Purepoint Uranium Acquires Strategic Land Positions in the Athabasca Basin, Saskatchewan
February 21 2018 - 6:45AM
Purepoint Uranium Group Inc. (the “
Company” or
“
Purepoint”) (TSX.V:PTU) today reported that since
October, 2017 it has acquired through staking an additional 52,479
hectares of mineral claims in the Athabasca Basin, Saskatchewan
Canada representing a substantial increase in the Company’s 100%
owned projects.
“We have taken a very precise and strategic approach to our
staking - focusing on the enlargement of our existing projects or
securing highly prospective areas of defined potential,” said Chris
Frostad, President & CEO at Purepoint. “Over the past
four months we have successfully added three new projects, enlarged
two existing projects and nearly doubled our 100% owned land
position”.
“Much of our new ground lies on the SW edge of the Athabasca
Basin, proximal to our Smart Lake Project. Our initial
drilling at Smart Lake identified a radioactive shear that
was associated with intense alteration,” said Scott Frostad,
Vice President Exploration. “We have now re-interpreted the
Smart Lake drill results in light of our knowledge gained from the
neighbouring Patterson Uranium District. Based on the
similarity in structural and lithologic settings, we see the
SW Athabasca Basin region to be highly prospective and look
forward to exploring our new ground”.
Highlights:
- Through staking, Purepoint has increased it’s 100% owned
portfolio of Athabasca uranium projects from five projects and
57,222 hectares to eight projects totaling 109,701 hectares;
- The Company’s drill-ready Umfreville and
McArthur East projects have been enlarged from
6,369 hectares to a total of 14,203 hectares allowing room to
properly follow up on initial drill discoveries;
- Purepoint’s new Rene Lake (5,437 hectares) and
Shearwater (26,244 hectares) projects lie due
north and due south respectively of the Company’s Smart
Lake project along the Clearwater Domain;
- A summary of the Company’s portfolio is below and a detailed
location map can be found at
http://purepoint.ca/uraniumprojects/athabascabasin.php.
Current Active Project Portfolio:
Minimum annual exploration expenditures are required by the
Province of Saskatchewan in order to maintain ownership of property
claims. Expenditures in excess of the minimum may be carried
forward. The “Held Until” column represents the date up to
which claims remain in good standing in the absence of any further
unfunded expenditures.
Drilling to date on the Company’s Smart Lake, Red Willow and
Turnor Lake projects have all resulted in the identification of
uranium mineralization and related exploration indicators for
further follow up drilling.
Project |
Size(hectares) |
OwnershipPartners |
Stage of Completion |
PurepointInvestment to
Date |
Next Steps |
Held Until |
Hook Lake |
28,598 |
21%Cameco & Areva |
Discovery |
$6,750,000 |
Follow
Up Drilling |
March2028 |
Smart Lake |
9,860 |
27%Cameco |
2,540
metresDrilling |
$3,000,000 |
Follow
Up Drilling |
July2023 |
Red Willow |
40,119 |
100% |
16,550
metresDrilling |
$9,250,000 |
Follow
Up Drilling |
March2024 |
Turnor Lake |
9,706 |
100% |
11,200
metresDrilling |
$5,500,000 |
Follow
Up Drilling |
August2030 |
Umfreville |
12,217 |
100% |
Geophysical Targets Defined |
$750,000 |
Initial Drilling |
July2019 |
Henday |
1,029 |
100% |
Geophysical Targets Defined |
$350,000 |
Initial Drilling |
February2020 |
McArthur E. |
5,602 |
100% |
Geophysical Targets Defined |
$250,000 |
Initial Drilling |
July2019 |
Rene Lake
|
5,437 |
100% |
Greenfield |
$0 |
Geophysics |
March2020 |
Shearwater
|
26,244 |
100% |
Greenfield |
$0 |
Geophysics |
January 2020 |
Langley Lake
|
9,147 |
100% |
Greenfield |
$0 |
Geophysics |
March2020 |
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration of its ten projects in the Canadian Athabasca Basin,
the world’s richest uranium region. Purepoint proudly maintains
project ventures in the Basin with two of the largest uranium
producers in the world, Cameco Corporation and AREVA Resources
Canada Inc. Purepoint is currently drilling its flagship project,
the Hook Lake JV, located in the Patterson Lake Uranium
District.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President,
Exploration, is the Qualified Person responsible for
technical content of this release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. For
further information please contact: Purepoint Uranium Group Inc.
Chris Frostad, President and CEO (416) 603-8368
www.purepoint.ca
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