Purepoint Uranium and Cameco Approve 2025 Drill Program for Smart Lake Joint Venture
Purepoint Uranium and Cameco have approved a $1.2 million drilling program at the Smart Lake Joint Venture Project in Saskatchewan's Athabasca Basin. The program, set for 2025, will include approximately 2,500 metres of diamond drilling targeting the northern Groomes Lake conductor. Cameco owns 73% of the JV while Purepoint holds 27% and operates the project. A 39-line-km transient electromagnetic survey is currently underway to refine drill targets. The program builds on previous exploration success from 2008, where initial drilling revealed uranium mineralization, including an intersection of 147 ppm U over 15.4 metres in hole SMT08-05.
Purepoint Uranium e Cameco hanno approvato un programma di perforazione da 1,2 milioni di dollari presso il Smart Lake Joint Venture Project nella regione di Athabasca, in Saskatchewan. Il programma, previsto per il 2025, includerà circa 2.500 metri di perforazione a diamante mirata al conduttore nord di Groomes Lake. Cameco possiede il 73% della JV mentre Purepoint detiene il 27% e opera il progetto. È attualmente in corso un'indagine elettromagnetica transitoria di 39 chilometri per affinare i bersagli di perforazione. Il programma si basa sul successo esplorativo precedente del 2008, quando le perforazioni iniziali rivelarono mineralizzazione di uranio, inclusa un'intersezione di 147 ppm U su 15,4 metri nel foro SMT08-05.
Purepoint Uranium y Cameco han aprobado un programa de perforación de 1.2 millones de dólares en el Smart Lake Joint Venture Project en la Cuenca de Athabasca, Saskatchewan. El programa, previsto para 2025, incluirá aproximadamente 2,500 metros de perforación con diamante dirigida al conductor norte de Groomes Lake. Cameco posee el 73% de la JV, mientras que Purepoint tiene el 27% y opera el proyecto. Actualmente se está llevando a cabo una encuesta electromagnética transitoria de 39 kilómetros para refinar los objetivos de perforación. El programa se basa en el éxito exploratorio previo de 2008, donde las perforaciones iniciales revelaron mineralización de uranio, incluida una intersección de 147 ppm U sobre 15.4 metros en el agujero SMT08-05.
Purepoint Uranium와 Cameco는 사스카치완 아타바스카 분지에 있는 Smart Lake Joint Venture Project에 대해 120만 달러 규모의 드릴링 프로그램을 승인했습니다. 2025년에 예정된 이 프로그램은 Groomes Lake 북쪽 전도체를 목표로 약 2,500미터의 다이아몬드 드릴링을 포함할 것입니다. Cameco는 JV의 73%를 소유하고 있으며, Purepoint는 27%를 보유하고 이 프로젝트를 운영합니다. 현재 드릴링 목표를 정교화하기 위해 39km의 비토폭 전자기 조사가 진행 중입니다. 이 프로그램은 2008년 이전 탐사 성공을 기반으로 하며, 초기 드릴링에서 15.4미터에서 147 ppm U의 교차 지점을 포함한 우라늄 광물화가 밝혀졌습니다(SMT08-05 구멍).
Purepoint Uranium et Cameco ont approuvé un programme de forage de 1,2 million de dollars pour le Smart Lake Joint Venture Project dans le bassin d'Athabasca, en Saskatchewan. Le programme, prévu pour 2025, comprendra environ 2 500 mètres de forage au diamant ciblant le conducteur nord de Groomes Lake. Cameco détient 73% de la JV tandis que Purepoint en possède 27% et gère le projet. Une enquête électromagnétique transitoire de 39 kilomètres est actuellement en cours pour affiner les cibles de forage. Ce programme s'appuie sur le succès d'exploration précédent de 2008, où les forages initiaux ont révélé une minéralisation d'uranium, y compris une intersection de 147 ppm U sur 15,4 mètres dans le trou SMT08-05.
Purepoint Uranium und Cameco haben ein Bohrprogramm im Wert von 1,2 Millionen Dollar für das Smart Lake Joint Venture Project im Athabasca-Becken in Saskatchewan genehmigt. Das für 2025 geplante Programm umfasst etwa 2.500 Meter Diamantbohrungen, die auf den nördlichen Groomes Lake-Leiter abzielen. Cameco hält 73% der JV, während Purepoint 27% besitzt und das Projekt betreibt. Derzeit wird eine 39 Kilometer lange transient elektromagnetische Untersuchung durchgeführt, um die Bohrziele zu verfeinern. Das Programm baut auf den bisherigen Erkundungserfolgen von 2008 auf, als erste Bohrungen Uranmineralisierung offenbarten, einschließlich einer Schnittstelle von 147 ppm U über 15,4 Meter im Bohrloch SMT08-05.
- Secured $1.2 million funding for 2025 drilling program
- Partnership with major uranium producer Cameco (73% ownership)
- Previous drilling showed promising uranium mineralization (147 ppm U over 15.4 metres)
- Minority ownership position (27%) limits potential upside for Purepoint shareholders
- Project has been inactive since 2008, indicating possible challenges or limitations
Toronto, Ontario--(Newsfile Corp. - November 26, 2024) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce the approval of a
The Smart Lake JV, jointly owned by Cameco Corporation (
Chris Frostad, President and CEO of Purepoint, remarked: "The approval of this drill program marks an exciting return to the Smart Lake Project, where our first exploration efforts revealed strong potential. With the backing of Cameco and new geophysical data guiding our efforts, we look forward to advancing and expanding upon the success of our earlier work."
Highlights
- 2025 Drill Program Approved: A
$1.2 -million budget will support approximately 2,500 metres of diamond drilling targeting the northern Groomes Lake conductor. - Geophysical Survey Commenced: A 39-line-km transient electromagnetic (TEM) survey is underway and will refine drill targets for the upcoming campaign.
- Exploration Resumed: Building on uranium mineralization identified during Smart Lake's first drill program, this marks Purepoint's return to the property after focusing on other joint venture opportunities in the region.
Revisiting a Proven Uranium Target
The 2025 drill program builds on the results of Purepoint's initial drill campaign at Smart Lake in 2008, during which uranium mineralization was first identified. Initial holes, including SMT08-01, intersected strongly altered basement structures associated with elevated radioactivity, highlighting the potential for large-scale uranium mineralization. SMT08-05 returned 147 ppm U over 15.4 metres (153.0 to 168.4 metres) from a fault zone defined by multiple intervals of hematite breccia, shearing, gouge, poor core recovery and elevated radioactivity. Although subsequent exploration efforts shifted to Hook Lake following regional discoveries by neighboring projects, the Smart Lake property has remained a priority within Purepoint's portfolio for its untested conductors and compelling geological parallels to high-grade deposits.
A National Instrument 43-101 compliant Technical Report for the Smart Lake project is available on the Company's website. The technical report for Smart Lake filed by the Company in 2012 under the Company's profile at https://www.sedarplus.ca/ and displayed on its website at https://purepoint.ca/projects/smart-lake/ may be relied on for background information but contains a work program not updated to reflect current exploration plans.
2025 Drill Program and Geophysical Survey
The approved drilling program will focus on high-priority targets within the northern Groomes Lake target area. The strong Groomes Lake electromagnetic conductor remains largely untested despite evidence of a favourable structural setting. The ongoing TEM survey, scheduled for completion by year-end, will provide detailed insights into subsurface conductors, optimizing drill targeting and efficiency.
About Smart Lake
The Smart Lake Project is located approximately 60 km south of the historic Cluff Lake mine and 18 km west-northwest of the Hook Lake JV Project. The property spans 9,860 hectares within the Athabasca Basin, an area renowned for hosting the world's highest-grade uranium deposits.
Initial exploration at Smart Lake established the presence of graphitic shear zones, hydrothermal alteration, and anomalous radioactivity. The favourable geologic indicators, combined with its strategic location and extensive geophysical data, position Smart Lake for uranium exploration success.
Figure 1: Smart Lake Location
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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 Smart Lake Project and Purepoint's exploration portfolio, visit www.purepoint.ca.
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: cfrostad@purepoint.ca
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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FAQ
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