Purepoint Uranium Acquires Strategic Land Positions in the Athabasca Basin, Saskatchewan
Purepoint Uranium Acquires Strategic Land Positions in the Athabasca Basin,
Saskatchewan
TORONTO, Feb. 21, 2018 -- Purepoint Uranium Group Inc. (the “Company” or “Purepoint”) (TSX.V:PTU) today reported that
since October, 2017 it has acquired through staking an additional 52,479 hectares of mineral claims in the Athabasca Basin,
Saskatchewan Canada representing a substantial increase in the Company’s 100% owned projects.
“We have taken a very precise and strategic approach to our staking - focusing on the enlargement of our existing projects or
securing highly prospective areas of defined potential,” said Chris Frostad, President & CEO at Purepoint. “Over the past four
months we have successfully added three new projects, enlarged two existing projects and nearly doubled our 100% owned
land position”.
“Much of our new ground lies on the SW edge of the Athabasca Basin, proximal to our Smart Lake Project. Our initial drilling
at Smart Lake identified a radioactive shear that was associated with intense alteration,” said Scott Frostad, Vice President
Exploration. “We have now re-interpreted the Smart Lake drill results in light of our knowledge gained from the neighbouring
Patterson Uranium District. Based on the similarity in structural and lithologic settings, we see the SW Athabasca Basin
region to be highly prospective and look forward to exploring our new ground”.
Highlights:
• Through staking, Purepoint has increased it’s 100% owned portfolio of Athabasca uranium projects from five projects
and 57,222 hectares to eight projects totaling 109,701 hectares;
• The Company’s drill-ready Umfreville and McArthur East projects have been enlarged from 6,369 hectares to a total of
14,203 hectares allowing room to properly follow up on initial drill discoveries;
• Purepoint’s new Rene Lake (5,437 hectares) and Shearwater (26,244 hectares) projects lie due north and due south
respectively of the Company’s Smart Lake project along the Clearwater Domain;
• A summary of the Company’s portfolio is below and a detailed location map can be found at
http://purepoint.ca/uraniumprojects/athabascabasin.php.
Current Active Project Portfolio:
Minimum annual exploration expenditures are required by the Province of Saskatchewan in order to maintain ownership of
property claims. Expenditures in excess of the minimum may be carried forward. The “Held Until” column represents the date
up to which claims remain in good standing in the absence of any further unfunded expenditures.
Drilling to date on the Company’s Smart Lake, Red Willow and Turnor Lake projects have all resulted in the identification of
uranium mineralization and related exploration indicators for further follow up drilling.
Project
Size
(hectares)
Ownership
Partners
Stage of
Completion
Purepoint
Investment
to Date
Next Steps Held Until
Hook Lake 28,598
21%
Cameco &
Areva
Discovery $6,750,000 Follow Up
Drilling
March
2028
Smart Lake 9,860 27%
Cameco
2,540 metres
Drilling $3,000,000 Follow Up
Drilling
July
2023
Red Willow 40,119 100% 16,550 metres
Drilling $9,250,000 Follow Up
Drilling
March
2024
Turnor Lake 9,706 100% 11,200 metres
Drilling $5,500,000 Follow Up
Drilling
August
2030
Umfreville 12,217 100%
Geophysical
Targets
Defined
$750,000 Initial Drilling July
2019
Henday
1,029 100%
Geophysical
Targets
Defined
$350,000 Initial Drilling February
2020
McArthur E. 5,602 100%
Geophysical
Targets
Defined
$250,000 Initial Drilling July
2019
Rene Lake
5,437 100% Greenfield $0 Geophysics March
2020
Shearwater
26,244 100% Greenfield $0 Geophysics January
2020
Langley Lake
9,147 100% Greenfield $0 Geophysics March
2020
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of its ten projects in the Canadian Athabasca Basin, the
world’s richest uranium region. Purepoint proudly maintains project ventures in the Basin with two of the largest uranium
producers in the world, Cameco Corporation and AREVA Resources Canada Inc. Purepoint is currently drilling its flagship
project, the Hook Lake JV, located in the Patterson Lake Uranium District.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical
content of this release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information please contact:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO
(416) 603-8368
www.purepoint.ca