Fortune Bay Begins 2,600 Metre Drill Program At Murmac Uranium Project
The Murmac Uranium Project has seen the commencement of a drill program, which is being conducted by Fortune Bay (TSXV: FOR), and funded by Aero Energy (TSXV: AERO) pursuant to an option agreement signed last year.
The program, at roughly 2,600 metres in size, aims to consist of between ten to thirteen holes which will test for basement-hosted uranium deposits. The drill program is to be spread across three conductor corridors, and intends to follow up on geophysical targets identified following VTEM surveys and 3D modelling.
At the Pitchvein corridor, Fortune Bay is following up on prior drilling intersects that include 1.01% U3O8 over 2.0 metres and 2.19% U3O8 over 0.5 metres. Work here will also follow up on one of two targets identified while scouting drill site locations that had a high level of radioactivity. Target P4 is said to have recorded 13,533 CPS in the hangingwall of the target, and is along strike of the prior drilling.
The second target with high radioactivity, Target A15, recorded 60,793 CPS, also in the hangingwall. This target is associated with the Armbruster conductor, where the company has identified a total of seven locations to drill test based on geophysical data.
The final conductor to be tested is the Howland conductor, where Fortune Bay and Aero have identified a total of four locations to drill test.
Drilling is said to have begun at the Pitchvein conductor, with the drill team to then transition to the Howland and finally the Armbruster corridors upon completion.
Aero Energy is set to earn up to a 70% interest in both the Murmac and Strike uranium projects over a three year period. The option agreement calls for $6.0 million in exploration expenditures, $1.35 million in cash payments, and the issuance of $2.15 million in shares under the terms of the arrangement.
Fortune Bay last traded at $0.22 on the TSX Venture.
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