Blog Single

HALIFAX, NS, Feb. 5, 2024 /CNW/ – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce the acquisition of the Aspen Uranium Project (“Aspen” or the “Project”). The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company’s recently announced Spruce Uranium Project and Pine Uranium Project.

Aspen Uranium Project Highlights:

• Large-scale land package covering 9,869 hectares located in proximity to the northern rim of the Athabasca Basin (Figure 1).
• Includes extensive anomalous uranium results from historical surface sampling, including; 
  • The highest regional lake sediment uranium anomaly in Saskatchewan of 989 ppm U, within the Geological Survey of Canada data compilation.
  • Historical exploration samples collected during the late 1970’s identified extensive lake sediment anomalies within the Property, with values averaging 302 ppm U from 439 samples collected, including seven samples with values exceeding 1,000 ppm U (maximum 1,870 ppm U).
  • Historical muskeg samples within the Property averaged 2,007 ppm U from 24 samples collected, including a maximum value of 10,400 ppm U.
• Historical surface prospecting, limited to areas of outcrop, failed to identify a bedrock source of this uranium anomalism and no drilling has been completed on the Project to date despite compelling support for the possible presence of a uranium deposit/s within the Project area.
• The application of modern exploration methods, including high-resolution airborne electromagnetic (“EM”) survey, presents an opportunity for discovery in an area where overburden and small lakes cover prospective graphitic lithologies (softer) and structural corridors.