Toronto, Ontario, 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
- For more information on Russell South, including location map, visit: https://purepoint.ca/projects/russell-south/.
- 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.
Figure 1: Russell South Location Map
Figure 2: Russell South Regional Map
Figure 3: Russell South Gravity Map
Upcoming Exploration Announcements
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: 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.
