Fortune Bay Corp. announced the acquisition of the Spruce Uranium Project through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, near the community of Fond du Lac, and comprises four mineral claims covering 6,855 hectares.

The Project is located along the Grease River Shear Zone ("GRSZ"), a crustal-scale structural corridor up to seven kilometres wide. Unlike other major structural zones in the Athabasca Basin, that have yielded the large high-grade uranium discoveries, the GRSZ has seen very limited exploration to date. Historical exploration has demonstrated the GRSZ to be prospective for basement-hosted uranium mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences.

In addition, the Project includes anomalous lake sediment samples with up to 287 ppm uranium from historical regional datasets, and several airborne radiometric uranium anomalies. Only three historical drill holes have been completed on the Project to date. The 6,855 hectare Project covers over six (6) kilometres of prospective strike length along the GRSZ, within approximately 20 kilometres of the present-day Athabasca Basin margin.

In addition, the Project has potential for REE deposits. The northern region of Saskatchewan has a precedent for high REE grades, exemplified by the Alces Lake, Hoidas Lake and Bear Lake REE projects. Historical REE discoveries on the Project were made while prospecting for uranium and records indicate that these occurrences, including outcrop samples of 3.13% TREE, 1.17% TREE, 0.88% TREE and 0.85% TREE, have not been followed-up.