Overview
The Athabasca Basin in Saskatchewan presents exceptional discovery and exploration opportunities for companies looking to enter the thriving uranium market. Uranium is poised for significant growth and the expected deficit in the supply side will create opportunities in the market. With new reactors continually coming online to meet demand and a limited number of suppliers to fill it, looking to high-value mining jurisdictions for uranium is one of the best strategies for companies trying to get ahead of the crowd.
With strong backing from industry leaders, Purepoint is set to advance its key projects while keeping shareholder dilution to a minimum.
Exposure to district-scale uranium exploration in the Athabasca BasinReduced financial risk through strategic partnershipsOperational control of exploration activitiesAligned with renewed interest in uranium exploration from major producers
Company Highlights
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.
Key Projects
Hook Lake Project
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, Orano Canada and Purepoint Uranium. 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-meter 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.
Smart Lake Project
Purepoint, as operator, holds a 27-percent 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 kilometers west-northwest of Purepoint’s Hook Lake JV project.
Depth to the unconformity, where it occurs, is relatively shallow at less than 350 meters.
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 percent U3O8; UEC PR Jan 2023) 55 kilometers 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.
Purepoint plans to conduct stepwise moving loop and fixed loop transient EM surveys at the Smart Lake JV project. Survey results from the northern Groomes Lake conductor will be used to define discrete targets for the next step drilling.
Purepoint & IsoEnergy Joint Venture
Purepoint Uranium has formed a 50-50 joint venture with IsoEnergy, combining 10 uranium exploration projects in Saskatchewan’s Athabasca Basin. Purepoint will be the operator for exploration activities, while IsoEnergy will take over if a resource is identified.
This strategic move not only validates Purepoint’s assets but also positions the company to advance its most promising projects with reduced financial risk.
Joint Venture Portfolio– The Joint Venture will be comprised of 10 projects within the eastern Athabasca Basin (Figure 1) including: IsoEnergy’s Geiger, Thorburn Lake, Full Moon, Edge, Collins Bay Extension, North Thorburn, 2Z Lake, and Madison Projects.Purepoint’s Turnor Lake and Red Willow Projects.Complementary and Prospective Ground Covering the Larocque Trend with Strong Discovery Potential – The Larocque Trend (“Larocque Trend”), is an important regional structure that hosts the world-class Hurricane deposit and other notable high-grade occurrences, including those on Cameco/Orano’s Dawn Lake joint venture. The trend extends onto the Turnor Lake and Full Moon Projects, positioning the Joint Venture along a proven corridor for uranium mineralization, where further discoveries could be expedited (Figure 2).Strategic Synergy and Strengthened Positioning through Equity Participation – IsoEnergy will subscribe for $1.0 million in concurrent equity financing of Purepoint.Through this equity stake, IsoEnergy will gain exposure to Purepoint’s other highly prospective exploration projects in the Athabasca Basin, including Hook Lake, which previously intersected an impressive 10 meters at 10.3% U₃O₈. In turn, Purepoint will benefit from IsoEnergy’s financial and technical support, enabling both companies to work collaboratively to accelerate project development and drive long-term success.Initial Ownership Structure and Operating Terms – IsoEnergy will initially hold a 60% interest in the Joint Venture, while Purepoint will hold a 40% interest. Each party has the option to adjust this ownership to 50/50 within six months through the exercise of mutually exclusive put/call options.Purepoint will serve as the operator during the exploration phase of the Joint Venture properties. Upon the advancement into the pre-development phase, IsoEnergy will assume operational control of the Joint Venture properties.
Management Team
Chris Frostad – President and CEO
Chris Frostad is a founding partner bringing over 40 years of expertise to his position as president and CEO. He led public companies in both the technology and mining and metals industries.
Throughout his career, Frostad has been instrumental in building a variety of high-growth, early-stage, public and private companies.
Before Purepoint, he held numerous senior positions in the technology industry including CEO-in-residence of a Toronto-based venture capital firm. Frostad is a chartered accountant and a chartered professional accountant who began his career in international taxation with Deloitte.
Scott Frostad – VP of Exploration
Scott Frostad’s experience in the mining industry throughout Canada spans over three decades. He brings to his position as VP of exploration a background in mineral exploration with renowned mining companies such as Lac Minerals, Teck and Placer Dome. Most recently, he was the environmental specialist for Cogema Resources and managed environmental issues at both the Cluff Lake and McClean Lake Uranium Mines in Northern Saskatchewan.
Frostad is a graduate of Western University with a B.Sc. in geology and holds an M.A.Sc. in mining and mineral process engineering from the University of British Columbia. He is a member of the Association of Professional Engineers and Geoscientists of British Columbia and the Association of Professional Engineers and Geoscientists of Saskatchewan.
Ram Ramachandran – CFO
Before his position as CFO with Purepoint, Ram Ramachandran brings an 11-year tenure as deputy director and associate chief accountant with the Ontario Securities Commission. Most recently, Ramachandran provided advisory services in the area of litigation/compliance to numerous companies. To his credit, Ramachandran conceived, developed and launched the Canadian Securities Reporting Advisor – an online compliance tool for public companies.
Jeanny So – Corporate Communications
Jeanny So has over 20 years of experience in operations, investor relations, sales and marketing in the financial industry and has executed corporate communication programs for several private and publicly-listed companies.