,364 kilometres of flight at 100 metre spacings.
  • Final interpretation in conjunction with previous surveys have outlined three targets at Carson Lake and five targets at Russell South.
  • For more information on Carson Lake, including location map, visit: https://purepoint.ca/projects/carson-lake/.
  • For more information on Russell South, including location map, visit: https://purepoint.ca/projects/russell-south/.

Carson Lake Project

The 100% owned, 4,972 hectare, Carson Lake Project adjoins ValOre Metals Hatchet Lake Project on the north-eastern edge of the Athabasca Basin. The project covers a historic airborne geophysical electromagnetic (EM) survey that outlined a strong northeast trending EM conductor approximately 10 kilometres in length. The survey covered two of the primary target areas.

To the north, the Killock target is presumed to be graphitic pelite that has been incorporated into the north-south trending Killock Fault. Brittle structures such as the Killock fault intersecting ductile rock types, such as graphitic pelite, can create favourable dilation zones and allow uranium-rich fluids to become trapped.

The Lejour target is located where the north-south trending Lejour Fault crosscuts the main conductive trend. Gravity results suggest that the conductive trend is associated with a lithologic contact. Interpretation of the EM results suggests the single conductor west of the Lejour Fault is present as two parallel conductors east of the fault. The lower priority Trunk target is a 1-kilometre long, sigmoidal shaped EM conductor located within the southeast portion of the project.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3218/137051_f64cecfbc403f9cd_002.jpg

Figure 1 Carson Lake Gravity Map

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/3218/137051_f64cecfbc403f9cd_002full.jpg

Russell South Project

The 100% owned Russell Lake Project is located near the south-central edge of the Athabasca Basin covering an area of 13,320 hectares.

Five target areas have now been identified at the project. The four eastern targets are based on the recent results from the airborne geophysical survey. The target zones are coincident airborne gravity low and magnetic low responses, interpreted as favourable rock types and/or alteration zones, that are proximal to north-northwest trending structures. The western Treleaven target area hosts historic coincident geochemical anomalies possibly related to a dilational zone lying between the interpreted north-south faults.

The project adjoins Cameco's Key Lake project on which the Key Lake Mine produced over 200 million pounds of uranium at a grade averaging 2.3% U3O8 between 1983 and 1997. In addition, the project adjoins the Moore Lake Project owned by Skyharbour Resources Ltd. with their high-grade Maverick Zone and Rio Tinto's Russell Lake Project to the west and south.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3218/137051_f64cecfbc403f9cd_003.jpg

Figure 2: Russell South Gravity Map

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/3218/137051_f64cecfbc403f9cd_003full.jpg

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 exploration 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/137051

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*To view tables and figures, please visit:
https://abnnewswire.net/lnk/683378TY

To listen to the Interview, please visit:
https://www.abnnewswire.net/press/en/114017/syh



About Skyharbour Resources Ltd.:

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