HALIFAX, NS, Oct. 8, 2024 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FSE: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to report high-grade uranium assays in the first batch of analytical results from its 2024 exploration drilling program on the Murmac Uranium Project ("Murmac" or the "Project"), located in northern Saskatchewan near Uranium City. The drilling program was funded by Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: 13L0) ("Aero") under an Option Agreement.
The drilling program was designed to test regional targets across the Project's extensive Armbruster, Howland and Pitchvein Conductor Corridors, which have a combined strike length of approximately 30 kilometers.
Shallow, elevated concentrations of uranium occurring in structured graphitic rocks were confirmed in all four drill holes for which analytical results are available, including results of 13.80%U3O8and 4.54% U3O8from individual assay samples.
Highlights:
High-Grade:8.40 m at 0.30% U3O8 including 1.20 m at 1.79 % U3O8, with individual assays up to 13.80% U3O8 and 4.54% U3O8 over 0.10 m in drill hole M24-017.
Shallow: High-grade mineralization (>1% U3O8) in M24-017 intersected at only 64 metres below surface.
Right Rock Types: Mineralization was intersected within strongly graphitic and structured rocks, the favored hosts for Athabasca Basin high-grade deposits.
More Drilling Warranted: Fortune Bay and Aero are planning for a winter drill program to follow-up these results and test additional priority targets.
Gareth Garlick, Technical Director for Fortune Bay, commented "We are very pleased to see assay results confirm shallow, high-grades of uranium from this limited reconnaissance drill program. This undoubtably confirms our exploration thesis that the untested graphitic horizons across this area are highly prospective."
Dale Verran, CEO for Fortune Bay, added "There is tremendous potential to realize a meaningful discovery at Murmac through the follow-up of these results and the testing of numerous other priority targets. We look forward to working with Aero Energy to plan a winter drilling program."
Assay Results
A total of eight drill holes (1,685 m) were completed at Murmac during June and July 2024, testing compelling geophysical signatures and favorable geological/structural settings as documented in a News Release dated June 4, 2024. The completed drill holes encountered highly favorable geological settings for high-grade basement-hosted deposits associated with the Athabasca Basin, along with anomalous radioactivity (see News Release dated July 24, 2024) interpreted to be associated with uranium mineralization. A total of 149 samples were collected to confirm this and to characterize geochemical associations. All samples were submitted to the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon, SK, Canada for processing. Results for the first sample batch of 98 samples (from holes M24-016A to M24-019, inclusive) are available and are included in this news release. Results for the remaining 49 samples are pending.
Anomalous uranium (>100 ppm) was encountered in each of the four drill holes for which results are available. Drill hole assay results are provided in Table 1 and discussed below. Figure 1 shows drill hole locations, including assay highlights. A full geochemical interpretation will be carried out when all results are available.
Table 1: Summary of anomalous (>100 ppm) uranium intersections from first batch of analytical results.
Hole ID
From (m)
To (m)
Length (m)
U (ppm)
U3O8 (%)
M24-016A
93.50
93.65
0.15
105
0.01
235.65
235.80
0.15
118
0.01
M24-017
84.20
92.60
8.40
2,571
0.30
incl.
86.10
87.30
1.20
15,224
1.79
incl.
86.10
86.20
0.10
108,000
13.80
and
86.20
86.30
0.10
37,200
4.54
incl.
92.00
92.20
0.20
9,450
1.20
126.80
127.20
0.40
104
0.01
M24-018
139.55
139.95
0.40
227
0.03
141.85
142.05
0.20
142
0.02
M24-019
101.00
101.10
0.10
985
0.12
Notes:
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Uranium concentration in parts per million ("ppm") are shown as determined through partial digest ICP–OES or ICP-MS analysis on all samples, as described in the technical disclosure below.
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Uranium content as weight % U3O8 was determined for samples with > 1,000 ppm U through digestion in a concentration of HCl:HNO3, and ICP-OES analysis. For samples < 1,000 ppm U, the weight % U3O8 was calculated empirically from the U ppm value.
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Composited intervals are provided as length-weighted averages.
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True thicknesses of the drill core intersections are yet to be determined.
Located approximately 100 m northeast of positive results in Fortune Bay's 2022 drill holes M22-013 and M22-014, and 175 m southwest of positive historical results from SMDC drilling that included 1.01% U3O8 over 2.0 m (CKI-9) and 2.19% U3O8 over 0.5 m (CKI-10).
Intersected two anomalous intervals of 105 ppm U and 118 ppm U, each over 0.15 m, from 93.50 to 93.65 m and from 235.65 to 235.80 m down hole, respectively.
M24-017:
Tested geophysical (EM and gravity) target H15 at the intersection of an EM conductor and a property-scale mineralized cross-fault beneath a shallow lake.
Intersected 0.30% U3O8 over 8.40 m from 84.20 to 92.60 m (approximately 64 to 71 m below surface), including 1.79% U3O8 over 1.20 m, with individual assays up to 13.80% and 4.54% U3O8 over 0.10 m.
Mineralization occurs at the contact between a more competent, highly altered hangingwall quartzite and an underlying structured graphitic pelite, and is associated with elevated concentrations of Pb, Ni, Co, As, Cu, V, Mo, Zn, Ag and Bi.
M24-018:
Tested approximately 50 m down-dip of M22-017 along the mineralized quartzite-graphite contact zone.
Shows down-dip continuity of anomalous uranium, intersecting 227 ppm U over 0.40 m from 139.55 to 139.95 m, and 142 ppm U over 0.20 m from 141.85 to 142.05 m.
M24-019:
Approximate 50 metre step-out along strike to the northeast from M22-017.
Anomalous uranium was hosted in strongly graphitic pelite, confirming presence of active mineralizing system along strike, with up to 0.12% U3O8 over 0.10 m from 101.00 to 101.10 m.
Figure 1: Location of 2024 Murmac drill holes (prefix M24), including assay highlights. (CNW Group/Fortune Bay Corp.)
August 2024 Private Placement
On August 2, 2024, the Company completed a non-brokered private placement financing of $600,000 by issuing 2,727,272 units at a price of $0.22 per unit. A director of the Company subscribed for 1,000,000 of the units issued for this financing. The participation by the director constituted a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and (b), and 5.7(1)(a), respectively, of MI 61-101 on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the financing exceeds 25% of the Company's market capitalization calculated in accordance with MI 61-101, and on the basis that no securities of the Company are listed or quoted on a stock exchange as specified in MI 61-101.
Technical Disclosure
All drilling was carried out with NQ2 diameter core. The oriented drill cores have been subjected to comprehensive logging and sampling to characterize mineralization, alteration and structure. Sample intervals ranged from 10 to 135 cm.
Half-split drill core samples were submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization. Samples are screened upon receipt by SRC, and samples with significantly elevated radioactivity are identified and separated out for the SRC "ICP1" multi-element uranium exploration package, with an additional assay for U3O8 in weight percentage where uranium content exceeds a 1000 ppm threshold. Analysis of the remaining samples was carried out through the SRC "ICP-MS2" basement exploration package.
Sample preparation for all samples includes drying, jaw crushing to 60% passing -2 mm, and pulverizing to 90% passing -106 microns. The ICP1 package includes ICP-OES on a total digestion and ICP-MS on a partial digestion, with U3O8 assay carried out by partial digestion and analysis by ICP-OES. The ICP-MS2 package consists of three separate analyses, including (1) ICP-MS on a partial digestion, (2) ICP-OES for major and minor elements on a total digestion and (3) and ICP-MS analysis for trace elements on the total digestion. Partial digestions are performed using HNO3:HCl. Total digestions are performed using a mixture of concentrated HF:HNO3:HClO4. Additional analysis for Boron content was obtained for all samples through NaO2/NaCO3 fusion followed by ICP-OES.
Fortune Bay included certified reference material ("CRM") blanks and standards into the sample sequence, at a targeted rate of approximate 1 per every 20 samples, as part of an internal QAQC process. In addition to this, SRC includes various standards and carried out repeat analyses for selected samples as part of their laboratory QAQC procedure. All results were reviewed by Fortune Bay and no significant issues were noted.
The historical drill results obtained by SMDC in drill holes CKI-9 and CKI-10 can be found within the SMAD references 74N07-0310 and 74N07-0311 and have not been verified.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan, which have high-grade potential. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as [email protected] or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"Dale Verran" Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
