Breaking #Mining #Stock News: Fortune Bay
(TSXV: $FOR.V) Announces Acquisition of the Strike Uranium Project Near Uranium
City, Northern Saskatchewan; @fortunebaycorp
HALIFAX, NS - September 16, 2021 (Investorideas.com Newswire) Fortune Bay Corp. (TSXV:FOR, Frankfurt:5QN) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Strike Uranium Project ("Strike" or the "Project") through claim staking. The Project covers an area of approximately 10,000 hectares and is located 25 kilometres west of Uranium City and the Company's flagship Goldfields Project in northern Saskatchewan.
Read this news,
featuring FOR.V in full at https://www.investorideas.com/CO/FOR/news/2021/09161Uranium-Northern-Saskatchewan.asp
The
Project has been identified to have potential for high-grade unconformity-related,
basement-hosted uranium deposits in a setting similar to other discoveries on
the margin of the Athabasca Basin (see Figure 1). Rock samples collected
recently from surface at Strike produced assays of 3.51% U3O8 and 1.75% U3O8,
confirming historical results.
Dale
Verran, CEO for Fortune Bay, commented, "The acquisition of the Strike Uranium
Project through staking represents an exciting opportunity for Fortune Bay and
its shareholders, particularly given the recent boom in uranium equities and
increase in the spot uranium price. The Athabasca Basin is undoubtably the
world's premier district for high-grade uranium; and unconformity-related,
basement-hosted deposits are highly sought after targets given their
high-grades and competent host rocks which allow for conventional mining. At
Strike we believe we have the required exploration criteria for these deposits,
and positive results from historical exploration with very limited drilling
makes this a unique exploration opportunity."
Mr.
Verran further added, "While our primary focus will remain on our flagship
Goldfields Project, the Strike Project provides additional exploration
optionality for the Company in a strengthening uranium market, and allows us to
leverage off our existing operational capabilities in the Uranium City area and
our team's considerable experience in Athabasca Basin uranium exploration,
which includes discovery and delineation."
Exploration Potential
Previous
work (from the 1950's to 2008) and historical datasets support the Project's
potential for high-grade unconformity-related, basement-hosted uranium deposits
in accordance with current exploration models for these types of deposits. Key
exploration criteria identified include:
·
Known uranium endowment:
·
Favourable geological setting (see Figure 2):
·
Indicative alteration and geochemical pathfinder
signatures:
Historical
rock sampling campaigns identified:
High-Quality Existing Datasets; Very Limited Previous Drilling
The
first recorded uranium exploration in the area was carried out during the
1950's by numerous junior mining companies. This initial work consisted
primarily of prospecting and trenching, and numerous uranium occurrences were
discovered. One of these occurrences, known as the Tena Zone, was mined on a
small-scale during the late 1950's, with ore shipped to the Lorado mill for
processing. During the late 1960's and early 1980's, SMDC (now Cameco Corp.),
Mokta and Jodi Energy Resources Ltd. completed more comprehensive work
consisting of airborne magnetic and electromagnetic ("EM") surveys
with follow up ground EM surveying. Although these EM surveys did detect a
significant number of ground EM conductors along the edge of the Athabasca
Basin, diamond drill testing was very limited. Assessment records indicate that
only seven historical drill holes have been completed on the property to date.
Three of the holes are located near the Tena Zone with one hole intersecting
1.6% eU over 4 metres (eU is equivalent uranium derived from a downhole gamma
spectrometer).
Work
carried out by Cameco Corp. ("Cameco") between 2005 and 2008 produced
several high-quality datasets including airborne magnetic and electromagnetic
surveys (VTEM), ground electromagnetic surveys (Max-Min and Step-Wise Moving
Loop), and outcrop geochemical and reflectance spectrometry (clay) sampling
programs. Cameco did not conduct any drilling on the project, and despite
documented recommendations in assessment reports to advance the project the ground
lapsed in 2012 (soon after the 2011 Fukushima nuclear accident). These publicly
available datasets acquired by Cameco represent a valuable repository of data
for the Project and provide an initial basis for drill targeting. A future
ground gravity and magnetic survey may provide additional supportive data which
would allow for prioritization of drill targets by delineating clay alteration
zones (gravity lows) and structures (magnetic lineaments).
Operational and Infrastructure Advantages
The Project is located approximately 25 kilometres
west of Uranium City, and 15 kilometres southeast from Camsell Portage (see
Figure 2). Clean-energy hydro power stations are available within 10 kilometres
of the Project to the north, and regional airports are available at Uranium
City and Camsell Portage. Fortune Bay expects to base operations out of Uranium
City where the Company has existing operational capabilities, including
vehicles, field equipment, storage buildings and core logging and sampling
facilities.
Recent Work and Next Steps
The Company has recently verified the Tena Zone and
Point Claims occurrences (as listed in the open-source Saskatchewan Mineral
Deposit Index) through geological investigation, gamma-ray spectrometer
surveying, and confirmatory surface rock sampling. Uranium assay (U3O8 wt%)
and selected geochemical results are provided in Table 1. The results
demonstrate high uranium grades on surface together with anomalous geochemical
associations indicative of unconformity-related, basement-hosted uranium
mineralization. The Company is currently advancing the Project through permit
applications for ground geophysics and drilling. Field work, commencing with a
ground gravity and magnetic survey, is being planned to commence in early 2022
to utilize winter ice conditions.
Sampling, Analysis and Data Verification
Uranium assays and geochemical analyses, provided
in Table 1, were undertaken by the Saskatchewan Research Council
("SRC") Geoanalytical Laboratories. Sample preparation included
drying, jaw crushing to 60% passing -2 millimetres, and pulverizing to 90%
passing -106 microns. The resultant pulp was digested using a two-acid partial
digest (HNO3:HCl) and the respective solution analyzed for multiple
elements, including uranium, using ICP-OES. Boron values are obtained through
NaO2/NaCO3 fusion followed by ICP-OES. Uranium
assays are obtained using SRC's ISO/IEC 17025:2005 accredited method for the
determination of U3O8 wt%. A split of the sample
pulp is digested using aqua-regia (HCl:HNO3 in the ratio 3:1),
and the solution analyzed for U3O8 wt% using
ICP-OES.
Unless otherwise stated, the historical results
(including drill 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 results relevant to assess the mineralization and
economic potential of the property.
Qualified Person
The
technical and scientific information in this news release has been reviewed and
approved by Dale Verran, M.Sc., P.Geo., Chief Executive Officer of the Company,
who is a Qualified Person as defined by NI 43-101. Mr. Verran 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, Frankfurt: 5QN) is a gold-focused 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 has a goal of building a mid-tier gold 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. Fortune Bay Corp. ("Fortune
Bay" or the "Company") cautions that all forward-looking
statements are inherently uncertain, and that actual performance may be
affected by a number of material factors, many of which are beyond Fortune
Bay's control. Such factors include, among other things: risks and
uncertainties relating to metal prices, changes in planned work resulting from
weather, COVID-19 restrictions, logistical, technical or other factors, the
possibility that results of work will not fulfill expectations and realize the
perceived potential of Fortune Bay's mineral properties, uncertainties involved
in the interpretation of drilling results and other tests, the possibility that
required permits may not be obtained in a timely manner or at all, risk of
accidents, equipment breakdowns or other unanticipated difficulties or
interruptions, the possibility of cost overruns or unanticipated expenses in
work programs, the risk of environmental contamination or damage resulting from
the exploration operations, the need to comply with environmental and
governmental regulations and the lack of availability of necessary capital,
which may not be available to Fortune Bay, acceptable to it or at all. Fortune
Bay is subject to the specific risks inherent in the mining business as well as
general economic and business conditions. Accordingly, actual and future
events, conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the
forward-looking information. Except as required under applicable securities
legislation, Fortune Bay undertakes no obligation to publicly update or revise
forward-looking information. Fortune Bay does not intend, and does not assume
any obligation, to update these forward-looking statements, except as required
under applicable securities legislation. 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
Figure 1: Strike Uranium Project location map. (CNW
Group/Fortune Bay Corp.)
Figure
2: Strike Uranium Project infrastructure and geological setting. (CNW Group/Fortune
Bay Corp.)
Fortune Bay Corp.
(TSXV: FOR) is a featured Mining stock on Investorideas.com
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