Purepoint Uranium is set to commence an initial programme at the Smart Lake joint venture (JV) in Canada, a project owned by Cameco and Purepoint Uranium Group.
Purepoint holds a 27% ownership the in the JV, while Cameco holds the remaining 73% stake. Purepoint also acts as the operator for the project.
Situated in the south-western portion of the Athabasca Basin, the Smart Lake property is approximately 60km south of the former Cluff Lake mine. It includes two deposits with a total area of 9,860ha.
Purepoint vice president for exploration Scott Frostad said: “Immediately following our initial successful drill program at Smart Lake, our attention was redirected by the discoveries occurring at Hook Lake and the Patterson Lake corridor.
“With a new understanding of the western Athabasca geological setting acquired from our advanced work at Hook Lake, we believe that it is time to revisit our findings at Smart Lake”.
Both Cameco and Purepoint’s technical staff will re-examine and re-log the core from the original drill campaigns.
Purepoint performed a ground electromagnetic survey, a soil geochemical survey and 2,539m of diamond drilling in ten diamond holes as part of the earlier work programme.
The initial drilling programme identified basement-hosted uranium mineralisation associated with a graphitic shear zone that includes 13.3m of 127ppm (parts per minute) of uranium.
Following the re-examination of the drill core, the JV partners plan to prepare an exploration programme presentation for Smart Lake.
Purepoint president and CEO Chris Frostad said: “Our investors are anxious to see us expand our exploration efforts across our broad uranium portfolio.
“We are reviewing the priorities of our entire project set with an eye to begin a more aggressive stage of advancement.”
Based in Canada, Purepoint Uranium Group is a resource company engaged in the exploration and development of properties for the production of high-grade uranium.