Mr. Chris Frostad reports

PUREPOINT URANIUM UPDATES RESULTS FOR WINTER DRILL PROGRAM AT HOOK LAKE JOINT VENTURE

Purepoint Uranium Group Inc. has released the results of its winter drill program at the Hook Lake joint venture at the Carter corridor. The Hook Lake project is a joint venture between Cameco Corp. (39.5 per cent), Orano Canada Inc. (39.5 per cent) and Purepoint (21 per cent), and lies on trend with high-grade uranium discoveries, including Fission Uranium's Triple R deposit and NexGen's Arrow deposit.

"Our latest exploration drill hole on the Carter corridor, CRT23-05, has uncovered a significant 35-metre-wide boron halo surrounding a 0.08 per cent U3O8 [triuranium octoxide] uranium intercept over 0.4 metre," said Scott Frostad, vice-president of exploration at Purepoint. "This discovery of boron associated with uranium in the Carter corridor is particularly exciting, as boron is a key pathfinder element for uranium deposits. Our neighbouring basement-hosted Spitfire uranium discovery also displayed significant boron enrichment that was recognized during its discovery phase."

Highlights:

• Diamond drill hole CRT23-05 returned an assay of 0.08 per cent U3O8 (671 parts per million (ppm) U (uranium)) over 0.4 metre (319.1 m to 319.5 m) from a 15-metre graphitic shear zone (318 m to 333 m) below the unconformity (283 m);
• In addition, the CRT23-05 mineralization was found to be surrounded by a significant boron halo returning greater than 800 ppm B (boron) over 35 metres (305 m to 340 m);
• Results were presented to the joint venture partners on Monday, May 1, 2023, and plans for follow-up drilling are now being developed.

Boron -- a tracer element for uranium mineralization

The discovery of uranium deposits in the Athabasca basin using boron as a pathfinder was first made at the Key Lake deposit in the late 1970s by a joint venture between Uranerz Exploration and Mining, Saskatchewan Mining Development Corp. and Eldorado Nuclear, and is one of the largest and highest-grade uranium deposits in the world. Boron enrichment is prominent in the sandstone column above the McArthur River uranium deposit, which is the world's largest high-grade uranium deposit.

The Millennium deposit, a basement-hosted deposit, was discovered in 2000 by Cameco and partners, which was aided by using boron geochemistry as a vectoring tool. The recognition of the extent of the sandstone and basement alteration combined with anomalous uranium and boron chemistry was key in prioritizing the southern portion of the B1 conductive trend, which ultimately led to this discovery.

The most recent National Instrument 43-101-compliant technical report on the flagship Hook Lake joint venture project can be found at the company's website -- "Technical Report on the Hook Lake Project, Northern Saskatchewan, Canada April 19, 2022."

Geochemical assaying

Core sampling is facilitated using an RS-125 hand held gamma-ray spectrometer that provides a readout of equivalent per cent K (potassium), ppm of U and Th (thorium). All drill intercepts are core width and true thickness is yet to be determined.

Core samples are submitted to the Saskatchewan Research Council (SRC) geoanalytical laboratories in Saskatoon. The SRC facility is ISO/IEC 17025: 2005 accredited by the Standards Council of Canada (scope of accreditation No. 537). The samples are analyzed using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 (sodium peroxide) fusion, and for uranium by fluorimetry.

Hook Lake -- the Carter corridor

The Hook Lake JV project is owned jointly by Cameco (39.5 per cent), Orano Canada (39.5 per cent) and Purepoint Uranium Group (21 per cent) as operator, and consists of nine claims totalling 28,598 hectares situated in the southwestern Athabasca basin. The Hook Lake JV project is considered one of the highest-quality uranium exploration projects in the Athabasca basin due to its location along the prospective Patterson Lake trend and the relatively shallow depth to the unconformity.

The Carter corridor is a long-lived, reactivated graphitic fault zone that lies between the Clearwater domain granitic intrusive rocks to the west and runs parallel to the Patterson structural corridor to the immediate east. The 25-kilometre strike length of the Carter structural/conductive corridor is almost entirely located within the Hook Lake JV project. The winter 2023 diamond drill program completed six holes along the Carter corridor for a total of 2,710 metres. The most northern hole drilled, CRT23-05, drilled the unconformity at 283 m and intersected 0.08 per cent U3O8 (671 ppm U) over 0.4 m from 319.1 to m 319.5 m. The uranium mineralization is associated with 15 m of graphitic shearing (318 m to 333 m), five metres of strong clay alteration (333 m to 338 m) and a 35-metre-wide boron halo (305 m to 340 m).

The Patterson Lake area was recently flown by an airborne gravity survey (Boulanger, Kiss and Tschirhart, 2019) that was financed by the Targeted Geoscience Initiative (TGI), a collaborative federal geoscience program. The gravity results show the southern portion of the Carter corridor as being associated with the same gravity high response as the Triple R and Arrow uranium deposits. The gravity low response west of the Carter corridor reflects the geologically younger, Clearwater domain intrusions. The TGI project leaders (Potter et al., 2020) consider the Clearwater domain intrusions as being high-heat-producers that warmed and circulated hydrothermal fluids along the structural corridors. Prolonged interaction of oxidized uranium-bearing fluids with basement rocks through reactivated faults is thought to have formed the high-grade uranium deposits.

About Purepoint Uranium Group Inc.

Purepoint Uranium Group actively operates an exploration pipeline of 10 advanced projects in Canada's Athabasca basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano, and a second joint venture with Cameco at Smart Lake, Purepoint also holds eight, 100-per-cent-owned projects with proven uranium-rich targets. With an aggressive exploration program under way on multiple projects, Purepoint is emerging as the pre-eminent uranium explorer in the world's richest uranium district.

Mr. Frostad BSc, MASc, PGeo, Purepoint's vice-president, exploration, is the qualified person responsible for technical content of this release.

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