Energy

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today the commencement of mobilization efforts at the 100%-owned Red Willow project within the eastern uranium mine district of the Athabasca Basin, Saskatchewan Canada. This past winter's drilling intersected uranium mineralization along 1.2 kilometres of strike length associated with the northern area of the Osprey Zone electromagnetic (EM) conductor.

"We are now following up on assays that confirm the presence of uranium mineralization over a distance of nearly a mile, suggesting that a broad mineralizing event occurred throughout this region," said Chris Frostad, President and CEO at Purepoint. "Last winter's drill program consistently returned anomalous uranium highlighted by RW22-06 that intersected 0.47% U3O8 over 0.9 metres and our final winter hole RW22-15 which encountered alteration and structure favourable to uranium deposition."

Highlights

  • Drilling is expected to begin late September.
  • Purepoint plans for 3,500 metres of drilling across 10 holes.
  • The drill program will be utilizing helicopter support and will initially focus on determining the extent of the uranium mineralization along the Osprey conductor.
  • A winter follow-up drill program for the Osprey Zone and other primary target areas that are best drilled during winter months.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3218/137737_e28662516481e806_002.jpg
Figure 1: Location Map of Red Willow's Osprey Zone 2022 Drill Program

To view an enhanced version of this graphic, please visit:
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Table 1: Final Assay Results for Red Willow's Osprey Zone 2022 Drill Program

Hole NumberFrom
(m)
To (m) Width
(m)
U (ppm)U3O8
(wt%)
OSP22-04


            
70.471.20.8950.01
78.579.40.9530.01
152.3152.70.4770.01
OSP22-0554.254.90.7850.01
OSP22-06


Including
75.779.63.6550.01
86.893.06.26840.08
89.990.80.93,9900.47
OSP22-07121.0121.30.3730.01
122.5123.51.0750.01
OSP22-08141.9142.20.3790.01
OSP22-09
OSP22-10


      
72.874.31.5750.01
78.981.02.1860.01
105.0105.30.3760.01
OSP22-11140.9141.50.6920.01
OSP22-12148.6155.06.41590.02
OSP22-1380.080.50.52,2600.27
OSP22-14
OSP22-15

 
Samples returning >50 ppm U; Background considered

Geochemical Assaying

Core samples are submitted to the Saskatchewan Research Council (SRC) Geoanalytical Laboratories in Saskatoon. The SRC facility is ISO/IEC 17025:2005 accredited by the Standards Council of Canada (scope of accreditation #537). The samples are analyzed using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 fusion, and for uranium by fluorimetry. All drill intercepts are core width and true thickness is yet to be determined.

Red Willow Project

The 100% owned Red Willow property is situated on the northern edge of the eastern Athabasca Basin mine corridor in Northern Saskatchewan, Canada. The property is located in close proximity 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.

Red Willow consists of 17 mineral claims having a total area of 40,116 hectares. Geophysical surveys conducted by Purepoint 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/137737

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

To listen to the Interview, please visit:
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