Announcement • Jun 16
Fortune Bay Corp. and Manhattan Uranium Discovery Corp. Commence Drilling At the Murmac Uranium Project
Diamond drilling has commenced at the Murmac Uranium Project, located near Uranium City in northern Saskatchewan. The program is targeting high-grade, basement-hosted uranium mineralization related to the Athabasca Basin. The drilling forms part of the previously announced fully funded program at the Murmac and Strike Uranium Projects, funded by Manhattan Uranium Discovery Corp. and operated by Fortune Bay under an option agreement. The large-scale program comprises approximately 5,000 metres of drilling across up to 25 targets, with drilling now underway on 15 priority targets at Murmac. The Murmac drilling is taking place alongside continued advancement of Fortune Bay's flagship Goldfields Gold Project in northern Saskatchewan, where key technical, environmental and project de-risking activities are progressing. Diamond drilling has commenced at Murmac, testing 15 priority targets selected from integrated geological, geophysical and geochemical datasets. The program includes both follow-up targets near previous uranium results and new targets that have not been tested. Target selection considered favourable graphitic host rocks, electromagnetic conductor features, structural settings, gravity lows, alteration and uranium anomalism, with priority given to areas where multiple criteria are present. The targets are designed to test for shallow, high-grade basement-hosted uranium mineralization in a proven district, building directly on previous intercepts such as 13.80% U3O8 over 0.10 m in hole M24-017. The program is being funded by Manhattan, providing Fortune Bay shareholders with non-dilutive exposure to uranium discovery potential. The Murmac targets were selected from current and historical exploration datasets, including VTEM electromagnetic and magnetic surveying, ground gravity surveying, structural interpretation, prospecting, and previous drilling results. Target selection prioritized electromagnetic conductor breaks, inflections and highs where coincident with gravity lows and potentially dilational cross-fault settings, particularly along the extensive Armbruster and Howland graphitic conductor corridors. The staged program will initially test priority targets at Murmac before moving to Strike, allowing time to review results and plan follow-up drilling as warranted. Approximately 5,000 metres of drilling is planned to test up to 25 targets at Murmac and Strike, with any positive results to be prioritized for follow-up during the current program. The Murmac Project is located near Uranium City in northern Saskatchewan, on the northern margin of the Athabasca Basin. The project is prospective for high-grade, basement-hosted uranium deposits associated with graphitic electromagnetic conductor corridors, structural reactivation, hydrothermal alteration and uranium-bearing mineralizing systems related to the Athabasca Basin. Previous exploration by Fortune Bay and Manhattan at Murmac has included compilation of historical exploration data, modern airborne electromagnetic and magnetic surveying, ground gravity surveying, prospecting, radon-in-water surveying and diamond drilling. This work has confirmed favourable host rocks, prospective structures, uranium mineralization and multiple target areas warranting follow-up drilling. Previous drilling at Murmac has confirmed shallow uranium mineralization associated with structured graphitic rocks. Drill hole M24-017, completed at Howland Lake North, intersected 8.40 metres grading 0.30% U3O8, including 1.20 metres grading 1.79% U3O8, with individual assays up to 13.80% U3O8 over 0.10 metres and 4.54% U3O8 over 0.10 metres. This high-grade mineralization was intersected at approximately 64 metres below surface. Murmac and Strike are subject to an option agreement dated December 15, 2023, under which Manhattan has the right to acquire up to a 70% interest in the projects by funding CAD 6 million in exploration expenditures, making cash payments totalling CAD 1.35 million, and issuing CAD 2.15 million in common shares. Fortune Bay is the operator during the option period and is entitled to charge a 10% management fee on exploration expenditures. Fortune Bay drill results refer to drill core and surface grab samples submitted to the Saskatchewan Research Council Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization. Sample preparation for all samples included drying, jaw crushing to 60% passing -2 mm, and pulverizing to 90% passing -106 microns. Multi-element characterization was carried out by partial digestion (HNO3:HCl), using ICP-OES and ICP-MS analytical methods. For selected samples U3O8 weight % was determined separately through partial digest (HCl:HNO3) and ICP-OES (ISO/IEC 17025 accredited method). Further details regarding the historical exploration/drilling and exploration results noted in this news release can be found within the Saskatchewan Mineral Assessment Database (SMAD) and the Saskatchewan Mineral Deposit Index (SMDI). Fortune Bay has verified several of these occurrences through field prospecting and sampling, however there is a risk that any future confirmation work and exploration may produce results that substantially differ from the unverified historical results. Historical drill hole locations, captured from georeferenced assessment report maps, are subject to uncertainty (considered accurate to +/-50 metres. The Company considers these unverified historical results relevant to assess the mineralization and economic potential of the property. The historical information referenced derives from SMAD references 74N07-0011, 74N07-0173, 74N07-0277, 74N11-SE-0016 and 74N11-0052.
