Drilling is now underway at Murmac with a program planned to test ten to thirteen targets (approximately 2,600 m), exploring for high-grade basement-hosted uranium deposits. Drill targets have been selected from recently acquired high-resolution geophysical data (VTEM™️ survey completed in
Drilling has begun at target P7 with targets H15 and P4 scheduled next. Target descriptions and locations are provided in Table 1 and Figure 1, respectively. Further target selection details are provided in
Two occurrences of strong to intense radioactivity were discovered at surface while scouting the initial drill site locations. The targeted locations are all "blind", located in valley bottoms that are covered by infill sediments and small lakes. These radioactive occurrences are consistent with, and support, our exploration model, to target deeply-weathered and covered graphitic rocks that were not effectively explored by historical (surface-oriented) prospecting methods.
- Target A15: 60,793 counts-per-second* in the hangingwall of the target within hematized foliation-parallel fractures.
- Target P4: 13,533 counts-per-second* in the hangingwall of the target within hematized fault hosted fractures perpendicular to foliation.
*Measured by handheld RS-125 Super-SPEC gamma ray spectrometer manufactured by |
Table 1: Murmac 2024 Drill Targets.
Conductor Corridor | Target | Target Summary |
Pitchvein | P7 | Along strike follow-up of mineralized intercepts and strong alteration in M22-013 & 014 |
P4 | Along strike follow-up of mineralized intercepts in M22-013 & 014 ( | |
Howland | H6 | Geophysical target (EM and gravity). |
H15 | Geophysical target (EM and gravity). Intersection of conductor and property-scale, | |
H16 | Geophysical target (EM and gravity). Along strike of M22-012 (0.17% U3O8 over 0.1 m) | |
H17 | Geophysical target (EM and gravity) at a flexure in the Howland Conductor. | |
Armbruster | A15 | Geophysical target (EM and gravity) at intersection of conductor and mineralized cross- |
A17 | Intersection of conductor and property-scale, mineralized cross-fault. Conductor | |
A18 | Geophysical target (EM and gravity). Located along strike to south of | |
A19 | Geophysical target (EM and gravity). Located along strike to south of | |
A20 | Intersection of conductor and mineralized cross-fault. | |
A21 | Geophysical target (gravity) at intersection of conductor and mineralized cross-fault. Up- | |
A22 | Geophysical target (EM and gravity) located at a break in the Armbruster conductor. |
The technical and scientific information in this news release has been reviewed and approved by
Further details regarding the historical uranium occurrences noted in this news release can be found within the Saskatchewan Mineral Assessment Database (SMAD) and the Saskatchewan Mineral Deposit Index (SMDI).
On behalf of
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement Regarding Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.
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