The drilling program was designed to test regional targets across the Project's extensive Armbruster, Howland and Pitchvein Conductor Corridors, which have a combined strike length of approximately 30 kilometres.
Shallow, highly elevated concentrations of uranium were confirmed in six (6) of the fifteen (15) drill holes, including 0.18% U3O8 and 0.17% U3O8 from individual assay samples.
The uranium is associated with anomalous levels of "pathfinder" elements that are typically associated with high-grade, basement-hosted deposits in the
Results include shallow intersections derived from between 20 and 150 metres below surface within prospective graphitic units associated with favourable structure and alteration.
Highlights:
- Drill hole M22-002 (target A6) intersected 0.18% U3O8 from 82.0 to 82.1 metres (approximately 63 metres below surface), with the interval from 82.0 to 82.3 metres averaging 899 ppm U.
- Drill hole M22-012 (target H11) intersected 0.17% U3O8 from 102.2 to 102.3 metres (approximately 72 metres below surface), with the interval from 102.1 to 102.3 metres averaging 646 ppm U.
- Drill hole M22-013 (target P1) intersected intermittent intervals of anomalous uranium, including 347 ppm U from 30.8 to 31.4 metres, 205 ppm U from 35.9 to 36.9 metres, and 448 ppm U from 44.2 to 44.5 metres. These intervals occur over a broad 13 metre zone from approximately 29 to 42 metres below surface.
- Drill hole M22-014 (target P1) intersected an average of 241 ppm U over 3.0 metres from 36.9 to 39.9 metres (approximately 20 metres below surface).
- Drill hole M22-015 (target A10) intersected a maximum of 0.12% U3O8 from 158.2 to 158.3 metres (approximately 87 metres below surface), with the interval from 158.1 to 158.3 metres averaging 503 ppm U. The interval 161.2 to 161.5 metres averaged 122 ppm U. The interval 163.3 to 163.8 metres averaged 219 ppm U.
Analytical Results
A total of 15 drill holes (3,168 metres) were completed along the Pitchvein, Armbruster, and Howland Corridors on the
Anomalous uranium (>100 ppm) was encountered along all three of the corridors tested. The drill holes listed in Table 1 intersected shallow, anomalous uranium with pathfinder element enrichment typically associated with high-grade basement-hosted deposits of the
Clay species identification on drill core samples has confirmed the presence of favorable clay alteration associated with uranium and pathfinder enrichment (Table 1). Chlorite and illite occur as the dominant clay species with intermittent occurrences of kaolinite. Dravite (an encouraging clay indicator) is present in M22–012, associated with anomalous uranium at 146.5 metres. Dravite, associated with elevated boron (up to 1,170 ppm) is present in M22-009, which targeted the intersection of the Armbruster Conductor with a major cross-cutting fault (Heatherington Fault).
A summary of anomalous uranium encountered is provided in Table 1, with descriptions of pathfinder element associations and relevant lithological, structural and alteration features.
Table 1: Summary of anomalous (>100 ppm) uranium intersections.
Target | Hole ID | From | To (m) | U (ppm) | U3O8 | Associated | Description | |
A6 | M22-002 | 81.2 | 82.7 | 206 | B, Cu, Pb, Zn, Ag | Foliated and fractured graphitic pelite, below the contact with overlying quartzite. Associated with hematization, chlorite alteration, graphitic shearing and faulting. | ||
incl. | 82.0 | 82.3 | 899 | |||||
incl. | 82.0 | 82.1 | 1,520 | 0.18 | ||||
91.0 | 91.1 | 208 | Pb, Co, As, Zn, Ag | |||||
H1 | M22-004 | 82.9 | 83.0 | 209 | - | Hosted in chlorite-altered graphitic pelite, proximal to a graphitic fault. | ||
H11 | M22-012 | 102.1 | 102.3 | 646 | Pb, As, Co, Cu | Within graphitic pelite in a hematized graphitic shear / breccia zone. | ||
incl. | 102.2 | 102.3 | 1,150 | 0.17 | ||||
146.3 | 146.5 | 115 | V | Massive hematized gabbro at contact with underlying hematized pelite with localized faulting. Clay analysis confirms the presence of dravite. | ||||
P1 | M22-013 | 25.2 | 26.0 | 133 | V, B, Cu | Anomalous U within graphitic pelite characterized by patchy hematization, chloritic shears, pyrite, local quartz flooding and disseminated sericite. Bleaching and clay alteration continues below zone of anomalous U. | ||
30.8 | 31.4 | 347 | ||||||
incl. | 30.8 | 30.9 | 653 | |||||
35.9 | 36.9 | 205 | ||||||
44.2 | 44.5 | 448 | ||||||
57.4 | 58.0 | 135 | V | |||||
59.0 | 59.3 | 110 | - | |||||
60.0 | 60.5 | 104 | ||||||
64.0 | 64.2 | 108 | B | |||||
67.6 | 67.9 | 163 | V, Zn | |||||
226.2 | 227.3 | 121 | V, Cu | Apparent association with vuggy texture in psammite with bleaching, hematization, chloritization and elevated pyrite content. | ||||
P1 | M22-014 | 36.9 | 39.9 | 241 | V, Cu, Zn, Co, Ni, Pb | Locally brecciated graphitic pelite with increased sulphide content and chloritic shearing. Designed as a follow-up hole testing the inferred down-dip projection approximately 25 m from shallow elevated radioactivity intersected in M22-013. | ||
incl. | 39.4 | 39.7 | 682 | |||||
47.8 | 48.0 | 360 | V, Mo, Co, Pb | |||||
A10 | M22-015 | 158.1 | 158.3 | 503 | V, Zn, Pb, As, Cu | Graphitic pelite, apparent association between elevated U and shears and fractures, with bleaching and hematization. | ||
incl. | 158.2 | 158.3 | 886 | 0.12 | ||||
161.2 | 161.5 | 122 | - | |||||
163.3 | 163.8 | 219 | V, B, Cu, As, Co, Ag, Bi |
Notes:
- Uranium and pathfinder element concentrations are shown in parts per million (ppm) as determined through partial digest ICP–OES or ICP-MS analysis on all samples, as described in the technical disclosure below.
- Uranium content as weight % U3O8 was determined through HCl:HNO3 digestion and ICP-OES analysis on selected samples.
- Thresholds for pathfinder anomalism were assigned based on a combination of statistical analysis of the dataset and appropriate reference databases. Element abundances were considered elevated at the following thresholds: B>200 ppm, Pb>20 ppm, Ni>80 ppm, Co>25 ppm, As>15 ppm, Cu>40 ppm, V>75 ppm, Mo>5 ppm, Zn>75 ppm, Ag>0.2 ppm and Bi>0.75 ppm.
- True thicknesses of the drill core intersections are yet to be determined.
- Target prefixes A, H and P refer to the Armbruster, Howland and Pitchvein Conductors, respectively.
- Further drill hole details were provided in the News Release dated
August 23, 2022 .
Technical Disclosure
All drilling was carried out with NQ or NQ2 diameter core. The oriented drill cores have been subjected to comprehensive logging and sampling to characterize mineralization, alteration and structure. Sample intervals ranged from 10 to 50 cm. Half-split drill core samples were submitted to the
Clay species identification through short-wave infrared (SWIR) spectroscopy was carried out on drill chips at regular spacing (between 6 and 9 m) down the full length of each drill hole. An
Qualified Person and Data Quality
The technical and scientific information in this news release has been reviewed and approved by
Unless otherwise stated, the historical results (scintillometer measurements, geochemical analysis and 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 historical drill results obtained by SMDC in drill holes CKI-9 and CKI-10 (Table 1) can be found within the Saskatchewan Mineral Assessment Database (SMAD) references 74N07-0310 and 74N07-0311. Assay and scintillometer survey results from SMDC (Figure 2) were captured from tables and georeferenced figures in these assessment reports.
About Fortune Bay
On behalf of
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement Regarding Forward-Looking Information
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.
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