AERO ENERGY AND FORTUNE BAY ANNOUNCE WINTER DRILL TARGETS FOR THE MURMAC URANIUM PROJECT
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 [email protected] or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
902-334-1919
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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.
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SOURCE Fortune Bay Corp.
Dale Verran, Chief Executive Officer, 902-334-1919
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