Purepoint Uranium Announces Winter Program at Smart Lake JV Project
Purepoint Uranium Announces Winter Program
at Smart Lake JV Project
Toronto, Ontario--(Newsfile Corp. - November 21, 2023) - Purepoint Uranium Group Inc. (TSXV: PTU)
(OTCQB: PTUUF)
("Purepoint"
or the
"Company"
) announced today the approval of the 2024
exploration program for the Smart Lake JV Project that is jointly owned by Cameco Corporation (73%)
and Purepoint (27%). The Smart Lake Project is located approximately 18 km west-northwest of the
Hook Lake Project and 60 km south-southwest of Orano's former Cluff Lake mine within the western
Athabasca Basin, Saskatchewan, Canada. The 2024 exploration program is scheduled for Q1-2024
and will include transient electromagnetic (EM) surveys targeting the Groomes Lake conductor.
"In recent years, advancement of our western projects has focused primarily on our Hook Lake joint
venture. With the recent exploration successes in the region and a heightened market sentiment around
uranium, we are very excited to return to Smart Lake with our partner Cameco," said Chris Frostad,
President and CEO at Purepoint.
Highlights
The ground EM geophysical surveys will include approximately 15 km of Stepwise Moving Loop
(SWML) and 24 km of Fixed Loop (FL) transient electromagnetics (TEM) that target the northern
Groomes Lake conductor as follow up to previous airborne and ground geophysical results.
A DC resistivity/IP survey is planned to profile the Beatty River Fault, Groomes conductor, and
eastern magnetic low and help identify sandstone structure and alteration.
The Groomes Lake conductor is considered a highly prospective uranium target and has not yet
been drill tested.
Exploration at Smart Lake has firmly established the presence of graphitic shear zones that are
locally hydrothermally altered and host to anomalous uranium mineralization. Numerous priority
target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill tested.
During the 2019 re-logging of Smart Lake drill core, it was immediately recognized that the rocks
were similar to those encountered at our Hook Lake JV Project.
Geophysical surveys are expected to begin in Q1-2024.
Complete details of all Purepoint's exploration projects and next steps can be found on the
company's website at
https://purepoint.ca/investor/portfolio-handbook/
.
Smart Lake Project
Purepoint, as operator, holds a 27% ownership of the Smart Lake project in joint venture with Cameco
Corp.
The Smart Lake property includes two claims with a total area of 9,860 hectares situated in the
southwestern portion of the Athabasca Basin, approximately 60 km south of the former Cluff Lake mine
and 18 km west-northwest of Purepoint's Hook Lake JV Project.
Depth to the unconformity, where it occurs, is relatively shallow at less than 350 metres.
Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns
underlying the Shea Creek deposits (Indicated resource of 68M lbs at 1.50% U3O8; UEC PR Jan 2023)
55 km north of the property. Exploration by Purepoint has firmly established the presence of anomalous
uranium and hydrothermal alteration. Numerous priority target areas, where EM conductors are cross-cut
by east-west structures, are yet to be drill tested.
Like the Kianna fault at Shea Creek, known uranium mineralization at the Smart Lake project is
associated with the intersection of the east-west Arthur Fault and north-south-striking fluid/chemical traps
including the Shearwater conductor and chloritized mafic orthogneiss. The occurrence of low-grade
uranium mineralization along the Arthur Fault away from Shearwater conductor underscore the need to
target east-west structures both at the intersection with conductive anomalies and at magnetically
interpreted lithological contacts.
Additional east-west striking faults (Groomes Lake and Cristobal) have been interpreted from
examination of airborne magnetic and electromagnetic surveys. These faults are spatially related to
strong EM conductors identified in both airborne and ground-based geophysical surveys.
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:
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.
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