Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) (“Purepoint” or the “Company”) today announced the completion of an airborne electromagnetic survey across the Denare West Volcanogenic Massive Sulphide (VMS) project, approximately 9 kilometres southeast of Foran’s McIlvenna Bay Cu-Zn-Au deposit, in the Hanson Lake area of eastern Saskatchewan. Foran Mining Corp. is the operator of the Denare West project under a 2023 Option Agreement with Purepoint.
Highlights
- An airborne electromagnetic survey, VTEM Max, was flown over the Denare West project by Foran Mining to best prioritize exploration target areas;
- The Denare West project is operated by Foran Mining under a $19 million option agreement with Purepoint;
- The Hanson Lake and McIlvenna Bay deposits are located along a conductive belt of rocks shown to extend onto the Denare West project (Figure 1): and
- Modeling of the VTEM Max survey results will be conducted by Foran Mining before integration with other exploration (geological, geophysical and geochemical) datasets (Foran PR, Sep 19, 2024).
“The completion of this airborne survey marks another step forward in advancing the Denare West project” said Chris Frostad, President & CEO of Purepoint Uranium. “Our partnership with Foran reflects our commitment to leveraging strong industry relationships to drive exploration forward. With Foran funding and operating the program, we’re ensuring that Denare West benefits from top-tier exploration while maintaining exposure to a potential new discovery in one of Canada’s most promising VMS districts.”
Foran Mining announced the airborne electromagnetic survey (VTEMTM Max) over the Denare West property last Summer (Foran PR, Sep 19, 2024). Electromagnetic (EM) data is the primary targeting tool for base metals and measures the electrical conductivity of rocks. The initial results of the VTEM Max survey are provided as Tau, a calculated decay time constant (Figure 1), with the red and yellow colours highlighting prospective conductive rocks. The location of the historical EM conductors, also shown in Figure 1, will now be refined using the high-resolution VTEM Max results.
The Denare West Project, staked by Purepoint in 2018, encompasses 10 claims covering an area of 21,066 hectares (Figure 2). Strategically located adjacent to and on trend with Foran’s McIlvenna Bay deposit, the largest undeveloped VMS deposit along the prolific Flin Flon Greenstone Belt, McIlvenna Bay has indicated resources of 39Mt grading at 2.04% copper equivalent (Foran’s Technical Report dated November 25, 2021).
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