Fortune Bay Announces Initial Drill Target Areas and 2022 Drilling Plans for the Strike Uranium Project
HALIFAX, NS April 26, 2022
Fortune Bay Corp. is pleased to announce initial drill target areas and 2022 drilling plans for its 100% owned Strike Uranium Project, located in northern Saskatchewan.
Highlights:
- Nine (9) initial drill target areas have been identified following ground gravity surveying completed in March 2022.
- The initial target areas comprise favorable geological, geophysical and geochemical features typically associated with high-grade basement-hosted uranium deposits related to the Athabasca Basin.
- The Tena target area includes the historical Tena prospect where over 1,000 tonnes of uranium ore was mined in the 1950’s with reported grades of 0.6% to 3.5% U3O8. Drill targets have been developed down-dip and along strike of the historical adit.
- The Tena South target area is located immediately south of the historical Tena prospect, associated with a coincident gravity low and electromagnetic conductor.
- The other seven target areas include discrete gravity lows located along prominent EM conductors proximal to favourable geochemistry results and structural features.
- Drilling is expected to commence in mid-May with approximately 2,500 meters planned in 8 to 10 drill holes. The program is expected to be results-driven, based upon drilling results and additional gravity survey results.
Dale Verran, CEO for Fortune Bay, commented, “We are pleased to have generated an initial set of drill target areas for Strike which meet the exploration criteria for high-grade basement-hosted uranium deposits related to the Athabasca Basin. The historical work completed between 2005 and 2008 identified favorable settings and positive signs for uranium mineralization, however target areas were not followed up with drill testing. A thorough review and analysis of the historical data, combined with results from winter 2022 ground gravity surveying, has revealed multiple target areas for drill testing. We are looking forward to our maiden exploration drilling campaign, expected to commence in May 2022, which will aim to test a number of these target areas in addition to the historical Tena uranium prospect.”
