Fortune Bay Corp. (TSXV:FOR) (FWB: 5QN) (OTCQB: FTBYF), a prominent exploration and development company, has exciting news for stakeholders and the mining community. The company, in collaboration with Aero Energy Limited (TSXV:AERO) (OTC:AAUGF) (FSE: 13L0), has successfully intersected highly elevated radioactivity in their second drill hole (M24-017) at the Murmac Uranium Project. Located in northern Saskatchewan, the Murmac project has been the focus of significant exploration efforts.
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The second drill hole of the 2024 exploration program has revealed an impressive average of 1,309 counts per second (cps) over an 8.7-metre interval in graphitic pelite. This discovery includes a peak measurement of up to 33,600 cps using a handheld RS-125 Spectrometer. These findings signify a potentially high-grade basement-hosted uranium deposit, making it a substantial milestone for both Fortune Bay and Aero Energy.
Drilling continues at hole M24-017, targeting a previously unexplored electromagnetic (EM) conductor on the Howland Corridor, beneath the shallow Howland Lake. The drill core has been logged to a depth of 94.5 metres and shows strong radioactivity in structured graphitic pelite below hematized quartzite, located around 70 to 78 metres vertically beneath the surface. The most notable measurement within this interval is a peak of 33,600 cps over a 0.1-metre length between 86.1 and 86.2 metres.
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The ongoing drilling aims to explore the zone further, with radioactivity remaining open up- and down-dip, as well as along strike in both directions. This is pivotal as it suggests the potential for extended mineralization beyond the current findings. Fortune Bay is meticulously planning follow-up drill holes to validate and expand upon these promising results.
Dale Verran, CEO of Fortune Bay, expressed his enthusiasm, stating, ‘The broad zone of strong radioactivity intersected in M24-017 is a highly encouraging start to the 2024 drilling program at Murmac and testament to the quality of the targets on the Project. This new discovery of shallow radioactivity, within favorable structured graphitic rocks, indicates the potential for a high-grade, basement-hosted deposit. Together with our partners, Aero Energy, we look forward to following up this result.’
The geophysical characteristics of target H15, where hole M24-017 was collared, include a subtle EM high and a coincident gravity low. The interpreted EM conductor extends approximately 1.2 kilometres, with about 1 kilometre sub-cropping beneath the shallow Howland Lake. This specific conductor had not been previously drill-tested, marking a significant breakthrough in the exploration phase.
The preliminary radioactive results from the NQ2 drill core, measured with a Super-SPEC RS-125 handheld spectrometer, are detailed in Table 1. Intermittent radioactivity is present between 81.10 and 85.80 metres down hole, primarily in the hangingwall quartzite. The targeted graphitic unit, currently interpreted to dip at approximately 70° southeast, predominantly hosts the strong radioactivity. The drill hole, oriented towards an azimuth of 310° (True North) with a dip of -55°, aims to better understand the nature and orientation of any possible mineralization, though true thicknesses have yet to be determined.
In addition to the excitement surrounding hole M24-017, there are 11 high-priority targets at Murmac approved for drilling. The exploration team is also considering several additional targets. This extensive drilling campaign aims to identify and expand potential uranium resources, leveraging the strategic partnership between Fortune Bay and Aero Energy.
The intersection of highly elevated radioactivity at Murmac adds significant momentum to Fortune Bay’s exploration endeavors. The historical occurrences of uranium and radioactive showings in the region, combined with the advanced geophysical techniques employed, underline the project’s potential. Moreover, the strategic alliance with Aero Energy under the Option Agreement executed in December 2023 enhances the resources and expertise dedicated to the project.
As the drilling program progresses, stakeholders can expect detailed updates on subsequent findings and the overall advancement of the Murmac Uranium Project. The commitment to rigorous exploration and the thorough analysis of geophysical data positions Fortune Bay Corp. and Aero Energy for potentially groundbreaking discoveries in the uranium sector.
Fortune Bay and Aero Energy’s current success at Murmac is a testament to the robust collaboration and strategic planning between the two firms. The combination of advanced exploration techniques and historical data interpretation plays a crucial role in uncovering new mineralization zones. As both companies continue to invest in and expand their exploration efforts, the Murmac Uranium Project is poised to becoming a prominent player in the uranium mining industry, potentially contributing significantly to the global uranium supply.
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