HALIFAX, NS, June 25, 2024 /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the intersection of highly elevated radioactivity in the second drill hole (M24-017) of its 2024 exploration drilling program on the Murmac Uranium Project ("Murmac" or the "Project"), located in northern Saskatchewan.
Figure 1: Murmac 2024 Drill Targets. (CNW Group/Fortune Bay Corp.)
An average of 1,309 counts per second was intersected over 8.7 metres in graphitic pelite, with up to 33,600 counts per second (using handheld RS-125 Spectrometer) associated with visible uranium mineralization. The drilling program is being funded by Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: 13L0) ("Aero"), and is being operated by Fortune Bay, under an Option Agreement that was executed on December 15, 2023.
Highlights:
Drilling is still underway on hole M24-017 (target H15); drill core has been received and logged to a depth of 94.5 metres at the time of release.
Strong radioactivity is dominantly hosted in structured graphitic pelite, immediately below the contact with hematized quartzite (hangingwall), approximately 70 to 78 metres vertically below surface.
Radioactivity highlights include a maximum of 33,600 counts per second over 0.1 metre (from 86.1 to 86.2 metres), with a length weighted average of 1,309 counts per second over 8.7 metres (from 85.8 to 94.5 metres).
Drilling is ongoing and the zone of strong radioactivity remains open up- and down-dip, as well as along strike in both directions.
This is the first drill hole testing a previously unexplored electromagnetic ("EM") conductor on the Howland Corridor under the shallow Howland Lake.
The Company is currently planning appropriate follow-up holes.
There are an additional 11 high-priority targets at Murmac which have been approved for drilling, and multiple other targets under consideration.
Dale Verran, CEO for Fortune Bay, commented "The broad zone of strong radioactivity intersected in M24-017 is a highly encouraging start to the 2024 drilling program at Murmac and testament to the quality of the targets on the Project. This new discovery of shallow radioactivity, within favorable structured graphitic rocks, indicates the potential for a high-grade, basement-hosted deposit. Together with our partners, Aero Energy, we look forward to following up this result."
Target Information
Hole M24-017 was collared to test an EM conductor on the Howland Corridor at the intersection of a cross-cutting fault with numerous historical uranium occurrences and radioactive showings (see Figure 1). The geophysical characteristics of target (H15) manifests as a subtle EM high with a subtle coincident gravity low. The interpreted EM conductor is approximately 1.2 kilometres in length, with approximately 1 kilometre (not previously drill tested) sub-cropping beneath the narrow Howland Lake, and is not exposed at surface.
Radioactivity Results
The preliminary results, representing total gamma from NQ2 drill core measured with a Super-SPEC RS-125 handheld spectrometer reported in counts per second ("cps"), are presented in Table 1 below. Measurements are typically collected over 0.10 to 0.15 metre intervals through areas of anomalous radioactivity (defined as >300 counts per second, or "cps"). Longer intervals with less variation are shown as length weighted averages for simplicity.
Intermittent radioactivity is present in the hangingwall quartzite between 81.10 and 85.80 metres down hole. The targeted graphitic unit which predominantly hosts the strong radioactivity is currently interpreted to be dipping at approximately 70° towards the southeast. Drill hole M24-017 is oriented towards an azimuth of 310° (True North) with a dip of -55°. The nature and orientation of any possible mineralization has not yet been constrained, and potential mineralization true thicknesses have not yet been determined. Radioactive intercepts are shown in Figure 2. High resolution photos of selected intervals, with highly anomalous radioactivity, are shown in Figure 3.
Table 1. Radioactivity intersections logged to date in hole M24-017.
Note: Radioactivity values reported are total gamma from NQ2 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 unless otherwise specified. 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.
Next Steps
Drill core samples are being collected systematically throughout any zones with radioactivity higher than 300 cps. All samples will be submitted to SRC Geoanalytical Laboratories in Saskatoon for U3O8 assay and multi-element characterization.
The Company is currently assessing options to follow-up and begin constraining the extents of the strong radioactivity. Follow-up is expected to include down-dip and along-strike testing (in both directions) of the host graphitic unit. Initial follow-up will be carried out as a priority and will begin on completion of the current hole.
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.
Historical Results
Further details regarding the historical uranium occurrences 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 the majority 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. The Company considers these unverified historical 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 SMAD references 74N07-0310 and 74N07-0311 and have not been verified. Additional historical exploration results (uranium occurrences related to geochemistry results and scintillometer prospecting) derive from SMAD references 74N07-0290, 74N07-0287 and 74N07-0304.
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 exploration 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 [email protected] or by telephone at 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.
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.
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 2: Radioactivity intersections (81.00 to 94.50 metres down hole) denoted as counts per second on the core boxes. Hangingwall quartzite (top core box) hosts intermittent radioactivity from 81.00 to 85.80 m. Continuous elevated radioactivity is hosted in the underlying graphitic pelite (bottom two core boxes). Core is NQ2 diameter, core box length is 1.50 m. (CNW Group/Fortune Bay Corp.)
Figure 3: High resolution photos of selected intervals from M24-017: Depth interval 86.1 to 86.2 m, 33,600 cps. (CNW Group/Fortune Bay Corp.)
Figure 3: High resolution photos of selected intervals from M24-017: Depth interval 86.1 to 86.2 m, 33,600 cps. (CNW Group/Fortune Bay Corp.)
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