Fortune Bay Corp. (TSXV: FOR) has received positive initial drill results for its 100% owned Strike Uranium Project, located in northern Saskatchewan, Canada.
A total of nine drill holes were completed comprising 2,064 metres. Results included shallow intersections of elevated radioactivity, between 35 and 95 metres below surface, within favourable geological settings for high-grade, basement hosted deposits typical of the Athabasca Basin.
Highlights:
- Elevated radioactivity of over 300 counts per second (cps) was intersected in four of the nine drill holes completed. The elevated radioactivity was associated with prospective graphitic faults and favourable hydrothermal alteration:
- Drill hole S22-013 (K3 target) intersected an average of 840 cps from 145.5 to 145.8 metres (approximately 90 metres below surface), including 1,800 cps from 145.7 to 145.8 metres.
- Drill hole S22-005 (Tena target) intersected an average of 365 cps from 82.1 to 84.1 metres (approximately 70 metres below surface), including 1,300 cps from 82.3 to 82.4 metres.
- Drill hole S22-006 (Tena target) intersected an average of 390 cps from 106.9 to 107.5 metres (approximately 95 metres below surface), including 500 cps from 107.0 to 107.1 metres.
- Drill hole S22-010 (K4 target) intersected 300 cps from 53.8 to 53.9 metres and 330 cps from 55.0 to 55.1 metres (both approximately 35 metres below surface). These shallow intersections conform with a new discovery of radioactive showings on surface with radioactivity of up to 5,000 cps. An average of 340 cps was also intersected from 135.1 to 135.4 metres (approximately 80 metres below surface).
- Drill hole S22-013 and S22-010 are located approximately 1.1 kilometres apart along the same graphitic unit (K-conductor), defining a trend for follow-up. Nearby historical surface grab samples include HY080 1.51% U3O8, Stancliff 0.19% U3O8, and Hacker Atompower 0.13% U3O8
“We are very pleased with the initial results from the maiden exploration drilling programme at the Strike Uranium Project,” CEO, Dale Verran, said.
“This was the first drill programme aimed at testing the extensive electromagnetic conductors on the project at shallow depths, and the results have identified the key ingredients for high-grade, basement-hosted discoveries related to the Athabasca Basin.
“The intersection of elevated radioactivity and favourable alteration, associated with prospective graphitic structures, indicates the presence of a uranium mineralising system adjacent to the present-day edge of the Athabasca Basin.
“Our experienced technical team is particularly encouraged by the results from drill hole S22-013 which was highlighted by 1,800 cps within a graphitic fault with hydrothermal alteration, representing a priority area for follow-up along the K-conductor. Laboratory uranium assay and geochemical results, combined with structural analysis of drill core and detailed surface mapping, will be utilised to plan a follow-up programme.
“Exploration drilling has now commenced at the Murmac Uranium Project where the Company plans to test a compelling set of eight to ten targets identified from electromagnetic and gravity surveying in proximity to numerous radioactive and uranium surface showings and/or favourable structural features. We are looking forward to the continued drilling results from our Strike and Murmac Uranium Projects.”
Drill Programme Summary
A total of nine drill holes (2,064 metres) were completed during the period May 21 to June 15, 2022. Holes were drilled to test the targets which were refined following completion of ground gravity surveying in May.
Two holes were drilled at the Tena target, a historical prospect where over 1,000 tonnes of uranium ore were mined in the 1950’s with reported grades of 0.6% to 3.5% U3O8.
A third hole was drilled at the Tena South target, a coincident gravity low and electromagnetic (“EM”) conductor immediately south of the Tena prospect. The remaining six holes targeted discrete gravity lows located along prominent EM conductor corridors (named “J”, “K” and “L”) proximal to favourable geochemistry results and structural features.
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