Purepoint Uranium Project Update

Rhea-AI Summary

Purepoint Uranium Group (TSXV: PTU, OTCQB: PTUUF) has provided updates on its exploration activities across multiple projects in Canada's Athabasca Basin. At the Smart Lake Joint Venture with Cameco, a TEM survey was completed in December, with data interpretation pending. Diamond drilling at the Groomes Lake conductor is planned for late March.

The Hook Lake Joint Venture with Cameco and Orano will focus on follow-up drilling at the Lightning Zone discovery and testing NexGen Energy's Patterson East trend extension. The IsoEnergy Joint Venture expects to commence drilling in Q2 2025, with a NI 43-101 technical report on the Geiger project due in the same quarter.

At Denare West, Foran Mining conducted a VTEM plus survey to investigate links to their McIlvenna Bay deposit. The Tabbernor Project completed a 7,549 line-km FALCON gravity survey in 2024. Additionally, the company has approved 1,275,000 options at $0.30 per share with a five-year expiry for its board, management, and staff.

Positive

• Multiple active joint ventures with major uranium companies (Cameco, Orano, IsoEnergy)
• Comprehensive exploration program across multiple properties
• New drilling program scheduled for Q2 2025

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - January 20, 2025) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to provide a brief update on the progress of its exploration activities across its portfolio of projects in Canada's Athabasca Basin. The exploration update is intended to keep stakeholders informed of ongoing work and upcoming plans as we advance our strategic initiatives.

Smart Lake Joint Venture (Cameco/Purepoint)

• A transient electromagnetic (TEM) survey was completed in December. The ground survey was designed to refine drill targets for the upcoming drill campaign. The resulting data is currently being interpreted by Cameco and should be available later this month.
• The previously announced diamond drilling program targeting the northern Groomes Lake conductor is scheduled to commence in late March. Seasonal daylight and ground conditions will dictate the timing of this helicopter supported program.

Hook Lake Joint Venture (Cameco/Orano/Purepoint)

• Key focus areas include follow-up drilling at last year's discovery in the Lightning Zone; and
• Testing the northern extension of NexGen Energy Corp's Patterson East trend, where the target conductor extends into Hook Lake for approximately 1 km.

IsoEnergy/Purepoint Joint Venture (IsoEnergy/Purepoint)

• Plans and budgets for the 2025 exploration year are currently being approved with further details to be released shortly.
• Drilling is expected to commence in Q2 2025.
• Work has commenced on the preparation of a NI 43-101 compliant technical report on the Geiger project as a regulatory requirement of last year's transaction. The report will be filed later in Q2 2025.

Denare West (Foran Mining/Purepoint)

• A VTEM plus Airborne Electromagnetic survey was conducted in the Fall of 2024 by Foran to assist in confirming a geological link to their McIlvenna Bay VMS deposit.
• Results are currently being interpreted and will be available shortly.

Tabbernor Project (100% Purepoint)

• An airborne FALCON gravity survey by Xcalibur covered 7,549 line-km, focusing on mapping the extensive fault system was conducted in 2024.
• The interpretation of the resulting data has now been completed and the results will be disseminated shortly.

Purepoint remains committed to advancing its projects through focused exploration and community collaboration as we respond to growing demand for uranium. Further updates will be provided as work progresses.

Options

The Company has approved the issuance of a total of 1,275,000 options to its Board of Directors, management and certain staff members pursuant to the Company's Omnibus Equity Incentive Compensation Plan. The options are exercisable at a price of $0.30 per common share and expire on a date that is five years from the date of grant.

About Purepoint Uranium Group Inc.

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) is a focused explorer with a dynamic portfolio of advanced projects within the renowned Athabasca Basin in Canada. The most prospective projects are actively operated on behalf of partnerships with industry leaders including Cameco Corporation, Orano Canada Inc., and IsoEnergy Ltd.

Additionally, the Company holds a promising VHMS project currently optioned to and strategically positioned adjacent to and on trend with Foran Corporation's McIlvenna Bay project. 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.

Scott Frostad BSc, MASc, P.Geo., Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.

For more information, please contact:

Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca

For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

Disclosure regarding forward-looking statements

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237682

FAQ

When will PTUUF begin drilling at the Smart Lake Joint Venture?

Purepoint plans to commence diamond drilling at the Groomes Lake conductor in late March 2025, subject to seasonal daylight and ground conditions.

What are the terms of PTUUF's newly issued stock options?

Purepoint has approved 1,275,000 options exercisable at $0.30 per common share with a five-year expiry period for its Board of Directors, management, and certain staff members.

What exploration activities did PTUUF complete at Smart Lake in December 2024?

Purepoint completed a transient electromagnetic (TEM) survey in December 2024 to refine drill targets for the upcoming drill campaign.

When will PTUUF release the NI 43-101 technical report for the Geiger project?

The NI 43-101 technical report for the Geiger project is expected to be filed in Q2 2025.

What is the scope of PTUUF's FALCON gravity survey at the Tabbernor Project?

The FALCON gravity survey conducted by Xcalibur covered 7,549 line-kilometers, focusing on mapping the extensive fault system in 2024.