Analytical results from surface rock samples have been received from the laboratory which include highlights of:
- 8.82% U3O8 from a boulder sample on the Armbruster Corridor providing compelling support for the presence of high-grade, basement-hosted uranium mineralization on the Project.
- 6.90% U3O8 and 1.69% U3O8 from outcrop samples along the Armbruster Corridor, which validated historical uranium occurrences.
- An additional nine (9) outcrop samples which assayed between 0.1% and 0.8% U3O8 from the Armbruster, Howland and Pitchvein Corridors, validating historical uranium occurrences.
A summary of the analytical results is provided in Table 1, and sample locations are provided in Figure 2.
- Carried out in September and
October 2022 to validate historical results and assist in the development and prioritization of future drill targets. - Provided follow-up to the 2022 maiden drilling program at Murmac, which intersected anomalous uranium in multiple drill holes (see News Releases dated
August 23, 2022 andDecember 13, 2022 ). - Comprised surface prospecting, structural mapping and rock geochemical sampling, focused along prospective trends identified by the 2022 drilling program and areas with encouraging historical uranium results.
- Results from the field program have been integrated with the 2022 drilling results to define priority targets for drill testing.
- Numerous historical uranium occurrences of interest were reliably located and validated (see Table 1 and Figure 2). These occurrences comprise narrow fault-hosted mineralization and are consistently associated with large faults that cross-cut the local stratigraphy. The intersections of these cross-cutting faults with conductors provide compelling structural target locations for drill testing. Graphite-rich rocks, or "conductors", are the favorable host rock for the targeted high-grade deposits but do not outcrop on surface due to their softer nature, lying within valleys and being covered by soils, glacial sediment and shallow lakes. Historical exploration did not focus on these conductors as targets.
- Additional outcrop sampling (149 samples) along conductor valley edges highlighted encouraging enrichments of "pathfinder" elements that are typically associated with high-grade, basement-hosted deposits in the
Athabasca Basin , often spatially associated with cross-cutting faults. These pathfinder enrichments are consistent with those noted in graphitic drill core with elevated uranium content from the Fortune Bay 2022 drill program. - Historical records include mineralized and radioactive boulders located in valley floors, with up to 1.25% U3O8 reported. An example of one of these boulders was discovered by Fortune Bay located in thin till cover at the edge of a conductor valley on the Armbruster Corridor (see Figure 2, Table 1 sample 863924). The boulder was located approximately 100 metres from a radioactive spring (historical occurrence) with surface radioactivity of 15,000 counts per second ("cps"). The boulder, approximately 15 cm in diameter mineralized, produced "off-scale" radioactivity (65,535 cps) on a Super-SPEC RS-125 handheld spectrometer and assayed at 8.82% U3O8. The boulder is interpreted to originate from within the Project area, given the southwest ice direction and
Martin Group cover rocks in the north of the Project. The occurrence provides compelling support for the presence of high-grade, basement-hosted uranium mineralization and follow-up efforts are planned to be directed up-ice of the occurrence. - The validated historical results, together with pathfinder element results and the extensive structural mapping carried out during prospecting, will be used to support the prioritization of drill targets.
Sample | Conductor | Lithology | U (ppm) | U3O8 (wt%) | Associated Pathfinders | Historical Occurrence and Description |
863927 | Armbruster | Pelite | 4,810 | 0.63 | B, Pb, Co, As, V, Zn, Ag, Bi | SMDI 2092. Trench location. Fault hosted. |
863928 | Armbruster | Weakly graphitic pelite | 3,270 | 0.40 | Pb, Co, As, Cu, Zn, Ag | SMDI 2092. Trench location. Fault hosted. |
863944 | Armbruster | Pelite | 821 | 0.11 | Pb, Co, As, Cu, V, Mo, Zn, Bi | SMDC showing FW-22. Hematized fault. |
829267 | Armbruster | Mafic | 1,260 | 0.19 | Pb, Co, Cu, V, Zn, Ag, Bi | SMDC showing PB-1. Fault hosted. |
863814 | Armbruster | Pelite | 188 | Cu, Ag, Bi | SMDC scint 4000 cps. Hematized fault. | |
863859 | Armbruster | Mafic | 14,500 | 1.69 | Pb, Co, As, Cu, V, Mo, Zn, Ag | SMDC showing DJ-2. Trench. Fault hosted. |
863847 | Armbruster | Foliated Mafic | 59,500 | 6.90 | Pb, As, Cu, V, Ag, Bi | SMDI 2083, showing PJ-6. Fault hosted. |
863931 | Armbruster | Pelite | 279 | B, Pb, Cu, V | SMDC scint 4000 cps | |
863943 | Armbruster | Pelite | 948 | 0.12 | Pb, Co, As, Cu, V | SMDC showing DJ-6. Hematized fault. |
863924 | Armbruster | Pitchblende mineralization | 69,700 | 8.82 | B, Pb, As, V, Ag, Bi | Pitchblende boulder near radioactive spring (SMDI 1237). |
863815 | Howland | Pelite | 4,340 | 0.60 | Pb, As, Cu, V, Mo, Zn, Ag, Bi | SMDC showing KH-12. Hematized fracture. |
863868 | Howland | Amphibolite | 182 | Pb, As, Cu, V, Ag, | SMDC scint 5,000 cps. Fault hosted. | |
863949 | Howland | Quartzite | 2,280 | 0.29 | Pb, As, Cu, Ag, Bi | SMDC showing KH-11. Hematized fault. |
863962 | Pitchvein | Breccia | 247 | Pb, As, Cu, V, Mo | SMDI 1233. Trench location. Gossanous and brecciated, high sulphide. | |
863825 | Pitchvein | Sulphidic Pelite | 203 | Pb, Co, As, Cu, V, Mo | SMDI 1233. Trench location. Gossanous and brecciated, high sulphide. | |
863819 | Pitchvein | Sulphidic Pelite/Schist | 313 | Pb, Co, As, Cu, V, Mo Ag, Bi | location, SW of SMDI 1233. Gossanous, hematized faulting. | |
863822 | Pitchvein | Sulphidic Pelite/Schist | 5,920 | 0.76 | Pb, Ni, Co, As, Cu, V, Mo, Zn | Pitchvein trench and drill location, SW of SMDI 1233. Highly hematized and brecciated. |
863823 | Pitchvein | Quartzite | 4,530 | 0.60 | Pb, Ni, Co, As, Cu, V, Ag, Bi | Pitchvein trench, hematized fractures. SMDI 1233. |
863982 | Pitchvein | Sulphidic Schist | 102 | As, Mo | Pitchvein trench. Fracture-hosted, hematized, high sulphide. SMAD 74N07-0064 | |
863832 | Pitchvein | Hematitic Pelite | 128 | As | Pitchvein showing. Fault-hosted, hematized. Lorado area. SMDI 1229. |
Notes: |
|
Rock samples were submitted to the
QAQC on analytical results has included insertion of sample blanks by Fortune Bay at a rate of 1 blank per 20 samples. Additional QAQC by SRC has included insertion of certified reference standards and repeat analyses. All results have been reviewed and no issues were noted.
Unless otherwise stated, the historical results (scintillometer measurements, geochemical analyses and drill results) contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these results relevant to assess the mineralization and economic potential of the property. Further details regarding the historical uranium occurrences noted in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI") using the reference number provided. Historical assay and scintillometer survey results from SMDC were captured from assessment reports available in the Saskatchewan Mineral Assessment Database (SMAD) references 74N07-0310, 74N07-0311 and 74N07-0064.
The technical and scientific information in this news release has been reviewed and approved by
On behalf of
"Dale Verran"
Chief Executive Officer
902-334-1919
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.
Neither
SOURCE
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