Uranium exploration company offers first-mover advantage

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First Mover Advantage In Red-Hot Uranium

With uranium properties amassed over the past two decades in Saskatchewan’s Athabasca Basin, Purepoint Uranium (PTU.V; PTUUF.OTC) enjoys first-mover advantage as the uranium market heats up.
 

While many Johnny-come-lately uranium exploration companies are scrambling to build land positions in the Basin, Purepoint already has a powerful array of projects that are drill ready and about to see work.

Dear Fellow Investor,

Uranium prices have been on a tear.

After enjoying a brief spike in 2022 when Sprott entered the market with its SPUT fund, uranium prices had fallen on the spot market and were drifting sideways.

Now, the green energy trend has kicked in for the energy metal — sending the price up 30% this year and as much as $15 higher in the past six weeks alone.

For investors, this price move is a signal to get involved in this small but potentially very lucrative sector of the mining space.
 

When generalist investors start to play the uranium trend, the small nature of the sector and its relatively paltry number of investible companies means price spikes can come fast and hard for uranium names.

Which brings the focus to one company that looks ripe for appreciation in this new uranium bull market: Purepoint Uranium (PTU.V; PTUUF.OTC).

Purepoint has amassed a massive, nine-project portfolio spanning more than 200,000 hectares in the Athabasca Basin, the Saudi Arabia of uranium deposits.
 

Pulled together during Purepoint’s over two decades in the basin, this property portfolio is full of projects with defined, uranium-bearing targets that are drill-ready.

Add in joint venture deals with Cameco and Orano, two of the biggest producers in the uranium sector, and you have a uranium explorer in Purepoint with an excellent chance to deliver a share-price moving discovery.

A Shared Project With Uranium’s Majors

Purepoint’s flagship project is the Hook Lake project in the western Athabasca Basin. It is owned 39.5% by Cameco, 39.5% by Orano and 21.0% by Purepoint.

As operator of the project, Purepoint receives an annual 10% management fee, which means that for every $1 million spent by the partners on exploration, Purepoint only has to kick in a little over $100,000.

The project is in the hot section of the basin, with NexGen’s Arrow deposit (256 million pounds of 4.03% U3O8) and Fission’s Triple R deposit (114.9 million pounds of 1.94% U3O8) nearby.

Lately, the partners have been focused on the Carter Corridor at Hook Lake, a 25-kilometer band of band of graphitic corridors that’s extremely close to the hydrothermal heat source for the entire area.
 

Winter 2023 drilling on the corridor at Hook Lake turned up a promising uranium hit and another hole surrounded by a boron halo that can indicate the close presence of uranium.
 

In other words, the partners appear to be zeroing in on uranium mineralization at Hook Lake, and are planning a winter 2024 drill program to test the Carter Corridor further.

A Strong Portfolio Of Athabasca Basin Properties

And again, Hook Lake is just one of nine projects in Purepoint Uranium’s portfolio in the basin.
 

Other projects that will see work in the next 12-18 months include:

• Smart Lake: Located in the western basin 18 kilometers west-northwest of Hook Lake, Smart Lake is owned 73% by Cameco and 27% by Purepoint. It will see a round of airborne geophysical surveying and field mapping in 2024.
   
• Red Willow: This 100%-owned project is located along the prolific eastern portion of the basin, 10 kilometers northeast of Orano’s JEB Mine and 10 kilometers north of Cameco’s Eagle point mine.
  
  A 2022-2023 drilling program hit uranium mineralization for two kilometers along the Osprey zone and an upcoming fall 2023 drill program will test several potential targets.
   
• Turnor Lake: Another 100%-owned project in the eastern basin, Turnor Lake is home to a large region of elevated uranium. Purepoint will use results from 2022 drilling on the project to re-interpret airborne and ground geophysical data and stage a follow-up program.
   
• Tabbernor: Lying along the 1,500-kilometer-long Tabbernor Fault zone on the eastern edge of the basin, the 100%-owned Tabbenor project will see follow-up airborne geophysics and field mapping in 2024.
   
• Carson Lake: Adjoining the Hatchet Lake project, 100%-owned Carson Lake is drill ready with three targets and an inaugural drill campaign in the works.

Again, while more recently formed explorers are scrambling to secure land in the Athabasca Basin, Purepoint Uranium already has a very large portfolio of highly-prospective projects in the region, many of which are drill ready.

Area Play Potential

As mentioned, the uranium sector is relatively small and things tend to move quickly once the uranium prices start to move.
 

The fact is that money is already starting to pour into the basin to find the next high-grade uranium deposit there.

With so much money flowing in, a discovery is nearly bound to get made, which would set off a feeding frenzy in the basin that will lift the boats of all explorers in the area.

And between the upcoming winter drill program at Hook Lake and the fall program at Red Willow, perhaps no other company has as good of a chance of making a market-moving discovery as Purepoint Uranium.
 

If you’re looking for a smart-money bet on a rising uranium market, Purepoint Uranium deserves a prominent place on your due diligence list.

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