Purepoint Uranium’s Discovery at Denare West VMS Project: A Potential Game Changer for Saskatchewan’s Mining Industry
Toronto, Ontario – In a recent press release, Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) (“Purepoint” or the “Company”) announced the successful completion of an airborne electromagnetic (AEM) survey at their Denare West Volcanogenic Massive Sulphide (VMS) project. The survey was carried out in the Hanson Lake area of eastern Saskatchewan, approximately 9 kilometres southeast of Foran Mining Corp.’s McIlvenna Bay Cu-Zn-Au (copper-zinc-gold) deposit.
Significance of the Discovery
The discovery of potential VMS mineralization at the Denare West project is significant for several reasons. VMS deposits are known for their high-grade concentrations of base and precious metals, making them attractive targets for mining companies. Moreover, the proximity of Purepoint’s discovery to Foran’s McIlvenna Bay deposit suggests the possibility of a larger mineralized system in the area.
The AEM Survey and Its Results
The AEM survey was conducted by Geotech Ltd. using their proprietary Falcon Airborne Geophysical System. The survey covered approximately 1,100 line-kilometres and identified several conductors that warrant further investigation. The most significant conductor, named “Denare West North,” measures over 1.5 kilometres in length and is located approximately 4 kilometres north of the McIlvenna Bay deposit.
Impact on Purepoint and Foran
For Purepoint, the discovery at Denare West could lead to increased exploration activities and potential resource growth. The company holds a 20% interest in the project and could benefit significantly from any future discoveries. Foran Mining, the project operator, may also see increased interest in the area due to the potential for a larger mineralized system. This could lead to further exploration and development activities, creating potential opportunities for both companies.
Impact on the Mining Industry and Saskatchewan Economy
The discovery at Denare West has the potential to boost the mining industry in Saskatchewan and contribute to the provincial economy. The province is already known for its rich mineral resources, including uranium, potash, and lithium. The discovery of a potential VMS deposit could attract additional exploration and development activities, creating jobs and generating revenue for the province.
Future Exploration Plans
Following the successful completion of the AEM survey, Purepoint plans to conduct further exploration activities at Denare West. This includes ground prospecting, geological mapping, and drilling. The company expects to release further results from the survey and exploration activities in the coming months.
Conclusion
The discovery of potential VMS mineralization at Purepoint’s Denare West project in Saskatchewan is an exciting development for the mining industry. The proximity of the discovery to Foran’s McIlvenna Bay deposit suggests the possibility of a larger mineralized system in the area, which could lead to increased exploration and development activities. This could create opportunities for both Purepoint and Foran, as well as contribute to the Saskatchewan economy. As further exploration activities are carried out, investors and industry experts will be watching closely to see what the future holds for this promising discovery.
- Purepoint Uranium Group Inc. completes AEM survey at Denare West VMS project
- Discovery located approximately 9 kilometres southeast of Foran Mining’s McIlvenna Bay deposit
- Significant potential for high-grade base and precious metals
- Further exploration activities planned, including ground prospecting, geological mapping, and drilling
- Potential to boost Saskatchewan mining industry and contribute to provincial economy
