Project Highlights

LocationNorthern Saskatchewan, Canada
Ownership100%
StatusHigh-grade uranium exploration potential typical of the Athabasca Basin margin

The 100% owned Goldfields West Uranium Project comprises the western claims of the Company’s flagship Goldfields Project, which have been identified to have potential for high-grade unconformity-related, basement-hosted uranium deposits typical of the Athabasca Basin margin.

Project Summary

The Project includes 10 mineral claims covering an area of approximately 5,300 hectares and is located 15 kilometres south of Uranium City. The Project is endowed with established infrastructure including existing roads, powerline, and nearby facilities and an airport at Uranium City.

Combined with the Strike Uranium Project, the Project gives Fortune Bay a dominant land position of the electromagnetic (“EM”) conductors in Canada’s original uranium mining district.

Exploration Potential

Abundance of Uranium Occurrences

  • The uranium endowment of the Project is well established through historical work until the 1980’s which identified numerous high-grade (> 1% U3O8) uranium occurrences primarily through prospecting and trenching. Nearby significant past uranium producers include the Lorado, Gunnar and Beaverlodge (Eldorado) mines.
  • Approximately 150 historical drill holes, completed between 1947 and 1987, are documented across the Project which were largely focused around the known uranium occurrences, and included shallow, high-grade drill intersections.

Favorable Host Rocks

  • Historical airborne and ground EM surveys, from the 1950’s until as recently as 2007, identified a package of EM conductors covering a strike length of approximately 12 kilometres. These conductors, where evaluated, have been confirmed to represent graphite-bearing metasediments, which are known to provide favorable (chemically-reducing) settings for the formation of unconformity-related deposits.
  • Geological mapping by Ashton in 2009 identified abundant quartzites along the strike of the EM conductors. Quartzites are commonly associated with unconformity-related deposits, providing competency contrasts against graphitic-rocks to create prospective dilational settings.
  • The Athabasca Basin margin is located approximately five kilometres to the south of the Project, indicating vertical proximity to the basal unconformity (now eroded) and good preservation potential for basement-hosted mineralization. Uranium mineralization has been documented along the Basin margin associated with the southwest extension of the Goldfields West conductor package, including the Stewart, Johnston and Sampson Island showings.

Goldfields West Historical Uranium Occurrence Highlights.

SMDI# Name Drill Hole U3O8 % Grab Sample U3O8 or eU3O8* % Comments
1233 YK Claims U-Au or PITCHVEIN Prospect 1.01% / 2 m from 56 m (CKI-9)
2.19% / 0.5 m from 68 m (CKI-10)
  Fracture- hosted mineralization hosted in felsic paragneiss and feldspathic quartzite. Some occurrences are coincident with EM conductor locations.
1236 Armbruster Lake Radioactive Zone 3 & 4   4.91*%
2.99*%
1.91*%
1.81*%
Pitchblende mineralization associated with fracturing in a chloritic band in granite gneiss and paragneiss.
1244 Keddy Bay B, H, and J or Radiore Con. No. 5   1.32% / 0.6 m
2.14% / 0.7 m
1.46% / 0.5 m
Trench results. Fracture hosted pitchblende mineralization in granite underlain by quartzite.
1246 Eldorado S-7, S-8, and S-9 0.97% / 1.1 m from 5.6 m (G-16) 37.5% / 25 lb Fracture-hosted mineralization within amphibolite, mapped strike length of 396 m.
2083 PB-9, PB-11, PB-12, PJ-19   10.3%
5.2%
Fracture-hosted pitchblende mineralization with yellow alteration hosted in amphibolite.
2092 Crackingstone Peninsula T-50, FW-1, PJ-11, and KW-5   4.82%
1.24%
Fracture-hosted mineralization within sericite-chlorite schist and graphitic sericitic metapelite, plunges below overburden.
2093 KH-3 and PM-4   6.38%
4.85%
Cluster of facture-hosted mineralization occurrences in banded amphibolite.
2094 Crackingstone Peninsula KH-11 and KH-12   3.15% Fracture-hosted mineralization at a contact between quartzite and sericite metapelite. Association with gold at this location.
2097 Metalur Option   0.61%
0.49%
0.17%
Fracture-hosted mineralization in gneiss and quartzite, coincident with EM conductors.
1247b Eldorado S-2, S-3, S-4, and S-5 (Gil showing)   25.3% / 25 lb
1.27%
1.35%
Fracture-hosted mineralization in amphibolite sills.

* eU3O8 is equivalent U3O8 derived from a gamma-ray spectrometer.

Work Completed by Fortune Bay

During 2015 Mercator Geological Services Limited carried out an exploration program on the Company’s behalf which included a structural/geophysical lineament study, rock geochemical sampling program, scintillometer surveying and geological investigations. The objective of the program was to verify, identify and prioritize targets across the 10,000 hectare Goldfields property. While gold was the primary focus, a number of uranium targets were also identified, including six Tier 1 targets at the intersection of the Goldfields West conductor package with cross-faults.

Scintillometer surveying along the northern portion of the Goldfields West conductor package confirmed elevated radioactivity within bedrock, including readings of up to 1,030 counts per second (“cps”). At the Gil showing, survey locations 200 metres apart registered between 59,000 and 51,633 cps within a possibly continuous zone of recessive rock that measures about 1 metre in thickness. Grab sampling of this showing by the Company in June 2021 produced assays of 6.04% U3O8 and 0.95% U3O8.

Sampling, Analysis and Data Verification

Uranium assays for the Gil showing were undertaken by the Saskatchewan Research Council (“SRC”) Geoanalytical Laboratories. Sample preparation included drying, jaw crushing to 60% passing -2 millimetres, and pulverizing to 90% passing -106 microns. The resultant pulp was digested using a two-acid partial digest (HNO3:HCl) and the respective solution analyzed for multiple elements, including uranium, using ICP-OES. Boron values are obtained through NaO2/NaCO3 fusion followed by ICP-OES. Uranium assays are obtained using SRC’s ISO/IEC 17025:2005 accredited method for the determination of U3O8 wt%. A split of the sample pulp is digested using aqua-regia (HCl:HNO3 in the ratio 3:1), and the solution analyzed for U3O8 wt% using ICP-OES.

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.

The 2015 exploration program was conducted by Mercator Geological Services Limited and is summarized in the current National Instrument 43-101 (“NI 43-101”) Technical Report titled "Technical Report: Resource Estimate for the Goldfields Project" with an effective date of May 4, 2021 (available on SEDAR and the Company’s website).

Qualified Person

The technical and scientific information in this page has been reviewed and approved by Dale Verran, M.Sc., P.Geo., Chief Executive Officer of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

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