Purepoint Uranium Initiates Drilling at Their Umfreville Project

TORONTO, June 24, 2021 /CNW/ - Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") today announced the commencement of a drill program at the 100%-owned Umfreville uranium project which lies on the northeastern edge of the Athabasca Basin, Saskatchewan Canada.

"We have performed airborne geophysical surveys followed by geochemical surveys over select areas at Umfreville and feel we have identified a high priority target for potential uranium deposition" said Scott Frostad, Purepoint's VP Exploration. "As this is the first drill program on this project, we will be starting with an exploratory diamond drill hole designed to gain a better understanding of the underlying geology and to further evaluate and prioritize the project's potential for discovery."

Highlights

• The 100%-owned Umfreville project consists of 7 claims totaling 18,273 hectares on the northeastern edge of Canada's Athabasca Basin
• The Company is planning an initial hole of diamond drilling totaling 400 metres followed by a second hole of equal length if time allows
• The primary target zone appears to be a splay of the Fond du Lac Fault as evidenced by coincident magnetic and gravity low responses
• Regional soil samples returned high level uranium anomalies associated with the primary target zone
• A Technical Report on the Umfreville project can be obtained from the Company's web site
• A video tour of the Umfreville project can be viewed at https://youtu.be/Af6mNL5sQZg

Umfreville Project

The 100%-owned Umfreville project consists of 7 claims totaling 18,273 hectares on the northeastern edge of Canada's Athabasca Basin. Exploration conducted by Purepoint on the Umfreville project has included an airborne Megatem electromagnetic (EM) and magnetics survey, an airborne Very Low Frequency (VLF) EM survey, an airborne gravity gradiometry survey, and soil geochemical sampling.

Airborne MEGATEM data covering the Umfreville project was processed using a layered-earth inversion (LEI) program and identified what is now believed to be a conductive layer within the Athabasca sandstone. The thin conductive layer within the sandstone is thought to be preventing the EM survey from properly reaching the basement rocks and identifying graphitic conductors. Reconstruction of the conductivity depth sections highlighted deep narrow conductors that are considered to show areas where the conductive layer is absent from the sandstone, the sandstone has been structurally disrupted, or the presence of very strong basement conductors.

The airborne gravity survey provided a response considered to reflect basement geology. The results also indicated the presence of fault systems not previously seen and supported fault systems that were interpreted from magnetic features.  Our primary exploration target is a strong elongate gravity low response within the central portion of the survey area that is coincident with a magnetic low and the interpreted source area of a Geological Survey of Canada (1979) lake bottom sediment sample that returned anomalous uranium.

Soil geochemical surveys that collected a total of 383 organic A1 soil horizon samples covered the prospective gravity low / magnetic low response of the primary target zone. Assay results for vanadium, and to a lesser degree boron, showed anomalous trends similar to the uranium anomalies but the trends are parallel rather than coincident. The results for nickel, molybdenum and cobalt appear to have anomalous north-south trends that may be influenced by an underlying crosscutting structure as suggested by the airborne magnetic results.

About Purepoint

Purepoint Uranium Group Inc. (TSXV: PTU) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium region. Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc.  The Hook Lake JV Project is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over 1.3m including 10m interval of 10.3% U3O8). Together with its flagship project, the Company's projects stretch across approximately 185,000 hectares of claims throughout the Athabasca Basin.  These claims host over 20 distinct and well-defined drill target areas with advanced geophysical surveys completed, and in some cases, have had first pass drilling performed.

Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

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.

SOURCE Purepoint Uranium Group Inc.

Chris Frostad, President & CEO, Phone: [phone], Email: [email protected]

Related Links

http://www.purepoint.ca