Purepoint and Cameco set 2024 exploration at Smart Lake JV

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Purepoint and Cameco set 2024 exploration at Smart Lake JV
Credit: © Reuters.

Purepoint Uranium Group Inc. in partnership with Cameco (NYSE: CCJ ) Corporation, has sanctioned a comprehensive exploration program for the Smart Lake JV Project slated for Q1-2024. This forward-looking initiative is designed to further investigate the uranium potential of the Groomes Lake area within Saskatchewan's prolific Athabasca Basin.

The upcoming exploration program will deploy transient electromagnetic (EM) surveys over an expanse of approximately 15 kilometers using Stepwise Moving Loop (SWML) techniques, and an additional 24 kilometers applying Fixed Loop (FL) TEM methods. These surveys are aimed at exploring the Groomes Lake conductor and profiling geological features such as the Beatty River Fault.

The rationale behind targeting these specific areas stems from their geological resemblance to the Hook Lake JV Project and their location near past-producing mines like Cluff Lake and significant resources such as the Shea Creek deposits. The Smart Lake project boasts two claims spanning 9,860 hectares and features a relatively shallow depth to unconformity below 350 meters. This depth is particularly noteworthy as it is where Kianna fault-like features intersect conductive anomalies, which are indicative of potential uranium deposits.

Purepoint Uranium Group Inc., which holds a 27% interest in the Smart Lake JV and manages nine advanced projects in the basin, including its flagship Hook Lake JV Project, will oversee this exploration program. The company has identified several priority areas based on EM conductors that intersect east-west structures, which remain untested but show signs of uranium mineralization.

The geological landscape of the project area is further characterized by east-west faults such as Groomes Lake and Cristobal. These faults are associated with strong EM conductors identified from airborne and ground-based surveys. Additionally, chloritized mafic orthogneiss along Arthur Fault correlates with known low-grade uranium mineralization.

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