Backed by Industry Leaders, Built for Large Scale Exploration
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 Mining Corporation’s McIlvenna 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.
Highlights:
- Exposure to district-scale uranium exploration in the Athabasca Basin
- Reduced financial risk through strategic partnerships with industry leaders such as Cameco, Orano, IsoEnergy and Foran Mining
- Operational control of exploration activities
- Financial support and validation from joint-venture partners while minimizing dilution
Hook Lake Joint Venture with Cameco & Orano
The Hook Lake property is located within the Patterson Uranium district and has nine claims totalling 28,598 hectares. The project is jointly owned by Cameco (39.5%), Orano Canada (39.5%) and Purepoint Uranium (21%). Operated by Purepoint since 2007, the project has seen significant discoveries and exploration campaigns.
Highlights of discovery on the property include the Spitfire high-grade discovery which revealed 53.3 percent uranium oxide over 1.3 meters, including a 10-metre interval of 10.3 percent uranium mineralization measurements. Three prospective structural “corridors” have been defined on the property, each consisting of multiple electromagnetic (EM) conductors confirmed by drilling.
In 2024, Purepoint completed 2,332 metres of drilling in four holes to test the success of the previous 2023 drill program that uncovered a significant 35-metre-wide boron halo surrounding a 0.08 percent U3O8 uranium intercept over 0.4 metres at hole CRT23-05. Boron is a key pathfinder element for uranium deposits. The 2024 drill program ended with the discovery of the newly identified Lightning Zone in the Carter Corridor, returning 0.9 metres of 0.29 percent U3O8 including 0.3 metres of 0.68 percent U3O8. associated with a major structure intersected by hole CRT24-10.
All the 2024 drill holes were collared northeast of CRT23-05, drilled in 2023, that intersected 0.08 percent U3O8 over 0.4 metres within a 15 metre wide graphitic shear zone with local brecciation and intense clay alteration. All 2024 drill holes encountered elevated radioactivity.
Next steps: Proposed drilling and EM survey at Carter Corridor to follow up on the Lightning Zone as well as proposed drilling at the Patterson East Corridor, where NexGen PCE discovery trends to our property.
Smart Lake Project Joint Venture with Cameco
Purepoint, as operator, holds a 27% ownership of the Smart Lake project in joint venture with Cameco Corp.
The Smart Lake property includes two claims with a total area of 9,860 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 km south of the former Cluff Lake mine and 18 kilometres west-northwest of Purepoint’s Hook Lake JV project.
Depth to the unconformity, where it occurs, is relatively shallow at less than 350 metres.
Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits (indicated resource of 68 million lbs at 1.50% U3O8; UEC PR Jan 2023) 55 kilometres north of the property. Exploration by Purepoint has firmly established the presence of anomalous uranium and hydrothermal alteration. Numerous priority target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill-tested.
Like the Kianna fault at Shea Creek, known uranium mineralization at the Smart Lake project is associated with the intersection of the east-west Arthur Fault and north-south-striking fluid/chemical traps including the Shearwater conductor and chloritized mafic orthogneiss. The occurrence of low-grade uranium mineralization along the Arthur Fault away from Shearwater conductor underscores the need to target east-west structures both at the intersection with conductive anomalies and magnetically interpreted lithological contacts.
Additional east-west striking faults (Groomes Lake and Cristobal) have been interpreted from examination of airborne magnetic and electromagnetic surveys. These faults are spatially related to strong EM conductors identified in both airborne and ground-based geophysical surveys.
Next Steps: Purepoint conducted a stepwise moving loop and fixed loop transient EM surveys at the Smart Lake JV project in December 2024 to refine targets, and follow up drilling to commence in Q1-2025.
Joint Venture with IsoEnergy
The newly formed Joint Venture, a partnership between IsoEnergy Ltd. (50%) and Purepoint (50%) spans over 98,000 hectares of highly prospective uranium properties in the eastern Athabasca Basin, Saskatchewan. The Joint Venture consolidates 10 high-valued uranium projects into three distinctive areas: the Dorado Project, the Aurora Project and the Celeste Block. Purepoint serves as the operator of the joint venture.
Dorado Project: Unlocking the Larocque Corridor
- Positioned along the renowned Larocque Conductive Corridor, home to IsoEnergy’s Hurricane Deposit, the Dorado Project consolidates the Turnor Lake, Full Moon, Edge and most of the Geiger Project into a single high-priority exploration initiative.
- Exploration will focus on the high-priority target zones defined by graphitic conductors that wrap around a central spiral-shaped granitic dome. Exploration at Dorado requires a unified approach that re-evaluates and correlates all prior geophysical work and drill hole geology across the Geiger, Turnor Lake, Edge, and Full Moon properties.
Aurora Project: Shallow Uranium Targets Along the Athabasca Basin’s Edge
- The remaining claims east of Dorado now make up the Aurora Project, presenting significant near-surface uranium potential.
- The project is in good standing and airborne geophysical surveying is planned.
Celeste Block: Preparing Southern Targets for Exploration
- Incorporates the Thorburn Lake, North Thorburn, Madison and 2Z Projects.
- Near-term efforts will focus on drill testing recent geophysical results at the Madison project.
Next Steps: A $5 million budget has been set for 2025 with drilling at Dorado and Celeste Block Projects as well as geophysical work to be completed on Aurora Project.
OTHER PROJECTS
Denare West, Optioned to Foran Mining Corporation
- Phase 1 Earn-In: Foran to spend $3mm to November 2027 to earn 51%
- Phase 2 Earn-In: Foran to spend an additional $3mm to 2029 to earn 29%
- Phase 3 Earn-In: Foran to pay Purepoint $10mm plus 2% NSR to earn 20%
Tabbernor Project, 100% Owned
- Due south of some of the Athabasca Basin;s largest uranium deposits
- Geologically controlled by the Tabbernor Fault System
Russell South, 100% Owned
- Located at the southern edge of the Athabasca Basin, adjoining Cameco’s Key Lake Project, Skyharbour’s Moore Lake Project and Rio Tinto’s Russell Lake Project to the west and south
- 5 drill ready targets identified
Carson Lake, 100% Owned
- Adjoins ValOre Metal’s Hatchet Lake Project in the northeastern edge of the Athabasca Basin
- 3 drill ready targets identified
Henday Lake, 100% Owned
- Located 9 km northwest of Orano’s Midwest Lake Deposit & 10 km west of UEC’s Roughrider Deposit
- 10 km due east and along strike is Denison’s Huskie Zone (WAT18-52 included 4.5% U3O8 over 6 metres)
Tower Project, 100% Owned
- Geologically controlled by the Tabbernor Fault System (TFS)
- TFS not only hosts 80 historic mines and gold occurrences but as well crosscuts the Basin’s mine trend aligning itself with 8 of the Basin’s largest discoveries