HALIFAX, NS,
Feb. 20,
2025 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB:
5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to
announce winter drill targets for the Murmac Uranium Project
("Murmac" or the "Project"), located in northern Saskatchewan near Uranium City. The drill targets are supported
by the recent completion of a radon-in-water survey at Howland Lake
which produced strong anomalies along strike of the high-grade
uranium drill intersections obtained during summer 2024. A winter
drilling program, to test these targets, is expected to commence in
March 2025.
Exploration work at Murmac is being funded by Aero Energy
Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) ("Aero"), and is
being operated by Fortune Bay, under an Option Agreement that was
executed on December 15, 2023.
Highlights:
- Lake Water Radon Anomalies:
- Three discrete radon anomalies have been defined within
Howland Lake North along strike of
drill hole M24-017 that intersected 8.40
m at 0.30% U3O8, with individual
assays up to 13.80% U3O8 over 0.10 m.
- An additional strong radon anomaly was defined within
Howland Lake South, along strike of
drill hole M22-012 that intersected 0.17%
U3O8 over 0.10
m.
- The radon-in-water anomalies overlie the targeted
electromagnetic ("EM") conductors, which represent the favoured
graphite-rich host rocks for basement-hosted deposits related to
the Athabasca Basin.
- Drill Target Selection: In addition to the
radon-in-water anomalies, drill target selection will be based upon
other favorable criteria including conductor breaks/inflections and
the location of known mineralized cross faults.
- Drilling Program: Drilling of up to six holes
(approximately 900 m) is planned to
test these targets. A drilling contract has been finalized and
drilling is expected to commence in March
2025.
Gareth Garlick, Technical
Director for Fortune Bay, commented "Positive drill results from
our 2022 and 2024 drill programs, supported by historical drill
results, have confirmed the prospectivity of the EM conductors
beneath Howland Lake. The presence of radon-in-water anomalies
directly overlying the previously untested extents of the targeted
conductors, coincident with electromagnetic features of interest
and mineralized cross-faulting, provide a compelling set of drill
targets. We are excited to initiate drilling at Howland Lake as
soon as ice conditions permit."
Radon-In-Water Survey
This survey tests the concentration of radon gas (a product of
the radioactive breakdown of uranium) in water just above lake
bottom. This method has been shown to be effective at other
exploration programs (e.g. Fission Uranium Corp.'s Triple R
deposit), identifying anomalous concentrations of radon gas in
water directly overlying uranium deposits.
The Howland Lake radon-in-water survey was completed by RadonEX
Ltd. and included the collection of 350 samples targeting lake
areas surrounding and along-strike from encouraging drilling
results from 2022 and 2024 (Figure 1). Survey methodology is
described in the Technical Disclosure section.
Survey results include highly anomalous radon gas-in-water
contents of up to 130 pCi/L (pico Curries per litre) on a daily
median adjusted basis. Howland Lake presents a high background
radon gas content, with a dataset average of 45 pCi/L. As expected,
results are variable, likely reflecting erratically distributed
lake-bottom till and sediments of varying permeability covering the
targeted basement rocks, but despite this, four discrete anomalies
directly overlying the targeted conductors are present and are
being targeted for winter drilling.
Drill Targets
Radon-in-water survey results have been integrated with
drilling, geophysical survey and historical exploration results to
define drill targets for a winter 2025 program (Figure 1). More
than one drill hole may be allocated to test these each of targets.
The 2025 winter drill program is expected to comprise up to six
holes (˜900 metres) with provision to increase scope if warranted
based on results. As always, seasonal winter drilling is weather
dependent, subject to safe ice conditions for drilling and
mobilization to the project area.
- Target 1: Radon anomaly (up to 92 pCi/L), 615 metres
along strike to the northeast of M24-017, coincident with an EM low
directly overlying the conductor. Coincides with known mineralized
cross-faults discovered during historical exploration that returned
up to 7% eU3O8 from grab sampling. Historical
drilling immediately to the east (holes CLX-23 to 26, S1 to 4,
Figure 2), targeting mineralized cross-faults, did not test the EM
conductor, but did encounter extensive structure/brecciation and
intense hydrothermal alteration. Historical drill hole CLX-40,
located to the north of the termination of the EM conductor, also
noted extensive structure/brecciation and intense hydrothermal
alteration.
- Target 2: Discrete radon anomaly (up to 130 pCi/L)
directly overlying the conductor, 275 metres along strike to the
northeast from hole M24-017, coincident with a strong EM high.
Historical drill hole K9D14 (Figure 2, drill hole location
uncertain) is interpreted to have been drilled too far west to test
the mineralized horizon encountered in M24-17 as the logs indicate
it did not intersect the quartzite-graphite contact and was drilled
vertically into footwall lithologies similar to those underlying
the mineralized intercepts in drill holes M24-017 to M24-020.
- Target 3: Discrete radon anomaly (up to 85 pCi/L)
directly overlying the conductor, 250 metres along strike to the
southwest from hole M24-017, coincident with a strong EM high.
- Target 4: Discrete internally continuous high-amplitude
radon anomaly (up to 121 pCi/L) at a break on the Howland South
Conductor, 275 metres along strike to the southwest from drill hole
M22-012 that intersected 0.17% U3O8 over
0.10 m in structured graphitic
rocks.
Technical Disclosure
Radon-in-water samples (each 200 ml) were collected by RadonEX
with a Kemmerer water sampler at a standardized 1 meter above lake
bottom. Samples were processed in a temperature-controlled
environment by transferring the water to a 4 litre Rad Elec Inc.
E-PERM® Electret Ion Chamber for a period of 48 hours.
The Electret voltages were read before and after exposure, with the
difference reflecting the extent of ionization occurring as a
result of radon gas decay from the water. RadonEX in-house
calculations were then used to calculate the concentration of radon
gas in the water sample (in pico Curries per litre, or pCi/L) from
the measured voltage difference. Raw results were then adjusted by
calculating the median value from each daily dataset and applying a
correction factor to normalize the daily datasets to the overall
dataset median value. This was done to correct for apparent daily
variations in the measured radon gas abundance, significantly
reducing outlier anomalism and producing a more standardized set of
results for targeting.
Further details regarding the historical exploration/drilling
and exploration results noted in this news release can be found
within the Saskatchewan Mineral Assessment Database (SMAD) and the
Saskatchewan Mineral Deposit Index (SMDI). Fortune Bay has verified
several of these occurrences through field prospecting and
sampling, however there is a risk that any future confirmation work
and exploration may produce results that substantially differ from
the unverified historical results. Historical drill hole locations,
captured from georeferenced assessment report maps, are subject to
uncertainty (considered accurate to +/-50 meters. The Company
considers these unverified historical results relevant to assess
the mineralization and economic potential of the property. The
historical information referenced derives from SMAD references
74N07-0011, 74N07-0173 and 74N07-0277.
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, OTCQB:FTBYF) is an
exploration and development company with 100% ownership in two
advanced gold projects in Canada,
Saskatchewan (Goldfields Project)
and Mexico, Chiapas (Ixhuatán Project), both with
exploration and development potential. The Company is also
advancing seven uranium exploration projects on the northern rim of
the Athabasca Basin, Saskatchewan, which have high-grade potential.
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
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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.
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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.
