Fortune Bay acquires Aspen Uranium Project in Saskatchewan

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 9869 ha. located in proximity to the northern rim of the Athabasca Basin.
• 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 1000 ppm U (maximum 1870 ppm U).
  • Historical muskeg samples within the Property averaged 2007 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 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 of 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.”

Read the article online at: https://www.globalminingreview.com/mining/07022024/fortune-bay-acquires-aspen-uranium-project-in-saskatchewan/