April 7, 2022

Harnessing the Hidden Treasures of the Athabasca Basin

As the Ukraine-Russia conflict escalates, many commodities have seen drastic price increases due to blockages in both Russian and Ukrainian supply chains; not least of which is uranium. Russia supplies over 30% of the world’s enriched uranium and around 8% of the world’s mined uranium, while Ukraine is seventh in the world for recoverable reserves of uranium ores and first in Europe, according to Statista.

As 2030’s climate goals fast approach for both the US and Europe, the use of nuclear power continues to rise. Today, it provides 10% of the electricity produced worldwide. In 2020, the number of IAEA (International Atomic Energy Agency) Member States using nuclear power plants increased to 32, and of these countries, 19 plan to expand their nuclear power capacity. Approximately 30 new countries are also adopting or considering nuclear power; this according to a recent report from IAEA.

The clock is ticking. And steady, secure uranium supply is needed to fuel a cleaner future in power generation. The answer may well be on the horizon, though. And it lies in the heart of Canada – in the Athabasca Basin.

A Mineral Treasure Trove

The Athabasca Basin, covering more than 39 000 sq. mi in Saskatchewan and a small portion of Alberta, Canada, is the world’s highest-grade source of uranium. In fact, approximately 20% of the world’s uranium is sourced in this area. Uranium was first discovered in the Athabasca Basin in 1934, and mining operations commenced in 1975.

The Athabasca Basin is now home to the world’s largest uranium mine and places Canada on the map as one of the world’s leading producers, with Kazakhstan being the first.

A Market in Flux

The uranium market is on the verge of a renaissance. And many investors hold extremely optimistic viewpoints about its growth. Nuclear power is on the rise, and the drive towards cleaner energy is accelerating rapidly.

As the construction of nuclear reactors across the globe intensifies and crucial supply sources like Russia, Ukraine and possibly Kazakhstan come under threat, it is a natural conclusion that the supply of uranium will diminish and the demand will grow considerably. Investment in reliable and secure uranium supply is needed, now more than ever.

Fortune Bay in the Athabasca Basin

Fortune Bay Corp is an exploration and development company that is advancing the 100% owned Strike and Murmac uranium exploration projects. The projects are located on the northern rim of the Athabasca Basin in Canada’s original uranium mining district, and collectively cover over 15,000 hectares of prime geology. 

Fortune Bay is targeting shallow, high-grade deposits in proximity to infrastructure – a compelling exploration scenario. The exploration team leading the hunt has discovered these types of deposits before, and has experience with the likes of Denison Mines Corp. and Cameco Corp.

As demand continues to rise, Fortune Bay aims to create better global access to high-grade uranium, powering the 2030 and 2050 NetZero goals. Uranium is becoming more precious by the day, but a new supply chain is in the pipeline – a nuclear-powered light at the end of the tunnel.

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