TORONTO, Feb. 21, 2018 (GLOBE NEWSWIRE) -- 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 (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) | Ownership Partners | Stage of Completion | Purepoint Investment to Date | Next Steps | Held Until | ||
| Hook Lake | 28,598 | 21% Cameco & Areva | Discovery | $6,750,000 | Follow Up Drilling | March 2028 | ||
| Smart Lake | 9,860 | 27% Cameco | 2,540 metres Drilling | $3,000,000 | Follow Up Drilling | July 2023 | ||
| Red Willow | 40,119 | 100% | 16,550 metres Drilling | $9,250,000 | Follow Up Drilling | March 2024 | ||
| Turnor Lake | 9,706 | 100% | 11,200 metres Drilling | $5,500,000 | Follow Up Drilling | August 2030 | ||
Umfreville | 12,217 | 100% | Geophysical Targets Defined | $750,000 | Initial Drilling | July 2019 | ||
Henday | 1,029 | 100% | Geophysical Targets Defined | $350,000 | Initial Drilling | February 2020 | ||
| McArthur E. | 5,602 | 100% | Geophysical Targets Defined | $250,000 | Initial Drilling | July 2019 | ||
| Rene Lake | 5,437 | 100% | Greenfield | $0 | Geophysics | March 2020 | ||
| Shearwater | 26,244 | 100% | Greenfield | $0 | Geophysics | January 2020 | ||
| Langley Lake | 9,147 | 100% | Greenfield | $0 | Geophysics | March 2020 | ||
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 (http://www.purepoint.ca/)
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Purepoint Uranium Group Inc. via Globenewswire
