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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today its exploration plans for 2024 with field programs at its two joint ventures and four of its 100% owned projects. All six projects reside in Canada's Athabasca Basin, the world's richest uranium district.
"The recent news of production shortfalls out of Kazakhstan has highlighted the long-term challenges in the nuclear fuel pipeline and truly ignited substantial attention towards those of us responsible for identifying new sources of uranium," said Chris Frostad, President & CEO of Purepoint. "Drilling is a priority this year as we follow up on our projects that have demonstrated the highest potential for discovery".
Scheduled Drill Programs
- Drilling is set to begin shortly at the Hook Lake JV project, jointly owned by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) as operator (see press release November 20, 2023). Mobilization is currently underway and proceeding well despite unseasonably cold temperatures.
- Plans have been completed for this Spring's drill program at the Company's 100% owned Red Willow project. Drilling will initially target the Long Lake area where over 5 kilometres of favourable EM conductors remains to be drill tested and historic drilling intersected a 1.6 metre radioactive structure in LL08-05 that included 269 ppm U over 0.5 m.
- Purepoint's Turnor Lake project is scheduled for drilling in late Q3 2024. Drilling will target the 2.3 km long Serin EM conductor, which lies on trend with IsoEnergy Ltd.'s Hurricane Deposit, and will also test the Turaco East conductor. A 2022 drill hole at Serin Lake, SL22-02A, encountered two graphitic zones with weak shearing and returned 331 ppm U over 0.8 metres (326.6 to 327.4 metres). The Serin Lake conductor remains prospective between SL22-02A and the historic hole SL-08-01 and is still untested to the Northeast. Drilling is also scheduled for the Turaco East conductor where historic hole Q-2 returned an anomalous uranium result of 886 ppm over 30cm.
Scheduled Geophysical Programs
- In Q1 2024, the Company will conduct detailed airborne electromagnetic (EM) and radiometric surveys at its 100% owned Russell South project. Survey results will be used to define discrete targets for next step drilling.
- In April, Purepoint will conduct Stepwise Moving Loop and Fixed Loop Transient EM surveys at the Smart Lake JV project, jointly owned by Cameco Corp. (73%), and Purepoint Uranium Group Inc. (27%) as operator. Survey results from the northern Groomes Lake conductor will be used to define discrete targets for next step drilling.
- During the summer months, the Company intends to conduct an airborne gravity survey over the high potential target zones identified during 2023 at the Tabbernor project.
Additional detail on each of these programs will be provided as they commence. A complete overview of all Purepoint's exploration projects and next steps can be found on the company's website at https://purepoint.ca/investor/portfolio-handbook/.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 9 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 seven, 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, 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 website at https://purepoint.ca, our X 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/195169
