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Maiden Exploration Drilling at the Strike Uranium Project

Fortune Bay Commences Maiden Exploration Drilling at the Strike Uranium Project

HALIFAX, NS May 24, 2022
Fortune Bay Corp. is pleased to announce commencement of maiden exploration drilling on its 100% owned Strike Uranium Project , located in northern Saskatchewan. The Project has potential for high-grade, basement-hosted uranium deposits typical of the Athabasca Basin.

Strike Uranium Project Highlights:

  • Initial drill target areas were announced previously.
    • Drilling has commenced at the Tena target area, which 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.
    • Drilling is expected to follow at the Tena South target area which is located immediately south of the historical Tena prospect and associated with a coincident gravity low and electromagnetic conductor.
    • Other drill target areas include discrete gravity lows located along prominent EM conductors proximal to favourable geochemistry results and structural features.
  • Approximately 2,500 meters of drilling in 8 to 10 drill holes is planned at Strike. The program is expected to be results-driven, based upon drilling results and additional gravity surveying which is currently ongoing.

Dale Verran, CEO for Fortune Bay, commented, “We are pleased to have commenced the inaugural exploration drilling program at Strike for high-grade uranium. The drill targets identified exhibit the hallmarks for basement-hosted uranium deposits associated with the prolific Athabasca Basin, and we are looking forward to the results.”

Murmac Uranium Project Update:

  • Initial ground gravity surveying was completed in Q1 2022, and surveying is expected to resume in the coming weeks following completion of the gravity surveying at Strike.
  • A VTEM™ survey was completed in mid-April 2022 to obtain modern high-quality EM and magnetic data.
  • Newly acquired VTEM™ and gravity data will be integrated with extensive historical exploration and regional datasets to identify initial drill targets. 
  • Maiden drilling is expected to commence following completion of drilling at Strike and continue into late Summer, with provision for up to 8 drill holes.