- Fortune Bay Corp. (TSXV:FOR) has acquired the Pine Uranium Project located within Saskatchewan’s Athabasca Basin
- The Pine Uranium Project is a large-scale land package covering 176.8 square km, located in proximity to the northern rim of the basin, through staking over the past several months
- The area has been characterized by the highest lake sediment uranium anomalies in Saskatchewan, including values up to 435 ppm U within the Project area
- Fortune Bay Corp. last traded at $0.20 per share
Fortune Bay Corp. (TSXV:FOR) has acquired the Pine Uranium Project located within Saskatchewan’s Athabasca Basin.
The Pine Uranium Project is a large-scale land package covering 176.8 square km, located in proximity to the northern rim of the basin, through staking over the past several months.
The company touted the potential for high-grade, basement-hosted uranium deposits along 13 km of the Grease River Shear Zone, a major structural corridor that hosts the historical Fond du Lac uranium deposit.
There is also potential for bulk tonnage Rössing-style uranium deposits associated with abundant, historically recognized, uranium-bearing leucogranites and pegmatites.
The area has been characterized by the highest lake sediment uranium anomalies in Saskatchewan, including values up to 435 ppm U within the Project area.
Pine Uranium Project. Source: Fortune Bay Corp.
Limited historical prospecting yielded surface uranium showings of 0.17 per cent U3O8 (1,442 ppm U) and 0.10 per cent U3O8 (848 ppm U), and a trenching result of 509 ppm U over 24.7 metres.
No drilling or modern airborne radiometric surveying has been completed over 60 per cent of the project, and nor any modern airborne electromagnetic surveying.
The project is near the company’s recently acquired Spruce Uranium Project.
“Combined, our Spruce and Pine Uranium Projects cover approximately 20 km of the Grease River Shear Zone, providing Fortune Bay with a dominant land position of this major structural corridor within 25 km of the Athabasca Basin margin,” Fortune Bay’s CEO, Dale Verran said in a news release. “The corridor is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant Athabasca Basin-style, basement-hosted uranium discoveries. Historical exploration has demonstrated the corridor to be prospective for basement-hosted mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. The potential for Rössing-style uranium deposits adds an additional dimension to the Pine Uranium Project. Average uranium ore grades for the Rössing and Husab open-pit mines in Namibia are in the order of 350 ppm and 500 ppm, respectively. There is a precedent for these grades, and greater, associated with similar rock types historically identified within the Project area. The promising results from regional reconnaissance-style exploration by historical operators, and the extensive nature of the uranium mineralization in lake sediments, highlight the potential for future discovery.”
Next steps by the team will be to combine all existing historical data, regional government data, and satellite imagery to begin finalization of target areas, which would include the identification of favourable lithological and structural settings for the two target models.
Fortune Bay is engaged in the acquisition, exploration, and development of mineral interests.
Fortune Bay Corp. last traded at $0.20 per share.
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