Fortune Bay Corp (TSX-V:FOR, OTCQX:FTBYF) said it has completed its 2024 summer drilling program at the Murmac uranium project in northern Saskatchewan.
The program, conducted in collaboration with Aero Energy Limited under an option agreement signed in December 2023, aimed to explore regional targets for high-grade, unconformity-related basement-hosted uranium deposits.
Drilling focused on the project's potential along a 1.2-kilometer-long electromagnetic conductor within the Howland Corridor.
The drill program involved eight holes targeting geophysical signatures and favorable geological settings, resulting in intersecting highly favorable settings for high-grade basement-hosted deposits. Notably, five of the eight holes showed anomalous radioactivity greater than 300 counts per second (cps).
Highlights of the findings include high levels of radioactivity intersected in one hole, with an average of 1,309 cps over 8.7 meters, reaching up to 33,600 cps associated with visible uranium mineralization, approximately 70 to 78 meters below the surface.
Follow-up drilling continued to show anomalous radioactivity (up to 850 cps) in graphitic rocks, confirming the presence of a significant hydrothermal uranium mineralizing system.
Additional drilling tested geophysical anomalies and intersected promising hydrothermal alteration and variably graphitic rocks, further validating the potential for unconformity-related deposits across the entire length of the Howland and Armbruster Corridors.
The results helped to confirm the potential of a high-grade basement-hosted uranium discovery at Murmac, Fortune Bay CEO Dale Verran told investors.
“The program has significantly enhanced our geological understanding of the unexplored target horizons and we eagerly await uranium assay and geochemical analyses to assist with vectoring toward a potentially meaningful discovery,” Verran said in a statement.
“Together with our partners, Aero Energy, we look forward to planning a follow-up program where larger step-outs from M24-017 are expected to be prioritized, in addition to testing numerous other high priority targets.”
Fortune Bay told shareholders that the results will guide future exploration efforts, including testing additional targets on the adjacent Sun Dog project, located to the south of Murmac.