Purepoint Uranium Starts Hook Lake Drill Program

Rhea-AI Summary

Purepoint Uranium Group Inc. announced the commencement of drilling at the Hook Lake Project, a joint venture with Cameco Corporation and Orano Canada Inc. The project is located in Canada's Athabasca Basin and is adjacent to high-grade uranium discoveries. Approximately 2,500 meters of diamond drilling are planned in five holes to follow up on last year's breakthrough at the Carter Corridor. The program will focus on testing the Carter Corridor, which represents a long-lived, reactivated fault zone. The Hook Lake JV Project is considered one of the highest quality uranium exploration projects in the Athabasca Basin due to its location and relatively shallow depth to the unconformity.

Toronto, Ontario--(Newsfile Corp. - February 7, 2024) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced today drilling has commenced at the Hook Lake Project. The Hook Lake Project is a joint venture between Cameco Corporation (39.5%), Orano Canada Inc. (39.5%), and Purepoint (21%). The Project lies on the southwestern edge of Canada's Athabasca Basin and is adjacent to, and on trend with, high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit.

"We are well into our first hole and anticipate an exciting program as we follow up on last year's breakthrough at the Carter Corridor," said Scott Frostad, Vice President Exploration at Purepoint.

Highlights

• Approximately 2,500 metres of diamond drilling are planned in five holes testing the Carter Corridor.
• The program will follow up on hole CRT23-05, which returned an assay of 0.08% U3O8 (671 ppm U) over 0.4 metres (319.1 to 319.5m) from a basement-hosted 15-metre graphitic shear zone (318 to 333m downhole depth) before encountering five metres of intense clay alteration.
• In addition, the CRT23-05 mineralization was found to have a significant boron halo over 35 metres (305-340m) returning assays greater than 800 ppm B at the boundaries.
• The Carter corridor represents a long-lived, reactivated fault zone that lies between the Clearwater Domain granitic intrusive rocks to the west and runs parallel to the Patterson structural corridor to the immediate east.
• The 25-kilometre strike length of the Carter structural/conductive corridor is almost entirely located within the Hook Lake JV project.
• Complete details of all Purepoint's exploration projects and next steps can be found on the company's website at https://purepoint.ca/investor/portfolio-handbook/.

A current National Instrument 43-101 compliant technical report on the flagship Hook Lake Joint Venture project can be found at https://purepoint.ca/projects/hook-lake/ - "Technical Report on the Hook Lake Project, Northern Saskatchewan, Canada April 19, 2022".

Hook Lake - The Carter Corridor

The Hook Lake JV Project is owned jointly by Cameco Corp. (39.5%), Orano Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) as operator and consists of nine claims totaling 28,598 hectares situated in the southwestern Athabasca Basin. The Hook Lake JV Project is considered one of the highest quality uranium exploration projects in the Athabasca Basin due to its location along the prospective Patterson Lake trend and the relatively shallow depth to the unconformity.

Last year, Purepoint drilled 2,710 metres in six holes to test the Carter Corridor. As this was our first pass drilling, the main conductive trend was tested using 800 metre step-outs towards the north to identify the most prospective geology.

Drill hole CRT23-05 intersected a sheared/faulted chlorite-altered, graphitic diorite gneiss over 15 metres before encountering five metres of intense clay alteration. The graphitic shear returned an assay of 0.08% U3O8 (671 ppm U) over 0.4 metres (319.1 to 319.5m) that was associated with a distinct boron halo over 35 metres (305 to 340m).

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, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196984

FAQ

What is the joint venture project mentioned in the press release?

The joint venture project mentioned in the press release is the Hook Lake Project, which is a collaboration between Purepoint Uranium Group Inc., Cameco Corporation, and Orano Canada Inc.

What is the ticker symbol for Purepoint Uranium Group Inc.?

The ticker symbol for Purepoint Uranium Group Inc. is PTUUF.

Where is the Hook Lake JV Project located?

The Hook Lake JV Project is situated in the southwestern Athabasca Basin in Canada.

What is the planned drilling activity for the Hook Lake Project?

Approximately 2,500 meters of diamond drilling are planned in five holes to follow up on last year's breakthrough at the Carter Corridor.

What makes the Hook Lake JV Project one of the highest quality uranium exploration projects in the Athabasca Basin?

The Hook Lake JV Project is considered high quality due to its location along the prospective Patterson Lake trend and the relatively shallow depth to the unconformity.