November 29, 2024
Purepoint Uranium Group Inc. (TSXV:PTU, BUY (S), C$0.20 target, David A. Talbot) announced that it has identified eight high-priority exploration targets at its 100%-owned Russell South project, which straddles a portion of the southeastern boundary of the Athabasca Basin. The targets were identified with the help of airborne VTEM (resistivity/conductivity) and MobileMT (magnetic) surveys and are centred on conductive zones, potential signs of favourable alteration zones, and strong cross-cutting structural features. Four of the targets are near the unconformity, with the others further into the basin. The Russell South property is well-located: 20km east of Cameco’s Key Lake Mill and adjacent to ATHA Energy’s (TSXV:SASK, BUY, C$1.40 target, David A. Talbot) Gemini property, which hosts the high-grade GMZ discovery at the edge of the Basin and to Skyharbour’s (TSXV:SYH, BUY (S), C$0.65 target, David A. Talbot) Russell Lake project, which hosts the high-grade Maverick discovery. After a lull in activity, this project was once again designated for geophysical exploration in Purepoint’s 2024 program. Another aeromagnetic survey, presumably of higher resolution than the 2024 property-wide survey, is planned to start in spring 2025 for further target definition, though drilling is not expected in 2025. The company has an indicative exploration budget of C$9.7M, of which only C$0.2M is indicated for Russell South, with the biggest allocation being of C$5M to its JV near the Larocque corridor (read note). Read more
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Purepoint Uranium Group Inc. – TSXV:PTU – 3
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