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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today provided an update on the recently completed winter uranium exploration programs at its 100% owned Red Willow Project, its 100% owned Tabbernor Project and the Hook Lake Joint Venture all in Northern Saskatchewan, Canada.
"We are pleased to report that our winter session this year was both busy and highly productive. In addition to the outstanding results, we previously announced from the Hook Lake JV, we are happy to share that our drilling efforts at the Osprey, Geneva, and Radon Lake Zones on the Red Willow Project continue to show that uranium mineralization and alteration is present throughout the property," said Scott Frostad, Vice President of Exploration at Purepoint. "We have also made significant progress with our Tabbernor Project by utilizing the results of our recent VTEM survey to secure additional prospective ground. The recently staked claims cover a strong east-west conductive system and have consolidated our north-south claims thereby expanding the project to 70,598 hectares in size."
Highlights
3,854 metres of diamond drilling were completed in 15 holes at the Red Willow Project across the Osprey, Geneva and Radon Lake zones.
Given the property size and number of targets yet untested, a newly completed, National Instrument 43-101 compliant technical report on the Red Willow project will be filed on Friday and can be found at https://purepoint.ca/projects/red-willow/ - "Technical Report on the Red Willow Project, Northern Saskatchewan, Canada April 28, 2023".
The Company is now planning programs at Red Willow to conduct first-pass drill testing of geophysical targets in the Dancing Lake, Long Lake, Topping Island, Golden Eye, Ghost Lake, Horse Lake, Boundary, Jeffrey, Dominic and Cunning Bay areas (46 kilometres of combined conductors).
An additional 12,957 hectares of property were staked, connecting the Tabbernor Block and securing the entire length of the target conductors identified this past summer. Additional information regarding the Tabbernor Project will be provided in a separate release.
The winter drill program at Red Willow continued to follow up on radioactivity along EM conductors, that are shared with the neighbouring Orano/Denison Wolly project to the west, for both basement and unconformity hosted economic uranium mineralization. As we continue to identify favourable geology, widespread alteration and elevated radioactivity across the project, the Company will extend its efforts to the additional ten targets zones defined on the property.
2023 Red Willow Significant Drill Results
| Hole No. | From (m) | To (m) | Width (m) | U (ppm) |
| GEN23-08 | 231.0 | 232.9 | 1.9 | 126 |
| GEN23-08 | 239.4 | 239.9 | 0.3 | 1380 |
| GEN23-09 | 192.3 | 192.5 | 0.2 | 697 |
| GEN23-10 | 211.8 | 212.2 | 0.4 | 208 |
| GEN23-10 | 219.3 | 219.8 | 0.5 | 478 |
| GEN23-11 | 198.5 | 199.4 | 0.9 | 236 |
| RAD23-01 | 197.1 | 197.5 | 0.4 | 195 |
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 near 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.
Tabbernor Project
The 100% owned Tabbernor Project was staked along three major trends of the Tabbernor Fault System, a deep seated, 1,500 kilometre crustal shear system that runs north through the Athabasca Basin. The system not only hosts over 80 historic mines and gold occurrences but as well cross cuts the Basin's mine trend aligning itself with 8 of the Basin's largest uranium discoveries.
The Tabbernor Project consists of 31 claims that total 70,598 hectares. The original block of three north-south claim groups (23 claims) that covered Tabbernor structures have now been joined by an additional 8 claims that cover a strong east-northeast trending belt of conductive rocks.
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/163746
