Fortune Bay Announces Acquisition of the Spruce Uranium Project in Northern Saskatchewan
HALIFAX, NS January 10, 2024 – Fortune Bay Corp. (TSXV:FOR) (FWB:5QN) (OTCQX:FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce the acquisition of the Spruce Uranium Project (“Spruce” or the “Project”) through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, near the community of Fond du Lac, and comprises four mineral claims covering 6,855 hectares (Figure 1).
Highlights:
- Located in proximity to the northern rim of the Athabasca Basin (“Basin”) with potential for high-grade, basement-hosted uranium deposits.
- Covers over six (6) kilometres of prospective strike length along the Grease River Shear Zone (“GRSZ”), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
- The GRSZ is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant basement-hosted uranium discoveries (e.g. Arrow, Triple R and Eagle Point).
- Historical surface uranium showings of 1.60% U3O8 and 0.65% U3O8 from limited prospecting.
- Additional Rare Earth Element (“REE”) potential, including historical surface REE showings of 3.13% total rare earth element (“TREE”), 1.23% TREE, 0.88% TREE and 0.85% TREE.
- Adjacent to properties held by IsoEnergy Ltd., and Forum Energy Metals Corp. (under option to Traction Uranium Inc.) that recently highlighted prospective conductive trends on the Project through airborne electromagnetic (“EM”) surveying.
