The Conversation (0)
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce that it has entered into a definitive option agreement (the "Agreement"), dated July 25, 2025, with Neu Horizon Uranium Limited ACN 653 749 145 (the "Optionee"), a private Australian arms-length party. Pursuant to the Agreement, the Optionee will be granted the option (the "Option") to acquire an eighty percent interest in The Woods Uranium Projects ("The Woods" or the "Projects") located on the northern margin of the Athabasca Basin, Saskatchewan (Figure 1).
Figure 1: The Woods Uranium Projects – District-Scale Opportunity (CNW Group/Fortune Bay Corp.)
The Woods Highlights:
- District-scale opportunity, including five projects covering approximately 40,000 hectares.
- A dominant land position along the Grease River Shear Zone ("GRSZ") within 30 kilometres 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 3 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.
- Abundant historical uranium and REE showings, and the highest lake sediment uranium anomalies in Saskatchewan.
Dale Verran, CEO of Fortune Bay, commented: "We are pleased to have executed a Definitive Option Agreement with Neu Horizon for the advancement of The Woods Uranium Projects. This partnership combines strong technical capabilities and capital markets expertise to accelerate exploration efforts on these high-potential projects at a time of strengthening uranium market fundamentals. The transaction reflects our disciplined approach to capital allocation—prioritizing spend on our core gold assets at Goldfields and Poma Rosa—while unlocking blue-sky potential from earlier-stage projects through partnerships that preserve upside for our shareholders."
Martin Holland, Executive Chairman of Neu Horizon Uranium, added: "We're pleased to have successfully closed the earn-in agreement with Fortune Bay and to partner with an experienced in-country team, complementing Neu's strong technical expertise. With this foundation in place, we're eager to hit the ground running and carry out substantial work to position the project for drilling ahead of our planned ASX IPO in Q1 2026."
Key Terms
Consistent with the Letter of Intent (the "LOI") signed in May, 2025, the Option is exercisable by the Optionee completing staged cash payments and share issuances, and incurring the following exploration expenditures on the Project:
Cash | Consideration | Exploration | Interest Earned | |
Signing of Definitive Agreement | A$50,000 | A$50,000 | Nil | 80 % |
31 December 2025 | Nil | A$200,000 | A$700,000 | |
31 December 2026 | Nil | A$500,000 | A$2,300,000 | |
Total | A$50,000 | A$750,000 | A$3,000,000 |
The Company will act as the operator during the Option period and will be entitled to charge a management fee of 10% of expenditures incurred on the Projects. A participating Joint Venture ("JV") will be formed at the end of the Option period, consistent with customary JV Terms. The JV will allow for dilution and should the Company's interest fall below 10% the Company will be granted a 2% net smelter returns ("NSR") royalty. One-half (1%) of the NSR may be purchased at any time prior to commercial production for a cash payment of A$5 million, subject to Consumer Price Index increase.
Further Projects details are provided in the Company's News Release dated May 29, 2025.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
Technical Disclosure on Historical Results
The historical uranium and REE occurrences referenced in the "Woods Highlights" section derive from the Saskatchewan Mineral Deposits Index. The lake sediment uranium anomalism referred to in the same section refers to historical results derived from the Saskatchewan Mineral Assessment Database file number 74O09-0004, in comparison with the open-source regional Saskatchewan lake sediment geochemistry database available on the Government of Saskatchewan Mining and Petroleum GeoAtlas. Historical results are not verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from these. The Company considers these unverified historical results relevant to assess the mineralization and economic potential of the property.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Poma Rosa Project), both with exploration and development potential. The Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan, which have high-grade potential. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.
About Neu Horizon
Neu Horizon is a public unlisted Australian company focused on discovering and developing Tier 1 uranium deposits in premier exploration jurisdictions. Through this exciting new partnership with Fortune Bay, the company has access to a dominant land package with over 100,000ha of prime exploration ground covering three projects in Sweden and five projects in Canada.
Sweden is Europe's leading mining nation and also hosts the world's largest low-grade uranium resource within the Alum-shale, where Neu Horizon has a significant landholding. The company aims to take advantage of the Swedish Government's plans to lift the 2018 moratorium on uranium exploration and mining to delineate a significant European uranium deposit.
Canada's Athabasca Basin is the world's leading source of high-grade uranium. Access to this land package along the northern rim of the basin provides Neu Horizon direct access to this underexplored uranium exploration frontier.
These strategic projects align Neu Horizon with the global demand for clean, sustainable and low-carbon energy, by taking advantage of both countries' rich uranium resources and supportive mining legislation.
On behalf of Fortune Bay Corp.
"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.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR:CA
Fortune Bay
Overview
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX:FTBYF) is a mineral exploration and development company focused on creating value by advancing its fully owned gold asset in Saskatchewan – Canada’s top-ranked mining jurisdiction. The company also has two uranium assets in the prolific Athabasca Basin, and a gold-copper asset in Chiapas, Mexico, providing additional value to shareholders.
The company’s current exploration work is centered on its Goldfields Project, an advanced gold asset approximately 13 kilometers from Uranium City in Saskatchewan. Fortune Bay’s two uranium projects - Strike and Murmac - are also located in proximity to Uranium City. The Goldfields Project is home to the historical Box mine which previously produced 64,000 ounces of gold. It has significant open-pit constrained mineral resource, including indicated mineral resource of 980,000 ounces of gold (23.2 million tonnes at an average grade of 1.31 grams per ton), and inferred mineral resource of 211,000 ounces of gold (7.1 Mt at an average grade of 0.92 g/t). The project has existing infrastructure, including a powerline to the site, and a valid permit for a mine and mill development – key differentiators from other Canadian gold projects.
The most recent preliminary economic assessment (PEA), dated October 31, 2022, shows that Goldfields has potential to become a highly profitable open-pit gold mine. The study produced robust economics with an after-tax net present value (discount rate 5 percent) of C$285 million, internal rate of return of 35.2 percent and a payback of 1.7 years, estimated with gold price of US$1,650 per ounce. The PEA was produced by Ausenco Engineering Canada Inc., one of the most experienced and reputable engineering firms working on gold projects in Canada.
Site Layout (2022 PEA)
Fortune Bay’s Strike and Murmac uranium projects are both 100-percent-owned and provide the company with a dominant land position of high-grade, unconformity-related targets in the Uranium City area (Canada’s original uranium mining district) in northern Saskatchewan. The projects are located on the margin of the Athabasca Basin, in a geological setting similar to the recent discoveries of Arrow (Nexgen Energy) and Triple R (Fission Uranium). Both projects host numerous historical high-grade uranium occurrences and have the right geological ingredients for the high-grade unconformity-related deposits that make the Athabasca Basin world-famous. Uranium City is a historical mining hub and the area is endowed with infrastructure including an airport, maintained roads and a powerline from a hydro-station that runs in proximity to both projects.
Uranium mineralization was discovered in multiple drill holes during the first phase of exploration drilling in 2022. These results have validated the exploration model, confirmed the highly prospective nature of the target areas, and provide focus for subsequent drilling campaigns.
Fortune Bay offers investors a highly attractive opportunity to engage not only with an advanced gold asset with drill-defined mineral resources, but also an entry point into the prolific Athabasca Basin. This diversified asset base provides the company with resilience against changing market conditions, commodity prices and other factors.
Fortune Bay is poised for growth as it advances its three Saskatchewan projects, with the potential to deliver value catalysts from project advancement, resource expansion and grassroots discovery.
Fortune Bay’s management team has more than 20 years of combined Athabasca exploration experience including with Denison Mines (TSX:DML), Fission Uranium (TSX:FCU) and Cameco (TSX:CCO), and a proven track record of discovery, resource expansion and shareholder value creation. The company’s team led the C$351-million sale of Brigus Gold Corp. and was responsible for the discovery of more than 40 million ounces of gold in Colombia with AngloGold Ashanti (JSE:ANG).
Company Highlights
Strike and Murmac Uranium Projects- A diversified asset base in northern Saskatchewan includes an advanced gold project and two early-stage uranium projects.
- Recently completed NI 43-101 preliminary economic assessment for Goldfields supports an open-pit gold mining operation with low capital cost and a high rate of return over an 8.3-year mine life, with an average annual production of 101,000 ounces of gold.
- Initial exploration drilling on uranium projects has discovered uranium in multiple drill holes. The uranium occurs within the right settings for high-grade deposits related to the Athabasca Basin.
- A pipeline gold-copper asset in Mexico that includes a gold deposit and numerous exploration targets.
- Fortune Bay is led by a strong management and technical team with decades of experience and a proven track record of discovery, resource expansion, project development and shareholder value creation.
Get access to more exclusive Gold Investing Stock profiles here
Exploring for High-grade Uranium in the Athabasca Basin
FORTUNE BAY ANNOUNCES ADDITIONAL URANIUM STAKING AND PROVIDES UPDATE FOR MURMAC AND STRIKE URANIUM PROJECTS
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of two additional uranium projects through staking on the north-central margin of the Athabasca Basin, in proximity to the Company's recently announced Spruce Pine and Aspen Uranium Projects (Figure 1).
Gareth Garlick , Technical Director for Fortune Bay, commented "The acquisition of the Birch and Fir projects adds to our growing uranium portfolio of newly acquired, 100% owned projects on the north-central margin of the Athabasca Basin. This extensive portfolio now totals five new uranium projects covering over 40,000 hectares and provides Fortune Bay with further opportunity to create value through exploration and/or transactional success. The Birch and Fir projects have known uranium endowment with historical occurrences of up to 55.1% U 3 O 8 , in addition to Rare Earth Element potential with historical outcrop grades of up to 2.4% Total Rare Earth Elements."
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 Athabasca Basin of Saskatchewan , for which an Option Agreement was recently signed.
Dale Verran , CEO for Fortune Bay, commented, " We are delighted with the progress Aero Energy Limited has made for Murmac and Strike, with exploration drilling planned to commence in the coming months. Together with Aero's award-winning technical advisory team, operational planning and prioritization of drill targets is well underway. Murmac and Strike present significant opportunity for the discovery of high-grade, basement-hosted uranium and we look forward to working with Aero to advance exploration, while retaining upside in future discovery."
Newly Staked Uranium Projects
Birch Project
The Birch Uranium Project ("Birch") comprises four mineral claims totalling 5,751 hectares located approximately 35 kilometres north of the Athabasca Basin margin, and has potential for unconformity-related, basement-hosted deposits and bulk tonnage Rössing-style uranium deposits. Birch remains underexplored with no drilling to date.
As follow-up to Government regional airborne radiometric surveys, historical prospecting between 1968 and 1970 identified widespread and voluminous uranium-bearing pegmatites in the Box Lake Area (Figure 1 – Birch Project Block A). Individual pegmatites were traced over lengths exceeding 150 metres and widths exceeding 30 metres, with average sampled grades ranging from 200 to 300 ppm. Notably, higher grades were also recorded where structures could be sampled with grades between 0.22% and 0.36% U 3 O 8 . Uranium mineralization included uraninite and carnotite staining. Exploration is warranted to, 1) re-investigate the pegmatite uranium occurrences, 2) establish the nature and extent of the structurally-associated higher grade uranium mineralization (which would be expected to predominantly occur in low-lying areas with sediment/water cover), and 3) explore for extensions of these two types of mineralization to the south-southwest into a large favorable hinge zone target area of structural complexity which appears to be largely unexplored. To the south (Figure 1 – Birch Project Block B), ground radiometric anomalies were identified during historical prospecting at Miller Lake (equivalent uranium grades of up to 861 ppm eU), within a smaller hinge zone, also warranting modern follow-up.
Fir Project
The Fir Uranium Project ("Fir") comprises a single mineral claim of 794 hectares located approximately ten kilometres north of the Athabasca Basin margin, and has potential for unconformity-related, basement-hosted deposits and bulk tonnage Rössing-style uranium deposits. Fir remains underexplored with no drilling to date.
A historical pebble sample assayed 55.06% U 3 O 8 , one of several radioactive pebbles found in a low-lying area covered by muskeg. An additional historical uranium occurrence of 0.24% U 3 O 8 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 Saskatchewan has a precedent for high-grade pegmatite REE deposits, including Alces Lake (grades up to 30% TREE), Bear Lake (16% TREE rock sample), and Hoidas Lake (historical NI 43-101 mineral resource estimate including 2.6 million tonnes at 2% TREE).
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.
Murmac and Strike Update:
- On December 18, 2023 Fortune Bay Corp. announced that it had entered into an "Option Agreement" whereby 1443904 B .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 funding C$6 million in exploration expenditures, making cash payments totalling C$1.35 million , and issuing C$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 1443904 B .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 the Athabasca Basin of Saskatchewan .
- 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.
Correction to Previously Announced Deferred Share Unit Grant
On January 10, 2024 , the Company announced the grant of Deferred Share Units ("DSUs") to certain directors and officers. It was noted that 150,000 DSUs were granted to the directors of the Company to settle director fees for the year ended December 31 , 2023. The number of DSUs granted should have been stated to be 200,000. The DSUs will vest in accordance with the Company's deferred share unit plan.
Technical Disclosure
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 (Birch Project), and 74O09-0023, MAW02300 (Fir Project). Details regarding the other REE occurrences in far northern Saskatchewan can be found using the following references/links: Alces Lake: Appia Rare Earths and Uranium Corp. ( https://appiareu.com/alces-lake/ ); Bear Lake : SMDI#3571; Hoidas Lake: SMDI#1612.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick , P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay Corp.
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing seven uranium exploration projects on the northern rim of the Athabasca Basin, Saskatchewan , which have high-grade potential. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"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.
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 .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fortune Bay Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2024/21/c7913.html
News Provided by Canada Newswire via QuoteMedia
FORTUNE BAY ACQUIRES THE ASPEN URANIUM PROJECT IN NORTHERN SASKATCHEWAN
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Aspen Uranium Project ("Aspen" or the "Project"). The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project and Pine Uranium Project .
Aspen Uranium Project Highlights:
- Large-scale land package covering 9,869 hectares located in proximity to the northern rim of the Athabasca Basin (Figure 1).
- Includes extensive anomalous uranium results from historical surface sampling, including;
- The highest regional lake sediment uranium anomaly in Saskatchewan of 989 ppm U, within the Geological Survey of Canada data compilation.
- Historical exploration samples collected during the late 1970's identified extensive lake sediment anomalies within the Property, with values averaging 302 ppm U from 439 samples collected, including seven samples with values exceeding 1,000 ppm U (maximum 1,870 ppm U).
- Historical muskeg samples within the Property averaged 2,007 ppm U from 24 samples collected, including a maximum value of 10,400 ppm U.
- Historical surface prospecting, limited to areas of outcrop, failed to identify a bedrock source of this uranium anomalism and no drilling has been completed on the Project to date despite compelling support for the possible presence of a uranium deposit/s within the Project area.
- The application of modern exploration methods, including high-resolution airborne electromagnetic ("EM") survey, presents an opportunity for discovery in an area where overburden and small lakes cover prospective graphitic lithologies (softer) and structural corridors.
" The surface endowment of uranium across the Aspen Project is extraordinary with values in surface sample media equivalent to, or greater than, uranium ore grades elsewhere in the world. We are excited to apply our team's extensive uranium skill set, together with a modern, systematic exploration approach to unravel the nature, extent and cause of this exceptionally high anomalism with the potential to deliver a near-surface uranium discovery." commented Dale Verran , CEO for Fortune Bay.
Mr. Verran further added, "The acquisition of the Aspen Project reflects our continued efforts since 2021 to seek-out, and acquire, highly prospective uranium projects in the world's premier district for high-grade uranium. Adding a fifth project to our growing uranium portfolio provides the Company with additional discovery opportunity and the potential to create value for our stakeholders."
The Aspen Uranium Project
The Project comprises seven mineral claims covering an area of 9,869 hectares, located approximately 30 kilometres north of the Athabasca Basin, and approximately 35 kilometres northwest of the town of Stony Rapids . The Company's Pine and Spruce Uranium Projects are located approximately 10 kilometres and 25 kilometres to the southwest, respectively. The three newly acquired projects cover approximately 35,000 hectares including 25 kilometres of strike length along the Grease River Shear Zone ("GRSZ"), a major underexplored structural corridor with potential for Athabasca-style basement-hosted deposits. The Aspen claims were acquired through staking, apart from a single claim of 595 hectares that was acquired from a third-party, arms-length vendor for a small cash payment and a 2% Net Smelter Returns ("NSR") royalty. One-half of the NSR royalty can be purchased from the vendor at any time for C$500,000 .
Historical Exploration and Uranium Endowment
This section provides a summary of relevant results from historical exploration. The reader is referred to the Technical Disclosure section at the end of this news release for appropriate cautionary language and details on the sources of this information.
During the late 1970's historical operators undertook surface sampling campaigns and airborne geophysical survey as follow-up to an initial, highly anomalous, regional lake sediment result of 989 ppm U in Perron Lake. Surface sampling and follow up of radiometric anomalism included lake sediment sampling, muskeg sampling, and rock chip sampling. A statistical summary of the surface sampling results (as compiled from historical assessment reporting) is provided in Table 1, and sample locations and results are shown in Figure 1. These surface sampling campaigns identified exceptionally high uranium anomalism within organic-rich sample media (lake sediments and muskeg).
Table 1: Statistical Summary of Historical Surface Sampling Results.
| | Lake Sediment Samples | Muskeg Samples | Rock Chip Samples |
| Number of Samples | 439 | 24 | 291 |
| Average (U ppm) | 302 | 2,007 | 7 |
| Max (U ppm) | 1,870 | 10,400 | 140 |
| Min (U ppm) | 1 | 345 | 0 |
| Standard Deviation (U ppm) | 238 | 2,225 | 10 |
More detailed investigation of the lake sediment anomalies was conducted at Perron Lake during the late 1970's, where the initial regional sample yielding 989 ppm U was collected. Perron Lake is located in the south-central area of the Project and has a surface area of approximately 122 hectares. Work included the collection of 53 lake sediment samples on a rough grid that yielded an average of 533 ppm U (maximum 1,870 U ppm, minimum 19 ppm U), as shown in Figure 1. In addition, three pipe core holes were completed within Perron Lake, with an additional hole completed within a smaller neighbouring lake to the west. The objectives of the pipe core holes were to investigate the nature of the lake sediment profile and to define the distribution of uranium, and other uranium pathfinder elements (copper and nickel). Overall, this coring revealed a lake sediment profile consisting of upper organic material transitioning to lower clay-rich sediments. In three of the four holes completed the uranium contents increased with depth (up to a maximum concentration of 900 ppm U). These anomalies remain open at depth, as shown in Figure 2, potentially indicating bedrock sources beneath the lakes.
Rock chip sampling, restricted to available outcrop, was completed along select traverses and near lakes with uranium sediment anomalies to identify potential bedrock sources. While one encouraging value of 140 ppm U was received, the remainder of the values were relatively low with an overall average of 7 ppm U (Table 1). These values are within the typical ranges of average abundances within granitic rocks of 3 to 5 ppm U (Levinson, 1974).
Unable to locate a bedrock source (i.e. a uranium deposit) from surface prospecting, historical operators postulated that the uranium anomalism in lake sediments could derive from leaching of uranium from a regional background of rocks with above average concentrations in uranium, however no such rocks were discovered within the catchment areas of the anomalous lakes.
More recent exploration work was completed by historical operators between 2007 and 2015. Work comprised airborne geophysical surveying, including radiometrics, magnetics and electromagnetics (XDS-VLF-EM). These surveys identified numerous radioactively elevated (uranium) zones, significant structural lineaments, and shallow conductive features possibly representing faults and/or graphitic units. Very limited follow-up field work was completed, including reconnaissance rock chip sampling (total of 15 samples) and localized scintillometer prospecting. Results were highlighted by a rock chip sample of sheared granitic outcrop containing 1,870 ppm U collected along a northwesterly trending fault/pegmatite zone, which extends beneath Perron Lake. The remainder of the rock chip samples uranium values were typically low and broadly consistent with samples collected during the late 1970's, again failing to locate a source for the exceptionally high uranium anomalism.
Geology
The Project is located approximately 30 kilometres north of the present-day margin of the Athabasca Basin sandstones. Basement geology comprises Precambrian pelitic schists and gneiss that have been intruded by post-tectonic granites, granodiorites and pegmatitic granites. Outcrop exposure is common, but significant areas are covered by thin glacial deposits, muskeg/swamps or small lakes.
Historical prospecting work during the late 1970's identified graphite-rich lithological units, which are typically soft and weather preferentially, occurring in valleys with surficial cover. These graphite-rich units would therefore not have been properly mapped/prospected and would form prime exploration targets for Athabasca Basin-style, high-grade, basement-hosted uranium in accordance with more recent exploration models.
At the southern extent of the Project, six kilometres of prospective strike length is present along the Grease River Shear Zone ("GRSZ"), a crustal-scale structural corridor, including major structural splays that trend northeastward through the Project area for up to 10 kilometres. Numerous other prospective structural zones have been identified throughout the Project area, trending northeast and northwest, all of which could provide suitable settings for Athabasca Basin-style basement-hosted mineralization or Rössing-style mineralization. Prospective structural zones typically manifest as low-lying areas (negatively weathered) and are covered by glacial deposits, muskeg/swamps or small lakes, thus masking potential mineralization from historical radiometric survey and surface prospecting.
Next Steps
The source of the exceptionally high uranium anomalism in lake sediments and muskeg remains unresolved and a modern, systematic exploration approach is warranted to develop targets for ground follow-up and drill testing. Next steps are planned to include:
- Desk-top Prioritization of Target Areas: Detailed integrated interpretation of existing historical datasets, regional government data, and satellite imagery to delineate potential target areas, including the identification of favorable lithological and structural settings for Athabasca Basin-style basement-hosted mineralization or Rössing-style mineralization.
- Field Data Verification and Investigation: Verification of historical datasets is planned, to include ground-truthing of uranium anomalies. Scope of work to include scintillometer surveying and geochemical sampling.
- Drill Target Definition: Drill targets are expected to be defined through high-resolution airborne EM surveying (e.g. VTEM TM ), followed by geological mapping and systematic ground geochemical and geophysical survey, as applicable.
Similar to other recently announced uranium projects, Fortune Bay may seek to find a suitable partner to advance the Project through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.
Technical Disclosure
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. These results have been captured from Saskatchewan Mineral Assessment Database ("SMAD") reporting as available and may be incomplete or subject to minor location inaccuracies. The Company considers these historical results relevant to assess the mineralization and economic potential of the property.
Details on the sources of information contained within this News Release:
- Work completed during the late 1970's was undertaken by the Saskatchewan Mining Development Corp. (SMAD reference 74O07-0032) and by Uranerz Exploration and Mining Limited (SMAD references 74O09-0003, 74O09-0004, 74O09-0019 and 74O09-0020).
- Work completed between 2007 and 2015 was undertaken by CanAlaska Uranium Ltd. (SMAD references 74O09-0023,74O09-0024, 74O08-0076) and by Fission 3.0 Corp. (SMAD reference MAW01857).
- Regional lake sediment data is derived from the Geological Survey of Canada ("GSC") digital compilation dataset, published 20 November, 2019 and most recently modified 9 November, 2023 , available at the following link: https://open.canada.ca/data/dataset/0199fc8a-75bc-16cc-189d-4d88af556030 , which contains information licensed under the Government of Saskatchewan Standard Unrestricted Use Data Licence (Version 2.0).
- Levinson A.A. (1974), Introduction to Exploration Geochemistry. ISBN 10: 0915834014 / ISBN 13: 9780915834013. Published by Applied Publishing Ltd., Wilmette.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick , P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay Corp.
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the Strike, Murmac, Spruce and Pine uranium exploration projects, in northern Saskatchewan , which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
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.
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 .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fortune Bay Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2024/05/c4019.html
News Provided by Canada Newswire via QuoteMedia
FORTUNE BAY ANNOUNCES ACQUISITION OF THE PINE URANIUM PROJECT IN NORTHERN SASKATCHEWAN
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Pine Uranium Project ("Pine" or the "Project") through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project .
Pine Uranium Project Highlights:
- Large-scale land package covering 17,688 hectares located in proximity to the northern rim of the Athabasca Basin ("Basin") (Figure 1).
- Potential for high-grade, basement-hosted uranium deposits along approximately thirteen (13) kilometres of the Grease River Shear Zone ("GRSZ"), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
- Additional potential for bulk tonnage Rössing-style uranium deposits associated with abundant, historically recognized, uranium-bearing leucogranites and pegmatites. Limited historical prospecting yielded Rössing-style surface uranium showings of 0.17% U 3 O 8 (1,442 ppm U) and 0.10% U 3 O 8 (848 ppm U), and a trenching result of 509 ppm U over 24.7 metres.
- No modern airborne radiometric surveying completed over approximately 60% of the Project, and no modern airborne electromagnetic surveying.
- Regionally, the area is characterized by the highest lake sediment uranium anomalies in Saskatchewan , including values up to 435 ppm U within the Project area.
- No drilling conducted on the property to date.
Dale Verran , CEO for Fortune Bay, commented, " Combined, our Spruce and Pine Uranium Projects cover approximately 20 kilometres of the Grease River Shear Zone, providing Fortune Bay with a dominant land position of this major structural corridor within 25 kilometres of the Athabasca Basin margin. The corridor is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant Athabasca Basin-style, basement-hosted uranium discoveries. Historical exploration has demonstrated the corridor to be prospective for basement-hosted mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. The potential for Rössing-style uranium deposits adds an additional dimension to the Pine Uranium Project. Average uranium ore grades for the Rössing and Husab open-pit mines in Namibia are in the order of 350 ppm and 500 ppm, respectively. There is a precedent for these grades, and greater, associated with similar rock types historically identified within the Project area. The promising results from regional reconnaissance-style exploration by historical operators, and the extensive nature of the uranium mineralization in lake sediments, highlight the potential for future discovery."
The Pine Uranium Project
Potential for Athabasca Basin-Style, Basement-Hosted Uranium Deposits
The Project hosts 13 kilometres of prospective strike length along the Grease River Shear Zone ("GRSZ"), a crustal-scale structural corridor up to five kilometres wide. Unlike other major structural zones in the Athabasca Basin, that have yielded large high-grade uranium discoveries, the GRSZ has seen very limited exploration to date. Historical exploration has demonstrated the GRSZ to be prospective for Athabasca Basin-style, basement-hosted uranium mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. Historical airborne radiometric survey conducted in 2007 over a portion of the Project shows compelling uranium anomalies along the GRSZ, which warrant further investigation. Modern airborne electromagnetic surveying is warranted to identify prospective conductors for targeting. In addition, of the 13 kilometres of strike length along the GRSZ within the Pine Project, five kilometres has not been subject to modern radiometric survey (historical Government surveys were flown on a five kilometre line spacing).
Potential for Rössing-style Uranium Deposits
Regionally, the Project area is characterized by abundant uranium-bearing pegmatites and leucogranites, similar rock-types to those that host the lower-grade, high-tonnage uranium deposits mined in Namibia . Limited historical prospecting identified grades within these rock-types ranging up to 0.17% U 3 O 8 (1,442 ppm U). Considering the limitations of the historical exploration in conjunction with the significant extents of cover till and small water bodies, there is potential to discover commercially viable deposits of this type through the identification of suitable structural settings and the application of a modern systematic exploration approach.
Table 1: Summary of Preliminary Uranium Target Areas.
| Target Area | Description |
| Target Area A
Unconformity- |
|
| Target Area B
Northern
Rössing-style potential |
|
| Target Area C
Southern
Rössing-style potential |
|
| Target Area D
Northern Area
Rössing-style |
|
| Notes: | |
| (1) | Hunt Falls Uranium Occurrence SDMI# 1598, Fosago Explorations Limited (1974) SMAD 74O09-0001 |
| (2) | Uranerz Lake Sediment Sampling (1977), SMAD (74O09-0019) |
| (3) | CanAlaska Uranium Ltd. (2011) SMAD 74O08-0076 |
| (4) | CanAlaska Uranium Ltd. (2008) SMAD 74O09-0024 |
| (5) | Acroll Oil Zone A Uranium Showing, Acroll Oil Zone B Uranium Showing, Zone C Uranium Showing or the Brenda Uranium Showing SDMI#1591 |
| (6) | Uranerz Lake Sediment Sampling (1977), SMAD (74O09-0019) |
| (7) | Fulcrum Metals PLC news release September, 7 2023 |
| (8) | Sample TP012 SDMI# 5376, CanAlaska Uranium Ltd. (2008) SMAD 74O09-0024 |
Next Steps
The Project warrants a modern, systematic approach to evaluate the two aforementioned target models across the whole project area.
Next steps are planned to include:
- Desk-top Prioritization of Target Areas: Existing historical data (geochemical and airborne geophysical surveys), regional government data, and satellite imagery provide valuable information to commence finalization of target areas, which would include the identification of favorable lithological and structural settings for the two target models.
- Field Data Verification and Investigation: Verification of historical datasets is planned within finalized target areas, to include ground-truthing of uranium occurrences. Scope of work to include geological mapping, scintillometer surveying and grab sampling.
- Drill Target Definition: Drill targets are expected to be defined through complimentary airborne geophysical surveying including electromagnetics and radiometrics, as applicable, followed by field mapping and prospecting. Geochemical surveys (e.g. soils) may be warranted based on assessments of suitable sample media.
Fortune Bay intends on finding a suitable partner to advance the Project through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.
Technical Disclosure
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 considers these historical results relevant to assess the mineralization and economic potential of the property. The Company also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the Project. Further details regarding the historical occurrences noted in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI") or Saskatchewan Mineral Assessment Database ("SMAD") using the reference numbers provided as footnotes to Table 1. Details regarding the Fond du Lac Uranium Deposit can be found in the publication by Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin May,1982. " Fond-du-Lac uranium deposit".
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick , P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX:FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the Strike, Murmac and Spruce uranium exploration projects, in northern Saskatchewan , which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"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.
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 .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fortune Bay Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2024/22/c7538.html
News Provided by Canada Newswire via QuoteMedia
FORTUNE BAY ANNOUNCES ACQUISITION OF THE SPRUCE URANIUM PROJECT IN NORTHERN SASKATCHEWAN
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Spruce Uranium Project ("Spruce" or the "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 (Figure 1).
Highlights:
- Located in proximity to the northern rim of the Athabasca Basin ("Basin") with potential for high-grade, basement-hosted uranium deposits.
- Covers over six (6) kilometres of prospective strike length along the Grease River Shear Zone ("GRSZ"), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
- The GRSZ is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant basement-hosted uranium discoveries (e.g. Arrow, Triple R and Eagle Point).
- Historical surface uranium showings of 1.60% U 3 O 8 and 0.65% U 3 O 8 from limited prospecting.
- Additional Rare Earth Element ("REE") potential, including historical surface REE showings of 3.13% total rare earth element ("TREE"), 1.23% TREE, 0.88% TREE and 0.85% TREE.
- Adjacent to properties held by IsoEnergy Ltd., and Forum Energy Metals Corp. (under option to Traction Uranium Inc.) that recently highlighted prospective conductive trends on the Project through airborne electromagnetic ("EM") surveying.
Dale Verran , CEO for Fortune Bay, commented, " As the uranium market continues to strengthen, with spot prices recently topping US$90 /lb U 3 O 8 , investment in uranium exploration in Saskatchewan's prolific Athabasca Basin is on the rise as explorers search for resources to meet the growing future supply deficit. This timely acquisition provides Fortune Bay with another uranium project to create value for our stakeholders. The Spruce Uranium Project hosts the hallmarks for a high-grade basement-hosted discovery; located on a major structural zone in proximity to the Basin margin with a precedent for mineralization, and limited exploration to date."
The Spruce Uranium Project
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 (Table 1). 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.
Table 1: Highlight Historical Uranium Occurrences.
| Project | SMDI# | Name | Grab Sample | Description |
| Spruce | 1577 | CBS 4422 Trench | 0.65% U 3 O 8 | Cross-cutting pitchblende vein hosted in |
| 1589 | Magma Mines Uranium | 1.60% U 3 O 8 | Fault-hosted uranium mineralization in a | |
| 5410 | Sample AM076 | 1,790 ppm U | Rock sample of a white pegmatite outcrop. | |
| 5389 | Sample AM086 | 340 ppm U | Rock sample of an outcrop (unspecified rock type). | |
| 5411 | Sample JR355 | 545 ppm U | Rock sample of a granite outcrop. | |
| 3324 | Samples TP150 & TP151 | 764 ppm U | Rock samples from a white granite outcrop. TREE. | |
| Adjacent Property | 1579 | CBS 4427 Uranium | 0.11% U 3 O 8 | Geochemical sample from lake sediment. |
| 1590 | BURNS Claims Trenches | 0.17% U 3 O 8 | Trench samples from pegmatite with yellow | |
| 3329 | Samples CH129, CH130, CH132, JF011, JF027, | >10,000 ppm U | Samples from white and pink pegmatite | |
| 5637 | Sample AM122 | 8,382 ppm U | Sample from a white granite boulder. | |
| Fond du Lac | 1572 |
The Fond Du Lac Uranium Deposit is located approximately 30 kilometres southwest of the
| ||
| * SMDI# refers to the Saskatchewan Mineral Deposit Index occurrence number. |
Next Steps
The Project warrants a modern, systematic approach to evaluate the GRSZ and other historical uranium and REE occurrences of interest.
Next steps are planned to include:
- Desk-top Prioritization of Target Areas: Existing historical data (geochemical and airborne geophysical surveys), regional government data, and satellite imagery provide valuable information to commence prioritization of target areas, which would include the identification of favorable lithological and structural settings.
- Field Data Verification and Investigation: Verification of historical datasets is planned within prioritized target areas, to include ground-truthing of uranium and REE occurrences. Scope of work to include geological mapping, scintillometer surveying and grab sampling.
- Drill Target Definition: Drill targets are expected to be defined through geophysical surveying including gravity and magnetics and/or additional EM surveys, as applicable. Geochemical surveys may be warranted based on assessments of suitable sample media.
The Company plans to commence the desk-top prioritization of target areas over the coming weeks. Fortune Bay intends on finding a suitable partner to advance the Project through an earn-in, or similar agreement, that provides Fortune Bay with upside in future discovery.
Grant of Deferred Share Units
Fortune Bay announces that effective November 28, 2023 and December 20, 2023 the board of directors of the Company has granted Deferred Share Units ("DSUs") to its directors, officers and employees to satisfy certain director fees and management bonuses in lieu of cash. 150,000 DSUs were granted to the Company's directors to settle director fees for the year ended December 31, 2023 . In addition, 290,000 DSUs were granted to officers and employees in lieu of annual cash bonuses. The DSUs will vest in accordance with the Company's deferred share unit plan.
Technical Disclosure
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 considers these historical results relevant to assess the mineralization and economic potential of the property. The Company also cautions that historical results on adjacent properties are not necessarily indicative of the results that may be achieved on the Project. Further details regarding the historical occurrences noted in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI") using the reference numbers provided in Table 1. Historical assay and scintillometer survey results were captured from assessment reports available in the Saskatchewan Mineral Assessment Database (SMAD) references 74O07-0002, 74O07-0031, 74O09-0023 and 74O09-0024. Historical anomalous lake sediment samples referenced derive from Geological Society of Canada datasets available from the Saskatchewan online GeoAtlas and from assessment report 74O09-0023. Details regarding the Fond du Lac Uranium Deposit can be found in the publication by Homeniuk, L A, Clark, R. J., and Bonnar, R., Eldorado Nuclear Limited, CIM Bulletin May,1982. " Fond-du-Lac uranium deposit".
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick , P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX:FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"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.
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 .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fortune Bay Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2024/10/c5483.html
News Provided by Canada Newswire via QuoteMedia
FORTUNE BAY ANNOUNCES OPTION AGREEMENT FOR THE MURMAC AND STRIKE URANIUM PROJECTS
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce that it has entered into a definitive option agreement (the "Agreement"), dated December 15, 2023, with 1443904 B.C. Ltd. (the "Optionee"), an arms-length private company. Pursuant to the Agreement, the Optionee will be granted the right to acquire up to a 70% interest in the Company's wholly owned Murmac and Strike Uranium Projects (the "Projects") over a three-and-a-half-year period by funding C$6 million in exploration expenditures, making cash payments totalling C$1.35 million, and issuing C$2.15 million in common shares following completion of a going public transaction.
The Projects include mineral claims totalling 19,877 hectares located along the northwestern margin of the Athabasca Basin, near Uranium City, Saskatchewan , in the prolific Beaverlodge mining district where approximately 70 million pounds of U 3 O 8 was produced between 1950 and 1982 (see Figure 1). The Projects have potential for high-grade, basement-hosted uranium deposits in a geological setting similar to other major discoveries on the Basin margin. This potential has been confirmed through initial drilling by Fortune Bay in 2022 which intersected favorable geology, alteration, geochemistry, and uranium mineralization. For further details please see News Releases dated December 7, 2022 and December 13, 2022 . The Projects host approximately 63 kilometres of prospective electromagnetic conductor packages which were not systematically targeted and drill tested during historical exploration efforts, which predominantly targeted Beaverlodge-style mineralization. A significant number of historical high-grade (>1% U 3 O 8 ) uranium showings occur within the Projects, in addition to historical small-scale uranium mining at the Tena prospect.
Key Terms of the Agreement
Pursuant to the terms of the Agreement, the Optionee shall have the right to earn up to a seventy (70%) percent interest in the Projects in consideration for a series of cash payments, the issuance of common shares following completion of a going public transaction, and incurring certain exploration expenditures, as follows:
| | Cash (C$) | Consideration | Exploration | Interest Earned |
| Signing of the Agreement (the " Execution Date ") | $200,000 (1) | $200,000 (2) | Nil | |
| 12 month anniversary of Execution Date | $200,000 | $200,000 (3) | $1,000,000 | |
| 24 month anniversary of Execution Date | $250,000 | $250,000 (3) | $2,000,000 | |
| Total (First Option) | $650,000 | $650,000 | $3,000,000 | 51 % |
| 36 month anniversary of Execution Date | $300,000 | $300,000 (3) | $3,000,000 | |
| Total (Second Option) | $300,000 | $300,000 | $3,000,000 | 60 % |
| 42 month anniversary of Execution Date | $400,000 | $1,200,000 (3) | Nil | |
| Total (Third Option) | $400,000 | $1,200,000 | Nil | 70 % |
| Grand Total | $1,350,000 | $2,150,000 | $6,000,000 | |
| Notes: | |
| (1) | Payable to the Company immediately upon the entering into the Agreement. |
| (2) | Issuable to the Company upon completion of a going public transaction, at the transaction price for the going public transaction. The price at which the Consideration Shares are issued being referred to as the "Transaction Price". |
| (3) | Issuable at the Transaction Price. |
The Company will act as the operator during the option period and will be entitled to charge a management fee of 10% of expenditures incurred on the Projects.
A participating Joint Venture ("JV") will be formed at the end of the option period, consistent with customary JV Terms, as defined in the Agreement, with mutual intent to negotiate and execute a definitive JV agreement. The JV will allow for dilution and should the Company's interest fall below 10% the Company will be granted (i) a 1% net smelter returns ("NSR") royalty on the Murmac Property (the "1% Royalty"), and (ii) a 2% NSR royalty on the Strike Property. One-half (0.5%) percent of the 1% Royalty may be repurchased at any time prior to commercial production for a cash payment of C$1.5 million .
During exploration programs, the Projects will benefit from use of the Company's camp and facilities located in Uranium City upon commercially reasonable terms.
Historical Results
Further details regarding the historical uranium occurrences noted in this news release can be found within the Saskatchewan Mineral Deposit Index ("SMDI"). Fortune Bay has verified the majority of these occurrences through field prospecting and sampling, however there is a risk that any future confirmation work and exploration may produce results that substantially differ from the unverified historical results. The Company considers these unverified historical results relevant to assess the mineralization and economic potential of the property. The Company also cautions that past results, discoveries and production on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick , P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay
Fortune Bay Corp. (TSXV: FOR, FWB: 5QN, OTCQX: FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
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.
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, the estimation of mineral resources, exploration and mine development plans, 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 mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, 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 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 .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fortune Bay Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2023/18/c4047.html
News Provided by Canada Newswire via QuoteMedia
LaFleur Minerals Provides Swanson Drilling Update, Acquires Key Swanson Claim, and Files Updated NI 43-101 Technical Report
Key observations from core logging of the recent drill holes are summarized below:
- Pyrite and other sulphides are consistently observed in the drill holes, classic pathfinder minerals for gold.
- A 17.9-metre-wide sulphide-rich zone (true width currently unknown) in drill hole SW-025-038 is a standout intersection that may indicate the potential for gold mineralization; however, assay results are still pending.
- The presence of silicification, carbonate alteration, sericite, chlorite, fuchsite, and quartz veining are classic indicators of hydrothermal fluid movement, which often carries gold. The consistent appearance of shearing, stockwork veining, and brecciation also suggests structural controls that may localize gold mineralization. The presence of alteration and sulphides over multiple holes and rock types also increases the likelihood of defining a larger mineralized system.
- Fuchsite alteration in drill hole SW-025-036 is particularly notable as it is also an important pathfinder and frequently associated with gold mineralization in the Abitibi Greenstone Belt.
PRELIMINARY SWANSON DRILLING HIGHLIGHTS
Below is a brief summary of preliminary geological and mineralization observations from core logging of the recent diamond drill holes completed by the Company. Half-core samples have been securely sent to AGAT Labs ("AGAT") in Val-d'Or, Québec for sample preparation, fire assay, and four-acid ICP geochemical testing, with final analytical results still pending. AGAT is independent of LaFleur Minerals and fully certified and accredited to ISO/IEC 17025:2017 and ISO 9001:2015 standards.
- Drill hole SW-025-032: Strongly bleached basalts with silicification and carbonate alteration. Pyrite mineralization observed. Occasional quartz-carbonate-tourmaline veins with trace chalcopyrite.
- Drill hole SW-025-033: Altered, carbonate-rich basalts with well-developed shear zones and sericite. Disseminated and stringer pyrite observed. Contact with ultramafic rocks featuring chlorite-talc-carbonate stockworks.
- Drill hole SW-025-034: Alternating altered basalts and ultramafics, sheared with quartz veining. Disseminated and stringer style pyrite observed.
- Drill hole SW-025-035: Sequence includes altered basalts, ultramafics, and possible syenites with shearing and sericite alteration. Pyrite mineralization observed.
- Drill hole SW-025-036: Basalts, ultramafics, and intermediate porphyritic intrusives with significant quartz veining and pervasive fuchsite alteration. Pyrite mineralization observed.
- Drill hole SW-025-037: Pink syenite with sulphides, transitioning to a non-magnetic basalt with sulphides observed such as semi-massive pyrite and magnetite-rich intervals.
- Drill hole SW-025-038: Intersected altered tuffs, breccias, mafic/ultramafic flows, and felsic intrusives. A 17.9 m wide sulphide-rich zone was identified (true width currently unknown), composed of semi-massive to massive pyrite-pyrrhotite stockwork within a brecciated tuff, with strong sericite, chlorite, and silica alteration.
"We are very encouraged by the early progress of the Swanson drilling program and the geological and mineralization similarities seen in the recent drill core to the known Swanson Gold Deposit," said Paul Ténière, CEO of LaFleur Minerals. "We're particularly optimistic about the mineralized zone encountered in hole SW-025-038 and we look forward to releasing assay results in the near future."
Further drilling is ongoing, and additional updates will be provided by the Company as results become available. The fully funded and permitted drill program includes a minimum of 5,000 metres of drilling targeting priority areas identified through extensive historical data compilation and recent fieldwork, including the Swanson Gold Deposit, as well as the Bartec, Jolin, and Marimac target zones (Figure 2). This will include priority targets from over 50 promising targets identified to date.
ACQUISITION OF KEY MINERAL CLAIM FROM GLOBEX MINING ENTERPRISES
The Company also announces that it will acquire a key mineral claim from Globex Mining Enterprises Inc. ("Globex") located immediately adjacent to and east of the Swanson mining lease, which hosts the Swanson Gold Deposit. The mineral claim will be acquired through an arm's length asset purchase agreement dated August 14, 2025, between the Company and Globex (the "Purchase Agreement"). The consideration payable by the Company to Globex for 100% ownership of the mineral claim is a cash payment of C$2,500 due upon execution of the Purchase Agreement. Globex will retain a 2% Gross Metal Royalty (GMR) upon commencement of commercial production from the mineral claim.
NI 43-101 TECHNICAL REPORT UPDATE
LaFleur Minerals is also pleased to announce that it has filed an updated NI 43-101 Technical Report ("Technical Report") for the Swanson Gold Project that discloses the results of recent exploration programs by LaFleur Minerals and the 2024 Mineral Resource Estimate for the Swanson Gold Deposit, which remains unchanged. The Technical Report has an effective date of July 29, 2025 and has been filed on the Company's SEDAR+ profile at www.sedarplus.ca and is available on the Company's website at www.lafleurminerals.com.
SITE VISIT DETAILS - BEACON GOLD MILL AND SWANSON GOLD PROJECT
LaFleur Minerals confirms a site visit and tour of its Beacon Gold Mill and Swanson Gold Project in the Val-d'Or region will occur on August 11-13, 2025. Interested parties are encouraged to contact the Company as soon as possible at info@lafleurminerals.com for further details and to confirm their attendance.
Figure 1: Drill Holes recently completed near the Swanson Gold Deposit
Figure 2: Swanson drilling target regions and proposed 2025 drill holes (in blue)
CAUTIONARY STATEMENT
Visual estimates of mineral abundance or apparent mineralization observed in drill core are preliminary in nature and readers are cautioned they should not be relied upon as a substitute for analytical results. While the core appears to contain sulphides such as pyrite, chalcopyrite, and pyrrhotite, and quartz veining, laboratory assays are required to determine the actual grades and composition. There is no guarantee that the visual observations will correlate with assay results.
QUALIFIED PERSON STATEMENT
All scientific and technical information in this news release has been prepared and approved by Louis Martin, P.Geo. (OGQ), Exploration Manager and Technical Advisor of the Company and considered a Qualified Person for the purposes of NI 43-101.
About LaFleur Minerals Inc.
LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0) is focused on the development of district-scale gold projects in the Abitibi Gold Belt near Val-d'Or, Québec. The Company's mission is to advance mining projects with a laser focus on our resource-stage Swanson Gold Project and the Beacon Gold Mill, which have significant potential to deliver long-term value. The Swanson Gold Project is approximately 18,304 hectares (183 km2) in size and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines, and Globex Mining. LaFleur has recently consolidated a large land package along a major structural break that hosts the Swanson, Bartec, and Jolin gold deposits and several other showings which make up the Swanson Gold Project. The Swanson Gold Project is easily accessible by road allowing direct access to several nearby gold mills, further enhancing its development potential. Lafleur Minerals' fully-permitted and refurbished Beacon Gold Mill is capable of processing over 750 tonnes per day and is being considered for processing mineralized material from Swanson and for custom milling operations for other nearby gold projects.
ON BEHALF OF LAFLEUR MINERALS INC.
Paul Ténière, M.Sc., P.Geo.
Chief Executive Officer
E: info@lafleurminerals.com
LaFleur Minerals Inc.
1500-1055 West Georgia Street
Vancouver, BC V6E 4N7
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release include, without limitation, statements related to the use of proceeds from the Offering. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Asra Minerals: Unlocking Multi-million Ounce Gold Potential in WA’s Premier Goldfields
Asra Minerals (ASX:ASR) is unlocking the value of its resource portfolio and underexplored prospects in Western Australia’s renowned Leonora Goldfields. The company holds one of the largest and most prospective land positions in the district, strategically located near major gold producers, including Genesis Minerals (ASX:GMD) with its 8.9 Moz Leonora Operations, Vault Minerals (ASX:VAU) with the 1.9 Moz Darlot and 4.1 Moz King of the Hills mines, and Northern Star (ASX:NST), operator of the 4.2 Moz Thunderbox mine.
A strategic reset in late 2024 brought in a new CEO, technical team, and a focused drilling strategy targeting resource growth and project consolidation. With strong gold prices supported by global uncertainty and Western Australia’s stable regulatory environment, Asra’s historically underexplored and fragmented ground is now well-positioned for discovery, growth, and long-term value creation.
Asra Minerals’ flagship Leonora Gold Project covers over 936 sq km in Western Australia’s prolific Eastern Goldfields, one of the country’s most productive gold regions. The project is divided into the Leonora North and Leonora South areas and is strategically located near world-class gold operations, including Genesis Minerals’ Leonora Operations, Vault Minerals’ King of the Hills, and Northern Star’s Thunderbox mine—all within trucking distance. Asra’s tenements lie along highly prospective granite-greenstone contacts and major fault zones, including the Ursus Fault, a key structural control for high-grade orogenic gold mineralization.
Company Highlights
- District-Scale Gold Project in Tier-One Jurisdiction: 936 sq km landholding in WA’s Leonora region, proximal to more than 15 Moz of gold resources across neighboring major mines.
- JORC Resource of 200 koz at 1.8 g/t gold: Existing resource includes high-grade shallow mineralization at Orion, Sapphire, Mt Stirling and Stirling Well.
- Aggressive Growth Strategy: Targeting >500 koz resource base in 2025 through near-resource and greenfield drilling.
- Ongoing Exploration: Systematic exploration underway across the portfolio with multiple high-priority targets identified for further follow-up.
- New High-impact Leadership: Rebuilt management and technical team in late 2024, including renowned gold discoverers behind Gruyere (6.2 Moz) and Raleigh (1 Moz).
- Undervalued Opportunity: With a ~$10 million market cap, Asra offers substantial re-rating potential amid rising gold prices and renewed institutional interest.
This Asra Minerals profile is part of a paid investor education campaign.*
Click here to connect with Asra Minerals (ASX:ASR) to receive an Investor Presentation
Asra Minerals
Investor Insight
Asra Minerals is an emerging gold explorer with a compelling investment case as it focuses on strategic expansion and development of high-grade resources across its Leonora gold project in Western Australia.
Overview
Asra Minerals (ASX:ASR) is unlocking the potential of its portfolio of existing resources and underexplored prospects within Western Australia’s renowned Leonora Goldfields. The company controls one of the largest and most prospective land positions in the district, strategically surrounded by high-profile gold producers such as Genesis Minerals’ (ASX:GMD) with its 8.9 million oz (Moz) Leonora Operations; Vault Minerals (ASX:VAU), which operates the 1.9 Moz Darlot mine and 4.1 Moz King of the Hills mine; and Northern Star (ASX:NST), which operates the 4.2 Moz Thunderbox mine.
With existing JORC 2012 resources of 200,000 oz gold and a clear strategy to reach 500,000 oz in the near-term, Asra Minerals is leveraging its 936 sq km Leonora landholding in one of Australia’s most prolific gold belts. Asra’s tenements span 75 km of strike length, including two primary zones – Leonora North and Leonora South – each with resource-stage projects, brownfields upside and newly identified high-priority drill targets.
A strategic reset in late 2024 led to a new CEO, technical team and drilling strategy aimed squarely at resource growth and project consolidation. With global unrest supporting sustained high gold prices and WA’s regulatory stability, Asra’s ground – historically underexplored and fragmented – is now primed for discovery, growth and value creation.
Company Highlights
- District-Scale Gold Project in Tier-One Jurisdiction: 936 sq km landholding in WA’s Leonora region, proximal to more than 15 Moz of gold resources across neighboring major mines.
- JORC Resource of 200 koz at 1.8 g/t gold: Existing resource includes high-grade shallow mineralization at Orion, Sapphire, Mt Stirling and Stirling Well.
- Aggressive Growth Strategy: Targeting >500 koz resource base in 2025 through near-resource and greenfield drilling.
- Ongoing Exploration: Systematic exploration underway across the portfolio with multiple high-priority targets identified for further follow-up.
- New High-impact Leadership: Rebuilt management and technical team in late 2024, including renowned gold discoverers behind Gruyere (6.2 Moz) and Raleigh (1 Moz).
- Undervalued Opportunity: With a ~$10 million market cap, Asra offers substantial re-rating potential amid rising gold prices and renewed institutional interest.
Key Project
Leonora Gold Project
Asra Minerals’ flagship Leonora gold project spans more than 936 sq km in Western Australia’s prolific Eastern Goldfields. The asset is subdivided into the Leonora North and Leonora South project areas. The region hosts multiple world-class gold operations, including Genesis Minerals’ Leonora operations, Vault Minerals’ King of the Hills, and Northern Star’s Thunderbox mine, all within trucking distance. Asra’s tenements lie along the highly prospective granite-greenstone contacts and major fault systems such as the Ursus Fault, known for controlling high-grade orogenic gold mineralization.
Leonora South
The Leonora South project is 549 sq km with eight granted mining leases, located within the historic Kookynie goldfields. This area is host to numerous high-grade deposits, including Genesis Minerals’ Ulysses Hub (~2 Moz gold). Asra is focused on the Sapphire and Orion open pit deposits, which together comprise a JORC 2012 inferred resource of 48,014 oz grading at 2.2 grams per ton (g/t) gold. High-grade intercepts include standout results such as 166 g/t gold over 6 m from 135 m, including 248.8 g/t gold over 4 m (Sapphire), and 46.4 g/t gold over 4 m from 3 m (Orion), demonstrating a potential for bonanza-grade extensions at depth.
Diamond drilling completed in Q4/2024 confirmed down-dip continuity of high-grade gold zones approximately 30 to 50 m below historical intercepts, with assays such as 47.95 g/t gold over 1 m from 115.2 m, 23.12 g/t gold over 1 m from 148.7 m, and 23.97 g/t gold over 0.8 m from 161.2 m. A new 1,300 m RC and diamond-tail drilling program commenced in Q2/2025 to test these high-priority targets, aiming to significantly increase the resource base. The mineralized quartz veins at Sapphire and Orion trend east-northeast and dip steeply – 50 to 80 degrees – southwards and remain open at depth and along strike.
Exploration across Leonora South has identified 21 high-priority targets, of which 15 have never been drill tested. These were derived from detailed 2025 airborne magnetics, structural reinterpretation and geochemical mapping. Planned work includes follow-up aircore and RC drilling to expand the mineralized footprint, including at Gladstone and Jessop Creek, with approvals already received from the Department of Energy, Mines, Industry Regulation and Safety.
Leonora North
Situated 40 km northeast of Leonora and just 5 km from Vault’s King of the Hills mine, Leonora North is a brownfields gold asset with significant exploration and expansion potential. The area lies within the Eastern Goldfields Superterrane of the Yilgarn Craton and is hosted along the structurally controlled Ursus Fault Zone, a major gold-bearing shear corridor. The project contains multiple zones with a total JORC 2012 resource of 152,000 oz grading at 1.7 g/t gold, including:
- Mt Stirling–Viserion Deposit: 2.16 Mt @ 1.6 g/t gold for 111,000 oz (inferred), plus 391,000 t @ 2.1 g/t for 26,000 oz (indicated).
- Stirling Well: 198,000 t @ 2.3 g/t gold for 15,000 oz (inferred).
The Mt Stirling resource remains open along strike and at depth, with high-grade shoots identified to the north. The flat-lying Stirling Well orebody has potential for parallel lodes and deeper extensions into mafic host rocks. A major aeromagnetic and litho-structural reinterpretation, completed in December 2024, identified +20 high-priority gold targets across the northern strike extensions. Several of these are situated adjacent to the historically mined Diorite King Mine, which reportedly produced at high grades. The untested 12 km Ursus Fault corridor remains a key focus, with ~9 km still unexplored.
Importantly, Asra secured 100 percent ownership of the Mt Cutmore prospect in May 2025, consolidating a highly strategic zone within the Mt Stirling region. This acquisition covers multiple live and pending tenements, and enhances Asra’s ability to deploy a focused drilling campaign across the Leonora North project area. Drill permits have been secured, and both AC and RC programs are planned for H2/2025 to evaluate new geophysical anomalies, follow up on known mineralization, and grow the current resource base.
Management Team
Paul Stephen – Managing Director
A seasoned mining executive, Paul Stephen has held various executive and directorship roles across ASX and LSE-listed companies prior to joining Asra. He was a co-founder and executive director of Crusader Resources, where he was instrumental in the discovery, development and operation of the Posse Iron Ore mine in Brazil. During his tenure, he oversaw the delineation of over 2.6 million ounces of gold, significantly contributing to Crusader’s market capitalization exceeding AU$160 million.
Paul Summers – Non-executive Chair
Paul Summers has been a legal practitioner since 1985, and founded his own firm, Summers Legal in 1989. He has been Asra’s counsel for more than 10 years and has provided extensive advice and service during the recent takeover of Cascade Resources. Summers is currently lead counsel – commercial, corporate and property of Summers Legal and is familiar with the company’s affairs, projects and strategy.
Mathew Longworth – Non-executive Director
Mathew Longworth is a geologist with over 35 years’ experience in large projects, exploration and discoveries in Australia, Greenland, Africa, South America and the Pacific. He is currently chairman of Ardea Resources and Greenfields Exploration, and non-executive chairman of Northam Resources. As a director and chairman, he has guided companies through challenging corporate times including IPO listings, takeovers, major capital raisings, 249D notices and joint venture negotiations while maximizing value for shareholders.
Leonard Math - Non-executive Director, Chief Financial Officer and Company Secretary
Leonard Math is a chartered accountant with more than 15 years of resource industry experience. He was an auditor at Deloitte and is experienced with public company responsibilities including ASX and ASIC compliance, control and implementation of corporate governance, statutory financial reporting and shareholder relations. He previously held company secretary and directorship roles for a number of ASX listed companies.
Ziggy Lubieniecki – Technical Consultant
Ziggy Lubieniecki is a highly experienced geologist with over three decades of expertise spanning exploration, mining, management, property acquisition and company listings. His previous senior roles include chief mine geologist at Plutonic, exploration manager at Australian Platinum Mines, and executive director at Gold Road Resources. Along with a successful exploration track record, Lubieniecki is credited for the discovery of the 6.2 Moz Gruyere gold deposit.