Purepoint Uranium Pushes Ahead with Athabasca Basin Drilling Amid Sector Tailwinds

Key Highlights:

• Drilling underway at Smart Lake JV with Cameco; Dorado JV to follow in Q2
• Permits secured across Edge, Full Moon, Turnor Lake, and Celeste Block
• Denare West EM survey reveals multiple anomalies near McIlvenna Bay
• Stock trades at C$0.24, down 2%, but poised for potential upside on uranium momentum

Purepoint Uranium Group Inc. (TSXV: PTU | OTCQB: PTUUF) is maintaining a steady pace of exploration activity across Canada's renowned Athabasca Basin, with its Q2 update highlighting active drill campaigns, multi-partner momentum, and an expanding focus on high-priority uranium and VMS targets. Despite a slight pullback in share price—down 2.04% to C$0.24—the company remains one of the more strategically positioned junior explorers in a sector being revitalized by the global clean energy push.

As the uranium market tightens and the demand outlook continues to strengthen, Purepoint is doubling down on its collaborative approach, working closely with majors like Cameco, IsoEnergy, and Foran Mining to unlock value from multiple properties.

Drills Turning at Smart Lake, Dorado Next in Line

The company’s flagship action is currently at the Smart Lake Joint Venture with Cameco, where four holes totaling approximately 1,400 metres are being drilled to test three discrete conductors identified during last year’s ground EM survey. The campaign, focused along the Groomes Lake corridor, is targeting previously untested areas that exhibit strong conductivity and favourable structure. Drilling is expected to wrap up by end of April, with results likely to guide subsequent exploration at depth.

Following Smart Lake, the company will shift focus to its Dorado JV with IsoEnergy, where a 17-hole, 6,100-metre drill program is set to begin in Q2. The targets—graphitic conductors surrounding a granitic dome—are rooted in a consolidated geological model combining data from the Turnor Lake and Geiger regions. Purepoint has already secured all necessary exploration permits for the Dorado, Edge, and Full Moon projects, while a Turnor Lake amendment has also been approved.

Strategic Survey Work Lays Ground for Summer and Fall Activity

Further north, the Aurora JV geophysical survey over the Collins Bay Extension has been deferred to summer 2025. The objective remains: refine shallow uranium targets in proximity to the McClean Lake and Rabbit Lake mills, two of the most established processing hubs in the basin.

At Celeste Block East, Purepoint has completed permitting and will commence shallow conductor drilling in Q3. While the broader Celeste Block remains at an earlier stage, ongoing target definition through geophysics is expected to lay the groundwork for more robust exploration in 2026.

VMS and Gravity Targets Gain Momentum

Outside of uranium, Purepoint is advancing its Denare West project, where partner Foran Mining recently completed a VTEM Max airborne EM survey that identified multiple conductors consistent with VMS-style mineralization. The property lies just 9 km southeast of Foran’s McIlvenna Bay deposit, a critical advantage as the region draws increasing exploration capital. The anomalies are now being integrated with historical data to prioritize targets under a $19 million option agreement with Foran.

On its wholly owned Tabbernor project, Purepoint has completed interpretation of a 7,549-line-kilometre FALCON gravity and magnetic survey, identifying three zones showing gravity low anomalies—potential indicators of hydrothermal alteration. Follow-up work this year will include boulder sampling, prospecting, soil geochemistry, and potentially early-stage drilling.

Market Outlook and Investor Takeaway

With uranium prices recovering and geopolitical interest in nuclear energy surging, Purepoint appears well-positioned to capitalize. The company’s stock remains at the lower end of its 52-week range (C$0.20 – C$0.60), offering upside potential for investors who believe in the sector’s long-term trajectory. Despite an EPS of -0.10 and a current market cap of just C$13.78 million, Purepoint’s active partnerships, technical strength, and access to Canada’s richest uranium terrain keep it firmly in the conversation among credible junior explorers.

As drilling advances and assays begin to flow in the coming months, investor attention is likely to sharpen—especially if Purepoint and its heavyweight partners can convert conductors into meaningful intercepts.