HALIFAX,
NS, Jan. 10, 2024 /CNW/ - Fortune Bay
Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the
"Company") is pleased to announce the acquisition of the Spruce
Uranium Project ("Spruce" or the "Project") through staking over
the past several months. The Project is located within the
north-central margin of the Athabasca Basin, near the community of
Fond du Lac, and comprises four
mineral claims covering 6,855 hectares (Figure 1).
Highlights:
- Located in proximity to the northern rim of the Athabasca Basin ("Basin") with potential for
high-grade, basement-hosted uranium deposits.
- Covers over six (6) kilometres of prospective strike length
along the Grease River Shear Zone ("GRSZ"), a major structural
corridor that hosts the historical Fond
du Lac uranium deposit.
- The GRSZ is significantly underexplored relative to other
major, Basin-margin structural corridors that have yielded
significant basement-hosted uranium discoveries (e.g. Arrow, Triple
R and Eagle Point).
- Historical surface uranium showings of 1.60%
U3O8 and 0.65% U3O8
from limited prospecting.
- Additional Rare Earth Element ("REE") potential, including
historical surface REE showings of 3.13% total rare earth element
("TREE"), 1.23% TREE, 0.88% TREE and 0.85% TREE.
- Adjacent to properties held by IsoEnergy Ltd., and Forum Energy
Metals Corp. (under option to Traction Uranium Inc.) that recently
highlighted prospective conductive trends on the Project through
airborne electromagnetic ("EM") surveying.
Dale Verran, CEO for Fortune Bay,
commented, "As the uranium market continues to strengthen, with
spot prices recently topping US$90/lb
U3O8, investment in uranium exploration in
Saskatchewan's prolific
Athabasca Basin is on the rise as
explorers search for resources to meet the growing future supply
deficit. This timely acquisition provides Fortune Bay with another
uranium project to create value for our stakeholders. The Spruce
Uranium Project hosts the hallmarks for a high-grade
basement-hosted discovery; located on a major structural zone in
proximity to the Basin margin with a precedent for mineralization,
and limited exploration to date."
The Spruce Uranium
Project
The Project is located along the Grease River Shear Zone
("GRSZ"), a crustal-scale structural corridor up to seven
kilometres wide. Unlike other major structural zones in the
Athabasca Basin, that have yielded
the large high-grade uranium discoveries, the GRSZ has seen very
limited exploration to date. Historical exploration has
demonstrated the GRSZ to be prospective for basement-hosted uranium
mineralization, evidenced by the Fond du
Lac uranium deposit and numerous historical uranium
occurrences (Table 1). In addition, the Project includes anomalous
lake sediment samples with up to 287 ppm uranium from historical
regional datasets, and several airborne radiometric uranium
anomalies. Only three historical drill holes have been completed on
the Project to date. The 6,855 hectare Project covers over six (6)
kilometres of prospective strike length along the GRSZ, within
approximately 20 kilometres of the present-day Athabasca Basin margin.
In addition, the Project has potential for REE deposits. The
northern region of Saskatchewan
has a precedent for high REE grades, exemplified by the Alces Lake,
Hoidas Lake and Bear Lake REE projects. Historical REE discoveries
on the Project were made while prospecting for uranium and records
indicate that these occurrences, including outcrop samples of 3.13%
TREE, 1.17% TREE, 0.88% TREE and 0.85% TREE, have not been
followed-up.
Table 1: Highlight Historical Uranium
Occurrences.
Project
|
SMDI#
|
Name
|
Grab Sample
Uranium
|
Description
|
Spruce
|
1577
|
CBS 4422
Trench
|
0.65%
U3O8
|
Cross-cutting
pitchblende vein hosted in
gneiss, proximal to major mylonitic fault.
|
1589
|
Magma Mines Uranium
Showing No. 1
|
1.60%
U3O8
|
Fault-hosted uranium
mineralization in a
quartzitic biotite gneiss. Three foot channel
samples.
|
5410
|
Sample AM076
|
1,790 ppm U
|
Rock sample of a white
pegmatite outcrop.
|
5389
|
Sample AM086
|
340 ppm U
|
Rock sample of an
outcrop (unspecified
rock type).
|
5411
|
Sample JR355
|
545 ppm U
|
Rock sample of a
granite outcrop.
|
3324
|
Samples TP150 &
TP151
|
764 ppm U
|
Rock samples from a
white granite outcrop.
Sample TP150 also contained 1,849 ppm
TREE.
|
Adjacent
Property
|
1579
|
CBS 4427 Uranium
Occurrence
|
0.11%
U3O8
|
Geochemical
sample from lake sediment.
|
1590
|
BURNS Claims
Trenches
|
0.17%
U3O8
|
Trench samples from
pegmatite with yellow
staining, samples from all the trenches
averaged 0.12% U3O8.
|
3329
|
Samples CH129,
CH130,
CH132, JF011,
JF027,
RD305, RD306
|
>10,000 ppm
U
|
Samples from white and
pink pegmatite
outcrops.
|
5637
|
Sample AM122
|
8,382 ppm U
|
Sample from a white
granite boulder.
|
Fond du
Lac
|
1572
|
The Fond Du Lac Uranium
Deposit is located approximately 30 kilometres southwest of the
Project, along the Grease River Shear Zone, and was discovered by
Famok Ltd in the early
1970's. The deposit comprises coffinite, pitchblende, and
uraniferous goethite hosted within
steeply dipping fractures within Athabasca Group basal sandstone
and extending into the
underlying basement rocks. A historical mineral resource of one
million pounds uranium at an
average grade of 0.25% U3O8 was estimated but
was not prepared in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43-101").
|
*SMDI# refers to the
Saskatchewan Mineral Deposit Index occurrence
number.
|
Next Steps
The Project warrants a modern, systematic approach to evaluate
the GRSZ and other historical uranium and REE occurrences of
interest.
Next steps are planned to include:
- Desk-top Prioritization of Target Areas: Existing
historical data (geochemical and airborne geophysical surveys),
regional government data, and satellite imagery provide valuable
information to commence prioritization of target areas, which would
include the identification of favorable lithological and structural
settings.
- Field Data Verification and Investigation: Verification
of historical datasets is planned within prioritized target areas,
to include ground-truthing of uranium and REE occurrences. Scope of
work to include geological mapping, scintillometer surveying and
grab sampling.
- Drill Target Definition: Drill targets are expected to
be defined through geophysical surveying including gravity and
magnetics and/or additional EM surveys, as applicable. Geochemical
surveys may be warranted based on assessments of suitable sample
media.
The Company plans to commence the desk-top prioritization of
target areas over the coming weeks. Fortune Bay intends on finding
a suitable partner to advance the Project through an earn-in, or
similar agreement, that provides Fortune Bay with upside in future
discovery.
Grant of Deferred Share
Units
Fortune Bay announces that effective November 28, 2023 and December 20, 2023 the board of directors of the
Company has granted Deferred Share Units ("DSUs") to its directors,
officers and employees to satisfy certain director fees and
management bonuses in lieu of cash. 150,000 DSUs were granted
to the Company's directors to settle director fees for the year
ended December 31, 2023. In addition,
290,000 DSUs were granted to officers and employees in lieu of
annual cash bonuses. The DSUs will vest in accordance with the
Company's deferred share unit plan.
Technical Disclosure
The historical results contained within this news release have
not been verified and there is a risk that any future confirmation
work and exploration may produce results that substantially differ
from the historical results. The Company considers these historical
results relevant to assess the mineralization and economic
potential of the property. The Company also cautions that
historical results on adjacent properties are not necessarily
indicative of the results that may be achieved on the Project.
Further details regarding the historical occurrences noted in this
news release can be found within the Saskatchewan Mineral Deposit
Index ("SMDI") using the reference numbers provided in Table 1.
Historical assay and scintillometer survey results were captured
from assessment reports available in the Saskatchewan Mineral
Assessment Database (SMAD) references 74O07-0002, 74O07-0031,
74O09-0023 and 74O09-0024. Historical anomalous lake sediment
samples referenced derive from Geological Society of Canada datasets available from the
Saskatchewan online GeoAtlas and
from assessment report 74O09-0023. Details regarding the Fond du
Lac Uranium Deposit can be found in the publication by Homeniuk, L
A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM
Bulletin May,1982. "Fond-du-Lac
uranium deposit".
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, OTCQX: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 the Strike and Murmac uranium exploration projects,
located near the Goldfields Project, which have high-grade
potential typical of the Athabasca
Basin. 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
info@fortunebaycorp.com or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
902-334-1919
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.
SOURCE Fortune Bay Corp.