Uranium

Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") has announced the closing of its brokered private placement (the "Private Placement") previously announced on March 14, 2022, with Red Cloud Securities Inc. ("Red Cloud") pursuant to which Red Cloud acted as lead agent and sole bookrunner. In connection with the closing, the Company issued 25,001,000 flow-through units ("FT Units") at a price of C$0.14 per FT Unit for aggregate gross proceeds of C$3,500,140. Each FT Unit consists of one common share in the capital of the Company (each, a "Flow-Through Share") issued on a "flow through" basis pursuant to the Income Tax Act (Canada) and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of C$0.20 per share for a period of 24 months from the date of issuance. The closing is subject to final acceptance by the TSX Venture Exchange of the Private Placement.

In connection with the closing of the Private Placement, the Company has paid Red Cloud cash commissions in the aggregate amount of C$210,008.40 and issued to Red Cloud 1,500,060 non-transferrable compensation warrants ("Broker Warrants"), with each Broker Warrant exercisable to purchase one common share of the Company at a price of C$0.14 per share for a term of 24 months following the closing date.

The gross proceeds from the sale of Flow-Through Shares will be used for the exploration and advancement of the Company's projects in the Athabasca Basin in Saskatchewan and will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of Flow-Through Shares. 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 August 15, 2022.

About Purepoint

Purepoint Uranium Group Inc. actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium region. Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc. The Hook Lake JV Project is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over 1.3m including 10m interval of 10.3% U3O8). Together with its flagship project, the Company's projects stretch across approximately 175,000 hectares of claims throughout the Athabasca Basin. These claims host over 20 distinct and well-defined drill target areas with advanced geophysical surveys completed, and in some cases, have had first pass drilling performed.

For more information, please contact:

Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca

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.

Not for Dissemination in the United States or through U.S. Newswire Services

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120424

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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.

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.

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.

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.

Purepoint Uranium Outlines Upcoming Exploration Session

Purepoint Uranium Outlines Upcoming Exploration Session

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today outlined their remaining 2022 exploration plans for the Hook Lake Joint Venture and eight of their 100% owned projects in the Athabasca Basin, Saskatchewan Canada. These plans include follow-up drilling at the Company's Red Willow project where this winter's program outlined an astounding 1.2 kilometres of continuous elevated radioactivity (see news release April 19, 2022).

"By the end of the year we will have completed updated field work at all of our ten, 100% owned uranium projects. This work has included follow-up drilling at some of our high priority targets, inaugural drilling at our more advanced prospects and initial geophysical work over our earlier stage properties," noted Chris Frostad, President & CEO of Purepoint. "Although we continue to advance our entire portfolio, we are most excited about returning to our newest priority at Red Willow's Osprey Zone. The discovery of a clearly defined continuous zone of radioactivity extending across such a long distance, with peaks exceeding 33,000 counts per second, provides an exciting preview of what our next program may demonstrate."

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today the completion of its winter drill program at the 100%-owned Red Willow project within the eastern uranium mine district of the Athabasca Basin, Saskatchewan Canada. The winter drilling has defined a continuous corridor of elevated radioactivity associated with the Osprey Zone electromagnetic (EM) conductor.

"Spanning over a one-kilometre distance, we have been able to consistently target and intersect elevated radioactivity north of our original Osprey Zone discovery," explained Scott Frostad, VP Exploration at Purepoint. "Moving the drill with large 300 metre step outs, we have determined that the northern portion of the Osprey EM conductor was subject to an area wide mineralization event resulting in the potential for significant uranium deposition. More importantly, our final hole of the season, OSP22-15, encountered numerous structures with hematite alteration and silicification. We were unable to begin a second hole at this location due to spring conditions, but we certainly intend to resume drilling here as soon as practical later this year."

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Purepoint Uranium Announces Brokered Flow-Though Private Placement of up to C$2.5 Million

Purepoint Uranium Announces Brokered Flow-Though Private Placement of up to C$2.5 Million

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") has entered into an engagement agreement (the "Engagement Agreement") with Red Cloud Securities Inc. ("Red Cloud") pursuant to which Red Cloud will act as lead agent and bookrunner to sell up to 17,858,000 flow-through units of the company ("FT Units") at a price of C$0.14 per FT Unit (the "Offering Price") on a fully marketed, private placement basis for aggregate gross proceeds up to C$2,500,120 (the "Offering"). Each FT Unit shall comprise one flow-through common share of the Company (each, a "FT Share") and one warrant. Each warrant shall be exercisable to acquire one common share of the company (each, a "Warrant Share") at a price of C$0.20 at any time on or before the date which is 24 months following the closing date of the Offering.

Pursuant to the Engagement Agreement, the Company has granted Red Cloud an option, exercisable up to 48 hours prior to the closing of the Offering, to sell up to 7,143,000 FT Units at the Offering Price for additional gross proceeds of up to $1,000,020.

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Purepoint Uranium Receives DTC Eligibility

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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today that its common shares are now eligible for settlements through the Depository Trust Company ("DTC"), a subsidiary of the Depository Trust & Clearing Corp. that manages the electronic clearing and settlement of publicly-traded companies in the United States.

"This eligibility will simplify the electronic settlement for US based investors and enhance the ability of these investors to participate in the Company's progress as uranium prices rapidly move towards incentive levels," said Chris Frostad, Purepoint's President & CEO. "This access helps increase the liquidity of our shares and expand our presence in the US capital markets."

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Purepoint Uranium Begins the 2022 Season Returning Over 33,000 CPS From Initial Drilling at Red Willow's Osprey Zone

Purepoint Uranium Begins the 2022 Season Returning Over 33,000 CPS From Initial Drilling at Red Willow's Osprey Zone

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce today, preliminary results from its current drill program at the 100%-owned Red Willow project within the eastern uranium mine district of the Athabasca Basin, Saskatchewan Canada. Ongoing drilling is tracking and defining a uranium bearing hydrothermal system at the Osprey Zone highlighted by diamond drill hole OSP22-06 that returned 4.0 metres averaging 5,800 counts per second ("CPS") with a peak of 33,070 CPS.

"The high levels of radioactivity in these initial drill holes are very similar to the mineralized setting we experienced near the Spitfire deposit at the Hook Lake JV Project and may demonstrate a system of widespread uranium mineralization," explained Scott Frostad, VP Exploration at Purepoint. "This open, untested trend continues for approximately two kilometres to the north and one-half kilometre to the south giving us plenty of drilling to complete before the season ends."

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Cameco's ownership stake in the Cigar Lake uranium mine in northern Saskatchewan now stands at 54.547%, 4.522 percentage points higher than it was prior to the transaction, while Orano's interest is 40.453%, an increase of 3.353 percentage points from its previous share. TEPCO Resources Inc. retains the remaining 5% interest in the property.

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Your vote is important - please vote today.

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  • Two holes returned some the strongest elevated radioactivity intersections on ACKIO
  • AK22-040: 744 cps over 22.75 m at 115.05 m (new 2 nd best radioactivity intersection)
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  • Change in drill azimuth direction has yielded a 100% intersection success

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) (" Baselode " or the " Company ") is pleased to provide an update on the ongoing 20,000 metre diamond drilling program (the " Program ") on the ACKIO high-grade uranium discovery (" ACKIO "), Hook project (" Hook "), Athabasca Basin area, northern Saskatchewan (see Figure 1 and Table 1 ).

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