Toronto, Ontario, June 25, 2024 – Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) (“Purepoint” or the “Company”) today announced significant exploration advancements at its Turnor Lake project, located in the prolific Athabasca Basin of Northern Saskatchewan. After nearly 15 years since the last major drilling campaign, Turnor Lake is being revitalized with a completely fresh geological and geophysical outlook, positioning it as a potential host for the next major uranium discovery in Saskatchewan. A drill program is currently underway at Turnor Lake, aiming to explore and define the extent of uranium mineralization.
“Our recent exploration efforts at Turnor Lake have been incredibly promising” said Chris Frostad, President and CEO of Purepoint. “The strategic geological setting, combined with our advanced data integration, positions Turnor Lake as a potential major contributor to the global uranium market. As our current drill program winds up over the next few weeks, we will be in a position to demonstrate the potential of a new and vivid project in the heart of this proven uranium region.”
The Turnor Lake project spans 9,705 hectares across vital structural and conductive corridors, aligning with the region’s significant uranium discoveries and historical high-grade deposits. Our exploration revitalization is driven by the application of advanced technology and methodologies while integrating a wealth of historical data with ongoing real-time drilling insights.
Scope of Work:
In collaboration with Condor North Consulting ULC, Purepoint is conducting a comprehensive assessment of its historic geophysical surveys, including VTEM EM, magnetics, DC resistivity, TDEM, and gravity surveys. The goal is to develop new geological interpretations and refine the targeting of prospective zones through advanced data integration and modeling techniques.
Key Objectives:
- Data Integration: Review and integrate historical geophysical survey data, including ground fixed loop TEM, ground gravity, and DC resistivity surveys, with geology from ongoing drilling results.
- Advanced Modeling: Employ state-of-the-art 3D modeling and analytical methods to enhance the precision of potential deposit locations.
- Target Identification: Focus on locating good electromagnetic conductors representing fault-controlled graphitic/pelitic zones and identifying fault zones and other structures that could control the locations of uranium deposits.
Program Highlights:
- Magnetics: Generate 2D filtered grids and 3D magnetic susceptibility solutions.
- VTEM Surveys: Perform layered earth inversions and Maxwell plate modeling on selected targets.
- Ground TEM Surveys: Develop plate models using data from multiple grids.
- Gravity and Resistivity: Create 3D models from merged data sets to delineate structural and conductive features.
Exploration Advancements:
The recent upturn in uranium prices and advancements in exploration technology have significantly enhanced the project’s potential. By leveraging a meticulous reassessment of an extensive array of historical geophysical surveys and integrating these with ongoing drilling insights, Purepoint aims to redefine the geological understanding of Turnor Lake.
Next Steps:
- Continue integrating and recalibrating historical geophysical survey data with ongoing drilling results.
- Implement advanced 3D modeling and analytical methods to refine geological interpretations.
- Further drilling to explore and define the controls of uranium mineralization.
About the Turnor Lake Project:
The Turnor Lake project, located in the prolific Athabasca Basin of Northern Saskatchewan, stands out as an exceptionally promising uranium exploration endeavor. Spanning 9,705 hectares across vital structural and conductive corridors known for significant uranium discoveries, the project benefits from a strategic geological setting that aligns with historical high-grade deposits in the region.
Comprehensive geophysical surveys and targeted drilling have repeatedly highlighted the potential for substantial uranium mineralization, particularly along the La Rocque Structural Corridor that hosts the Hurricane Uranium Deposit. With existing infrastructure facilitating access and exploration, and recent drilling revealing encouraging mineralization, Turnor Lake is poised to potentially become one of the most significant new contributors to the global uranium market.
Options:
Yesterday the Company approved the issuance of a total of 3,800,000 options to its Board of Directors, management and certain staff members pursuant to the Company’s Omnibus Equity Incentive Compensation Plan. The options are exercisable at a price of $0.03 per common share and expire on a date that is five years from the date of grant.
About Purepoint Uranium Group Inc.:
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) is a focused explorer with a dynamic portfolio of nine advanced projects within the renowned Athabasca Basin in Canada. Key projects include the flagship Hook Lake joint venture with industry leaders Cameco and Orano, and the Smart Lake joint venture solely with Cameco.
Beyond these partnerships, Purepoint proudly manages seven wholly-owned projects, each featuring established uranium targets. Additionally, the Company holds a promising VHMS project currently optioned to and strategically positioned adjacent to and on trend with Foran Corporation’s McIlvena Bay project. Through a robust and proactive exploration strategy, Purepoint is solidifying its position as a leading explorer in one of the globe’s most significant uranium districts.
Scott Frostad BSc, MASc, 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: 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.
