FORTUNE BAY ANNOUNCES TARGETS FOR UPCOMING DRILL PROGRAM AT THE MURMAC URANIUM PROJECT
HALIFAX, NS,
Highlights:
- A total of thirteen (13) priority drill targets have been selected following the recent completion of a high-resolution VTEM™ survey (
April 2024 ) and 3D modelling of the existing ground gravity data. - The targets represent favorable settings for high-grade basement-hosted uranium deposits related to the
Athabasca Basin . - Target selection has been based on criteria including geophysical signature, geological/structural setting, proximity to historical uranium occurrences of interest, and
Fortune Bay's previous positive drilling results. - Drilling is expected to commence in the coming days with approximately 2,600 meters planned in ten (10) to thirteen (13) drill holes. The program is expected to be results-driven and may be modified based on results from drilling.
Background & Previous Work
The Project is located within the original uranium mining district of
During summer 2022,
Recent Geophysical Data Acquisition & Interpretation
A helicopter-borne geophysical survey, including electromagnetics and magnetics, was completed during late
Target Selection for 2024 Drill Program
Targets were selected and prioritized through an iterative approach working in collaboration with Aero and Convolutions. Target criteria included geophysical signature, geological/structural setting, proximity to historical uranium occurrences of interest, and
Table 1: Murmac 2024 Drill Targets.
Conductor Corridor |
Target |
Target Summary |
Pitchvein |
P7 |
Along strike follow-up of mineralized intercepts and strong alteration in M22-013 & 014 ( |
P4 |
Along strike follow-up of mineralized intercepts in M22-013 & 014 ( |
|
Howland |
H6 |
Geophysical target (EM and gravity). |
H15 |
Geophysical target (EM and gravity). Intersection of conductor and property-scale, mineralized cross-fault, beneath lake. |
|
H16 |
Geophysical target (EM and gravity). Along strike of M22-012 (0.17% U3O8 over 0.1 m) ( |
|
H17 |
Geophysical target (EM and gravity) at a flexure in the Howland Conductor. |
|
Armbruster |
A15 |
Geophysical target (EM and gravity) at intersection of conductor and mineralized cross-fault. |
A17 |
Intersection of conductor and property-scale, mineralized cross-fault. Conductor break/termination. |
|
A18 |
Geophysical target (EM and gravity). Located along strike to south of |
|
A19 |
Geophysical target (EM and gravity). Located along strike to south of |
|
A20 |
Intersection of conductor and mineralized cross-fault. |
|
A21 |
Geophysical target (gravity) at intersection of conductor and mineralized cross-fault. Up-ice of 8.82% U3O8 boulder. |
|
A22 |
Geophysical target (EM and gravity) located at a break in the Armbruster conductor. |
Drilling of the targets is expected to commence in the coming days. Aero has approved a budget that is expected to allow for the completion of approximately 2,600 meters of coring in ten (10) to thirteen (13) drill holes. The program is expected to be results-driven and may be modified based on results from drilling. The Company has all the required permits for the planned drilling activities.
The technical and scientific information in this news release has been reviewed and approved by
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).
On behalf of
"Dale
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.
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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