The drilling program, comprising nine shallow holes, provided first-pass testing of the Project's J, K and L Conductors on the northern portion of the Project which have a combined strike length of approximately 20 kilometres (see Figure 2).
Analytical results have confirmed anomalous uranium in three of the nine drill holes completed, up to a maximum individual assay result of 0.43% U3O8. The uranium is associated with enriched levels of "pathfinder" elements that are typically associated with high-grade, unconformity-related deposits in the
Highlights:
- Drill hole S22-013 (K3 target) returned a maximum assay of 0.43% U3O8 from 145.7 to 145.8 metres (approximately 105 metres below surface), with the interval from 145.6 to 145.8 metres averaging 1,170 ppm U. Nearby historical surface grab samples include HY080 1.51% U3O8, Stancliff 0.19% U3O8, and Hacker Atompower 0.13% U3O8 (see Figure 2).
- Drill hole S22-005 (Tena target) returned a maximum assay of 0.42% U3O8 from 82.3 to 82.4 metres (approximately 60 metres below surface), with the 1.8 meter interval from 82.3 to 84.1 metres averaging 356 ppm U.
- Drill hole S22-006 (Tena target) intersected an average of 141 ppm U over 0.8 metres from 106.9 to 107.7 metres (approximately 75 metres below surface).
Anomalous uranium (>100 ppm U) was encountered at the Tena Fault (adjacent to the L Conductor) and at the K Conductor. The drill holes listed in Table 1 intersected shallow anomalous uranium with pathfinder element enrichment typically associated with high-grade unconformity-related deposits of the
Table 1: Summary of anomalous uranium (>100 ppm U) intersected.
Target | Hole ID | From | To | U | U3O8 (wt %) | Associated Pathfinders | Description | |
Tena | S22-005 | 82.3 | 84.1 | 356 | Cu, Ni, Co, As, Bi, Pb, B | Graphitic brittle fracture with hematization, chlorite and kaolinite – Tena Fault. | ||
incl. | 82.3 | 82.5 | 1,839 | |||||
with | 82.3 | 82.4 | 3,280 | 0.42 | ||||
and | 83.5 | 84.1 | 450 | |||||
with | 83.5 | 83.6 | 1,670 | 0.24 | ||||
and | 84.0 | 84.1 | 765 | 0.13 | ||||
Tena | S22-006 | 106.9 | 107.7 | 141 | Bi, B, As | Graphitic brittle fracture zone with hematization and chlorite alteration – Tena Fault. | ||
incl. | 107.0 | 107.1 | 346 | |||||
K3 | S22-013 | 145.6 | 145.8 | 2,310 | Mo, Ag, Bi, Cu, As, Co, Ni, Pb | Reactivated graphitic fault with associated hydrothermal alteration. | ||
incl. | 145.6 | 145.7 | 1,170 | 0.15 | ||||
incl. | 145.7 | 145.8 | 3,450 | 0.43 |
Notes:
- Uranium concentrations (U) are shown in parts per million (ppm) as determined through partial digest ICP-OES or ICP-MS analysis on all samples, as described in the technical disclosure below.
- Uranium content as weight % U3O8 was determined through digestion in a concentration of HCl:HNO3, and ICP-OES analysis on selected samples.
- Thresholds for pathfinder anomalism were assigned based on a combination of statistical analysis of the dataset and appropriate reference databases. Element abundances were considered elevated at the following thresholds: B>200 ppm, Pb>30 ppm, Ni>80 ppm, Co>35 ppm, As>15 ppm, Cu>250 ppm, V>75 ppm, Mo>5 ppm, Zn>40 ppm, Ag>0.2 ppm and Bi>1 ppm.
- True thicknesses of the drill core intersections are yet to be determined. Target prefix K refers to the K Conductor.
- Further drill hole details were provided in the News Release dated
June 28, 2022 .
- Drill hole S22-013 was sited to test the southern portion of a gravity low anomaly at the intersection of a cross-cutting fault along the K Conductor. The intersection of anomalous uranium up to 0.43% U3O8, associated with reactivated structures in graphitic rocks and pathfinder element enrichment validates the exploration model for this area and warrants follow-up. Additional drill testing will be planned along strike, and the K Conductor will be reassessed for structural and geophysical targets based on a full interpretation of the oriented point structure and geochemical datasets from S22-013.
- Drill holes S22-005 and S22-006 intersected the targeted Tena Fault at depth, confirming mineralization continuity from surface (where over 1,000 tonnes of uranium ore were mined in the 1950's with reported grades of 0.6% to 3.5% U3O8) to a depth of 75 m below surface. Oriented structural measurements from the core will be integrated with historical results and mapping/prospecting observations at surface to assess if additional testing is warranted at this location.
- Elevated radioactivity in drill hole S22-010 (K4 target, 300 cps from 53.8 to 53.9 metres and 330 cps from 55.0 to 55.1 metres) was reported in News Release dated
June 28, 2022 , This elevated radioactivity was conformable with a new discovery of radioactive showings (up to 5,000 cps) nearby on surface. Radioactivity at these locations was shown by sample analysis to be related to elevated thorium content, and no anomalous uranium was found to be present. - Additional drill testing is warranted along the J and L Conductors to evaluate targets that were not tested during the 2022 drilling program.
- Drill permits for a summer 2023 drilling program have been submitted in accordance with the Company's permitting process.
All drilling is being carried out with NQ3 or NQ2 diameter core. The oriented drill cores have been subjected to comprehensive logging and sampling to characterize mineralization, alteration and structure. Sample intervals ranged from 10 to 50 cm. Half-split drill core samples were submitted to the
Clay species identification through short-wave infrared (SWIR) spectroscopy was carried out on drill chips at regular spacing (between 6 and 9 m) down the full length of each drill hole. An
The technical and scientific information in this news release has been reviewed and approved by
Unless otherwise stated, the historical results (including 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 Tena prospect can be found within the Saskatchewan Mineral Deposit Index (SMDA #1511). Further details regarding the historical surface grab samples from HY080, Stancliff and Hacker Atompower are available within Cameco Corp. assessment reports filed on the Saskatchewan Mineral Assessment Database (SMAD File Number 74N-0102, 74N-0103 and 74N-0106).
About Fortune Bay
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.
Neither
SOURCE
© Canada Newswire, source