HALIFAX, NS,
In addition, the Company reports on progress for its Murmac and Strike Uranium Projects ("Murmac" and "Strike"), located on the north-western margin of the
As follow-up to Government regional airborne radiometric surveys, historical prospecting between 1968 and 1970 identified widespread and voluminous uranium-bearing pegmatites in the
A historical pebble sample assayed 55.06% U3O8, one of several radioactive pebbles found in a low-lying area covered by muskeg. An additional historical uranium occurrence of 0.24% U3O8 from an outcrop sample is present 400 metres to the southeast. The area is characterized by interpreted structural complexity at the intersection of east and northeast trending structures. Follow-up of the occurrence was limited to localized prospecting, and the occurrence warrants more detailed systematic follow-up, particularly in low-lying areas with surficial cover where structures are likely to exist.
In addition to the uranium potential, pegmatite outcrops enriched in Rare Earth Elements ("REE") were discovered during historical prospecting for uranium. This included an outcrop sample of 2.4% Total Rare Earth Elements ("TREE"), and a 400 x 200 m outcrop of "white granodiorite" displaying broadly elevated TREE content and highlight grades from four samples of 1.1% to 1.9% TREE. High-value Nd and Pr account for approximately 20% of the TREE content. These historical REE occurrences warrant follow-up to determine the extent and grades of the mineralization. Far northern
Similar to other recently announced uranium projects, Fortune Bay may seek to find a suitable partner/s to advance the Birch and Fir Projects through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.
- On
December 18, 2023 Fortune Bay Corp. announced that it had entered into an "Option Agreement" whereby 1443904B.C. Ltd. , an arms-length private company, was granted the right to acquire up to a 70% interest in the wholly-owned Murmac and Strike Uranium Projects over a three-and-a-half-year period by fundingC$6 million in exploration expenditures, making cash payments totallingC$1.35 million , and issuingC$2.15 million in common shares following completion of a going public transaction (see News Release for further details) - On
February 8, 2024 ,Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: 13L0) ("Aero") completed the acquisition of 1443904B.C. Ltd. pursuant to the terms of a share purchase agreement, thereby completing the going public transaction. Concurrent with completion of the acquisition, the Company has changed its name from "Angold Resources Ltd. " to "Aero Energy Limited ". - On
February 13, 2024 Aero announced a non-brokered private placement for aggregate gross proceeds of$5,000,000 . The gross proceeds received from the sale of the Flow-Through units and the Charity Units will be used for work programs on Aero's optioned properties including Murmac, Strike and Sun Dog (owned by Standard Uranium Ltd.), all located along the northwestern margin of theAthabasca Basin ofSaskatchewan . - In accordance with the
Option Agreement Fortune Bay has received the initial$200,000 cash payment and the initial$200,000 in common shares (1,333,333 shares using a transaction price of$0.15 per share). - Planning is ongoing for drilling programs to commence at Murmac and Strike during 2024 on numerous high-priority targets that have been identified with the potential for a high-grade basement-hosted uranium discovery.
On
The historical 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 also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the Project. The Company considers these historical results relevant to assess the mineralization and economic potential of the property. Further details regarding the historical occurrences mentioned in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI") using the reference numbers provided in Figure 1. Additional information has been obtained from historical reports found within Saskatchewan Mineral Assessment Database ("SMAD") with the following Assessment File Numbers 74O10-0002, 74O10-0003, 74O10-0008 (
The technical and scientific information in this news release has been reviewed and approved by
On behalf of
"Dale Verran"
Chief Executive Officer
902-334-1919
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.
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