Uranium Stock: Fortune Bay (TSXV: $FOR.V) Announces Goldfields West Uranium Project, Northern Saskatchewan

HALIFAX, NS - September 28, 2021 (Investorideas.com Newswire) Fortune Bay Corp. (TSXV:FOR, Frankfurt:5QN) ("Fortune Bay" or the "Company") is pleased to announce identification of the Goldfields West Uranium Project ("Goldfields West" or the "Project").

The Project comprises the western claims of the Company's flagship Goldfields Project in northern Saskatchewan, which have been identified to have potential for high-grade unconformity-related, basement-hosted uranium deposits typical of the Athabasca Basin margin (Figure 1).

Combined with the recently announced Strike Uranium Project (see News Release dated September 16, 2021), the Project gives Fortune Bay a dominant land position of the electromagnetic ("EM") conductors in Canada's original uranium mining district (Figure 2).

The Company plans to commence target area selection over the coming weeks in preparation for planned field activities in 2022, with the aim of generating targets for drill testing.

Dale Verran, CEO for Fortune Bay, commented, "We are pleased to announce a second uranium project in proximity to the Company's active flagship gold assets and operational hub in Uranium City. The Project provides Fortune Bay and its shareholders with additional discovery potential amidst a strengthening uranium market. Goldfields West includes an extensive package of favorable host rocks which have not seen any significant uranium exploration since the 1980's due to a focus on gold exploration. Historical work, which includes some noteworthy drill intersections, indicates the Project has the hallmarks of a prospective uranium corridor and warrants the application of modern exploration models and methods to target high-grade unconformity-related, basement-hosted uranium deposits."

Exploration Potential

Abundance of Uranium Occurrences

• The uranium endowment of the Project is well established through historical work until the 1980's which identified numerous high-grade (> 1% U3O8) uranium occurrences primarily through prospecting and trenching. Nearby significant past uranium producers include the Lorado, Gunnar and Beaverlodge (Eldorado) mines.
• Approximately 150 historical drill holes, completed between 1947 and 1987, are documented across the Project which were largely focused around the known uranium occurrences, and included shallow, high-grade drill intersections.
• Highlights of historical uranium occurrences for Goldfields West are summarized in Table 1.

Favorable Host Rocks (Figure 3)

• Historical airborne and ground EM surveys, from the 1950's until as recently as 2007, identified a package of EM conductors covering a strike length of approximately 12 kilometres. These conductors, where evaluated, have been confirmed to represent graphite-bearing metasediments, which are known to provide favorable (chemically-reducing) settings for the formation of unconformity-related deposits.
• Geological mapping by Ashton in 2009 identified abundant quartzites along the strike of the EM conductors. Quartzites are commonly associated with unconformity-related deposits, providing competency contrasts against graphitic-rocks to create prospective dilational settings.
• The Athabasca Basin margin is located approximately five kilometres to the south of the Project, indicating vertical proximity to the basal unconformity (now eroded) and good preservation potential for basement-hosted mineralization. Uranium mineralization has been documented along the Basin margin associated with the southwest extension of the Goldfields West conductor package, including the Stewart, Johnston and Sampson Island showings.

Table 1: Goldfields West Historical Uranium Occurrence Highlights.

Work Completed by Fortune Bay

During 2015 Mercator Geological Services Limited carried out an exploration program on the Company's behalf which included a structural/geophysical lineament study, rock geochemical sampling program, scintillometer surveying and geological investigations. The objective of the program was to verify, identify and prioritize targets across the 10,000 hectare Goldfields property. While gold was the primary focus, a number of uranium targets were also identified, including six Tier 1 targets at the intersection of the Goldfields West conductor package with cross-faults.

Scintillometer surveying along the northern portion of the Goldfields West conductor package confirmed elevated radioactivity within bedrock, including readings of up to 1,030 counts per second ("cps"). At the Gil showing, survey locations 200 metres apart registered between 59,000 and 51,633 cps within a possibly continuous zone of recessive rock that measures about 1 metre in thickness. Grab sampling of this showing by the Company in June 2021 produced assays of 6.04% U3O8 and 0.95% U3O8.

Next Steps

The Project warrants a modern, systematic approach to evaluate the 12 kilometre conductor package. Historical data suggests the southern portion of the conductor package is significantly underexplored.

Next steps are planned to include:

1. Target Area Selection: Existing historical datasets, regional government and industry airborne surveys, and satellite imagery provide valuable data to commence selection and prioritization of target areas, which would include the identification of favorable lithological and structural settings. The six Tier 1 targets identified by Mercator would be assessed during this stage.
2. Field Investigation: Field investigation and the verification of historical datasets is planned within prioritized target areas. Work is planned to include ground-truthing of uranium occurrences and drill holes, geological mapping, scintillometer surveying and grab sampling.
3. Drill Target Definition: Drill targets are expected to be refined/defined through follow-up ground 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 target area selection over the coming weeks with the objective of commencing field activities in 2022.

Sampling, Analysis and Data Verification

Uranium assays for the Gil showing 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.

The 2015 exploration program was conducted by Mercator Geological Services Limited and is summarized in the current National Instrument 43-101 ("NI 43-101") Technical Report titled "Technical Report: Resource Estimate for the Goldfields Project" with an effective date of May 4, 2021 (available on SEDAR and the Company's website).

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 (Ixhuatan 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: Goldfields West Uranium Project location map.

Figure 2: Goldfields West and Strike Uranium Projects infrastructure and geological setting.

Figure 3: Goldfields West Uranium Project geology and uranium occurrences.

SOURCE Fortune Bay Corp.

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#Uranium #Stocks in the News: Defense Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF) Revaluates Its Athabasca Basin Uranium Projects; @DefenseMetals

#Uranium #Stocks in the News: Defense Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF) Revaluates Its Athabasca Basin Uranium Projects; @DefenseMetals 

 

Vancouver, British Columbia – September 24, 2021: –Investorideas.com Newswire, MiningSectorStocks.com and RenewableEnergyStocks.com -Mining/Metals/ Green Energy Stock News- Defense Metals Corp. (TSX-V:DEFN / OTCQB:DFMTF/ 35D: FSE) is pleased to announce that in light of renewed and sustained uranium interest which has driven uranium spot prices to multi-year highs, it has commenced an updated internal technical review of its Athabasca Basin uranium project holdings.

 

Read this news, featuring DEFN in full at https://www.investorideas.com/news/2021/mining/09241DEFN-Uranium.asp

 

During 2018, Defense Metals acquired 100% of the Geiger North and Klaproth projects for a combination of cash and share payments; with Geiger North being subject to a 2% net smelter return royalty. The projects comprise a total of five mineral claims totalling 9,363 hectares (ha) located in the northeast Athabasca Basin, with the Geiger North claims (1,233 ha) being in good standing until summer-fall 2022, and Klaproth (8,130 ha) in good standing until early 2023. 

 

Figure 1. Defense Metals Athabasca Basin Uranium Projects

See image at https://www.investorideas.com/news/2021/mining/09241DEFN-Uranium.asp

 

The Geiger North and Klaproth projects are located approximately 35 kilometres northwest of the McClean Lake mine and mill, in a relatively under-explored area of the Athabasca Basin adjacent to the Wollaston-Mudjatik transition zone – a major crustal suture related to most of the major uranium deposits in the eastern Athabasca Basin.

 

The Geiger North and Klaproth projects are surrounded by multiple major mining companies, giving the company a strategic foothold in a proven and prolific uranium mining district.

Uranium mineralization in the northeast Athabasca Basin and vicinity of the Geiger and Klaproth projects is typically associated sheared graphitic-gneiss basement rocks that present as prominent conductive anomalies. Defense Metals is currently initiating an updated review of historical exploration (diamond drilling, ground, and airborne magnetic and electromagnetic geophysical, and geochemical surveys) completed within the projects. The expectation is that results of the data review will form the basis for go-forward justification for renewed exploration up to and including commissioning of project wide airborne electromagnetic geophysical surveys to identify prospective basement conductive anomalies.

 

Craig Taylor, CEO of Defense Metals, stated: “The renewed interest in uranium has prompted Defense Metals to reassess its considerable land position in the prolific northeast Athabasca Basin. While the Company’s focus remains on advancing it flagship Wicheeda REE Deposit near Prince George, British Columbia, we look forward to further capitalizing on the shareholder value  brought by the Geiger North and Klaproth Projects.”

 

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein. Past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Company’s properties.

 

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of “GREEN” energy technologies, such as, high strength alloys and rare earth magnets. Defense Metals has an option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

 

For further information, please contact:

Todd Hanas, Bluesky Corporate Communications Ltd.

Vice President, Investor Relations

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

 

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to the Geiger North and Klaproth projects including any potential work programs, plans for its Wicheeda Property, the advancement and development of the Wicheeda Property, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements and the price of uranium, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), decrease in the price of rare earth elements or uranium, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.

 

Paid News -Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Disclosure : this news release featuring Defense Metals Corp. is a paid for service  on Investorideas.com ($750) More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

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#ExploringMining #Podcast 205 – #Mining #Stocks News From (TSXV: $OTGO.V) (TSXV: $DEFN.V) (OTCQB: $DFMTF) (TSX: $AVL.TO) (TSXV: $WHM.V)

 

#ExploringMining #Podcast 205 – #Mining #Stocks News From (TSXV: $OTGO.V) (TSXV: $DEFN.V) (OTCQB: $DFMTF) (TSX: $AVL.TO) (TSXV: $WHM.V)

         

Point Roberts WA, Delta BC, September 23, 2021 Investorideas.com, a global investor news source covering mining and metals stocks releases today’s edition of Exploring Mining Podcast, featuring stock news from TSX, TSXV ,CSE, ASX, NASDAQ, NYSE  companies plus interviews with CEO's and leading experts. Today’s podcast was sponsored by O2Gold Inc.

(TSXV:OTGO), a mineral exploration company with activities in Colombia.

 

Listen to the podcast:

https://www.investorideas.com/Audio/Podcasts/2021/092321-Mining.mp3

 

Read this in full at https://www.investorideas.com/news/2021/exploring-mining/09231OTGO-DEFN-AVL-WHM.asp

 

Listen to Exploring Mining podcast on iTunes Apple podcasts   

 

Listen to Exploring Mining on Spotify

 

O2Gold, Inc. (TSXV:OTGO) has completed its shares for debt settlement with Geominas Serviminas JV which was previously announced on September 3, 2021. The company issued 800,323 common shares “at a deemed price of $0.22 per share in satisfaction of outstanding debt of approximately $176,000.”

 

Defense Metals Corp. (TSXV:DEFN) (OTCQB:DFMTF) has started an updated internal technical review of its Athabasca Basin uranium project holdings. The company’s CEO, Craig Taylor, said:

 

"The renewed interest in uranium has prompted Defense Metals to reassess its considerable land position in the prolific northeast Athabasca Basin. While the Company's focus remains on advancing it flagship Wicheeda REE [Rare Earth Element] Deposit near Prince George, British Columbia, we look forward to further capitalizing on the shareholder value brought by the Geiger North and Klaproth Projects."

 

Avalon Advanced Materials Inc. (TSX:AVL) has received initial assay results from grab samples collected during its summer exploration program on the Lilypad Cesium Project in Ontario, Canada. These results “confirm the exceptional cesium enrichment in several Lithium-Cesium-Tantalum ("LCT") pegmatite dyke occurrences on the property,” and Cesium, according to the press release, “is a rare element in growing demand for many new technologies, but with very limited supply.” Avalon’s President & CEO, Don Bubar, said:

 

"The Lilypad Cesium Project is proving to be a globally unique example of a large field of cesium-enriched LCT pegmatite dykes with significant resource potential. With cesium continuing to be in very short supply, the Company is now well positioned to help Ontario become the new global leader in cesium production including innovation of new downstream applications."

 

White Metal Resources Corp. (TSXV:WHM) has discovered three new gold zones and has assay results for five diamond drill holes from the Phase 2 drilling program from its Flagship Tower Stock Gold Project. Michael Stares, President and CEO of White Metal Resources, commented:

 

“Yet again we have demonstrated, through drilling and our ongoing prospecting and mapping program, that there are still lots of surprises at the Tower Stock Gold Project. With only one year of exploration on the Property we have made several new discoveries such as the Ellen and 110 Zones and have expanded the Bench and D Zones. Prospecting, mapping and soil sampling have proven very effective with a number of additional untested surface areas discovered including the C & M Zone, Star Zone and Popa Zone.”

 

Exploring Mining Podcast Sponsor

O2Gold Inc. (TSXV:OTGO) is a mineral exploration company with activities in Colombia. O2 Gold is focused entirely on the exploration of the Otú Fault project, with senior management based in nearby Medellín. The team’s deep roots and experience in Latin America—in both capital markets and mining—gives it the regional knowledge and operational expertise to create a world-class project.

 

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