HALIFAX,
NS, Aug. 23, 2022 /CNW/ - Fortune Bay Corp.
(TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the
"Company") is pleased to announce initial drilling results from its
maiden exploration drilling program on the 100% owned Murmac
Uranium Project ("Murmac" or the "Project"), located in northern
Saskatchewan (see Figures 1 and
2).
The drilling program, which tested regional targets across the
Project, identified elevated radioactivity in multiple drill holes
within favorable geological settings for high-grade,
unconformity-related basement-hosted deposits typical of the
Athabasca Basin.
Results included near-surface intersections of elevated
radioactivity (measured in counts per second or "cps"), between 20
and 150 metres below surface, within prospective graphitic units
associated with favourable structure and hydrothermal
alteration.
Highlights included:
- 460 cps from 81.2 to 82.7 m
(approximately 63 m below surface),
including 1,100 cps from 82.0 to 82.3
m in drill hole M22-002.
- 551 cps from 101.9 to 102.5 m
(approximately 72 m below surface),
including 1,100 cps from 102.2 to 102.3 m in drill hole M22-012.
- 334 cps from 24.7 to 31.6 m
(approximately 20 m below surface),
including 718 cps from 30.7 to 31.4
m, with 1,000 cps from 30.8 to 30.9 m and 1,000 cps from 31.2 to
31.3 m in drill hole M22-013.
- 443 cps from 36.6 to 39.9 m
(approximately 38 m below surface),
including 817 cps from 38.5 to 38.8
m, with 1,100 cps from 38.6 to 38.7 m in drill hole M22-014.
- 750 cps from 158.1 to 158.3 m
(approximately 148 m below surface),
including 1,150 cps from 158.2 to 158.3 m in drill hole M22-015.
"This exploration drilling program represents our first pass
testing Murmac for high-grade uranium deposits. The initial results
demonstrate we are exploring fertile corridors for these deposits,
and importantly, the intersections of elevated radioactivity within
a number of drill holes indicate potential proximity to high-grade
uranium mineralization. The Project has significant scale with over
30 kilometres of prospective graphitic rocks, and we see potential
to make new discoveries through the follow-up of these results and
testing of numerous other targets on the Project." commented
Eric Bort, Exploration Manager for Fortune Bay.
Dale Verran, CEO for Fortune Bay,
added "Nuclear energy is set to play a critical role in the
drive toward a clean energy future, and now is the time to be
exploring for uranium resources to meet the demand from the growing
number of nuclear reactors globally. The Company's uranium projects
present compelling exploration opportunities, with the right
geological ingredients for Athabasca Basin basement-hosted uranium
deposits, and proximity to local infrastructure within a historical
uranium mining district in Saskatchewan."
Drill Program Summary
A total of 15 drill holes (3,168 metres) were completed at
Murmac between June 16 and August 7,
2022 to test targets documented in the News Release dated
June 16, 2022 along the Pitchvein,
Armbruster and Howland Corridors. Drill holes targeted compelling
geophysical features selected from VTEMTM
(electromagnetic and magnetic) and ground gravity datasets, often
associated with favourable structural settings and historical
exploration results of interest. Operational efficiencies during
the drilling program allowed the Company to increase the previously
announced drill meterage from an estimated 2,500 metres to 3,168
metres. Drill hole collar information is summarized in
Table 1, drill hole locations are shown in Figure 3, and
select drill core photographs are provided in Figure 4 and Figure
5.
Table 1: Murmac Drill Hole Summary
|
Hole
ID
|
Target
|
Easting
|
Northing
|
Dip
|
Azimuth
|
Length
(m)
|
|
M22-001
|
H4
|
630248
|
6587778
|
-45
|
280
|
251.0
|
|
M22-002
|
A6
|
631386
|
6590433
|
-50
|
300
|
197.0
|
|
M22-003
|
A7
|
631750
|
6590935
|
-45
|
290
|
221.0
|
|
M22-004
|
H1
|
629228
|
6586598
|
-45
|
305
|
161.0
|
|
M22-005
|
A4
|
630429
|
6589095
|
-45
|
305
|
290.0
|
|
M22-006
|
H9
|
631195
|
6589481
|
-45
|
330
|
176.0
|
|
M22-007
|
H8
|
632250
|
6591251
|
-45
|
335
|
176.0
|
|
M22-008
|
H7
|
631969
|
6590663
|
-45
|
300
|
176.0
|
|
M22-009
|
A11
|
628821
|
6587569
|
-45
|
165
|
275.0
|
|
M22-010
|
P3
|
631185
|
6593686
|
-45
|
285
|
275.0
|
|
M22-011
|
H10
|
632623
|
6592006
|
-45
|
312
|
200.0
|
|
M22-012
|
H11
|
633362
|
6592995
|
-45
|
315
|
176.0
|
|
M22-013
|
P1
|
630645
|
6593037
|
-45
|
310
|
270.0
|
|
M22-014
|
P1
|
630645
|
6593037
|
-85
|
320
|
126.4
|
|
M22-015
|
A10
|
631225
|
6590123
|
-70
|
335
|
198.0
|
|
Notes: Coordinates are
reported in UTM NAD83 Zone 12N. Azimuth is true north.
Target prefix A= Armbruster Corridor; H = Howland Corridor; P =
Pitchvein Corridor.
|
Initial Drill Results
In summary, the drill holes encountered highly favorable
geological settings for high-grade basement-hosted deposits
associated with the Athabasca
Basin. This included:
- Thick and strongly graphitic target units (up to 113 true
thickness) often in contact with quartzites, providing favorable
competency/rheological contrast.
- Brittle faulting and brecciation were observed within, or
proximal to, the graphitic units and were typically associated with
favorable hydrothermal alteration including abundant hematite,
chlorite, sulphides, clays and/or bleaching.
- Radioactivity >1,000 cps was encountered along all three
of the corridors tested (Pitchvein, Armbruster and
Howland).
A summary of elevated radioactivity (>300 cps) encountered is
provided in Table 2, with descriptions of the relevant
lithological, structural and alteration features. Final drill
results will be announced following receipt of uranium assay,
geochemical and reflectance spectrometry data.
Table 2: Summary of Elevated Radioactivity Intersected
|
Target
|
Hole
ID
|
|
From
(m)
|
To
(m)
|
cps
|
Description
|
|
A6
|
M22-002
|
|
81.2
|
82.7
|
460
|
Disseminated
radioactivity along foliation and locally
along fractures in graphitic pelite, below the contact
with overlying quartzite. Associated with hematization,
chlorite alteration, graphitic shearing and faulting.
|
|
including
|
82.0
|
82.3
|
1,100
|
|
91.0
|
91.1
|
350
|
|
H1
|
M22-004
|
|
82.8
|
83.0
|
375
|
Disseminated
radioactivity in chlorite altered graphitic
pelite, proximal to a graphitic fault.
|
|
A11
|
M22-009
|
|
134.0
|
134.6
|
308
|
Radioactivity occurs at
the base of a semipelite,
associated with hematitic brecciation. Significant
faulting within hole associated with cross-cutting
Heatherington Fault.
|
|
H11
|
M22-012
|
|
101.9
|
102.5
|
551
|
Disseminated
radioactivity within graphitic pelite in a
hematized graphitic shear / breccia zone.
|
|
including
|
102.2
|
102.3
|
1,100
|
|
P1
|
M22-013
|
|
24.7
|
31.6
|
334
|
Disseminated to
fracture-hosted radioactivity, within a
graphitic pelite characterized by patchy hematization,
chloritic shears, pyrite, local quartz flooding and disseminated
sericite.
Bleaching and clay alteration
continues below zones of radioactivity.
Drill hole located
approximately 225 m SW (along strike)
of mineralized intersections from historical core holes,
including 1.01% U3O8 over 2.0 m (56.0 to 58.0
m in drill hole CKI-9)
and 2.19% U3O8 over 0.5 m (68.0 to 68.5 m in
drill hole CKI-10).
|
|
Including
|
30.7
|
31.4
|
718
|
|
including
|
31.2
|
31.3
|
1,000
|
|
35.8
|
37.6
|
402
|
|
including
|
36.0
|
36.1
|
820
|
|
44.1
|
44.6
|
572
|
|
including
|
44.3
|
44.4
|
860
|
|
55.6
|
58.0
|
303
|
|
58.8
|
59.9
|
315
|
|
63.5
|
64.5
|
322
|
|
226.3
|
227.4
|
340
|
Radioactivity
associated with vuggy texture in psammite with bleaching,
hematization, chloritization and elevated pyrite
content.
|
|
P1
|
M22-014
|
|
34.7
|
34.8
|
310
|
Disseminated and
fracture-controlled radioactivity, within a locally
brecciated graphitic pelite with increased sulphide content.
Association
with chloritic shearing.
Designed as a follow-up hole testing approx. 50 m
down-dip from elevated radioactivity intersected in
M22-013.
|
|
36.6
|
39.9
|
443
|
|
including
|
38.5
|
38.8
|
817
|
|
including
|
38.6
|
38.7
|
1,100
|
|
47.8
|
48.1
|
413
|
|
A10
|
M22-015
|
|
158.1
|
158.3
|
750
|
Elevated radioactivity
occurs along shears and fractures.
A bleached and hematized fault zone is intersected immediately
below zone of radioactivity.
|
|
including
|
158.2
|
158.3
|
1,150
|
|
163.8
|
163.9
|
330
|
|
Notes:
Radioactivity is total gamma from drill core measured with a
Super-SPEC RS-125 handheld spectrometer reported in counts per
second ("cps"). The cps values are averages for the reported drill
interval. The Company considers values > 300 cps to be elevated
for the Project based on measurement of background lithologies.
Measurements of total gamma cps are an indication of the presence
of uranium, thorium and/or potassium, but may not directly
correlate with chemical uranium assays. Total gamma cps results are
preliminary in nature and may not be used directly to quantify
uranium concentrations in the drill core samples. True thicknesses
of the drill core intersections are yet to be determined. Target
prefix A= Armbruster Corridor; H = Howland Corridor; P = Pitchvein
Corridor.
|
Deferred Share Unit ("DSU")
Plan
The Company also announces that at its Annual General and
Special Meeting of Shareholders (the "Meeting") held on
June 20, 2022, the Company's
disinterested common shareholders approved the adoption of its
amended DSU Plan (the "Plan"). Under the amended Plan, the maximum
number of common shares which the Company may issue from treasury
in connection with the redemption of DSUs granted under the Plan
has been increased from 500,000 to 1,000,000. The Plan is fully
described in the Company's management information circular dated
May 16, 2022 (the "Circular"). The
full text of the Plan is also appended to the Information Circular
as Appendix "B", a copy of which has been filed on SEDAR at
sedar.com under the Company's profile.
Technical Disclosure
All drilling is being carried out with NQ2 or NQ diameter.
Radioactivity measured in counts per second ("cps") has been
measured using a Super-SPEC RS-125 Scintillometer. The measurements
reported in this News Release are the measurements over 0.1 metre
core increments, which is the approximate width of the instrument
sensor. Core is removed from the core box and moved, if necessary,
to a location where the instrument reads below background, and the
measurement is collected by placing the sensor against the core at
the required location. Background radioactivity is estimated at 200
cps, and values > 300 cps are considered to be elevated. The
oriented drill cores are being subjected to comprehensive logging
and sampling to characterize mineralization, alteration and
structure. Drill core samples will be submitted to the Saskatchewan
Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC
17025:2005 accredited) for uranium assay and multi-element
characterization. Reflectance spectrometry will be undertaken on
additional core samples to determine the presence of indicator clay
alteration.
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 historical drill results obtained by SMDC in drill holes CKI-9
and CKI-10 can be found within the Saskatchewan Mineral Assessment
Database references 74N07-0310 and 74N07-0311.
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, 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 100% owned 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. 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,
availability of contractors, 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.
SOURCE Fortune Bay Corp.
