#Uranium #Stocks in the News: Fortune Bay
(TSXV: $FOR.V) Announces 2022 Exploration Plans For Its #Uranium And #Gold
Projects In #Saskatchewan; @fortunebaycorp
HALIFAX, NS - December 15, 2021 (Investorideas.com
Newswire) Fortune Bay Corp. (
TSXV:FOR, Frankfurt:5QN) ("Fortune
Bay" or the "Company") is pleased to announce 2022 exploration
plans for its three 100% owned Projects located in northern Saskatchewan (see Figures
1 and 2). These include the Strike and Murmac (formerly Goldfields West)
Uranium projects, and the Goldfields Gold project (collectively the
"Projects"). The Projects are all located within 25 kilometres of
Uranium City, where the Company has established an operational base.
Read this news, featuring FOR in full at https://www.investorideas.com/CO/FOR/news/2021/12151Uranium-Gold-Saskatchewan.asp
Overview
of 2022 Exploration Plans:
·
The Strike and Murmac Uranium projects are
located on the northern rim of the prolific Athabasca Basin, with both having
the potential to host high-grade uranium deposits.
·
Exploration plans for 2022
include geophysical surveying during the winter months, followed by maiden
exploration drilling programs commencing in the spring and continuing into the
summer season.
·
The Goldfields Gold project is
host to the Box and Athona gold deposits, established infrastructure including
a powerline to site, and a valid mine and mill development permit.
·
Exploration plans for 2022
include exploration drilling to test gold targets within the Goldfields
Syncline, and continued resource expansion drilling contingent on final assay
results from Phase 1 drilling completed during 2021.
Dale Verran, CEO for Fortune Bay,
commented, "With the close of our $6.9 million financing we are fully-funded for next
year's expansive exploration programs which are focused on making new
discoveries. At Strike Uranium, the comprehensive historical survey dataset
from the mid-2000's has allowed us to rapidly advance this project and develop
an initial set of targets which meet the criteria for high-grade
basement-hosted uranium deposits. A planned winter ground gravity survey is
aimed to further prioritize targets before we embark on a maiden drilling
campaign. Plans for Murmac Uranium include drill target generation through
continued data interpretation and a winter VTEM and ground gravity survey,
followed by an inaugural summer drilling program to test prioritized targets.
At the Goldfields Gold project, our team has developed drill targets between
the Box and Athona gold deposits which have the potential to deliver the next
gold discovery within the Goldfields Syncline. The coming year is poised to be
an exciting year for the Company with potential value catalysts on multiple
fronts."
Strike Uranium -
Ground Geophysics and Exploration DrillingThe recently acquired Strike Uranium Project
("Strike") is endowed with a modern (mid-2000's), comprehensive
historical exploration database from numerous uranium-focused surveys,
including airborne and ground geophysical surveys, ground radiometric surveys
and geochemical and reflectance spectrometry (clay) surveys. Despite positive
results and documented recommendations in historical assessment reports to
advance the project, the targets generated were never drill tested. This
previous exploration work identified prospective graphite- and sulphide-bearing
electromagnetic ("EM") conductors that due to their physical
properties predominantly manifest as valleys and topographical lows, covered by
overburden and small shallow lakes. These "blind" conductors have
therefore not been explored by surface prospecting. Geochemical sampling from
outcrop at valley edges along the conductor traces has confirmed the presence
of encouraging pathfinder elements, as well as favorable clay alteration
including dravite, illite and kaolinite. Furthermore, the area is known to be
endowed with historical uranium occurrences, including the Tena occurrence with
over 1,000 tonnes mined at 0.6 to 3.5 % U3O8 (Source:
Saskatchewan Mineral Deposit Index #1511, NTS74N11). The known uranium
occurrences were discovered along valley edges, immediately off the conductor
traces, where outcrop is available and surface prospecting was possible,
leaving the conductor targets at these localities untested. The Company has
carried out internal review of historical datasets and has generated an initial
set of ten priority target areas. Exploration plans for 2022 include:
·
A ground gravity survey over the
15 kilometre length extent of the prioritized EM conductors (approximately
2,600 hectares), in the northern portion of the Project area. Ground gravity
results will be utilized to detect favorable clay alteration zones to further
prioritize targets for drilling. The survey is expected to begin in mid Q1 2022
and take approximately three to four weeks to complete.
·
Maiden exploration drilling is
planned to commence in mid Q2 2022 and continue into the summer months. An
initial eight to ten holes comprising approximately 2,500 meters are planned
with contingency to expand the drilling program based on results.
Murmac Uranium - Airborne Geophysics, Ground
Geophysics and Exploration Drilling
The Murmac Uranium Project
("Murmac"), formerly the Goldfields West Project, hosts a 12
kilometre-long package of prospective graphite-bearing EM conductors, as
defined by historical (pre-2000) airborne and ground geophysical surveys. The
area has been subjected to surface prospecting up until the 1980's which
identified numerous high grade uranium surface showings, but similar to the
Strike Project, this historical work focused on outcrop while the EM conductors
located within the valleys were not amenable to surface prospecting.
Significant portions of the EM conductors, which are hosted in favorable
brittle surrounding lithologies cross-cut by large-scale regional structures,
remain unexplored. Exploration plans for 2022 include:
·
An airborne VTEM™ (Versatile Time
Domain Electromagnetic) survey (approximately 8,500 hectares) to cover the EM
conductor package is planned for late Q1 2022.
·
A ground gravity survey
(approximately 2,500 hectares) is planned following completion of the Strike
ground gravity survey, which is expected to take approximately three to four
weeks to complete.
·
Maiden exploration drilling is
planned to commence in early Q3 2022 and continue through the summer months. An
initial six to eight holes comprising approximately 2,000 meters are planned
subject to final target delineation with contingency to expand the drilling
program based on results.
Goldfields - Phase 2 Exploration Drilling
Historical drilling in the
Goldfields Syncline (the "Syncline") has overwhelmingly focused on
resource delineation at the Box and Athona gold deposits, and on exploring
smaller gold occurrences, discovered during early surface prospecting prior to
1950. Large prospective portions of the Syncline remain untested and Phase 1
drilling at Box and Athona during 2021 has demonstrated the potential for a
broader mineralized system. A geophysical and geological targeting review has
been underway during the second half of 2021 and has generated exploration
targets for drill testing across the 2.5 kilometre extent of the Syncline.
Targeting criteria include prospective geological settings based on the known
mineralization controls for Box and Athona. Exploration plans for 2022 include:
·
Approximately 2,000 metres in
five to six drill holes are planned as part of a Phase 2 drilling program.
·
Drilling is expected to commence
in early Q1 2022. A drill rig is on site from the drilling completed during
2021.
·
The Company is awaiting receipt
of final gold assay results from the remaining four drill holes completed at
Box as part of the Phase 1 resource expansion program. The Phase 2 drilling
program may be revised contingent on these results.
Contracting and Permitting
The Company is pleased to have
secured the services of reputable and experienced contractors to support the
planned 2022 exploration activities:
·
Team Drilling LP
("Team") has been awarded the 2022 drilling contract for the
Company's Saskatchewan Projects, following the strong working relationship
developed with Team during 2021. Team was created through a partnership between
Team's senior management and Athabasca Basin Development - an Indigenous-owned
investment company owned by the seven communities in Northern Saskatchewan's
Athabasca area. These communities are largely Denesuliné First Nations
communities and include Fond du Lac, Stony Rapids, Black Lake, Hatchet Lake,
Wollaston Lake, Camsell Portage and Uranium City.
·
MWH Geo-Surveys Ltd.
("MWH") has been contracted for ground gravity surveying.
·
Similar to 2021, the Company
plans to continue with, and build-upon, its working relationships with local
businesses and community members that provide a range of valuable support
services including but not limited to accommodations, catering, fuel, transport
and general contracting.
A drilling permit is in place for Goldfields which is
valid until October
31, 2022, and an amendment has been requested to include the planned drilling
for Murmac (Goldfields West). Ground geophysical survey and drilling permit
applications for Strike were submitted on September
2, 2021 and are expected to be granted prior to December
31, 2021. A ground geophysical survey permit application was submitted for
Murmac (Goldfields West) on October
21, 2021, which is expected to be granted early in the new year.
Qualified
Person and Data Quality
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.
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 properties.
About
Fortune Bay
Fortune Bay Corp. (TSXV:FOR,
Frankfurt: 5QN) 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 100% owned Strike and
Goldfields West 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. 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, 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: Location of the Goldfields, Strike and
Murmac Projects relative to the Athabasca Basin. (CNW Group/Fortune Bay Corp.)
Figure 2: Location of the Goldfields, Strike and
Murmac Projects. (CNW Group/Fortune Bay Corp.)
SOURCE Fortune Bay Corp.
Fortune Bay Corp. (TSXV: FOR) is a
featured Mining stock on Investorideas.com
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