Purepoint Announces Results of Foran-Funded Airborne Survey at Denare West, on Trend with McIlvenna Bay Project
Purepoint Uranium Group has announced the completion of an airborne electromagnetic survey (VTEM Max) at their Denare West VMS project in Saskatchewan. The project, located 9 kilometers southeast of Foran's McIlvenna Bay Cu-Zn-Au deposit, is being operated by Foran Mining under a $19 million option agreement.
The survey aims to prioritize exploration target areas within the 21,066-hectare project. The Denare West property is strategically positioned near the McIlvenna Bay deposit, which has indicated resources of 39Mt grading at 2.04% copper equivalent. The initial survey results are provided as Tau, highlighting prospective conductive rocks that will help refine the location of historical EM conductors.
Under the option agreement, Foran can earn up to 100% interest through staged investments: 51% by spending $3 million over four years, an additional 29% with $3 million over two years, and the final 20% for $10 million plus a 2% Net Smelter Royalty. If Foran doesn't acquire full interest, the parties will form a joint venture until completing a pre-feasibility study.
Purepoint Uranium Group ha annunciato il completamento di un'indagine elettromagnetica aerea (VTEM Max) presso il loro progetto Denare West VMS in Saskatchewan. Il progetto, situato a 9 chilometri a sud-est del deposito Cu-Zn-Au McIlvenna Bay di Foran, è gestito da Foran Mining nell'ambito di un accordo di opzione di 19 milioni di dollari.
L'indagine ha l'obiettivo di dare priorità alle aree di esplorazione all'interno del progetto di 21.066 ettari. La proprietà Denare West è strategicamente posizionata vicino al deposito McIlvenna Bay, che ha risorse indicate di 39 milioni di tonnellate con un grado equivalente del 2,04% di rame. I risultati iniziali dell'indagine sono forniti come Tau, evidenziando rocce conduttive prospettiche che aiuteranno a raffinare la posizione dei conduttori EM storici.
Sotto l'accordo di opzione, Foran può guadagnare fino al 100% di interesse attraverso investimenti graduali: il 51% spendendo 3 milioni di dollari in quattro anni, un ulteriore 29% con 3 milioni di dollari in due anni, e il 20% finale per 10 milioni di dollari più un 2% di Royalty Net Smelter. Se Foran non acquisisce l'interesse completo, le parti formeranno una joint venture fino al completamento di uno studio di pre-fattibilità.
Purepoint Uranium Group ha anunciado la finalización de un estudio electromagnético aéreo (VTEM Max) en su proyecto Denare West VMS en Saskatchewan. El proyecto, ubicado a 9 kilómetros al sureste del depósito Cu-Zn-Au McIlvenna Bay de Foran, es operado por Foran Mining bajo un acuerdo de opción de 19 millones de dólares.
El estudio tiene como objetivo priorizar las áreas de interés para la exploración dentro del proyecto de 21,066 hectáreas. La propiedad Denare West está estratégicamente situada cerca del depósito McIlvenna Bay, que tiene recursos indicados de 39Mt con una ley equivalente de 2.04% de cobre. Los resultados iniciales del estudio se presentan como Tau, destacando rocas conductivas prospectivas que ayudarán a refinar la ubicación de los conductores EM históricos.
Bajo el acuerdo de opción, Foran puede ganar hasta un 100% de interés mediante inversiones escalonadas: un 51% gastando 3 millones de dólares durante cuatro años, un 29% adicional con 3 millones de dólares durante dos años, y el 20% final por 10 millones de dólares más un 2% de Regalía Net Smelter. Si Foran no adquiere el interés total, las partes formarán una empresa conjunta hasta completar un estudio de prefactibilidad.
Purepoint Uranium Group는 Saskatchewan에 위치한 Denare West VMS 프로젝트에서 공중 전자기 조사(VTEM Max)의 완료를 발표했습니다. 이 프로젝트는 Foran의 McIlvenna Bay Cu-Zn-Au 광상에서 남동쪽으로 9킬로미터 떨어진 곳에 위치하고 있으며, Foran Mining이 1,900만 달러의 옵션 계약에 따라 운영하고 있습니다.
조사의 목적은 21,066헥타르의 프로젝트 내 탐사 목표 지역의 우선순위를 매기는 것입니다. Denare West 속성은 McIlvenna Bay 광상 근처에 전략적으로 위치하고 있으며, 해당 광상은 2.04% 구리 동등도로 39Mt의 추정 자원을 보유하고 있습니다. 초기 조사 결과는 Tau로 제공되며, 이는 역사적인 EM 전도체의 위치를 더 정교화하는 데 도움이 될 전도성이 있는 암석을 강조합니다.
옵션 계약에 따라 Foran은 단계별 투자를 통해 최대 100%의 지분을 획득할 수 있습니다: 4년 동안 300만 달러를 지출하여 51%, 2년 동안 300만 달러를 추가로 지출하여 29%, 그리고 마지막으로 1,000만 달러와 2%의 순제련로열티로 20%를 확보할 수 있습니다. Foran이 전체 지분을 취득하지 않으면, 양측은 사전 타당성 조사가 완료될 때까지 조인트 벤처를 구성할 것입니다.
Purepoint Uranium Group a annoncé l'achèvement d'une enquête électromagnétique aérienne (VTEM Max) sur leur projet Denare West VMS en Saskatchewan. Le projet, situé à 9 kilomètres au sud-est du dépôt Cu-Zn-Au McIlvenna Bay de Foran, est géré par Foran Mining dans le cadre d'un contrat d'option de 19 millions de dollars.
L'enquête vise à prioriser les zones cibles d'exploration à l'intérieur du projet de 21 066 hectares. La propriété Denare West est stratégiquement positionnée près du dépôt McIlvenna Bay, qui dispose de ressources indiquées de 39 millions de tonnes avec une teneur équivalente de 2,04 % de cuivre. Les résultats initiaux de l'enquête sont fournis sous forme de Tau, mettant en évidence des roches conductrices potentielles qui aideront à affiner l'emplacement des conducteurs EM historiques.
En vertu de l'accord d'option, Foran peut acquérir jusqu'à 100 % d'intérêt par le biais d'investissements échelonnés : 51 % en dépensant 3 millions de dollars sur quatre ans, 29 % supplémentaires avec 3 millions de dollars sur deux ans, et les 20 % restants pour 10 millions de dollars, plus une redevance de 2 % sur les produits raffinés. Si Foran n'acquiert pas l'intérêt total, les parties formeront une coentreprise jusqu'à l'achèvement d'une étude de préfaisabilité.
Purepoint Uranium Group hat den Abschluss einer luftgestützten elektromagnetischen Untersuchung (VTEM Max) bei ihrem Denare West VMS-Projekt in Saskatchewan bekannt gegeben. Das Projekt, das 9 Kilometer südöstlich des Cu-Zn-Au-Lagers McIlvenna Bay von Foran liegt, wird von Foran Mining im Rahmen eines Optionenvertrags über 19 Millionen Dollar betrieben.
Ziel der Untersuchung ist es, explorationsrelevante Zielgebiete innerhalb des 21.066 Hektar großen Projekts zu priorisieren. Das Grundstück Denare West ist strategisch in der Nähe des McIlvenna Bay-Lagers positioniert, das angegebene Ressourcen von 39 Mt mit einem Gehalt von 2,04% Kupferäquivalent aufweist. Die ersten Untersuchungsergebnisse werden als Tau präsentiert, die vielversprechende leitfähige Gesteine hervorheben, die helfen werden, die Lage historischer EM-Leiter zu verfeinern.
Im Rahmen des Optionenvertrags kann Foran bis zu 100% Beteiligung durch gestaffelte Investitionen erlangen: 51% durch Ausgaben von 3 Millionen Dollar über vier Jahre, weitere 29% mit 3 Millionen Dollar über zwei Jahre und die letzten 20% für 10 Millionen Dollar zuzüglich einer Nettoverwertungsgebühr von 2%. Sollte Foran kein volles Interesse erwerben, bilden die Parteien ein Joint Venture bis zum Abschluss einer Machbarkeitsstudie.
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Toronto, Ontario--(Newsfile Corp. - February 3, 2025) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the completion of an airborne electromagnetic survey across the Denare West Volcanogenic Massive Sulphide (VMS) project, approximately 9 kilometres southeast of Foran's McIlvenna Bay Cu-Zn-Au deposit, in the Hanson Lake area of eastern Saskatchewan. Foran Mining Corp. is the operator of the Denare West project under a 2023 Option Agreement with Purepoint.
Highlights
An airborne electromagnetic survey, VTEM Max, was flown over the Denare West project by Foran Mining to best prioritize exploration target areas;
The Denare West project is operated by Foran Mining under a
$19 million option agreement with Purepoint;The Hanson Lake and McIlvenna Bay deposits are located along a conductive belt of rocks shown to extend onto the Denare West project (Figure 1): and
Modeling of the VTEM Max survey results will be conducted by Foran Mining before integration with other exploration (geological, geophysical and geochemical) datasets (Foran PR, Sep 19, 2024).
"The completion of this airborne survey marks another step forward in advancing the Denare West project," said Chris Frostad, President & CEO of Purepoint Uranium. "Our partnership with Foran reflects our commitment to leveraging strong industry relationships to drive exploration forward. With Foran funding and operating the program, we’re ensuring that Denare West benefits from top-tier exploration while maintaining exposure to a potential new discovery in one of Canada’s most promising VMS districts."
Foran Mining announced the airborne electromagnetic survey (VTEMTM Max) over the Denare West property last Summer (Foran PR, Sep 19, 2024). Electromagnetic (EM) data is the primary targeting tool for base metals and measures the electrical conductivity of rocks. The initial results of the VTEM Max survey are provided as Tau, a calculated decay time constant (Figure 1), with the red and yellow colours highlighting prospective conductive rocks. The location of the historical EM conductors, also shown in Figure 1, will now be refined using the high-resolution VTEM Max results.
The Denare West Project, staked by Purepoint in 2018, encompasses 10 claims covering an area of 21,066 hectares (Figure 2). Strategically located adjacent to and on trend with Foran's McIlvenna Bay deposit, the largest undeveloped VMS deposit along the prolific Flin Flon Greenstone Belt, McIlvenna Bay has indicated resources of 39Mt grading at
Figure 1: Calculated Time Constant (Tau) of Denare West Project from Recent Airborne Electromagnetic Survey and Historical EM Conductors
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Figure 2: Denare West Project Location
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Denare West Project
The Denare West VMS project is located in east-central Saskatchewan, roughly 55 kilometres west-southwest of Flin Flon, Manitoba, and is comprised of 10 claims covering an area of 21,066 hectares in the Hanson Lake area. Provincial highway # 106 provides access to the McIlvenna Bay site road and historic drill trails from the site provide access to the western side of the Denare West project.
VMS deposits are formed on the ocean floor through vents that discharge metal-rich hydrothermal fluids. These polymetallic deposits commonly occur in clusters that form a VMS camp such as Flin Flon. The McIlvenna Bay deposit being advanced by Foran Mining (Figure 1) is located 9 kilometres NW from the Denare West project and has indicated resources of 39Mt grading at
On November 20, 2023, Purepoint entered into an option agreement with Foran Mining for the Denare West Project. Pursuant to the Option Agreement, Foran may earn up to
About Purepoint
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 VMS (referred to as VMS in the intro, best to stay consistent) 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 the 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239330
FAQ
What are the key findings from the VTEM Max survey at Denare West (PTUUF)?
What are the terms of Foran Mining's option agreement for Denare West with PTUUF?
How close is PTUUF's Denare West project to the McIlvenna Bay deposit?
What is the size and location of PTUUF's Denare West project?
How does the February 2025 VTEM Max survey benefit PTUUF shareholders?
