Toronto, Ontario, March 2, 2022 – Purepoint Uranium Group Inc. (TSXV: PTU)(OTCQB: PTUUF) (“Purepoint” or the “Company”) is pleased to announce today, preliminary results from its current drill program at the 100%-owned Red Willow project within the eastern uranium mine district of the Athabasca Basin, Saskatchewan Canada. Ongoing drilling is tracking and defining a uranium bearing hydrothermal system at the Osprey Zone highlighted by diamond drill hole OSP22-06 that returned 4.0 metres averaging 5,800 counts per second (“CPS”) with a peak of 33,070 CPS.
“The high levels of radioactivity in these initial drill holes are very similar to the mineralized setting we experienced near the Spitfire deposit at the Hook Lake JV Project and may demonstrate a system of widespread uranium mineralization.” explained Scott Frostad, VP Exploration at Purepoint. “This open, untested trend continues for approximately two kilometres to the north and one-half kilometre to the south giving us plenty of drilling to complete before the season ends”.
Highlights
- Seven holes have now been completed in 2022 totaling 1,247 metres at the Osprey Zone
- Five of the seven holes encountered anomalous uranium at a shallow depth from surface across a distance of 325 metres (see table and figures below)
- The highest levels of radioactivity were seen in holes OSP22-04 and OSP22-06 which presented peak radiation levels of 8,830 cps and 33,070 cps respectively
- The electromagnetic conductor that represents the graphitic unit hosting mineralization continues for approximately 2 kilometres north of the completed drilling. Purepoint intends to systematically continue drilling to the north where cross-cutting structures may have allowed for a more significant deposition of mineralization to occur
- A National Instrument 43-101 compliant technical report on the Red Willow project containing Purepoint’s work and analysis to date can be found on the Company’s web site at https://purepoint.ca/projects/red-willow/ (“Technical Report on the Red Willow Project, Northern Saskatchewan, Canada October 16, 2015”)
Table 1: Preliminary Results from current Drill Program at Red Willow’s Osprey Zone
| Hole Number |
From (m) |
To (m) | Width (m) | Avg CPS |
Peak CPS |
| OSP22-04 |
44.6 |
45.6 | 1.0 | 530 |
8,830 |
|
47.2 |
49.0 | 1.8 | 570 |
|
|
|
71.0 |
72.1 | 1.1 | 3,210 |
|
|
|
75.9 |
76.4 | 0.5 | 870 |
|
|
|
148.7 |
149.2 | 0.5 | 730 |
|
|
| OSP22-05 |
|
N/A |
|||
| OSP22-06 |
75.2 |
75.7 | 0.5 | 1,210 |
33,070 |
|
77.7 |
79.3 | 1.6 | 590 |
|
|
|
86.5 |
90.5 | 4.0 | 5,800 |
|
|
| OSP22-07 |
124.2 |
125.5 | 1.3 | 740 |
2,070 |
|
127.1 |
127.6 | 0.5 | 1,040 |
|
|
| OSP22-08 |
142.8 |
143.3 | 0.5 | 630 |
950 |
| OSP22-09 |
|
290 |
|||
| OSP22-10 |
72.6 |
74.1 | 1.5 | 560 |
1,160 |
|
78.4 |
80.5 | 2.1 | 840 |
|
|
|
104.6 |
105.1 | 0.5 | 630 |
|
Figure 1: Total Gamma (CPS) vs. Downhole Depth for Select Diamond Drill Holes
Figure 2: Red Willow’s Osprey Zone 2021/2022 Drill Program Location
Gamma Logging and Geochemical Assaying
A Mount Sopris 2PGA-1000 downhole total gamma probe was utilized for radiometric surveying. The total gamma results provided in Table 1 were selected using a cutoff of 500 cps over a 0.5 metre width. All drill intercepts are core width and true thickness is yet to be determined.
Core samples are submitted to the Saskatchewan Research Council (SRC) Geoanalytical Laboratories in Saskatoon. The SRC facility is ISO/IEC 17025:2005 accredited by the Standards Council of Canada (scope of accreditation #537). The samples are analyzed using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 fusion, and for uranium by fluorimetry.
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 located in close proximity to 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.
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.
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