Purepoint Uranium Initiates Airborne Magnetotellurics at Russell South and Outlines Upcoming Announcements

Rhea-AI Summary

Purepoint Uranium Group Inc. initiates an airborne Mobile Magnetotellurics survey at Russell South Uranium Project in Saskatchewan, Canada. The survey aims to detect resistivity contrasts of geological structures and boundaries, covering 1,064 kilometers of flight. Results are expected in May 2024. The project is strategically located near prominent uranium projects, with four high-value target regions identified. The company plans a series of exploration activities and announcements in the upcoming months.

Toronto, Ontario--(Newsfile Corp. - March 21, 2024) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today initiated an airborne Mobile Magnetotellurics ("MobileMT") survey, including total field magnetic and VLF, at their Russell South Uranium Project which lies on the south-eastern edge of the Athabasca Basin, Saskatchewan Canada.

"Russell South is 20 kms east-northeast of Cameco's Key Lake mine and adjoins prominent uranium projects including Rio Tinto's Russell Lake property and Skyharbour Resources Inc's Moore Lake project" said Scott Frostad, VP Exploration at Purepoint. "Our previous airborne gravity survey results outlined four high-value target regions on the project and the planned MobileMT resistivity results will allow us to further develop those drill targets."

Highlights

• The MobileMT survey detects resistivity contrasts of geology structures and boundaries and will cover approximately 1,064 kilometres of flight at 150 metre spacings.
• The results of the airborne survey, carried out by Expert Geophysics of Aurora Ontario Canada, are expected for release in May 2024
• For more information on Russell South, including location map, visit: https://purepoint.ca/projects/russell-south/.
• A schedule of exploration activities and announcements for the next six months is summarized in the table below.

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.

Four target areas have now been identified at the project. The three eastern targets are based on the recent results from the airborne geophysical survey. 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 north-northwest trending structures. 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.

Figure 1: Russell South Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3218/202488_b17dcbe204599bfa_002full.jpg

Figure 2: Russell South Regional Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3218/202488_b17dcbe204599bfa_003full.jpg

Figure 3: Russell South Gravity Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3218/202488_b17dcbe204599bfa_004full.jpg

Upcoming Exploration Announcements

The current 2024 schedule of exploration activities and results are expected to be available for dissemination as follows. Any additions or amendments will be noted in subsequent releases.

Timing	Project	Activity
April 2024	Hook Lake	Drill program complete - initial results
	Russell South	Commencement of Airborne Electromagnetic (EM) survey
	Smart Lake JV	Commencement of Ground EM survey
	Turnor Lake	Outline of planned drill program
May 2024	Turnor Lake	Commencement of drill program
	Smart Lake	EM survey results and interpretation
	Russell South	Airborne EM results and drill program plan
	Hook Lake/Smart Lake	Joint Venture meetings
June 2024	Red Willow	Outline of planned drill program
	Tabbernor	Commencement of Airborne Gravity survey
July 2024	Red Willow	Commencement of drill program
	Turnor Lake	Drill program complete - discussion of results
August 2024	Red Willow	Drill program complete - discussion of results

 

About Purepoint

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of nine 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 seven, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202488

FAQ

What type of survey did Purepoint Uranium Group Inc. initiate at Russell South Uranium Project?

Purepoint Uranium Group Inc. initiated an airborne Mobile Magnetotellurics survey at Russell South Uranium Project.

What is the purpose of the MobileMT survey at Russell South?

The MobileMT survey aims to detect resistivity contrasts of geological structures and boundaries.

How much area will the MobileMT survey cover?

The MobileMT survey will cover approximately 1,064 kilometers of flight.

When are the results of the airborne survey expected to be released?

The results of the airborne survey are expected for release in May 2024.

Where is the Russell South Uranium Project located?

The Russell South Uranium Project is located on the south-eastern edge of the Athabasca Basin in Saskatchewan, Canada.

What are some of the target areas identified at the Russell South Project?

Four target areas have been identified at the Russell South Project, with three eastern targets based on recent airborne geophysical survey results.

What is the significance of the Russell Lake Project's proximity to the Key Lake Mine?

The Russell Lake Project is approximately 20 km ENE of the Key Lake Mine, which produced over 200 million pounds of uranium.

What are some of the upcoming exploration activities planned by Purepoint Uranium Group Inc.?

Upcoming exploration activities include a drill program completion at Hook Lake, commencement of Airborne Electromagnetic survey at Russell South, and more.