IsoEnergy (TSX: ISO) and Purepoint Uranium (TSXV: PTU) have formed a joint venture to explore and develop uranium properties in the eastern Athabasca Basin, covering over 98,000 hectares.
The joint venture will include 10 projects in the eastern Athabasca Basin: IsoEnergy’s Geiger, Thorburn Lake, Full Moon, Edge, Collins Bay Extension, North Thorburn, 2Z Lake, and Madison Projects, along with Purepoint’s Turnor Lake and Red Willow Projects.
Turnor Lake is geologically connected to Cameco’s high-grade La Rocque showings and IsoEnergy’s Hurricane deposit. It is located on the eastern edge of the Athabasca Basin, near several uranium deposits, including Orano’s mined-out JEB deposit (approximately 10 km southwest) and Cameco’s Eagle Point deposit (about 10 km south).
This joint venture consolidates a large land position immediately east of the Larocque East project, covering several kilometers of the highly prospective Larocque trend, a significant regional structure that hosts the world-class Hurricane deposit and other high-grade occurrences, including those in Cameco/Orano’s Dawn Lake joint venture.
The Athabasca Basin is home to some of the world’s largest and most profitable uranium mines, including the McArthur River and Cigar Lake mines, and it produces roughly 20% of the world’s uranium supply.
As part of the agreement, IsoEnergy will invest $1 million in Purepoint through a concurrent equity financing, giving IsoEnergy exposure to Purepoint’s other exploration projects in the Athabasca Basin, including Hook Lake, which previously intersected 10 meters of uranium at 10.3% U₃O₈.
“This collaboration underscores the confidence our partners—Cameco, Orano, Foran Mining, and now IsoEnergy—have in the potential of these projects. It further solidifies Purepoint’s position as a leader in uranium exploration in the Athabasca Basin,” said Chris Frostad, President and CEO of Purepoint.
Initially, IsoEnergy will hold a 60% interest in the joint venture, with Purepoint holding 40%.
Both parties have the option to adjust ownership to a 50/50 split within six months.
Purepoint will operate the exploration phase of the joint venture, and IsoEnergy will take over as the operator during the pre-development phase.
Shares in IsoEnergy fell nearly 3% on Tuesday morning in Toronto to C$3.75 apiece, valuing the company at C$671 million ($485 million). Purepoint shares jumped 16%, valuing the company at C$17.5 million ($12.6 million).
Source: MINING.COM – Read More
