Fortune Bay (TSXV: FOR; OTCQB: FTBYF) reported it has signed a letter of intent with Neu Horizon Uranium ACN 653 749 145, a private Australian arms-length party. The letter of intent will grant the optionee with the ability to acquire an 80% interest in the Woods uranium projects, located on the northern margin of the Athabasca Basin in Saskatchewan.
The project would provide a district-scale opportunity, including five projects covering approximately 40,000 ha and a dominant land position along the Grease River shear zone (GRSZ) within 30 km of the northern Athabasca Basin margin.
The GRSZ is significantly underexplored relative to other major Athabasca Basin structures (less than 20 historical drill holes northeast of Fond du Lac, and only three historical drill holes on the Projects). Geological settings and structural features are prospective for; 1) unconformity-related basement-hosted uranium deposits, 2) magmatic intrusive uranium deposits and, 3) rare earth element ("REE") deposits. Finally, the site shows abundant historical uranium and REE showings, and the highest lake sediment uranium anomalies in Saskatchewan.
Dale Verran, CEO for Fortune Bay, commented "We are very pleased to have signed an LOI with Neu Horizon to advance The Woods uranium projects. The projects represent a district-scale opportunity for discovery within a highly prospective region that has seen very little exploration to date, despite favourable geology and a significant endowment of historical uranium occurrences. The agreement to terms for The Woods is a timely development for Fortune Bay, reiterating our company's strategy to focus on our two advanced gold projects, while retaining upside in partner-funded opportunities generated through low-cost acquisition."
Exploration efforts during the 1960's and 1970's focused on conducting low-resolution airborne radiometric surveys and surface sampling campaigns to target Beaverlodge-style mineralization, commonly found in granitic rocks. These efforts uncovered numerous outcropping uranium occurrences with values ranging from 222 ppm to 1.6% U3O8. Regional lake sediment sampling across northern Saskatchewan identified the highest uranium values in the province within the Projects area, and follow-up sampling in the 1970's confirmed extensive lake sediment anomalism, with values ranging from 52 to 1,870 ppm U in Perron Lake on the Aspen Project. Teams also followed up on airborne radiometric anomalies and discovered numerous REE occurrences, highlighting values such as 2.4% and 3.1% Total REE.
More information is available at Fortune Bay's website: www.FortuneBayCorp.com.
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