Toronto, Ontario--(Newsfile Corp. - November 28, 2024) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to report the identification of eight high-priority exploration targets following the completion of two advanced airborne geophysical surveys at its 100% owned Russell South project, located in the Athabasca Basin, SK, Canada. The new exploration targets have been refined to focus on conductive areas associated with potential hydrothermal alteration and favorable structures, bolstering the project's potential for significant uranium discovery.
Scott Frostad, Vice President of Exploration at Purepoint, noted, "The airborne geophysical results have refined our existing targets and highlighted new prospective areas, thereby enhancing the project's potential for hosting uranium mineralization. Russell South is favourably situated along the Athabasca Basin's southeast edge, and we've scheduled an airborne tri-axial magnetic survey this Spring to better locate primary structures within our priority target areas for drill testing."
Key Highlights
- Comprehensive interpretation of two advanced airborne surveys:
- A VTEM Plus survey by Geotech Ltd., providing detailed electromagnetic data
- A MobileMT survey by Expert Geophysics Ltd., renowned for its deep penetration capabilities.
- Identification of eight high-priority target areas centering on conductive zones, possibly indicative of clay or hydrothermal alteration, and strong cross-cutting structural features.
- Refinement of the original Akal and Amber targets into four smaller, more focused target zones based on detailed data analysis.
- Addition of two new exploration target areas resulting from the interpreted geophysical results.
- The edge of the Athabasca Sandstone formation lies along the southeast corner of the project, with magnetic lows in the northwest indicating prospective Wollaston Group metasediments.
Next Steps
A high-resolution airborne magnetic survey is scheduled to commence late Spring 2025, enhancing the structural interpretation and further refining drill targets within the eight defined zones.
Figure 1: Russell South Showing Total Magnetic Intensity
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Figure 2: Russell South Showing Resistivity Depth Image at 200m Depth
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About 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.
Eight target areas have now been identified at the project. 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 structurally complex areas. 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.
About Purepoint Uranium Group Inc.
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) is a focused explorer with a dynamic portfolio of advanced projects within the renowned Athabasca Basin in Canada. The most prospective projects are actively operated on behalf of partnerships with industry leaders including Cameco Corporation, Orano Canada Inc., and IsoEnergy Ltd.
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.
For further details on the Russell Lake Project and Purepoint's exploration portfolio, visit www.purepoint.ca.
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.
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SOURCE: Purepoint Uranium Group Inc.
