Fortune Bay Announces Acquisition of the Pine Uranium Project in Northern Saskatchewan
HALIFAX, NS January 22, 2024 – Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce the acquisition of the Pine Uranium Project (“Pine” or the “Project”) through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company’s recently announced Spruce Uranium Project.
Pine Uranium Project Highlights:
- Large-scale land package covering 17,688 hectares located in proximity to the northern rim of the Athabasca Basin (“Basin”) (Figure 1).
- Potential for high-grade, basement-hosted uranium deposits along approximately thirteen (13) kilometres of the Grease River Shear Zone (“GRSZ”), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
- Additional potential for bulk tonnage Rössing-style uranium deposits associated with abundant, historically recognized, uranium-bearing leucogranites and pegmatites. Limited historical prospecting yielded Rössing-style surface uranium showings of 0.17% U3O8 (1,442 ppm U) and 0.10% U3O8 (848 ppm U), and a trenching result of 509 ppm U over 24.7 metres.
- No modern airborne radiometric surveying completed over approximately 60% of the Project, and no modern airborne electromagnetic surveying.
- Regionally, the area is characterized by the highest lake sediment uranium anomalies in Saskatchewan, including values up to 435 ppm U within the Project area.
- No drilling conducted on the property to date.
