Toronto, Ontario--(Newsfile Corp. - March 21, 2024) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today initiated an airborne Mobile Magnetotellurics ("MobileMT") survey, including total field magnetic and VLF, at their Russell South Uranium Project which lies on the south-eastern edge of the Athabasca Basin, Saskatchewan Canada.
"Russell South is 20 kms east-northeast of Cameco's Key Lake mine and adjoins prominent uranium projects including Rio Tinto's Russell Lake property and Skyharbour Resources Inc's Moore Lake project" said Scott Frostad, VP Exploration at Purepoint. "Our previous airborne gravity survey results outlined four high-value target regions on the project and the planned MobileMT resistivity results will allow us to further develop those drill targets."
Highlights
The MobileMT survey detects resistivity contrasts of geology structures and boundaries and will cover approximately 1,064 kilometres of flight at 150 metre spacings.
The results of the airborne survey, carried out by Expert Geophysics of Aurora Ontario Canada, are expected for release in May 2024
A schedule of exploration activities and announcements for the next six months is summarized in the table below.
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.
Four target areas have now been identified at the project. The three 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 Russell Lake project is approximately 20 km ENE of the Key Lake Mine that 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.
The current 2024 schedule of exploration activities and results are expected to be available for dissemination as follows. Any additions or amendments will be noted in subsequent releases.
Timing
Project
Activity
April 2024
Hook Lake
Drill program complete - initial results
Russell South
Commencement of Airborne Electromagnetic (EM) survey
Smart Lake JV
Commencement of Ground EM survey
Turnor Lake
Outline of planned drill program
May 2024
Turnor Lake
Commencement of drill program
Smart Lake
EM survey results and interpretation
Russell South
Airborne EM results and drill program plan
Hook Lake/Smart Lake
Joint Venture meetings
June 2024
Red Willow
Outline of planned drill program
Tabbernor
Commencement of Airborne Gravity survey
July 2024
Red Willow
Commencement of drill program
Turnor Lake
Drill program complete - discussion of results
August 2024
Red Willow
Drill program complete - discussion of results
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of nine 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 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: [email protected]
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.
